IN BRIEF: SIMEC Atlantis Loss Widens; Raises GBP7.5 Million

SIMEC Atlantis Energy Ltd - Edinburgh-based renewable energy firm - Revenue GBP4.9 million in ...

Alliance News 6 August, 2020 | 7:12PM
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SIMEC Atlantis Energy Ltd - Edinburgh-based renewable energy firm - Revenue GBP4.9 million in 2019, more than double GBP2.2 million year prior. However, pretax loss widens to GBP36.2 million from GBP24.2 million after loss on disposal of intangible seabed options of GBP16.1 million. "Additionally, the increased loss in the year reflects the full year results of significant changes to the group during 2018, being the acquisition of SIMEC Uskmouth Power Ltd in June 2018 and the results of MeyGen becoming operational in April 2018," SIMEC says. Also raises GBP6.5 million via issue of 54.2 million shares at 12 pence each, representing discount of 34% to Wednesday closing price. In addition, PrimaryBid offer raises GBP1 million via issue of 8.3 million shares at same price. Proceeds to be used to fund the group's working capital and for investment in new fuel processing facilities via a new joint venture.

Current stock price: 12.90p

Year-to-date change: up 23%

By Lucy Heming; lucyheming@alliancenews.com

Copyright 2020 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
SIMEC Atlantis Energy Ltd 24.50 GBX 4.26 -

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