TIDMSAE
RNS Number : 7370D
SIMEC Atlantis Energy Limited
28 June 2019
28 June 2019
SIMEC ATLANTIS ENERGY LIMITED
("Atlantis", the "Company" or the "Group")
Preliminary Results Announcement
SIMEC Atlantis Energy Limited, the global developer, owner and
operator of sustainable energy projects with a diversified
portfolio of more than 1,000 megawatts in various stages of
development, is pleased to announce its preliminary results for the
year ended 31 December 2018.
FINANCIAL HIGHLIGHTS
-- The consolidated Group cash position at 31 December 2018 was
GBP9.3 million (2017: GBP5.6 million), including GBP2.4 million
held in MeyGen Limited (2017: GBP3.8 million).
-- The MeyGen project generated revenues of GBP2.1 million.
-- Overall Group losses for the year were GBP24.0 million (2017:
GBP10.6 million). The increase in the year on year loss of GBP13.4
million reflects the significant changes in the Group in the
period. Increased depreciation expense of GBP5 million and finance
costs of GBP1.5 million are the result of MeyGen becoming operational
in April and the acquisition of SUP in June. SUP acquisition
costs and financial results also contributed to the increased
loss.
-- Group total equity at 31 December 2018 of GBP119.6 million (2017:
GBP60.2 million).
-- In May 2018, Atlantis raised GBP5.0 million, before expenses,
through a five year bond with a coupon of 8 per cent, maturing
in 2023. In June 2018, Atlantis raised a further GBP20.0 million
before expenses from new and existing shareholders. Funds raised
continue to be used for incremental project development activities
across the Atlantis portfolio and to secure opportunities for
portfolio growth as well as working capital funding for the enlarged
Group.
-- Atlantis completed the sale of its stake in its Canadian joint
venture in December 2018. The cash transaction returned C$0.4
million to the Company.
OPERATIONAL HIGHLIGHTS
-- April 2018 saw the flagship MeyGen Phase 1A tidal energy project
enter its fully operational phase, with all four turbines successfully
installed and delivering power to the grid, resulting in revenue
generation. The array has generated over 17 GWh of sustainable
energy to date and has exported more electricity to grid than
any other tidal project.
-- In June 2018, the Company acquired the entire issued share capital
of SIMEC Uskmouth Power Limited ("SUP") from SIMEC UK Energy
Holdings Limited ("SIMEC"), a member of the GFG Alliance.
-- Consideration for the purchase was the issuance by the Company
of new shares to SIMEC, such that immediately following the
issuance of such shares, SIMEC became a 49.99 per cent shareholder
of the Company and Group.
-- Post-acquisition, Atlantis have commenced the world's first
full conversion of a power station from coal to 100 per cent
waste derived fuel, which will export 220MW of reliable baseload
power to the grid on completion.
-- In November 2018, the Environmental Planning and Permitting
("EPP") contract and the Front-End Engineering and Design
("FEED") contracts were both awarded. The FEED is expected
to take approximately 12 months to complete from commencement.
-- Heads of Terms were signed in November 2018 to sell a 25
per cent shareholding in the SUP conversion project for GBP32.9
million in cash to leading UK infrastructure fund manager
Equitix. The transaction is anticipated to complete post
FEED.
-- The Company agreed terms in November 2018 for its collaboration
with Development Agency for Normandy (AD Normandie Développement),
the regional agency for economic development in Normandy and
regional investment fund Normandie Participations, for the purpose
of developing a phased large-scale tidal power project in the
Raz Blanchard, Normandy, France, as well as fostering the marine
industry and local supply chain in the region more generally.
-- Atlantis announced in December 2018, that it had signed a EUR1
million grant agreement with the European Executive Agency for
Small and Medium-sized Enterprises via the European Maritime
and Fisheries Fund and its Sustainable Blue Economy call for
proposals. The grant will provide Atlantis and its supply chain
partner, Asturfeito SAU, EUR1 million in grant funding to support
its tidal turbine development programme.
POST YEAR HIGHLIGHTS
-- Atlantis announced in October 2018, that it had advanced plans
to enhance the existing 6MW MeyGen array with the addition of
two of the Company's new tidal turbines. When installed, these
new Atlantis turbines, which are capable of generating up to
2MW using more powerful generators and larger rotor diameters,
will use a new subsea connection hub and share a single export
cable. These innovations will significantly reduce project infrastructure
costs by removing the requirement for a dedicated export cable
for each turbine and should also result in reduced installation
costs.
