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Infrastrata PLC (INFA)

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Friday 03 May, 2019

Infrastrata PLC

Issue of shares, director shareholding & TVR

RNS Number : 9566X
Infrastrata PLC
03 May 2019
 

Issue of shares, change to Director shareholding and

change to total voting rights

InfraStrata plc (AIM: INFA), the UK quoted company focused on gas storage, announces the issuance of fee shares to a director.

 

The Company has been through a period of significant development and increased activity during the past year with the work undertaken by the Board. During his time as a non-executive director before becoming CFO of the Company, Arun Raman carried out a significant amount of work above and beyond his contracted role and in consideration of this time and effort, the Board has agreed additional fees to be paid to Arun Raman, which should be settled by the issue of new ordinary shares of 0.01p each in the Company ("Ordinary Shares") at an issue price based on the volume weighted average share price of Ordinary Shares over the previous five business days.  Accordingly, 1,954,397 new Ordinary Shares (the "Fee Shares") will be issued to Arun Raman at 0.77p per share.

 

Application will be made to the London Stock Exchange for the Fee Shares to be admitted to trading on AIM ("Admission").  It is anticipated that Admission will occur on or around 9 May 2019.

 

As a result of the issue of the Fee Shares, on Admission Arun Raman will hold 1,954,397 Ordinary Shares, which will represent approximately 0.15 per cent. of the then issued ordinary share capital of the Company.

 

Following Admission, the issued share capital of the Company will comprise 1,336,479,710 Ordinary Shares with one voting right 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 1,336,479,710. The above 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 contact:

 

InfraStrata plc

John Wood, Chief Executive and Interim chairman

 

Allenby Capital Limited (AIM Nominated Adviser & Joint Broker)

Jeremy Porter / Liz Kirchner

 

+44 (0)20 3328 5656

SI Capital Limited (Joint Broker)

Nick Emerson

 

+44 (0)20 3871 4038

Henry Wilkinson 

 

+44 (0)20 3004 9512

 

 

 

 

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 to editors:

 

InfraStrata is an independent gas storage company focused on the UK and Ireland. Further information is available on the Company's website: www.infrastrataplc.com 

 

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. The facility 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 European Commission. The Front End Engineering and Design (FEED) element of the project was completed in November 2018 and the FEED report was submitted to the European Union in December 2018 in accordance with the Company's grant conditions.  To date approximately £13.5m has been invested in the project.

 

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

 

 

 

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."

 

Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them:

 

1

 

Details of the person discharging managerial responsibilities / person closely associated

 

a)

 

Name

Arun Raman

2

 

Reason for the notification

 

a)

 

Position/status

 

 CFO (PDMR)

b)

 

Initial notification /Amendment

 

Initial notification

3

 

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

 

a)

 

Name

 

InfraStrata plc

b)

 

LEI

 

2138001JAP311MVUZ948

 

4

 

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

a)

 

Description of the financial instrument, type of instrument

Identification code

 

 Ordinary shares of 0.01p

 

 

GB00B28YMP66

b)

 

Nature of the transaction

 

Allotment of fee shares

c)

 

Price(s) and volume(s)

 

Price(s)

0.77p

Volume(s)

1,954,397



 

d)

 

Aggregated information

- Aggregated volume

- Price

 

 

n/a

e)

 

Date of the transaction

 

2 May 2019

f)

 

Place of the transaction

 

Outside of trading venue - allotment of fee shares

 

 

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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