SIMEC's right to be repaid in Atlantis Ordinary Shares by conversion of the loan shall be subject to the consent of the Board of Atlantis (not to be unreasonably withheld or delayed) if such conversion would cause SIMEC's shareholding in Atlantis to exceed 49.99 per cent. of its issued share capital. The loan is subject to the satisfaction of certain conditions precedent including Atlantis having made progress on the Uskmouth conversion project and other customary conditions and draw stops for a loan of this nature. The Payment Agreement and the Loan Agreement are both classified as related party transactions under the AIM Rules for Companies since they involve transactions with a related party of the Company, SIMEC, which is a substantial shareholder of the Company (being the Company's largest shareholder which, as at the date of this announcement, owns approximately 49.99 per cent. of the Company's issued share capital.