-- In January 2019, Ian Wakelin joined the Board as an independent
non-Executive Director and Chairman of the Audit Committee. Ian
was previously Chief Executive Officer of Biffa plc, one of the
UK's largest waste management businesses, and led the IPO of
the business in 2016.
-- In February 2019 Atlantis announced that it had awarded a contract
to subsea engineering specialists ETA for the manufacture and
delivery of the world's most advanced subsea tidal turbine connection
system which will underpin the MeyGen extension activities known
as Project Stroma.
-- In March 2019, Atlantis raised over GBP5 million, before expenses,
through an equity fundraising to secure funding for the acquisition
of GHR. As a result of the revised transaction the net proceeds
will be used for the Company's general corporate purposes.
-- In May 2019, Atlantis announced that its turbine and engineering
services division will enter into a Technology Partnership and
Preferred Supplier Agreement ("TPPSA") with GE Energy Power Conversion
UK Ltd ("GE"), a global leader in power conversion, to deliver
the world's largest single rotor tidal turbine, the AR2000.
Tim Cornelius, Chief Executive of Atlantis, commented:
"In many ways, 2018 was a breakthrough year for SIMEC Atlantis.
In April, Phase 1A of our flagship MeyGen tidal energy project
entered its fully operational phase helping us to grow revenues
and, with all four turbines successfully installed, has now
delivered over 17 GWh of predictable and sustainable energy to the
grid. In June, we completed the acquisition of the 220MW Uskmouth
power station.
Our ambition is to grow quickly to become the leading
independent generator of sustainable energy in the UK and we are
making significant steps towards achieving that goal: we have
commenced work on the world's first conversion of a coal power
station to 100 per cent waste derived fuel at Uskmouth; and we are
expanding MeyGen with Phase 1B (Project Stroma) through the
installation of two additional turbines.
Our sustainable energy projects are not just good business, they
are making a meaningful contribution towards tackling some of the
biggest issues facing society today: climate change and the war on
plastics."
The full Annual Report and Group financial statements will be
available to download from the Company's website
www.simecatlantis.com later today and the Annual Report will be
distributed to shareholders.
This announcement contains inside information
Enquiries:
SIMEC Atlantis Energy Limited Via FTI Consulting
Tim Cornelius, Chief Executive Officer
Andrew Dagley, Chief Financial Officer
Cantor Fitzgerald Europe
(Nominated Adviser and Joint Broker) +44 (0)20 7894 7000
Rick Thompson
Richard Salmond
David Porter
J.P. Morgan Cazenove +44 (0)20 7742 4000
(Adviser and Joint Broker)
James Deal
Michael Wentworth Stanley
FTI Consulting +44 (0)20 3727 1000
Ben Brewerton
Alex Beagley
James Styles
CHAIRMAN'S STATEMENT
2018 was perhaps the most transformative year for our Group
since our 2014 initial public offering, reflected not least in our
change of name to SIMEC Atlantis Energy Limited following the
reverse takeover of SIMEC Uskmouth Power Limited. This acquisition
and the ensuing relationship with the SIMEC Group (part of the GFG
Alliance) have added scale and momentum to our transition to a
diversified, sustainable energy company. We entered 2019 with the
announcement of our intention to acquire the Green Highland
Renewables ("GHR") Group of companies from the GFG Alliance. Having
assessed the available financing options for the Group to purchase
GHR, it was determined that an alternative transaction structure
would be in the interests of shareholders and we will provide
further information in the near future. We have also continued our
quest for geographic diversity, including through the formation of
our new joint venture, Normandie Hydrolienne, which will be focused
on the development of tidal energy projects to exploit the vast
resources of the tides along the northern French coast.
