Shares In Tidal Power Group Simec Atlantis Fall Over Gupta Warning

20th May 2021

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https://www.ft.com/content/f525ea99-739e-4eb6-8021-4196fa14d4bf

Shares in one of the UK's top power tidal companies tumbled on Tuesday after it warned that its main shareholder, a group belonging to industrialist Sanjeev Gupta's empire, faced "purported" administration proceedings.

Edinburgh-based Simec Atlantis Energy (SAE) said it had received "correspondence in relation to the purported appointment of receivers over all of the shares of its major shareholder, Simec UK Energy Holdings Ltd".

Simec UK Energy, which is part of Gupta's metals and energy conglomerate GFG Alliance, owns about 43 per cent of SAE.

SAE is best known for its pioneering tidal power scheme, MeyGen in the Pentland Firth,

Read the full story in the Financial Times HERE