Atlantis Resources Limited Completion of Acquisition (5676X)
May 09 2016 - 02:00AM
UK Regulatory
TIDMARL
RNS Number : 5676X
Atlantis Resources Limited
09 May 2016
9 May 2016
Atlantis Resources Limited
("Atlantis" or the "Company")
Completion of Acquisition of Projects from ScottishPower
Renewables
Atlantis, a global leader in the tidal power sector, is pleased
to announce that it has, through a wholly owned subsidiary of the
Company, completed the acquisition of Scottish tidal project assets
from ScottishPower Renewables (UK) Limited ("SPR") in exchange for
a stake in the Company's wider development portfolio.
Accordingly, as consideration for the acquisition, Tidal Power
Scotland Limited ("TPSL") has issued new ordinary shares to SPR
resulting in a shareholding for SPR of 6% of the enlarged share
capital of TPSL. As a result of the transaction, TPSL has acquired
development rights for an additional 110MW of projects in Scotland,
including the seabed rights, grid access and consents for the 10MW
Sound of Islay project.
TPSL is the holder of the Company's Scottish development
portfolio, including an 85% shareholding in the 398MW MeyGen
project.
Enquiries:
+44 (0)20 3727
Atlantis Resources 1000
Tim Cornelius, Chief Executive
Officer
Simon Counsell, Chief Financial
Officer
Peel Hunt LLP (Nominated Adviser +44 (0)20 7418
and Broker) 8900
Daniel Harris
Jock Maxwell Macdonald
Euan Brown
+44 (0)20 3727
FTI Consulting 1000
Ben Brewerton
Alex Beagley
Stephanie Blott
James Styles
This information is provided by RNS
The company news service from the London Stock Exchange
END
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May 09, 2016 02:00 ET (06:00 GMT)
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