Around the world, scientists are tracking the impacts of climate
change, which is in turn forcing governments to act. The UK
government has put moving to a cleaner, greener economy at the
heart of its Industrial Strategy and is leading the world by
introducing a bill in June 2019 to commit the government to a net
zero emissions target. This means moving away from using
conventional coal and gas-fired power to electricity generated from
renewable sources such as tidal power, and achieving the ambitious
aim of a carbon neutral economy by 2050. Generation continues from
our flagship MeyGen project, which formally completed its
construction phase in 2018 and has now produced more than 17 GWh of
electricity, representing generation equivalent to the average
annual consumption of some 5,500 UK households. This is more than
any other tidal stream project in the world and demonstrates the
pivotal position we have established in this sector. We are now
proceeding with plans for the addition of two new turbines at the
site together with a subsea hub, which is designed to permit
connection of multiple turbines into a single subsea cable,
allowing us to significantly reduce the balance of plant costs in
future projects. This phase of the development is known as Project
Stroma and, as part of the proposed funding package, we are
investigating opportunities for replacement of the existing finance
package to reflect the increasing maturity of the project. Project
Stroma has already been awarded EUR16.8 million of revenue support
funding from the European Commission's NER300 fund, which uses
proceeds from the sale of carbon credits to support renewable
energy and carbon capture projects.
South Wales is home to the 220MW Uskmouth power station
conversion project, which represents one of the most exciting
sustainable energy projects currently under development in the UK.
Upon completion of the conversion from a coal fired power station,
the plant is intended to deliver up to 220MW of baseload power to
the grid by drawing solely on a fuel created from waste destined
for landfill. In November 2018, the environmental planning and
permitting contract and the Front-End Engineering and Design
("FEED") contract were awarded. In the same month, we were pleased
to sign a Heads of Terms with leading UK infrastructure fund
manager Equitix for the sale, subject to contract, of a 25 per cent
stake in the project following completion of the FEED. This
agreement implies a valuation for our 100 per cent stake of over
GBP130 million.
Across the English Channel, northern France presents further
opportunity for growth through the remarkable tidal resources of
Normandy. Here we have entered into a collaboration with the
regional agency for economic development and the regional
investment fund, Normandie Participations, to form a joint venture
company called Normandie Hydrolienne. This vehicle is dedicated to
the development of tidal energy in the fast flowing Raz Blanchard,
whose waters, together with those of neighbouring Alderney, could
host up to 2GW of tidal turbines. Whilst these projects will take
time to come to operational fruition, early planning is essential
to enable us to carry forward the momentum gained recently in
Scotland across to France.
Finally, on a global scale, we continue to seek out supply
opportunities in Asia, Australia and North America for our marine
energy technologies and services, including our new AR2000 tidal
turbine and our range of engineering and project delivery skills
across the sustainable energy spectrum.
The overall loss for the year reflects the development
investment we continue to make in our flagship tidal energy and
waste to energy projects, with consistent revenue generation from
power sales expected as they come online over the next 24
months.
I would like to take this opportunity to express my thanks to
all our colleagues, shareholders and stakeholders for their
continuing commitment and support for the Company, which is highly
appreciated and valued.
ANNUAL GENERAL MEETING
Our Annual General Meeting will be held on Friday 26 July 2019.
Details of the resolutions to be proposed are set out in a separate
Notice of Annual General Meeting, which accompanies this report for
shareholders receiving hard copy documents, and which is available
at www.simecatlantis.com for those who elected to
receive documents electronically.
John Neill
Chairman
27 June 2019
CHIEF EXECUTIVE OFFICER'S STATEMENT
In our 2017 Annual Report, I outlined our ambition to build a
diversified portfolio of development and operational assets that
could allow SIMEC Atlantis to quickly grow into one of the largest
generators of sustainable energy in the UK. Since then, we have
made a significant step towards that goal with the addition of the
world leading Uskmouth waste-to-energy conversion project.
Waste-to-energy complements our marine energy division and its
operation of the flagship Meygen project, which has recently
surpassed a world record 17GWh of predictable electricity
generation exported to the grid in Scotland.
We are passionate about what we do at Atlantis. The ocean is the
final frontier and offers a virtually limitless source of abundant
energy. However, plastic waste threatens fragile marine ecosystems
and energy mixes are changing faster than anyone could have
previously anticipated, away from hydrocarbons in favour of
renewable energy.
When it was designed and built in the 1950s in the Welsh city of
Newport, the Uskmouth power station was intended to be run on the
area's abundant local coal supply. Now, under an ambitious scheme
for conversion, the plant is being repurposed to run on another
abundant resource: waste. A successful conversion at Uskmouth could
form the blueprint for other power stations destined to be
decommissioned, providing instead an extended
period of valuable service in compliance with up-to-date
emissions regulations and with materially lower levels of CO2
emissions. This project is expected to help the transition of the
local economy and workforce in Newport from a historic reliance on
coal to a new, sustainable future, while at the same time providing
an economically viable alternative to landfill of waste and
addressing the issue of non-recyclable plastics. The converted
Uskmouth plant is intended to enter commercial operations in 2021
and will use pellets made from equal proportions of waste biogenic
material, such as paper and cardboard, and other forms of waste,
such as plastic. These pellets will be supplied by a joint venture
set up between the GFG Alliance and N+P Group BV, a Dutch recycling
group.
