SIMEC Atlantis Energy Limited Canadian FORCE Facility
19 Dezembro 2018 - 5:00AM
RNS Non-Regulatory
TIDMSAE
SIMEC Atlantis Energy Limited
19 December 2018
The information contained in this announcement is inside
information under the Market Abuse Regulation (EU) No 596 / 2014.
The person responsible for arranging the release of this
announcement on behalf of Atlantis is Tim Cornelius, Chief
Executive Officer of SIMEC Atlantis Energy.
19 December 2018
SIMEC Atlantis Energy Limited
("SAE" or the "Company")
Canadian FORCE Facility
Further to the announcement made on 5(th) January 2018, SAE, a
world leading developer of sustainable energy projects, is pleased
to announce that it has completed the proposed sale of the
Company's stake in its Canadian joint venture at the FORCE facility
in Nova Scotia, Canada, to its partner DP Energy group, a leading
renewable energy development business.
SAE and DP Energy have today concluded the sale and purchase
agreement for the sale of SAE's remaining 50% interest in Atlantis
Operations (Canada) Limited ("AOCL"). Following completion, AOCL
will be renamed to become Rio Fundo Operations Canada Ltd.
The cash transaction enables the DP Energy group to take a more
integrated approach to the AOCL berth alongside its pre-existing
wholly owned berth at the FORCE facility. This transaction returns
C$400,000 to SAE and allows the management team to focus resources
on other opportunities in the UK, France and Asia and will allow
the DP Energy team, who are experienced in renewable energy project
development in Canada, to focus efforts on the development of the
tidal stream industry in Nova Scotia.
Tim Cornelius, Atlantis CEO, said:
"I am pleased that we have been able to agree this sale with DP
Energy. They have experience and presence in Canada and are well
suited to deliver a project in Nova Scotia. This transaction
returns value to our shareholders and allows us to focus on the
exciting opportunities across the SIMEC group."
Simon De Pietro, DP Energy Director, said:
"DP Energy is delighted work with the Nova Scotia Government to
promote the development of tidal energy as a major source of
renewable electricity production in Canada and we are eager to take
on the exciting challenges provided by the tidal resource in the
Bay of Fundy. The venture adds further depth to the growing
portfolio of renewable energy projects of the DP Energy group of
companies worldwide. "
Enquiries:
SIMEC Atlantis Energy via FTI
Tim Cornelius, Chief Executive Officer
Andrew Dagley, Chief Financial Officer
DP Energy
Simon De Pietro, Chief Executive Officer +353 (0) 87 9722399
John Kerr, DP Energy Canada Director +353 (0) 86 2513899
Cantor Fitzgerald Europe
(NOMAD and Joint Broker to Atlantis) +44 (0)20 7894 7000
Rick Thompson
Richard Salmond
David Porter
Macquarie Capital (Europe) Limited
(Joint Broker to Atlantis) +44 (0)20 3037 2000
Nick Stamp
FTI Consulting +44 (0)20 3727 1000
Ben Brewerton
Alex Beagley
James Styles
Molly Stewart
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END
NRAFFSESAFASEEE
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December 19, 2018 02:00 ET (07:00 GMT)
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