RNS Releases
7/11/2017 - Appointment of Chairman and Non-Executive director to the Board PDF Print E-mail

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). With the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.

7 November 2017

InfraStrata plc

("InfraStrata" or the "Company")

Appointment of Chairman and Non-Executive director to the Board

and change of registered office

InfraStrata plc (AIM: INFA), the only UK quoted company focused on gas storage, is pleased to announce the appointments of Graham Lyon as Non-Executive Chairman and Matthew Beardmore as a Non-Executive Director of the Company with immediate effect. These new directors bring with them experience, skills and contacts within the energy sector and with EU funding. Peter Wale will now fulfil the role of Non-Executive Director.

Graham Lyon - Non-Executive Chairman

Graham is a senior energy, oil and gas executive with over 30 years' experience encompassing global technical, operational and commercial leadership roles.

He is currently a Director of Soncer Limited, a private Oil and Gas leadership consulting firm, undertaking board and executive positions for private and listed companies. He has actively led and advised on major M&A transactions and the financing and restructuring of companies and projects throughout the world.

Graham is Executive Chairman at Comet Energy, a private Canadian oil and gas company and is Non-Executive Chairman of Pearland Energy, a Nigerian oil and gas company. Graham also Chairs the Technical Advisory Committee and is a Board Advisor to Sirius Petroleum plc (AIM: SRSP) where he has helped structure the vendor financing consortia that Sirius has put together to develop its Nigerian oil production assets.

Graham has recently held a number of board level positions at private and listed companies including; Non-Executive Director at Tarbagatay Munay LLP, a private Kazakhstani oil and gas company where he also chaired the Corporate Governance committee, Hawkley Oil & Gas Limited (ASX: HOG), Range Resources Limited (AIM: RRL, ASX: RRS) where he chaired the Reserves committee and was a member of Remuneration, Nomination and Corporate Governance committees, and MENA Hydrocarbons (TSX: MNH) as CEO. Before establishing Soncer, Graham was Vice President of Petro-Canada (TSX: PCA), where he led business development for its international business unit, which was formerly the international company Veba Oil and Gas GmbH. In his earlier technical career he worked for Shell and Chevron.

 

Matthew Beardmore - Non-Executive Director

Matthew is a practising solicitor and quantity surveyor who has been primarily focused on the delivery of major built environment and infrastructure projects from conception to completion. During the last 20 years Matthew has had responsibility for the contractual, operational and commercial performance of a portfolio of projects worth in aggregate over £3bn. This has ranged from power plants to football stadia as well as major urban regeneration schemes. Within the last five years Matthew has obtained significant experience and knowledge through working in a role as Head of Capital Projects for a UK regional government authority. He therefore, has significant experience with the EU funding framework. The Board believes that these skills are going to be very beneficial to InfraStrata and will ensure the Company maximises its potential in this area.

InfraStrata's former interim Non-Executive Chairman, Peter Wale, commented:

"As we move forward with the future strategy for the Company, we believe that these new Directors will be invaluable in helping us to progress. Given their backgrounds and networks, we view their decision to join the Board as a strong endorsement of our vision to create shareholder value. Graham brings a wealth of world-wide expertise and contacts across the wider energy industry. He has played active roles in business restructuring and refinancing companies and enabling businesses turnarounds. Matthew's professional background, project management experience and familiarity with EU funding are indispensable skills for the Company. We are delighted to welcome them on to our Board.

Furthermore, we anticipate one additional board member to be confirmed shortly."

AIM rules disclosures

Matthew Beardmore

Matthew Paul Beardmore, aged 39, is beneficially interested in 1,500,903 ordinary shares in InfraStrata, equivalent to 0.3% of the Company's issued ordinary share capital, held via an individual savings account with Interactive Investors.

Within the last five years Matthew has been a director of Beardmore Kyle (a private unlimited company) and save for InfraStrata, does not currently hold any directorships or partnerships.

Graham Lyon

Graham Victor Lyon, aged 60, is beneficially interested in 914,085 ordinary shares in InfraStrata, equivalent to 0.18% of the Company's issued ordinary share capital, held through Interactive Investors.

