Proactiveinvestors Australia SIMEC Atlantis Energy https://www.proactiveinvestors.com.au Proactiveinvestors Australia SIMEC Atlantis Energy RSS feed en Fri, 19 Jul 2019 03:42:35 +1000 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.com.au/companies/rns/8262/LSE20190718070009_14153809/ Thu, 18 Jul 2019 16:00:09 +1000 https://www.proactiveinvestors.com.au/companies/rns/8262/LSE20190718070009_14153809/ <![CDATA[RNS press release - Uskmouth 220MW Conversion Project Update ]]> https://www.proactiveinvestors.com.au/companies/rns/8262/LSE20190715070005_14148491/ Mon, 15 Jul 2019 16:00:05 +1000 https://www.proactiveinvestors.com.au/companies/rns/8262/LSE20190715070005_14148491/ <![CDATA[RNS press release - MeyGen Operational Update ]]> https://www.proactiveinvestors.com.au/companies/rns/8262/LSE20190710070003_14142592/ Wed, 10 Jul 2019 16:00:03 +1000 https://www.proactiveinvestors.com.au/companies/rns/8262/LSE20190710070003_14142592/ <![CDATA[RNS press release - Acquisition of Green Highland Renewables Update ]]> https://www.proactiveinvestors.com.au/companies/rns/8262/LSE20190628070005_14128105/ Fri, 28 Jun 2019 16:00:05 +1000 https://www.proactiveinvestors.com.au/companies/rns/8262/LSE20190628070005_14128105/ <![CDATA[RNS press release - Preliminary Results Announcement ]]> https://www.proactiveinvestors.com.au/companies/rns/8262/LSE20190628070004_14128086/ Fri, 28 Jun 2019 16:00:04 +1000 https://www.proactiveinvestors.com.au/companies/rns/8262/LSE20190628070004_14128086/ <![CDATA[RNS press release - Update on Proposed Acquisition of GHR ]]> https://www.proactiveinvestors.com.au/companies/rns/8262/LSE20190618101013_14114979/ Tue, 18 Jun 2019 19:10:13 +1000 https://www.proactiveinvestors.com.au/companies/rns/8262/LSE20190618101013_14114979/ <![CDATA[RNS press release - Technology Partnership Agreed with GE ]]> https://www.proactiveinvestors.com.au/companies/rns/8262/LSE20190514070012_14072504/ Tue, 14 May 2019 16:00:12 +1000 https://www.proactiveinvestors.com.au/companies/rns/8262/LSE20190514070012_14072504/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.com.au/companies/rns/8262/LSE20190410090650_14035777/ Wed, 10 Apr 2019 18:06:50 +1000 https://www.proactiveinvestors.com.au/companies/rns/8262/LSE20190410090650_14035777/ <![CDATA[RNS press release - Result of Placing and PrimaryBid Offer ]]> https://www.proactiveinvestors.com.au/companies/rns/8262/LSE20190329121049_14021635/ Fri, 29 Mar 2019 23:10:49 +1100 https://www.proactiveinvestors.com.au/companies/rns/8262/LSE20190329121049_14021635/ <![CDATA[RNS press release - PrimaryBid.com Offer ]]> https://www.proactiveinvestors.com.au/companies/rns/8262/LSE20190328163103_14020139/ Fri, 29 Mar 2019 03:31:03 +1100 https://www.proactiveinvestors.com.au/companies/rns/8262/LSE20190328163103_14020139/ <![CDATA[RNS press release - Proposed Placing ]]> https://www.proactiveinvestors.com.au/companies/rns/8262/LSE20190328163046_14020136/ Fri, 29 Mar 2019 03:30:46 +1100 https://www.proactiveinvestors.com.au/companies/rns/8262/LSE20190328163046_14020136/ <![CDATA[RNS press release - MeyGen Update ]]> https://www.proactiveinvestors.com.au/companies/rns/8262/LSE20190211070006_13964097/ Mon, 11 Feb 2019 18:00:06 +1100 https://www.proactiveinvestors.com.au/companies/rns/8262/LSE20190211070006_13964097/ <![CDATA[RNS press