28th Mar 2019 17:46
LONDON (Alliance News) - SIMEC Atlantis Energy Ltd on Thursday said it intends to raise up to GBP5 million to help fund the completion of its SIMEC Green Highland Renewables acquisition.
The company will place up to 31.3 million shares at a price of 16 pence per share for a total of GBP5 million. This will take place via an accelerated bookbuild with the price representing a 5.9% discount to its closing price of 17.00p on Thursday.
Proceeds of the placing will be used to part-fund the necessary payment to complete the Green Highland acquisition. If the acquisition does not go ahead, the money will instead be used for general corporate purposes.
SIMEC Atlantis first announced its intention to acquire Green Highland in November, with the deal having an enterprise value of GBP124.7 million.
SIMEC Atlantis Chief Executive Tim Cornelius said: "We are very much looking forward to bringing Green Highland into the SIMEC Atlantis sustainable generation portfolio. The support of our shareholders on this capital raise helps us towards completion of the acquisition of this unique portfolio of Scottish hydro assets."
Cornelius added: "The [Green Highland] team are world class developers of renewable energy projects and they share our vision of growing a portfolio of high quality sustainable energy assets. Completion of this acquisition together with our portfolio of hydro, tidal power and waste-to-energy projects across Scotland and Wales, would make us an important player in the United Kingdom's endeavours to decarbonise responsibly whilst at the same time creating domestic employment opportunities and attracting inward investment."
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