Unlike traditional waste incinerators, the primary purpose of
the Uskmouth power station is the generation and sale of
electricity, rather than the disposal of waste and the receipt of
the associated fees from the producers of that waste. Rather than
charging fees for waste disposal, the Uskmouth power station will
buy fuel pellets, which are created from waste streams that are
carefully processed to ensure strict adherence to an agreed
specification
and high calorific value relative to raw waste. This is
economically viable because of the high fuel quality and high
efficiency of power station conversion, coupled with a low fuel
price.
The project is governed by Best available techniques Reference
documents ("BREFs") developed under the Industrial Emissions
Directive and will adhere to all the applicable criteria set out
within this legislation. As approximately 50 per cent of the energy
pellets will be made up of biogenic derived waste, this component
is
treated as carbon dioxide neutral because of its net-zero
lifecycle emissions. Overall, we consider the conversion to be a
sustainable approach, allowing an extension of the useful life of
an otherwise redundant power station asset and the recovery of
useful and high-quality energy from materials that could otherwise
end up either in landfill or being incinerated in less efficient
facilities. The conversion is a function of the circular economy,
kicking into action to address the twin issues of waste repurposing
and the need for dispatchable power, and is a great contribution
towards the diversification of the Group's renewable energy
portfolio.
These strides towards our goal have been made alongside
continued development of our tidal energy business, in particular
the record-breaking achievements at MeyGen and the future plans for
Project Stroma, which will result in the deployment of two new
turbines at the site.
None of this would have been possible without our people. What
started over a decade ago as a small team of talented engineers has
now grown to nearly 100 innovative, tenacious and dedicated experts
with a passion for what we are doing. As we continue to seek new
opportunities to be pioneers in the field of sustainable energy, I
do not underestimate the importance and value of our people. Their
commitment and dedication are unwavering,
creating value for the business on a daily basis. They are a
source of inspiration for our executive management team. I would
also be unable to deliver this positive outlook for the year ahead
without the loyalty, belief and support of our shareholders,
investors, government stakeholders and technology and construction
partners. Thank you to everyone who has been part of the Atlantis
journey so far and welcome to the next exciting chapter!
2018 PERFORMANCE
The Group recorded a loss after tax of GBP24.0 million for the
year ended 31 December 2018, compared with a GBP10.6 million loss
in the prior year. This year on year movement is attributable to
the MeyGen Phase 1A project entering its operational phase at the
end of Q1 2018, and the acquisition of SUP in June 2018. These
reflect the Group's continued investment in the development of
energy projects.
Revenue of GBP2.2 million for the year (2017: GBP0.3 million),
includes an increase of GBP1.8 million from power sales from the
Meygen Phase 1A project.
Other income of GBP0.9 million (2017: GBP3.0 million) includes
liquidated damages of GBP0.9 million awarded in 2018 (2017: GBP1.8
million). The prior year also included GBP1.1 million of grant
income.
Total expenses for the year were GBP24.3 million (2017: GBP12.8
million). The increase of GBP11.5 million relates to power
generation operating costs at MeyGen, the current running costs at
SUP, depreciation of GBP5.4 million on these projects assets and
one off acquisition costs of GBP3.6 million for SUP.
The Group's closing net asset balance was GBP119.6 million
(2017: GBP60.2 million), the increase is mainly in relation to the
acquisition of SUP, consolidating GBP53.4 million of net assets on
the date of acquisition.
In May 2018, Atlantis raised GBP5.0 million, before expenses,
through a five year bond with a coupon of 8 per cent, maturing in
2023. In June 2018, Atlantis raised a further GBP20.0 million
before expenses from new and existing shareholders. Funds raised
continue to be used for incremental project development activities
across the Atlantis portfolio and to secure opportunities for
portfolio growth as well as working capital funding for the
enlarged Group.
Post year-end, the Company raised GBP5 million, before expenses,
through an equity fundraising to secure funding for the acquisition
of GHR. As a result of the revised transaction the net proceeds
will be used for the Company's general corporate purposes.
