TIDMINFA
RNS Number : 2959G
Infrastrata PLC
26 May 2017
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.
26 May 2017
InfraStrata plc
("InfraStrata" or the "Company")
Placing of new shares and
change in total voting rights
InfraStrata plc (AIM: INFA), the independent gas storage
company, provided an update on its Islandmagee project and
financial position in an announcement on 22 May 2017. The
announcement stated, inter alia, that the Company has limited
working capital available to it until early August 2017. Given the
circumstances outlined in that announcement, the Board of
InfraStrata has agreed to utilise the remaining share allotment
authority available to the Directors to issue new ordinary shares
in the Company to raise GBP130,000 (before expenses) to provide
additional working capital for up to a further two months.
Accordingly, a total of 26,000,000 ordinary shares of 0.01p each in
the Company (the "Placing Shares") have been conditionally placed
with institutional and other investors at a price of 0.5p per share
(the "Placing Price"), being the same price that the most recent
placing was conducted (together, the "Placing"). As the Placing
will utilise substantially all current share allotment authorities
provided to the Directors, in the near future the Company intends
to seek shareholder approval at a general meeting for new share
allotment authorities, to enable the Directors to issue new
ordinary shares on a non-pre-emptive basis to provide the Company
with flexibility to raise equity funding in the future as
necessary.
The Placing is being conducted for working capital reasons and
does not affect the validity of the notice the Company recently
received from certain shareholders to requisition a general
meeting, as announced on 19 May 2017. The Company is in discussions
with those shareholders and further announcements will be made in
due course. The Company is required to issue notice of the general
meeting within 21 days of receipt of the requisition notice.
Details of the Placing
The Placing will result in the issue of a total of 26,000,000
Placing Shares, which, on Admission (as defined below), will
represent, in aggregate, approximately 6.91 per cent. of the issued
share capital as enlarged by the issue of the Placing Shares.
Application will be made to the London Stock Exchange for the
Placing Shares to be admitted to trading on AIM and such admission
is expected to occur on 1 June 2017 ("Admission"). The Placing
Shares, when issued and fully paid, will rank pari passu in all
respects with the existing ordinary shares of 0.01p each of the
Company in issue and therefore will rank equally for all dividends
or other distributions declared, made or paid after the issue of
the Placing Shares on Admission.
Allenby Capital Limited ("Allenby Capital") has entered into a
Placing Agreement (the "Placing Agreement") with the Company under
which Allenby Capital has, on the terms and subject to the
conditions set out therein, undertaken to use its reasonable
endeavours to procure subscribers for 26,000,000 Placing Shares at
the Placing Price. The Placing Agreement contains certain
warranties and indemnities from the Company in favour of Allenby
Capital. The Placing is not being underwritten by Allenby Capital
or any other person.
The Placing is conditional, inter alia, upon Admission and the
Placing Agreement not being terminated by 8.00 a.m. on 1 June 2017
(and in any event no later than 8.00 a.m. on 15 June 2017).
Total Voting Rights
On Admission, the Company will have 376,041,599 ordinary shares
of 0.01p each in issue, each with one voting right. There are no
shares held in treasury. Therefore, the Company's total number of
ordinary shares and voting rights is 376,041,599.
The above figure of 376,041,599 may be used by Shareholders 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 Company under the FCA's Disclosure Guidance
and Transparency Rules.
Market Abuse Regulation
The Market Abuse Regulations (EU) No. 596/2014 (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 and 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.
For further information, please contact:
InfraStrata plc
Anita Gardiner, Joint Managing
Director
Stewart McGarrity, Joint Managing +44 (0)28 9051
Director 1415
Allenby Capital Limited (Nominated
Adviser & Broker)
Jeremy Porter / Alex Brearley +44 (0)20 3328
/ Liz Kirchner 5656
Financial PR - Camarco +44 (0)20 3757
Billy Clegg / Gordon Poole 4980
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 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 GBP11m has been invested in the project.
Further information is available on the project company's
website: www.islandmageestorage.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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