Graham is, or has during the last five years been, a director or partner of the following companies and partnerships:

Current directorships/partnerships

Past directorships/partnerships within the last five years

Comet Energy Limited

Soncer Limited

Soncer Bel BvBa

Cleve Cross Court Management Company Limited

The Exchange RTM Company Limited

Pearland Energy Nig Ltd*

Tate Petroleum LTD**

Clarion Petroleum LTD***


Range Resources Limited

Hawkley Oil & Gas Limited

MENA Hydrocarbons Inc

VAL Energy Management Limited

Campion Close Freeholders Limited

Parkland Management Company Limited

MENA Hydrocarbons UK Services Limited (dissolved)

Tarbagatay Munay LLP****


* Mr Lyon is considered a director of Pearland Energy Nig Ltd pursuant to the definition within the AIM Rules for Companies but this is not a statutory directorship position.

** Mr Lyon is considered a director of Tate Petroleum LTD pursuant to the definition within the AIM Rules for Companies but this is not a statutory directorship position.

*** Mr Lyon is considered a director of Clarion Petroleum LTD pursuant to the definition within the AIM Rules for Companies but this is not a statutory directorship position.

**** Mr Lyon is considered a past director of Tarbagatay Munay LLP pursuant to the definition within the AIM Rules for Companies but was not a statutory directorship position.

Change of registered office

The Company's registered office will shortly be changed to 200 Strand, London WC2R 1DJ.

 

 

For further information, please contact:

InfraStrata plc

Adrian Pocock, Chief Executive


+44 (0)28 9051 1415

Allenby Capital Limited (AIM Nominated Adviser & Broker)

Jeremy Porter / Alex Brearley / Liz Kirchner


+44 (0)20 3328 5656


-ENDS-

The Front End Engineering & Design (FEED) and Insitu Downhole Testing programme for the Islandmagee gas storage project is co-financed by the European Union's Connecting Europe Facility.

Disclaimer releasing the European Union from any liability in terms of the content of the dissemination materials:

"The sole responsibility of this publication lies with the author. The European Union is not responsible for any use that may be made of the information contained therein."

 

Notes:

Background on InfraStrata plc

InfraStrata is an independent gas storage company focused on the UK and Ireland.

Further information is available on the Company's website: www.infrastrata.co.uk.

Background on the Islandmagee Storage Project

The Islandmagee gas storage project company, Islandmagee Storage Limited ("IMSL"), is owned 90% by a wholly owned subsidiary of InfraStrata plc and 10% by a wholly owned subsidiary of Mutual Energy Limited. The project is a proposed salt cavern gas storage facility located on Islandmagee in County Antrim, Northern Ireland. Work commenced in 2007 with the acquisition of 3D seismic data to image the Permian salt in the Larne Lough area. During 2012, planning permission was granted for the project and a gas storage licence was issued by the Utility Regulator. In 2015 a well was drilled to core the salt and confirm the technical feasibility of the project, supported in part by the Commission. To date approximately £11m has been invested in the project.

Further information is available on the project company's website: www.islandmageestorage.com.

pdf View or download the release 

 
26/10/2017 - Holdings in Company PDF Print E-mail

TR-1: Standard form for notification of major holdings


NOTIFICATION OF MAJOR HOLDINGS (to be sent to the relevant issuer and to the FCA in Microsoft Word format if possible)i


1a. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attachedii:

Infrastrata Plc

2138001JAP311MVUZ948

1b. Please indicate if the issuer is a non-UK issuer (please mark with an "X" if appropriate)

Non-UK issuer


2. Reason for the notification (please mark the appropriate box or boxes with an "X")

An acquisition or disposal of voting rights


An acquisition or disposal of financial instruments


An event changing the breakdown of voting rights

x

Other (please specify)iii:


3. Details of person subject to the notification obligationiv

Name


Legal & General Group Plc (Group)


City and country of registered office (if applicable)

1 Coleman St, London EC2R 5AA

4. Full name of shareholder(s) (if different from 3.)v

Name


Legal & General Assurance Society (LGAS)

 

City and country of registered office (if applicable)

