23rd Jul 2021 11:10
SIMEC Atlantis Energy Ltd - Edinburgh-based tidal energy producer - Says the Gupta Family Group Alliance has confirmed that the receivers appointment over the shares of Gupta alliance member and major shareholder, Simec UK Energy Holdings, has ended. Currently, Simec UK Energy holds a 41% stake in Simec Atlantis.
In June, Simec Atlantis reported that GFG started proceedings in the British Virgin Islands to challenge the receivership of Simec UK Energy. The company now confirms that the receivers have resigned as directors of Simec UK Energy, and GFG Alliance is in control of the Simec Atlantis shares.
"SAE understands that this matter is now resolved and looks forward to a more stable relationship with its major shareholder," the firm says.
Current stock price: 6.00 pence, up 43% on Friday
Year-to-date change: down 72%
By Scarlett Butler; [email protected]
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