release - Directorate Change and Appointment of J.P. Morgan ]]> https://www.proactiveinvestors.com.au/companies/rns/8262/LSE20190122070004_13941927/ Tue, 22 Jan 2019 18:00:04 +1100 https://www.proactiveinvestors.com.au/companies/rns/8262/LSE20190122070004_13941927/ <![CDATA[RNS press release - Canadian FORCE Facility ]]> https://www.proactiveinvestors.com.au/companies/rns/8262/LSE20181219070004_13908856/ Wed, 19 Dec 2018 18:00:04 +1100 https://www.proactiveinvestors.com.au/companies/rns/8262/LSE20181219070004_13908856/ <![CDATA[RNS press release - MeyGen Operational Update ]]> https://www.proactiveinvestors.com.au/companies/rns/8262/LSE20181219070003_13908819/ Wed, 19 Dec 2018 18:00:03 +1100 https://www.proactiveinvestors.com.au/companies/rns/8262/LSE20181219070003_13908819/ <![CDATA[RNS press release - EUR1 million Grant Award to SIMEC Atlantis ]]> https://www.proactiveinvestors.com.au/companies/rns/8262/LSE20181205070003_13891622/ Wed, 05 Dec 2018 18:00:03 +1100 https://www.proactiveinvestors.com.au/companies/rns/8262/LSE20181205070003_13891622/ <![CDATA[RNS press release - Acquisition of SIMEC Green Highland Renewables ]]> https://www.proactiveinvestors.com.au/companies/rns/8262/LSE20181123163606_13879112/ Sat, 24 Nov 2018 03:36:06 +1100 https://www.proactiveinvestors.com.au/companies/rns/8262/LSE20181123163606_13879112/ <![CDATA[RNS press release - French Tidal Power Agreement Signed ]]> https://www.proactiveinvestors.com.au/companies/rns/8262/LSE20181121120003_13875679/ Wed, 21 Nov 2018 23:00:03 +1100 https://www.proactiveinvestors.com.au/companies/rns/8262/LSE20181121120003_13875679/ <![CDATA[RNS press release - Second Price Monitoring Extn ]]> https://www.proactiveinvestors.com.au/companies/rns/8262/LSE20181120140539_13873875/ Wed, 21 Nov 2018 01:05:39 +1100 https://www.proactiveinvestors.com.au/companies/rns/8262/LSE20181120140539_13873875/ <![CDATA[RNS press release - Price Monitoring Extension ]]> https://www.proactiveinvestors.com.au/companies/rns/8262/LSE20181120140024_13873866/ Wed, 21 Nov 2018 01:00:24 +1100 https://www.proactiveinvestors.com.au/companies/rns/8262/LSE20181120140024_13873866/ <![CDATA[RNS press release - Second Price Monitoring Extn ]]> https://www.proactiveinvestors.com.au/companies/rns/8262/LSE20181120110534_13873573/ Tue, 20 Nov 2018 22:05:34 +1100 https://www.proactiveinvestors.com.au/companies/rns/8262/LSE20181120110534_13873573/ <![CDATA[RNS press release - Price Monitoring Extension ]]> https://www.proactiveinvestors.com.au/companies/rns/8262/LSE20181120110016_13873562/ Tue, 20 Nov 2018 22:00:16 +1100 https://www.proactiveinvestors.com.au/companies/rns/8262/LSE20181120110016_13873562/ <![CDATA[RNS press release - Second Price Monitoring Extn ]]> https://www.proactiveinvestors.com.au/companies/rns/8262/LSE20181120090602_13873357/ Tue, 20 Nov 2018 20:06:02 +1100 https://www.proactiveinvestors.com.au/companies/rns/8262/LSE20181120090602_13873357/ <![CDATA[RNS press release - Price Monitoring Extension ]]> https://www.proactiveinvestors.com.au/companies/rns/8262/LSE20181120090035_13873353/ Tue, 20 Nov 2018 20:00:35 +1100 https://www.proactiveinvestors.com.au/companies/rns/8262/LSE20181120090035_13873353/ <![CDATA[RNS press release - Heads of Terms Signed with Equitix ]]> https://www.proactiveinvestors.com.au/companies/rns/8262/LSE20181120070014_13872718/ Tue, 20 Nov 2018 18:00:14 +1100 https://www.proactiveinvestors.com.au/companies/rns/8262/LSE20181120070014_13872718/ <![CDATA[RNS press release - Uskmouth FEED Contract ]]> https://www.proactiveinvestors.com.au/companies/rns/8262/LSE20181106070006_13855899/ Tue, 06 Nov 2018 18:00:06 +1100 https://www.proactiveinvestors.com.au/companies/rns/8262/LSE20181106070006_13855899/ <![CDATA[RNS press release - Uskmouth Power Station Conversion Project Update ]]> https://www.proactiveinvestors.com.au/companies/rns/8262/LSE20181105070005_13854125/ Mon, 05 Nov 2018 18:00:05 +1100 https://www.proactiveinvestors.com.au/companies/rns/8262/LSE20181105070005_13854125/ <![CDATA[RNS press release - MeyGen Update ]]> https://www.proactiveinvestors.com.au/companies/rns/8262/LSE20181030070005_13846696/ Tue, 30 Oct 2018 18:00:05 +1100 https://www.proactiveinvestors.com.au/companies/rns/8262/LSE20181030070005_13846696/ <![CDATA[RNS press release - Joint Venture with Development Agency of Normandy ]]> https://www.proactiveinvestors.com.au/companies/rns/8262/LSE20181030070004_13846673/ Tue, 30 Oct 2018 18:00:04 +1100 https://www.proactiveinvestors.com.au/companies/rns/8262/LSE20181030070004_13846673/ <![CDATA[RNS press release - MeyGen Operational Update ]]> https://www.proactiveinvestors.com.au/companies/rns/8262/LSE20181022070007_13836514/ Mon, 22 Oct 2018 17:00:07 +1100 https://www.proactiveinvestors.com.au/companies/rns/8262/LSE20181022070007_13836514/ <![CDATA[RNS press release - Interim Results ]]> https://www.proactiveinvestors.com.au/companies/rns/8262/LSE20180924070010_13801046/ Mon, 24 Sep 2018 16:00:10 +1000 https://www.proactiveinvestors.com.au/companies/rns/8262/LSE20180924070010_13801046/ <![CDATA[RNS press release - SIMEC Atlantis Unveils World Record Tidal Turbine ]]> https://www.proactiveinvestors.com.au/companies/rns/8262/LSE20180913070010_13788932/ Thu, 13 Sep 2018 16:00:10 +1000 https://www.proactiveinvestors.com.au/companies/rns/8262/LSE20180913070010_13788932/ <![CDATA[RNS press release - General Newport Update ]]> https://www.proactiveinvestors.com.au/companies/rns/8262/LSE20180903070009_13775657/ Mon, 03 Sep 2018 16:00:09 +1000 https://www.proactiveinvestors.com.au/companies/rns/8262/LSE20180903070009_13775657/ <![CDATA[RNS press release - Operational Update ]]> https://www.proactiveinvestors.com.au/companies/rns/8262/LSE20180813070003_13752202/ Mon, 13 Aug 2018 16:00:03 +1000 https://www.proactiveinvestors.com.au/companies/rns/8262/LSE20180813070003_13752202/ <![CDATA[RNS press release - Result of AGM ]]> https://www.proactiveinvestors.com.au/companies/rns/8262/LSE20180720122222_13726095/ Fri, 20 Jul 2018 21:22:22 +1000 https://www.proactiveinvestors.com.au/companies/rns/8262/LSE20180720122222_13726095/ <![CDATA[News - Macquarie ups SIMEC Atlantis Energy target to 55p from 41p in wake of power producer's transformation ]]> https://www.proactiveinvestors.com.au/companies/news/200784/macquarie-ups-simec-atlantis-energy-target-to-55p-from-41p-in-wake-of-power-producer-s-transformation-200784.html Macquarie has raised its target price for SIMEC Atlantis Energy Ltd (LON:SAE) to 55p from 41p and reiterated an ‘outperform’ rating on the stock in the wake of the transformation of the firm into a new diversified independent power producer.