1 Coleman St, London EC2R 5AA

5. Date on which the threshold was crossed or reachedvi:


20 October 2017


6. Date on which issuer notified (DD/MM/YYYY):


24 October 2017

 


7. Total positions of person(s) subject to the notification obligation

 

 

% of voting rights attached to shares (total of 8. A)

% of voting rights through financial instruments
(total of 8.B 1 + 8.B 2)

Total of both in % (8.A + 8.B)

Total number of voting rights of issuervii

Resulting situation on the date on which threshold was crossed or reached

6.38%

-

6.38%

501,041,599

Position of previous notification (if

applicable)

8.50%

-

8.50%

 


8. Notified details of the resulting situation on the date on which the threshold was crossed or reachedviii

A: Voting rights attached to shares

Class/type of
shares

ISIN code (if possible)

Number of voting rightsix

% of voting rights

Direct

(Art 9 of Directive 2004/109/EC) (DTR5.1)

Indirect

(Art 10 of Directive 2004/109/EC) (DTR5.2.1)

Direct

(Art 9 of Directive 2004/109/EC) (DTR5.1)

Indirect

(Art 10 of Directive 2004/109/EC) (DTR5.2.1)

ORD GBP0.01 (L&G Group)

31,975,000

-

6.38%

-

SUBTOTAL 8. A

31,975,000

6.38%


 

B 1: Financial Instruments according to Art. 13(1)(a) of Directive 2004/109/EC (DTR5.3.1.1 (a))

Type of financial instrument

Expiration
date
x

Exercise/
Conversion Period
xi

Number of voting rights that may be acquired if the instrument is

exercised/converted.

% of voting rights

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SUBTOTAL 8. B 1

 

 


 

B 2: Financial Instruments with similar economic effect according to Art. 13(1)(b) of Directive 2004/109/EC (DTR5.3.1.1 (b))

Type of financial instrument

Expiration
date
x

Exercise/
Conversion Period
xi

Physical or cash

settlementxii

Number of voting rights

% of voting rights


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SUBTOTAL 8.B.2

 

 

 


9. Information in relation to the person subject to the notification obligation (please mark the

applicable box with an "X")

 

Person subject to the notification obligation is not controlled by any natural person or legal entity and does not control any other undertaking(s) holding directly or indirectly an interest in the (underlying) issuerxiii


 

Full chain of controlled undertakings through which the voting rights and/or the
financial instruments are effectively held starting with the ultimate controlling natural person or legal entityxiv (please add additional rows as necessary)

x

 

Namexv

% of voting rights if it equals or is higher than the notifiable threshold

% of voting rights through financial instruments if it equals or is higher than the notifiable threshold

Total of both if it equals or is higher than the notifiable threshold

 

Legal & General Group (Direct/Indirect)

6.38%


6.38%

 

Legal & General Investment Management (Holdings) Limited

(Direct/Indirect)

6.38%


6.38%

 

Legal & General Assurance Society (Direct)

6.38%


6.38%

 





 

Legal & General Group (Direct/Indirect)

6.38%


6.38%

 

Legal & General Investment Management (Holdings) Limited

(Direct/Indirect)

6.38%


6.38%

Legal & General Assurance (Pensions Management) Limited

(Direct)


0.00%



0.00%





Legal & General Group (Direct/Indirect)

6.38%


6.38%

Legal & General Investment Management (Holdings) Limited

(Direct/Indirect)

6.38%


6.38%

Legal & General Investment Management Limited (Indirect)

6.38%


6.38%





Legal & General Group (Direct/Indirect)

6.38%


6.38%

Legal & General Investment Management (Holdings) Limited

(Direct/Indirect)

6.38%


6.38%

Legal & General (Unit Trust Managers) Limited (Indirect)

0.00%


0.00%


 

 

10. In case of proxy voting, please identify:

 

Name of the proxy holder

N/A

 

The number and % of voting rights held

N/A

 

The date until which the voting rights will be held

N/A

 


 

 

11. Additional informationxvi

 


Notification using the total voting rights figure of 501,041,599

 


