Issuance of loan conversion shares

RNS Number : 1794B

Infrastrata PLC

28 January 2020

 

InfraStrata plc

("InfraStrata" or the "Company")

Issuance of loan conversion shares and change to total voting rights

InfraStrata plc (AIM: INFA), the UK quoted company focused on strategic infrastructure projects and physical asset life-cycle management, announces that it has received notices to convert £250,000 of the first tranche of its £2.2 million loan facility with Riverfort Global Opportunities PCC Limited and YA II PN Limited (the "Investors") (the "Loan") into a total of 98,193,244 new ordinary shares of 0.01p in the Company ("New Ordinary Shares") at a price of 0.2546 pence per New Ordinary Share.  An existing shareholder of the Company has agreed to acquire these New Ordinary Shares from the Investors.

Following this conversion, the first tranche of the Loan (as announced on 1 October 2019) has been repaid and the principal balance of the remainder of the Loan has reduced to £555,555. The remaining principal balance of the Loan is a debt facility due for repayment on 14 February 2020 and is not convertible into ordinary shares of the Company save in the event of a default, the details of which were announced on 14 November 2019. Discussions are currently ongoing with the Investors with a view to amortising this Loan over a longer period. Additionally, negotiations are currently underway with new lenders to put in place a medium-term asset backed loan arrangement. Further details of both will be shared as they come to fruition.

Application will be made for the New Ordinary Shares to be admitted to trading on AIM ("Admission") and it is expected that Admission will occur on or around 03 February 2020.

Total Voting Rights

Upon Admission, the Company's issued share capital will consist of 3,838,556,535 Ordinary Shares with one voting right each. The Company does not hold any ordinary shares in treasury. Therefore, the total number of ordinary shares and voting rights in the Company will be 3,838,556,535.  With effect from Admission, 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 to their interest in, the share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules.

For further information, please visit www.infrastrataplc.com or contact:

InfraStrata plc John Wood, Chief Executive & Interim Chairman	c/o Newgate Communications [phone]
Allenby Capital Limited (AIM Nominated Adviser & Joint Broker) Jeremy Porter / Liz Kirchner	[phone]
Arden Partners plc (Joint Broker) Paul Shackleton / Dan Gee-Summons (Corporate Finance) Simon Johnson (Corporate Broking)	[phone]
Newgate Communications (PR) Elisabeth Cowell/ Ian SIlvera/ Jamie Williams	[phone]

Notes to editors:

InfraStrata is a London Stock Exchange-quoted group focused on strategic infrastructure projects.

The rapid development of the 100% owned Islandmagee Gas Storage Project is a core workstream for InfraStrata. It is expected to provide 25% of the UK's natural gas storage capacity and to benefit the Northern Ireland economy as a whole when complete. Given that the Committee on Climate Change has advised that the UK will still need a significant quantity of natural gas by 2050 - about 70% of today's consumption - the market opportunity for this project is compelling.

The Company also owns and operates the assets of Harland & Wolff in Belfast, where it will undertake the fabrication work for the Islandmagee project, as well as establish secondary revenue streams through the provision of services to the energy, maritime and defence sectors should such opportunities arise in future.

Mindful of the fact that safe, secure and flexible sources of energy are needed for a sustainable future, InfraStrata is focused on providing investors with exposure to a growing portfolio of UK, European and international energy infrastructure projects. With this in mind, the Company's highly experienced team is focused on acquiring, developing and commercialising innovative infrastructure projects around the world. 

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."

 

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