Timothy Cornelius
Chief Executive Officer
27 June 2019
Consolidated statement of profit or loss and other comprehensive
income
Year ended 31 December 2018
Note 2018 2017
GBP'000 GBP'000
Revenue 4 2,217 301
Other gains and losses 5 949 2,984
Employee benefits expense 6 (5,562) (4,696)
Subcontractor costs (4,396) (1,359)
Depreciation and amortisation 10,11 (7,299) (1,878)
Acquisition costs (4,173) (600)
Research and development - (81)
Other operating expenses (2,902) (4,193)
----------- -----------
Total expenses (24,332) (12,807)
----------- -----------
Results from operating activities (21,166) (9,522)
Finance costs 7 (2,998) (1,617)
Loss before tax (24,164) (11,139)
Tax credit 8 120 575
----------- -----------
Loss for the year 9 (24,044) (10,564)
----------- -----------
Other comprehensive income
Items that are or may be reclassified
subsequently to profit or loss
Exchange differences on translation
of foreign operations - (6)
Total comprehensive loss for the
year (24,044) (10,570)
=========== ===========
Loss attributable to:
Owners of the Group (22,579) (10,843)
Non-controlling interests 12 (1,465) 279
=========== ===========
Total comprehensive income attributable
to:
Owners of the Group (22,579) (10,849)
Non-controlling interests 12 (1,465) 279
=========== ===========
Loss per share
Basic and diluted loss per share 25 (0.09) (0.09)
=========== ===========
No dividends were proposed or declared in respect of any of the
years presented above.
Statements of financial position
As at 31 December 2018
Group Company
Note 2018 2017 2018 2017
GBP'000 GBP'000 GBP'000 GBP'000
Assets
Property, plant and
equipment 10 142,247 66,678 - 5
Intangible assets 11 32,753 34,291 1,829 2,091
Investments 12 - - 63,278 5,369
Loans receivable 13 - 168 12,164 12,282
Trade and other receivables 14 - - 39,432 19,367
Non-current assets 175,000 101,137 116,703 39,114
----------- ----------- ----------- -----------
Trade and other receivables 14 4,156 3,415 700 1,094
Inventory 15 986 - - -
Cash and cash equivalents 16 9,267 5,579 5,342 96
Current assets 14,409 8,994 6,042 1,190
----------- ----------- ----------- -----------
Total assets 189,409 110,131 122,745 40,304
=========== =========== =========== ===========
Liabilities
Trade and other payables 17 8,523 5,212 2,107 1,564
Provisions 18 1,619 2,206 41 291
Loans and borrowings 19 2,765 5,524 130 174
Current liabilities 12,907 12,942 2,278 2,029
----------- ----------- ----------- -----------
Provisions 18 14,282 1,314 - -
Loans and borrowings 19 38,855 32,385 377 361
Deferred tax liabilities 20 3,802 3,255 - -
----------- ----------- ----------- -----------
Non-current liabilities 56,939 36,954 377 361
----------- ----------- ----------- -----------
Total liabilities 69,846 49,896 2,655 2,390
----------- ----------- ----------- -----------
Net assets 119,563 60,235 120,090 37,914
=========== =========== =========== ===========
Equity
Share capital 21 178,218 95,030 178,218 95,030
Capital reserve 22 12,665 12,665 - -
Translation reserve 23 7,073 7,161 (227) (227)
Share option reserve 24 3,224 3,477 3,224 3,477
Accumulated losses (88,479) (66,425) (61,125) (60,366)
----------- ----------- ----------- -----------
Total equity attributable
to owners of the Company 112,701 51,908 120,090 37,914
Non-controlling interests 12 6,862 8,327 - -
----------- ----------- ----------- -----------
Total equity 119,563 60,235 120,090 37,914
=========== =========== =========== ===========
Statements of Attributable to owners of the Company
changes in
equity
Year ended 31
December 2018
----------------------------------------------------------------------------
Share Non-
Share Capital Translation Option option Accumulated controlling
Note capital reserve reserve fee reserve losses Total interest Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Group
At 1 January
2017 91,220 12,665 7,167 6 3,191 (55,666) 58,583 8,048 66,631
-------------- ---- ------- ------------ ------------ ------- ------- ----------- -------- ------------ --------
Total
comprehensive
income for
the year
Loss for the
year - - - - - (10,843) (10,843) 279 (10,564)
Other
comprehensive
expense - - (6) - - - (6) - (6)
-------------- ---- ------- ------------ ------------ ------- ------- ----------- -------- ------------ --------