Place of completion

Brunel House, 2 Fitzalan Road, Cardiff, CF24 0EB

Date of completion

24/10/2017


pdf View or download the release 

 
20/10/2017 - Holdings in Company PDF Print E-mail

InfraStrata plc

("InfraStrata" or the "Company")

 

Holdings in Company

InfraStrata plc (AIM: INFA), the only UK listed company focused on gas storage, announces that following the issue and admission to trading on AIM today of 125,000,000 new ordinary shares in connection with the Placing announced on 2 October 2017, the directors' interests in ordinary shares in the Company remain unchanged, but as a result of dilution their percentage of the voting rights in the Company is now as set out below:


 

Number of ordinary

shares


% of voting rights in the

Company

Adrian Pocock*

12,655,055

2.53

Peter Wale**

9,889,000

1.97


* Held in Mr Pocock's SIPP in the name of Wealth Nominees Limited.

** 5,009,000 ordinary shares are held in Mr Wale's SIPP in the name of Hubwise Nominees Limited, 2,880,000 in an ISA

and 2,000,000 with Shard Capital.

 

For further information, please contact:

InfraStrata plc

Adrian Pocock, Chief Executive

+44 (0)28 9051 1415

Allenby Capital Limited (AIM Nominated Adviser & Broker)

Jeremy Porter / Alex Brearley / Liz Kirchner

+44 (0)20 3328 5656

 

 

-ENDS-


The Front End Engineering & Design (FEED) and Insitu Downhole Testing programme for the Islandmagee gas storage project is co-financed by the European Union's Connecting Europe Facility.

Disclaimer releasing the European Union from any liability in terms of the content of the dissemination materials:

"The sole responsibility of this publication lies with the author. The European Union is not responsible for any use that may be made of the information contained therein."

Notes:

Background on InfraStrata plc

InfraStrata is an independent gas storage company focused on the UK and Ireland.

Further information is available on the Company's website: www.infrastrata.co.uk.


Background on the Islandmagee Storage Project

The Islandmagee gas storage project company, Islandmagee Storage Limited ("IMSL"), is owned 90% by a wholly owned subsidiary of InfraStrata plc and 10% by a wholly owned subsidiary of Mutual Energy Limited. The project is a proposed salt cavern gas storage facility located on Islandmagee in County Antrim, Northern Ireland. Work commenced in 2007 with the acquisition of 3D seismic data to image the Permian salt in the Larne Lough area. During 2012, planning permission was granted for the project and a gas storage licence was issued by the Utility Regulator. In 2015 a well was drilled to core the salt and confirm the technical feasibility of the project, supported in part by the Commission. To date approximately £11m has been invested in the project.

Further information is available on the project company's website: www.islandmageestorage.com.

pdf View or download the release 

 
19/10/2017 - Result of GM and Total Voting Rights PDF Print E-mail
RNS Number : 0818UInfrastrata PLC19 October 2017 

               

 

 

 

19 October 2017

 

InfraStrata plc

("InfraStrata" or the "Company")

 

Result of General Meeting

Total Voting Rights

 

InfraStrata plc (AIM: INFA), the only UK listed company focused on gas storage, is pleased to announce that at its general meeting held earlier today, all resolutions were duly passed.

 

Accordingly, pursuant to the Placing announced on 2 October 2017, the Placing Shares are expected to be admitted to trading on AIM tomorrow, 20 October 2017, to complete the Placing.

 

Total Voting Rights

 

With effect from Admission, the Company's issued ordinary share capital will comprise 501,041,599 ordinary shares of £0.0001, with one voting right per share. The Company does not hold any shares in treasury. Therefore, the total number of ordinary shares of £0.0001 and voting rights in the Company will be 501,041,599. This figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company pursuant to the FCA's Disclosure Guidance and Transparency Rules.

 

Defined terms used in this announcement have the same meaning as in the Company's announcement on 2 October 2017, unless the context requires otherwise.

