Appointment of CBRE to advise on capital raising

RNS Number : 4800R

Infrastrata PLC

15 June 2018

 

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.

15 June 2018

InfraStrata plc

("InfraStrata" or the "Company")

InfraStrata plc appoints CBRE to advise on the potential raising of third-party capital to invest in the Islandmagee gas storage project

The Board of InfraStrata plc (AIM: INFA), the UK quoted company focused on gas storage, is pleased to announce that the Company has appointed CBRE Indirect Investment Services Limited to advise on raising capital from third party financial partners for investment in the Islandmagee gas storage project (the "Project"). 

Adrian Pocock, Chief Executive of InfraStrata, commented:

"As the FEED progresses, it is important that we will have access to the major investment that will be necessary to complement the funds available under the UK Guarantee Scheme to ensure that we are able to move into the construction phase of the programme, as seamlessly as possible.

CBRE Capital Advisors has a proven track record of raising capital and working for major financial institutions as financial advisor on large infrastructure projects.

We are very pleased to have engaged CBRE and hope that they will secure this significant funding element."

The advisory work for this assignment will be performed by CBRE Indirect Investment Services Limited, acting through CBRE Capital Advisors.

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 Tim Thomson	[phone]

CBRE Indirect Investment Services Limited, which is authorised and regulated by the Financial Conduct Authority in the United Kingdom, and is acting exclusively for Infrastrata and no one else in connection with the matters referred to in this announcement and is not, and will not be, responsible to anyone other than InfraStrata for providing the protections afforded to clients of CBRE.

-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:

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 company's website: www.infrastrata.co.uk

 

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