Result of General Meeting and Total Voting Rights

RNS Number : 0942M

Infrastrata PLC

25 April 2018

 

25 April 2018

INFRASTRATA PLC

("InfraStrata" or the "Company")

Result of General Meeting and Total Voting Rights

InfraStrata (LON: INFA), the UK quoted company focused on development of strategic gas storage capacity, is pleased to announce that at its General Meeting held earlier today, both resolutions were duly passed.

Accordingly, pursuant to the Placing announced on 4 April 2018, the second tranche of 119,151,279 new ordinary shares of £0.0001 each are expected to be admitted to trading on AIM on 30 April 2018 ("Admission"), to complete the Placing.

Adrian Pocock, Chief Executive Officer of InfraStrata plc commented: "I would personally like to thank our shareholders for their support today.  The successful passing of these resolutions allows us to proceed to completion of the Placing.

With this element of financing now complete the Company has raised sufficient money to match the European Union Connecting Europe Facility grant funding in respect of the Front End Engineering and Design ("FEED") work.  This is another key milestone and enables us to access up to €4,024,000 of grant funding, provided we meet the terms and milestones set by the EU.

Furthermore, as announced on 23 April 2018 we have now commenced the FEED with the appointment of Costain to carry out the surface element of the work programme.

The Company is now entering an active operational phase and we look forward to updating shareholders in due course on progress with the FEED and our wider commercial discussions in respect of the Islandmagee Project."

Total Voting Rights

With effect from Admission, the Company's issued ordinary share capital will comprise 1,014,124,932 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 1,014,124,932. 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 4 April 2018, unless the context requires otherwise.

For further information, please contact:

InfraStrata plc Adrian Pocock, Chief Executive	c/o Yellow Jersey [phone]
Allenby Capital Limited (AIM Nominated Adviser & Joint Broker) Jeremy Porter / Alex Brearley / Liz Kirchner	[phone]
SI Capital Limited (Joint Broker) Nick Emerson	[phone]
Yellow Jersey PR (Financial PR / IR) Tim Thompson / Sophia Macleod / Henry Wilkinson [e-mail]	[phone]

-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 for Editors:

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 is a proposed salt cavern gas storage facility located on Islandmagee in County Antrim, Northern Ireland.

The Board of InfraStrata believes that the proposed 500 million cubic metres Natural Gas Cavern Storage facility will provide over 25% of the UK's Natural Gas Storage once constructed and will be situated adjacent to the Scotland Northern Ireland (gas) Pipeline (SNIP) and the Moyle 500 Megawatt Electricity Interconnector.

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 £11.5m has been invested in the project.

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

 

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