Advance assurance received for VCT & EIS status

RNS Number : 1476V

Infrastrata PLC

26 January 2017

 

26 January 2017                                                                       

InfraStrata plc

("InfraStrata" or the "Company")

Advance assurance received from HM Revenue and Customs for Venture Capital Trust Scheme and Enterprise Investment Scheme status

The Board of InfraStrata plc (AIM:INFA), the independent gas storage company, is pleased to announce that it has received advance assurance from HM Revenue and Customs that it would qualify for Venture Capital Trust Scheme ("VCT") and Enterprise Investment Scheme ("EIS") status.

VCT and EIS qualification provides a range of tax reliefs to certain investors in new shares of companies that meet the various qualifying criteria. Assurance has been provided by HM Revenue and Customs on the basis of the legislation enacted at the date of issue of the assurance.

Commenting on the assurance, Anita Gardiner, InfraStrata's Joint Managing Director, said: "We are pleased to have received the advance assurance from HM Revenue and Customs. Qualifying for VCT and EIS status enables InfraStrata to access a broader range of potential investors and investment funds, assisting our previously stated plans to raise further finance for the Islandmagee gas storage project".

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."

For further information please contact:

InfraStrata plc

Stewart McGarrity, Joint Managing Director                                                            028 9051 1415

Anita Gardiner, Joint Managing Director

Nominated Adviser and Broker - Allenby Capital Limited

Jeremy Porter / Alex Brearley / Liz Kirchner                                                           020 3328 5656

Financial PR - Camarco

Billy Clegg / Gordon Poole                                                                                    020 3757 4980

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 October 2013, the gas storage project was granted a 'Project of Common Interest' ("PCI") status by the European Commission. In 2015 a well was drilled to core the salt and confirm the technical feasibility of the project, supported in part by the Commission. The final stage before a Final Investment Decision will be the Front-End Engineering Design and Commercialisation of the project. To date approximately £11m has been invested in the project.

 

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