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SIMEC Atlantis Energy Limited (SAE) announced that its subsidiaries, Atlantis Resources (Gujarat Tidal) Pte Limited (ARGL) and Sea Generation Limited (SGL), and joint venture, NPA Fuels Limited (NFL), entered creditors voluntary liquidation. ARGL entered CVL on June 25, 2025, SGL on December 30, 2024, and NFL on November 26, 2024, with SAE confirmed as the primary creditor whose sums due had been written off or fully impaired in prior years. Graham Reid, SAE's CEO, is a director of ARGL, SGL, and NFL, while Simon Hirst, SAE's CFO, is a director of ARGL and SGL.
| Date | 27 Jun 2025 |
| Time | 14:37:12 |
| Category | Miscellaneous |
| ID | 8184O |
27 June 2025
SIMEC Atlantis Energy Limited
("SAE Renewables", "SAE" or the "Company")
AIM Rule 17 - Schedule 2(g) update
SAE provides the following update in accordance with AIM Rule 17 and Schedule 2(g) sub-paragraph (v) of the AIM Rules for Companies.
As part of a process to simplify SAE's corporate structure and to wind up the dormant corporate entities, certain SAE subsidiaries and one joint venture of SAE have been placed into creditors voluntary liquidation (CVL)
- Atlantis Resources (Gujarat Tidal) Pte Limited ("ARGL") entered into a CVL on 25 June 2025
- Sea Generation Limited ("SGL") entered into a CVL on 30 December 2024
- NPA Fuels Limited ("NFL"), a joint venture, entered into a CVL on 26 November 2024
Graham Reid, Chief Executive Officer, is a director of ARGL, SGL and NFL. Simon Hirst, Chief Financial Officer, is a director of ARGL and SGL.
SAE is the primary creditor of these companies and the sums due to the parent company have been written off or fully impaired in the prior years' financial statements.
- Ends -
For further information, please contact:
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SAE Sean Parsons, Director of External Affairs |
+44 (0)7739 832 446 |
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Strand Hanson Limited (Nominated and Financial Adviser) Richard Johnson Rory Murphy David Asquith |
+44 (0)20 7409 3494 |
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Zeus Capital Limited (Broker) Louisa Waddell Simon Johnson
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+44 (0)20 3829 5000 |
Notes to Editors
SAE is a global developer, owner and operator of sustainable energy projects. SAE owns the world's flagship tidal stream project, MeyGen, and the Uskmouth Power Station site, that is being repurposed into a sustainable energy park that will become one of the UK's largest battery energy storage sites. https://www.saerenewables.com/
SAE's strategy: "Building a Sustainable Future to 2035", can be viewed in the company's 2024 Annual report, pages 3-4.
https://saerenewables.com/wp-content/uploads/2024/06/268176-SAE-Annual-Report-2023-CL.pdf
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