The Australian broker noted that in May 2018 the board of Atlantis Resources approved the acquisition of SIMEC Uskmouth Power, a 220 megawatt (MW) power plant in Wales, from SIMEC Energy.

READ: Cantor Fitzgerald thinks SIMEC Atlantis Energy shares have potential to go above 300p, a near ten-fold increase

As part of this transaction, SIMEC Energy, a division of GFG Alliance, became the largest shareholder of the company, and its name was changed to SIMEC Atlantis Energy (SAE).

GFG Alliance, a London-headquartered international conglomerate which combines energy generation, metal manufacturing, and financial services, has total revenues of US$13bn per annum and net assets of around $3.1bn

In a note to clients, analyst Dominic Nash pointed out that the transaction has transformed the company from a specialist tidal developer into a power producer with a broad spectrum of assets.

He added: “It is now “under the wing” of a conglomerate with a captive need for renewable energy. This relationship, we believe, enables a credible pathway for SAE to grow its asset base.”

Uskmouth conversion the first test

Nash said SIMEC Atlantis Energy’s first test will be to successfully convert Uskmouth on time and budget, and we believe as this project matures the valuation will trend towards its increased target.

He noted that SAE’s plan is to convert the Uskmouth to a plant that operates using end-of-waste energy pellets - derived from a mixture of biogenic material and plastics that cannot be recycled - instead of coal.

The analyst pointed out that the main source of revenue for the fuel supply company will be a gate fee and it will be able to sell the energy pellets to SAE for £0.20 per GJ of net calorific value, which is approximately 4% of traditional biomass alternatives.

The analyst forecasts the Uskmouth plant generating underlying earnings (EBITDA) of £51mln in its first full year of operations in 2021.

He said he values Uskmouth at 42p per share or £152mln based on a 13% discount rate, which makes up the bulk of Macquarie’s target price for SAE, with the group no longer just a pure tidal power play.

READ: SIMEC Atlantis Energy says two Meygen project turbines removed for inspection and maintenance

Nash also noted that SAE’s biggest shareholder, the GFG Alliance, has provided the firm with investment rights on a first offer basis for a pipeline of renewable power assets, which will be injected over time into the group.

The analysts said: “We believe this transforms SAE’s growth prospects, as it now has a credible pipeline of renewable energy assets, which includes 680MW of gross capacity in various power plants in the UK and Australia.”

In late afternoon trading on Friday, SIMEC Atlantis Energy shares were steady at 31.75p.

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Fri, 13 Jul 2018 15:24:00 +1000 https://www.proactiveinvestors.com.au/companies/news/200784/macquarie-ups-simec-atlantis-energy-target-to-55p-from-41p-in-wake-of-power-producer-s-transformation-200784.html
<![CDATA[RNS press release - MeyGen Phase 1A Operational Update ]]> https://www.proactiveinvestors.com.au/companies/rns/8262/LSE20180711070006_13713062/ Wed, 11 Jul 2018 16:00:06 +1000 https://www.proactiveinvestors.com.au/companies/rns/8262/LSE20180711070006_13713062/ <![CDATA[News - SIMEC Atlantis Energy says two Meygen project turbines removed for inspection and maintenance ]]> https://www.proactiveinvestors.com.au/companies/news/200604/simec-atlantis-energy-says-two-meygen-project-turbines-removed-for-inspection-and-maintenance-200604.html SIMEC Atlantis Energy Ltd (LON:SAE) said that the operators of its flagship tidal power project MeyGen in the Pentland Forth plans to retrieve two of the Andritz Hammerfest Hydro (AHH) turbines during July for inspection and maintenance.

