SIMEC Atlantis Energy Ltd (LON:SAE) has updated investors on correspondence it has received in relation to the purported appointment of receivers over all of the shares of its major shareholder, SIMEC UK Energy Holdings Limited (SUEH), a GFG Alliance member, which SAE understands, owns approximately 43% of the firm’s share capital.
The company said it has been informed that the GFG Alliance intends to challenge the validity of the appointment and is seeking appropriate advice. For the avoidance of doubt, that company said it wished to make clear that the process related to its major shareholder, SUEH and not to SAE itself.
It added that the GFG Alliance has also informed SAE that it wishes to make clear that SUEH is a holding company for the investment in SAE and the appointment of the receivers does not extend to the rest of the SIMEC group or other members of the GFG Alliance.
As a separate matter, the company also noted that it will need to be determined from the receivers whether, assuming a valid appointment and enforcement of security pursuant to which that appointment is purported to have been exercised, a waiver from the Singapore Securities Industry Council to make a mandatory general offer for SAE arising from any such enforcement is required and, where required, has been obtained by the receivers.
The firm said it will make further announcements as required in relation to these matters as further information becomes available.
Story by ProactiveInvestors
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