 

For further information, please contact:

 

InfraStrata plc

Adrian Pocock, Chief Executive

 

+44 (0)28 9051 1415

Allenby Capital Limited (AIM Nominated Adviser & Broker)

Jeremy Porter / Alex Brearley / Liz Kirchner

 

+44 (0)20 3328 5656

 

 

-ENDS-

 

 

 

 

The Front End Engineering & Design (FEED) and Insitu Downhole Testing programme for the Islandmagee gas storage project is co-financed by the European Union's Connecting Europe Facility.

 

Disclaimer releasing the European Union from any liability in terms of the content of the dissemination materials:



"The sole responsibility of this publication lies with the author. The European Union is not responsible for any use that may be made of the information contained therein."

 

 

 

Notes:

 

Background on InfraStrata plc

 

InfraStrata is an independent gas storage company focused on the UK and Ireland.

 

Further information is available on the Company's website: www.infrastrata.co.uk.

 

 

Background on the Islandmagee Storage Project

 

The Islandmagee gas storage project company, Islandmagee Storage Limited ("IMSL"), is owned 90% by a wholly owned subsidiary of InfraStrata plc and 10% by a wholly owned subsidiary of Mutual Energy Limited. The project is a proposed salt cavern gas storage facility located on Islandmagee in County Antrim, Northern Ireland. Work commenced in 2007 with the acquisition of 3D seismic data to image the Permian salt in the Larne Lough area. During 2012, planning permission was granted for the project and a gas storage licence was issued by the Utility Regulator. In 2015 a well was drilled to core the salt and confirm the technical feasibility of the project, supported in part by the Commission. To date approximately £11m has been invested in the project.

 

Further information is available on the project company's website: www.islandmageestorage.com.


This information is provided by RNSThe company news service from the London Stock Exchange END
 
02/10/2017 - Company Update and notice of General Meeting PDF Print E-mail

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). With the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.

 

2 October 2017

 

InfraStrata plc

(“InfraStrata” or the “Company”)

 

Proposed share issue to raise £500,000, company update and notice of General Meeting

 

InfraStrata plc (AIM: INFA), the only UK listed company focused on gas storage, is pleased to provide a company update and to announce that it has conditionally raised £500,000 before expenses through a placing of 125,000,000 new ordinary shares of £0.0001 each ("Placing Shares") at an issue price of 0.4 pence per share (the “Placing”). The Placing is conditional, inter alia, on the approval of shareholders at a forthcoming general meeting of resolutions to provide authority to the directors of the Company (“Directors” or “Board”) to issue and allot further new ordinary shares on a non-pre-emptive basis, further details of which are set out below.

Company update

Since the Company’s general meeting in June, which saw new directors voted in, the Board has undertaken an extensive review of the Company and its gas storage project at Islandmagee (the “Project”), the Project’s main stakeholders have been met, and considerable efforts have been made exploring a range of both short and long-term options for future value creation for the Company and the Project.

The Project has shown that it exceeds the Board’s expectations in terms of its ultimate potential. In the Board’s opinion, this highlights the relative undervaluation of the Company at this time. The Board believes that the recent announcement of the phased closure of the Rough gas storage facility by Centrica plc improves the significant potential of the Project as a result of this substantial reduction in gas storage capacity in the UK.

A number of parties have expressed an interest in collaborating with InfraStrata to progress the Project. Active discussions continue with these counterparties, including contractors, gas storage operators and oil and gas focused lenders. The Board is focused on maximising shareholder value and may also consider a sale of the Project and/or its assets.

Constructive discussions with the European Commission in Brussels have also taken place to review the future EU grant status. A condition of the EU grant funds received by the Company is for the Project’s Front-End Engineering Design (“FEED”) stage, for which the grant funds are to be used, to be completed by the end of 2017 and as this deadline cannot be met, the Board has requested a one year extension from the EU. In addition, the Board is working with the UK and Republic of Ireland governments on the application to renew the Project’s PCI status, which as is usual, automatically lapsed after two years.

Director appointments

The Board is keen that additional directors are appointed in due course, as indicated in the Company’s announcement of 27 June 2017, and expects to be able to shortly announce the appointments of additional non-executive directors with experience in, inter alia, the energy sector, major construction projects and EU funding.