In a statement, the recently expanded group said this follows the diagnosis of a generator fault by onboard monitoring systems, and will be taken onshore and if the diagnosis is correct repairs are expected to be completed within two months. It added that both of the generators are covered under warranty.

READ: Cantor Fitzgerald thinks SIMEC Atlantis Energy shares have potential to go above 300p, a near ten-fold increase

It said the remaining AHH turbine and Atlantis' own AR1500 turbine continue to generate electricity.

SMEC Atlantis holds equity positions in a diverse portfolio of tidal stream development projects, which includes a 77% stake in MeyGen Limited, the company developing the world's largest tidal stream project.

MeyGen has 392 megawatts (MW) of further development capacity under its seabed lease and has a 6MW rated capacity.

The project, which formally completed its construction and commissioning phase in March 2018, has generated over 8GWh of energy to the grid to date

In late afternoon trading, SIMEC Atlantis were down 1.5% at 32.00 pence on Wednesday.

 

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Wed, 11 Jul 2018 15:16:00 +1000 https://www.proactiveinvestors.com.au/companies/news/200604/simec-atlantis-energy-says-two-meygen-project-turbines-removed-for-inspection-and-maintenance-200604.html
<![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.com.au/companies/rns/8262/LSE20180627085950_13695398/ Wed, 27 Jun 2018 17:59:50 +1000 https://www.proactiveinvestors.com.au/companies/rns/8262/LSE20180627085950_13695398/ <![CDATA[News - Cantor Fitzgerald thinks SIMEC Atlantis Energy shares have potential to go above 300p, a near ten-fold increase ]]> https://www.proactiveinvestors.com.au/companies/news/199710/cantor-fitzgerald-thinks-simec-atlantis-energy-shares-have-potential-to-go-above-300p-a-near-ten-fold-increase-199710.html Cantor Fitzgerald thinks SIMEC Atlantis Energy Limited (LON:SAE) shares have the potential to go above 300p, a near ten-fold increase on the company’s current share of 33.75p.

The punchy prediction came as the City broker recently initiated coverage on the AIM-listed firm with a ‘buy’ rating and a 75p per share price target.

READ: Atlantis Resources to transform itself into a diversified renewable energy company with significant power generation asset acquisition

In a note to clients the City broker’s analysts noted the transformation of tidal power firm Atlantis Resources into a major renewable energy development company with a pipeline of strong assets following the acquisition of SIMEC Uskmouth Power Limited (SUP) from SIMEC UK Energy Holdings Limited, which completed earlier this month.

SIMEC UK Energy is part of GFG Alliance, an international grouping of businesses with turnover of US$13bn turnover, led by Sanjeev Gupta.

The Cantor analysts said while the tidal opportunity remains, the Uskmouth project “brings a really flexible asset into the mix and the portfolio beyond this is strong”.

They added: “Combined with the ability to secure offtake in long-term agreements we think SIMEC Atlantis will offer a diversified opportunity of scale.”

Tidal opportunities remain

On the tidal front, the analysts said the successful development of MeyGen 1A, a difficult first-of-a-kind project, shows that the company is a credible renewable energy developer, and they think the group can do more in the tidal space “given a cost trajectory that could see tidal competing with leading edge technologies after factoring in intermittency costs.”

But, they added: “SIMEC Atlantis can do much more and the deal with SIMEC widens the opportunity and brings diversity.”

The analysts noted that the initial opportunity in the 220MW Uskmouth power station brings a large flexible generation asset backed by a robust contract suite that should deliver attractive returns on the base case with upside potential on top.

Strong pipeline of renewable and energy storage projects

Beyond that, they added, SIMEC Atlantis has right of first offer on a strong pipeline of renewable and energy storage projects, including include some high output hydro projects and some innovative storage projects.

The Cantor analysts pointed out; “The scale, technologies and stage of the assets mean that, while attractive, we see few natural buyers. Combined with the ability to secure bankable offtakes in long term agreements, we think SIMEC Atlantis can add value here.”