Total
comprehensive
income for
the year - - (6) - - (10,843) (10,849) 279 (10,570)
Transactions
with owners,
recognised
directly in
equity
-------------- ---- ------- ------------ ------------ ------- ------- ----------- -------- ------------ --------
Issue of
ordinary
shares 21 3,810 - - - - - 3,810 - 3,810
Recognition of
share-based
payments 24 - - - - 364 - 364 - 364
Transfer
between
reserves - - - (6) (78) 84 - - -
-------------- ---- ------- ------------ ------------ ------- ------- ----------- -------- ------------ --------
Total
transactions
with owners 3,810 - - (6) 286 84 4,174 - 4,174
------- ------------ ------------ ------- ------- ----------- -------- ------------ --------
At 31 December
2017 95,030 12,665 7,161 - 3,477 (66,425) 51,908 8,327 60,235
------- ------------ ------------ ------- ------- ----------- -------- ------------ --------
Total
comprehensive
income for
the year
Loss for the
year - - - - - (22,579) (22,579) (1,465) (24,044)
Other
comprehensive
income - - - - - - - - -
-------------- ---- ------- ------------ ------------ ------- ------- ----------- -------- ------------ --------
Total
comprehensive
income for
the year - - - - - (22,579) (22,579) (1,465) (24,044)
Transactions
with owners,
recognised
directly
in equity
Issue of
ordinary
shares 21 83,188 - - - - - 83,188 - 83,188
Recognition of
share-based
payments 24 - - - - 184 - 184 - 184
Transfer
between
reserves - - (88) - (437) 525 - - -
-------------- ---- ------- ------------ ------------ ------- ------- ----------- -------- ------------ --------
Total
transactions
with owners 83,188 - (88) - (253) 525 83,372 - 83,372
------- ------------ ------------ ------- ------- ----------- -------- ------------ --------
At 31 December
2018 178,218 12,665 7,073 - 3,224 (88,479) 112,701 6,862 119,563
======= ============ ============ ======= ======= =========== ======== ============ ========
Consolidated statement of cash flows
Year ended 31 December 2018
Note 2018 2017
GBP'000 GBP'000
Cash flows from operating activities
Loss for the year (24,164) (11,139)
Adjustments for:
Grant income 5 (2) (1,052)
Interest income 5 (8) (86)
Depreciation of property, plant and
equipment 10 5,782 384
Amortisation of intangible asset 11 1,517 1,494
Finance costs 7 2,998 1,617
Share-based payments 6 184 364
Provisions (written back) / made
during the year (607) 610
Bad debt provision 13 - 1,040
Net foreign exchange 96 27
Operating cash flows before movements
in working capital (14,204) (6,741)
Movements in trade and other receivables 1,044 1,734
Movements in trade and other payables (778) (69)
----------- -----------
Net cash used in operating activities (13,938) (5,076)
----------- -----------
Cash flows from investing activities
Purchase of property, plant and equipment (802) (10,306)
Proceeds from grants received - 748
Expenditure on project development - (50)
Cash from disposal of joint venture 12 168 -
Acquisition of subsidiary, net of
cash acquired 12 57 -
Net cash used in investing activities (577) (9,608)
----------- -----------
Cash flows from financing activities
Proceeds from grants received 16 3,537
Proceeds from issue of shares 21 20,000 4,050
Share issuance cost 21 (897) (240)
Proceeds from borrowings 19 4,970 4,950
Repayment of borrowings 19 (5,192) (2,100)
Interest paid 19 (696) (166)
Deposits released/(pledged) 864 (132)
Net cash from financing activities 19,065 9,899
----------- -----------
Net increase/(decrease) in cash and
cash equivalents 4,550 (4,785)
Cash and cash equivalents at 1 January 3,801 8,586
Cash and cash equivalents at 31 December 16 8,351 3,801
=========== ===========
Further detail may be read and downloaded from the company
website at www.simecatlantis.com.
Annual General Meeting
Atlantis also announces that a Notice will be sent to
shareholders to convene the Annual General Meeting ("AGM") of the
Company.
The AGM will be held at the offices of Ashurst LLP, Broadwalk
House, 5 Appold Street, London EC2A 2HA at 11.00a.m. (London time)
on Friday 26 July 2019. The AGM Notice will also be made available
on the Company's website at www.simecatlantis.com.
This information is provided by RNS, the news service of the
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END
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