SAE’s subsidiary Atlantis Ocean Energy has issued a communication to its debenture holders passed via Abundance requesting an amendment to the debenture deed which will:
· Extend the Maturity Date from 30 June 2022 to 30 June 2023.
· Allow the interest due on 30 June 2022 to be paid late but no later than 30 September 2022.
· Apply additional interest due to the amount that is being paid late at a rate equivalent to 4% per year.
The Company expects to use part of the initial proceeds from the agreement with Uskmouth Energy Storage to deliver a Battery Energy Storage Site at Uskmouth, announced separately yesterday, to repay the debentures and associated interest.
This request for a special resolution requires the agreement of 75% by value of the debenture holders. The voting period on the proposal has now opened and the results of the vote are expected during the week commencing 13 June. SAE will provide a further update at that time.
For more information, please contact
SIMEC Atlantis Energy Limited
+44 (0) 7739 832 446
Sean Parsons, Director of External Affairs
Notes to Editors
SAE is a global developer, owner and operator of sustainable energy projects with a diverse portfolio in various stages of development.
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