They said their discounted cashflow approach is backed by a comparison with FTSE 250-listed biomass power station firm Drax PLC, which supports their valuation for SIMEC Atlantis of 75p a share.

The analysts added that a clearer route to financing would de-risk the business to get a 106p valuation, while the additional portfolio could take this to over 300p.

Risks acceptable

The Cantor analysts concluded: “Financing the equity component of Uskmouth remains the biggest risk to our valuation but the company has options so it should not have to come back to the market on weak terms.

“Conversion risks exist although the engineer’s report gives comfort and other projects have successfully converted in the UK. Feedstock availability could limit production but waste studies suggest there is more than enough material in the UK.”

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Wed, 27 Jun 2018 15:27:00 +1000 https://www.proactiveinvestors.com.au/companies/news/199710/cantor-fitzgerald-thinks-simec-atlantis-energy-shares-have-potential-to-go-above-300p-a-near-ten-fold-increase-199710.html
<![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.com.au/companies/rns/8262/LSE20180622092719_13689889/ Fri, 22 Jun 2018 18:27:19 +1000 https://www.proactiveinvestors.com.au/companies/rns/8262/LSE20180622092719_13689889/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.com.au/companies/rns/8262/LSE20180620155926_13687560/ Thu, 21 Jun 2018 00:59:26 +1000 https://www.proactiveinvestors.com.au/companies/rns/8262/LSE20180620155926_13687560/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.com.au/companies/rns/8262/LSE20180619154358_13685852/ Wed, 20 Jun 2018 00:43:58 +1000 https://www.proactiveinvestors.com.au/companies/rns/8262/LSE20180619154358_13685852/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.com.au/companies/rns/8262/LSE20180618110458_13683496/ Mon, 18 Jun 2018 20:04:58 +1000 https://www.proactiveinvestors.com.au/companies/rns/8262/LSE20180618110458_13683496/ <![CDATA[RNS press release - Bond Offer Fully Subscribed ]]> https://www.proactiveinvestors.com.au/companies/rns/8262/LSE20180618070006_13682683/ Mon, 18 Jun 2018 16:00:06 +1000 https://www.proactiveinvestors.com.au/companies/rns/8262/LSE20180618070006_13682683/ <![CDATA[RNS press release - Preliminary Results Announcement ]]> https://www.proactiveinvestors.com.au/companies/rns/8262/LSE20180618070004_13682635/ Mon, 18 Jun 2018 16:00:04 +1000 https://www.proactiveinvestors.com.au/companies/rns/8262/LSE20180618070004_13682635/ <![CDATA[RNS press release - Acquisition completion, re-admission & name change ]]> https://www.proactiveinvestors.com.au/companies/rns/8262/LSE20180615081514_13681271/ Fri, 15 Jun 2018 17:15:14 +1000 https://www.proactiveinvestors.com.au/companies/rns/8262/LSE20180615081514_13681271/ <![CDATA[RNS press release - Result of Shareholder votes at General Meeting ]]> https://www.proactiveinvestors.com.au/companies/rns/8262/LSE20180613123531_13678337/ Wed, 13 Jun 2018 21:35:31 +1000 https://www.proactiveinvestors.com.au/companies/rns/8262/LSE20180613123531_13678337/ <![CDATA[RNS press release - Second Price Monitoring Extn ]]> https://www.proactiveinvestors.com.au/companies/rns/8262/LSE20180522140524_13650783/ Tue, 22 May 2018 23:05:24 +1000 https://www.proactiveinvestors.com.au/companies/rns/8262/LSE20180522140524_13650783/ <![CDATA[RNS press release - Price Monitoring Extension ]]> https://www.proactiveinvestors.com.au/companies/rns/8262/LSE20180522140019_13650777/ Tue, 22 May 2018 23:00:19 +1000 https://www.proactiveinvestors.com.au/companies/rns/8262/LSE20180522140019_13650777/