Infrastrata PLC Result of general meeting (3013J)
27 June 2017 - 8:37PM
UK Regulatory
TIDMINFA
RNS Number : 3013J
Infrastrata PLC
27 June 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.
27 June 2017
InfraStrata plc
("InfraStrata" or the "Company")
Result of general meeting
The Company announces that at the general meeting of the Company
held earlier today, resolutions 1, 2, 4, 5, 6, 7 and 9 were passed
and resolution 10 was not passed. Resolutions 3 and 8 were
withdrawn. Accordingly, Adrian Richard Pocock and Peter Verdun Wale
have been appointed as directors of the Company with immediate
effect and Ken Ratcliff, Stewart McGarrity, Andrew Hindle and
Maurice Hazzard are no longer directors of the Company.
At the general meeting, a poll was taken on all resolutions
proposed, the results of which are set out below:
ORDINARY RESOLUTIONS For Against Result
-------------------------- ------------ ----------- --------------------
1....... To appoint
Adrian Pocock The Resolution
as a director 116,946,868 93,171,317 was
(55.66%) (44.34%) carried
-------------------------- ------------ ----------- --------------------
2....... To appoint
Peter Wale as The Resolution
a director 116,946,868 93,171,317 was
(55.66%) (44.34%) carried
-------------------------- ------------ ----------- --------------------
3....... To remove - - The Resolution
Anita Gardiner had no application
as a director and was therefore
not put to the
Meeting
-------------------------- ------------ ----------- --------------------
4....... To remove
Maurice Hazzard The Resolution
as a director 115,710,240 94,407,945 was
(55.07%) (44.93%) carried
-------------------------- ------------ ----------- --------------------
5....... To remove
Andrew Hindle The Resolution
as a director 116,946,068 93,172,117 was
(55.66%) (44.34%) carried
-------------------------- ------------ ----------- --------------------
6....... To remove
Stewart McGarrity The Resolution
as a director 115,710,240 94,407,945 was
(55.07%) (44.93%) carried
-------------------------- ------------ ----------- --------------------
7....... To remove
Kenneth Ratcliff The Resolution
as a director 115,710,240 94,407,945 was
(55.07%) (44.93%) carried
-------------------------- ------------ ----------- --------------------
8....... To remove - - The Resolution
any director appointed had no application
since 18(th) May and was therefore
2017 not put to the
Meeting
-------------------------- ------------ ----------- --------------------
9....... To grant
the directors
authority to allot
shares on the
basis set out
in the Notice The Resolution
of General Meeting 143,046,269 52,173,594 was
(73.27%) (26.73%) carried
-------------------------- ------------ ----------- --------------------
SPECIAL RESOLUTION
-------------------------- ------------ ----------- --------------------
10..... To disapply
pre-emption rights
on the basis set
out in the Notice The Resolution
of General Meeting 142,039,559 53,180,304 was
(72.76%) (27.24%) not carried
-------------------------- ------------ ----------- --------------------
Disclosures on the new directors pursuant to Schedule 2(g) of
the AIM Rules for Companies will be the subject of further
announcements.
Allenby Capital Limited ("Allenby Capital") is required as the
Company's Nominated Adviser to undertake customary due diligence
regarding the new directors of the Company and this due diligence
is ongoing and further updates will be announced in due course. In
the event that Allenby Capital is unable reach a satisfactory
conclusion in this regard, it may be unable to continue to act as
the Company's Nominated Adviser. In the absence of the appointment
of a new nominated adviser, trading in the Company's Ordinary
Shares on AIM will be suspended immediately. Under the AIM Rules,
if the Company cannot appoint a replacement nominated adviser
within one month of such suspension, the admission of the Company's
ordinary shares to trading on AIM will be cancelled.
For further information, please contact:
InfraStrata plc
Walter Roberts, Company Secretary 028 9051 1415
Allenby Capital Limited (Nominated
Adviser & Broker)
Jeremy Porter / Alex Brearley
/ Liz Kirchner 020 3328 5656
-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:
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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