Atlantis provides the following update further to the announcements made on 23 November 2018 and 28 March 2019 regarding its conditional purchase of the Green Highland Renewables (“GHR”) portfolio of Scottish hydro schemes from its largest shareholder SIMEC Energy (“SIMEC”).
Image: SIMEC Alantis drops plan to buy GHR portfolio from largest shareholder. Photo: courtesy of edar from Pixabay.
After assessing the financing options available to purchase GHR, the independent Board Directors of Atlantis have now determined that an alternative transaction structure in relation to GHR would be in the interests of shareholders and therefore will not be proceeding with the acquisition of GHR as previously envisaged.
Atlantis confirms that it is in ongoing discussions with SIMEC, a third-party infrastructure fund and project financiers in relation to an alternative transaction structure to allow Atlantis to deliver on its mandate of creating shareholder value through the development of high value sustainable power generation projects throughout the UK and abroad. Further updates will be provided when appropriate. There can be no guarantee that any transaction in relation to GHR will reach a conclusion.
Source: Company Press Release