TIDMINFA
RNS Number : 3352J
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")
Board appointments
Following the general meeting of the Company held earlier today,
the new directors of the Company, Adrian Richard Pocock and Peter
Verdun Wale have been appointed as directors of the Company in
place of all previous directors of the Company. Mr Pocock has
assumed the role of Chief Executive and Mr Wale has been appointed
as Non-Executive Director and Interim Chairman.
Further details on the new directors are set out below. It is
expected that additional directors will be appointed to the Board
in due course. The new Board will be seeking to work with the
former directors of the Company for an orderly transition.
Adrian Pocock, Chief Executive, commented:
"Peter and I are extremely grateful for the support of
shareholders and look forward to beginning the process of
validating that support by creating value for the Company. We
acknowledge the achievement of the former directors of getting the
Islandmagee project to its current stage and we look forward to
their ongoing support."
The following details on the new directors are set out in
accordance with Schedule 2(g) of the AIM Rules for Companies ("AIM
Rules").
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. This may result in further disclosures being made in
accordance with Schedule 2(g) of the AIM Rules as necessary in
addition to those set out below. In the event that Allenby Capital
is unable to 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.
Mr Adrian Richard Pocock (aged 58)
Adrian spent many years practising as a Chartered Surveyor
(previously a Fellow of the Royal Institution of Chartered
Surveyors), working for some of the largest property companies and
partnerships in the UK at director level. He holds an MBA from
Strathclyde Business School and studied Master's level Contract and
Construction Law at the Glasgow School of Law. He has extensive
property asset management experience, having led and been a member
of a diverse range of project support teams, ranging from small
companies to companies with property portfolios valued in excess of
GBP3 billion. He has worked with some of the largest organisations
in the UK, including the NHS, the Bank of England and British Land.
He ran his own commercial property development company for 10
years.
Mr Pocock is beneficially interested in 12,655,055 ordinary
shares in the Company, equivalent to 3.37% of the voting rights in
the Company's total issued ordinary share capital, which are held
in his SIPP in the name of Wealth Nominees Limited.
Mr Pocock currently holds or has held the following
directorships and partnerships within the last five years:
Current directorships and Past directorships and partnerships
partnerships held within the last five years
None Asset Management and Improvement
Limited
Mr Pocock entered into voluntary sequestration in Scotland on 23
August 2007, as a result of a personal loan guarantee of GBP1.5
million being called upon, which was discharged on 23 August
2010.
Mr Pocock was a director at the time, or within the twelve
months preceding, the date of the compulsory liquidation or
administrative receivership of the following companies:
-- Joint-receivers were appointed to The R. Oak (Longton)
Limited on 9 March 2007. Mr Pocock resigned as a director on 20
September 2007. Of total receipts of approximately GBP92,000,
approximately GBP53,000 was paid to the charge holder. This company
was subsequently dissolved on 5 May 2009.
-- Joint-receivers were appointed to The Jolly Roger (New
Ollerton) Limited on 9 March 2007. Mr Pocock resigned as a director
on 20 September 2007. Of total receipts of approximately
GBP196,000, approximately GBP162,000 was paid to the charge holder.
This company was subsequently dissolved on 20 January 2009.
-- S.L. Securities Limited (formerly Scotia Land Limited) was
put into compulsory liquidation on 1 June 2007, with a resulting
deficiency as regards creditors of approximately GBP3.75 million.
Mr Pocock resigned as a director on 20 September 2007. The company
was dissolved on 13 May 2008.
-- Scotia Land (Bath Street) Limited was put into compulsory
liquidation on 22 August 2007. This company is still in
liquidation. Mr Pocock resigned as a director on 20 September
2007.
-- Joint Venture Properties Limited was put into compulsory
liquidation on 9 January 2008. Mr Pocock resigned as a director on
20 September 2007. Of total receipts of approximately GBP429,000,
approximately GBP372,000 was paid to floating charge creditors.
There were insufficient funds after the payment of fees and
expenses to pay a dividend to unsecured creditors. The company was
dissolved on 26 November 2009.
-- Joint Venture (Earl Grey Street) Limited was put into
compulsory liquidation on 22 August 2007. Mr Pocock resigned as a
director on 20 September 2007. There was a resulting substantial
shortfall to the secured creditor and after the costs and expenses
of the liquidation there were insufficient funds to pay a dividend
to any class of creditors. This company was subsequently dissolved
on 16 May 2012.
Mr Peter Verdun Wale (aged 47)
Peter holds a BA in Business Economics & Accounting from the
University of Reading and has 25 years of diverse investing
experience across developed and emerging markets. He has worked in
equities trading for both Japanese and American investment firms,
including Fidelity Investments, where he was a Pan-European small
and mid-cap equities trader. He was most recently a partner and
senior equities trader at a global hedge fund. Peter has been an
active investor in the small and mid-cap space and has established
an extensive network of investor contacts. He is a non-executive
director of Strategic Minerals plc (AIM: SML) and a director of
Cornwall Resources Limited, where in both cases he has been
actively involved in the development of the companies and investor
communication.
Mr Wale is beneficially interested in 9,889,000 ordinary shares
in the Company, equivalent to 2.63% of the voting rights in the
Company's total issued ordinary share capital, of which 5,009,000
are held in his SIPP in the name of Hubwise Nominees Limited,
2,880,000 in an ISA and 2,000,000 with Shard Capital.
Mr Wale currently holds or has held the following directorships
and partnerships within the last five years:
Current directorships and partnerships Past directorships and partnerships held within the last five years
Strategic Minerals plc Habrok Capital Management LLP
Cornwall Resources Limited
For further information, please contact:
InfraStrata plc
Adrian Pocock, Chief Executive 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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