The GFG Alliance is reported to have started proceedings in the British Virgin Islands to challenge the validity of the receiver’s appointment
Last month, the AIM-listed company revealed it was told administrators had been appointed over all of the shares of its 43% shareholder SIMEC UK Energy Holdings (SUEH), which is based in the British Virgin Islands.
Since then, the company said the GFG Alliance, of which SUEH is a member, has told SAE that it has commenced proceedings in the British Virgin Islands to challenge the validity of the receiver’s appointment.
Separately, SIMEC Atlantis said it has been informed that the receivers have made an application to seek a waiver from the Singapore Securities Industry Council over the requirement to make a mandatory general offer for the company under local stock market rules.
SAE said it will make further announcements as and when further information becomes available, including from the receivers.
Read More: SIMEC Atlantis Energy Ltd provides further update on major shareholder