Background to and reasons for the Placing and use of proceeds

Seeking solutions to the Company’s shorter-term working capital needs has been a priority for the Board since its appointment. The Board has sought to reduce the Company's costs wherever possible, whilst still seeking to make significant efforts to advance the Project. The Board believes that the level of corporate development activity since June has been undertaken in a highly cost- conscious manner, although certain operational expenditures are inevitable.

However, as previously announced, the Company has limited working capital until early October 2017 and having explored a wide range of opportunities, some of which are still under consideration, it has become necessary for the Board to undertake the Placing to provide additional working capital. It has been the Board’s preference to pursue alternative methods of funding which minimise dilution to shareholders at recent share price levels, but that has not been possible in the timescale required or on terms attractive to the Company. Similarly, it has not been possible to invite all existing shareholders to participate in the Placing due to time constraints as well as the disproportionate costs that would be incurred by the Company in doing so.

The net proceeds of approximately £445,000 from the Placing are expected to provide sufficient funding to meet InfraStrata's minimum levels of corporate costs and care and maintenance costs on the Project for at least the next six months. The further progression of the FEED for the Project will require the securing of additional funding of up to £2.2m or the use of an alternative strategy for funding and progressing this work. Accordingly, the Board continues to seek longer-term sources of financing. This may include a collaborative transaction with a commercial or institutional financial partner, although other potential options for extending the Company’s working capital and Project finance are being actively explored.

The Board is pleased to note that the post-FEED funding required for the implementation and construction of the Project has pre-qualification for the UK Government Guarantees Scheme, which is a supportive backdrop to help underwrite future financing discussions.

Details and conditions of the Placing

The Placing Shares to be issued pursuant to the Placing have been conditionally placed by Allenby Capital Limited (“Allenby Capital”), as agent and broker to the Company, with certain existing and new investors pursuant to a placing agreement between the Company and Allenby Capital (the “Placing Agreement”), further details of which are set out below.

The Company currently has limited authority to issue new ordinary shares for cash on a non-pre- emptive basis. Accordingly, the Placing is conditional upon, inter alia, the passing of resolutions at a general meeting of shareholders to grant the Directors authority to issue and allot new ordinary shares on a non-pre-emptive basis, further details of which are set out below.

In addition, the Placing is conditional, inter alia, on the Placing Agreement becoming unconditional and not being terminated in accordance with its terms prior to the admission of the Placing Shares to trading on AIM (“Admission”). Application will be made for the Placing Shares to be admitted to trading on AIM and, subject to the resolutions being passed at a general meeting, it is expected that Admission will take place on or around 20 October 2017. The Placing is also conditional on Admission occurring.

The Placing would, if the necessary resolutions are approved at the proposed general meeting (as detailed below), result in the issue of 125,000,000 new ordinary shares of £0.0001 each in the Company, representing, in aggregate, approximately 24.95 per cent. of the Company's issued ordinary share capital as enlarged by the Placing.

The Placing Shares will, when issued, be credited as fully paid and will rank pari passu in all respects with the existing ordinary shares of the Company, including the right to receive all dividends or other distributions made, paid or declared in respect of such shares after the date of issue of the Placing Shares.

General Meeting and Circular

Resolutions proposed at the general meeting of the Company in June to give the directors authority pursuant to the Companies Act 2006 to issue and allot new ordinary shares on a non- pre-emptive basis were not approved by shareholders. Therefore, in order for the Placing to proceed and allow flexibility for any future share issuance, a general meeting of the Company is proposed to be held on 19 October 2017 (the "GM") to approve new share authorities to enable completion of the Placing and to provide headroom for future share issues, should it be required.

A circular containing a notice of the GM will be posted to shareholders later today and will be made available on the Company’s website www.infrastrata.co.uk.

 

Importance of the shareholders’ vote

The Board believes that the Company will operate under severe funding constraints if the Placing does not proceed. Consequently, if the resolutions required to implement the Placing to be proposed at the GM are not passed and the Placing does not proceed, the Company will need to seek alternative sources of funding which may not be available in the time required and (to the extent available) may be on terms less favourable to shareholders. There would therefore be a significant risk of the Company entering into an insolvency process, which the Directors consider would be likely to result in no value being returned to shareholders.

