StockMarketWire.com - Alternative energy company Simec Atlantis Energy said the validity of a receiver's appointment to its largest shareholder had been challenged.

Simec last month announced that receivers had been appointed over SIMEC UK Energy Holdings (SUEH) a British Virgin Islands company, which Simec understands owns about 43% of its shares.

'Further to that announcement, the GFG Alliance -- of which SUEH is a member -- has informed Simec that it has commenced proceedings in the British Virgin Islands to challenge the validity of the receiver's appointment,' Simec said on Wednesday.

The company said it also had been notified by the receivers that they had applied to seek a waiver from the Singapore Securities Industry Council, which requires them to make a mandatory general offer for Simec.

'Simec will make further announcements as required in relation to the above matters as and when further information becomes available including from the receivers,' it said.


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