Placing Agreemen

Under the terms of the Placing Agreement, Allenby Capital will receive commission from the Company conditional on Admission and the Company will give customary warranties and undertakings to Allenby Capital in relation, inter alia, to its business and the performance of its duties. In addition, the Company has agreed to indemnify Allenby Capital in relation to certain liabilities that they may incur in undertaking the Placing. Allenby Capital has the right to terminate the Placing Agreement in certain circumstances prior to Admission, in particular, in the event that there has been, inter alia, a material breach of any of the warranties. The Placing is not being underwritten.

 

Total Voting Rights

With effect from Admission, the Company's issued ordinary share capital will comprise 501,041,599 ordinary shares of £0.0001 (“Ordinary Shares”), with one vote per share. The Company does not hold any shares in treasury. Therefore, the total number of Ordinary Shares and voting rights in the Company will be 501,041,599. This figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company pursuant to the FCA's Disclosure Guidance and Transparency Rules.

MAR

The Market Abuse Regulation (MAR) became effective from 3 July 2016. Market soundings, as defined in MAR, were taken in respect of the Placing with the result that certain persons became aware of inside information, as permitted by MAR. That inside information is set out in this announcement has been disclosed as soon as possible in accordance with paragraph 7 of article 17 of MAR. Therefore, those persons that received inside information in a market sounding are no longer in possession of inside information relating to the Company and its securities.

 

Adrian Pocock, Chief Executive of InfraStrata, commented:

The Company stands at a significant crossroads and I am pleased to confirm that we are extremely encouraged by developments since being elected onto the Board. The Project shows excellent scope to create value for our shareholders. The positive engagement that we have achieved with stakeholders and potential and existing partners has been remarkable.

Energy security of both gas and electricity supplies in the whole of the UK is likely to be adversely affected once Centrica’s Rough facility closes in around two years, and there are increasing concerns and focus on energy security. We are pleased that we have the opportunity to support the UK and Irish Governments and their respective economies in ensuring continuity of supply. We anticipate that once the UK leaves the EU, it will no longer be able to depend upon the EU requirement for member states to support each other at times of peak energy demand.

The revised strategy of pursuing new potential monetisation routes in conjunction with a flexible, dynamic modus operandi ensures that opportunities are maximised to the enhancement of the Company's financial position and future.

Further announcements concerning the new chapter of InfraStrata will be made in due course, in line with our stated policy of co-alignment with shareholders, having regard to all stakeholders and interest groups.”

For further information, please contact:

InfraStrata plc

Adrian Pocock, Chief Executive

+44 (0)28 9051 1415

Allenby Capital Limited (AIM Nominated Adviser & Broker)

Jeremy Porter / Alex Brearley / Liz Kirchner

+44 (0)20 3328 5656

 

-ENDS-

 

The Front End Engineering & Design (FEED) and Insitu Downhole Testing programme for the Islandmagee gas storage project is co-financed by the European Union's Connecting Europe Facility.

Disclaimer releasing the European Union from any liability in terms of the content of the dissemination materials:

"The sole responsibility of this publication lies with the author. The European Union is not responsible for any use that may be made of the information contained therein."

Notes:

Background on InfraStrata plc

InfraStrata is an independent gas storage company focused on the UK and Ireland. Further information is available on the Company’s website: www.infrastrata.co.uk.

Background on the Islandmagee Storage Project

The Islandmagee gas storage project company, Islandmagee Storage Limited (“IMSL”), is owned 90% by a wholly owned subsidiary of InfraStrata plc and 10% by a wholly owned subsidiary of Mutual Energy Limited. The project is a proposed salt cavern gas storage facility located on Islandmagee in County Antrim, Northern Ireland. Work commenced in 2007 with the acquisition of 3D seismic data to image the Permian salt in the Larne Lough area. During 2012, planning permission was granted for the project and a gas storage licence was issued by the Utility Regulator. In 2015 a well was drilled to core the salt and confirm the technical feasibility of the project, supported in part by the Commission. To date approximately £11m has been invested in the project.

Further information is available on the project company’s website: www.islandmageestorage.com.

 
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