Issuance of fee shares and Total Voting Rights

RNS Number : 8236H

Infrastrata PLC

19 November 2018

 

19 November 2018

InfraStrata plc

("InfraStrata" or the "Company")

Issuance of fee shares and change to Total Voting Rights

InfraStrata plc (AIM: INFA), the UK quoted company focused on the development of natural gas storage capacity, announces the issuance of fee shares to two external consultants, pursuant to their contractual arrangements, in respect of work undertaken by them as part of the Company's "grant for works" application to the EU (European Union) pursuant to the requirements of the Connecting Europe Facility grant reference: "CEF-Energy-2018-2", details of which were announced on 15 October 2018.

A total of 3,253,660 new ordinary shares of 0.01 pence in the Company ("New Ordinary Shares") are being issued, of which 2,380,690 New Ordinary Shares are being issued at a price of 0.5593 pence per share and the remaining 872,970 New Ordinary Shares are being issued at a price of 0.5969 pence per share. These prices were calculated on a volume weighted average mid-market closing price per share for the five days preceding the conclusion of the elements of work undertaken by each consultant.    

Application will be made for the New Ordinary Shares to be admitted to trading on AIM ("Admission") and it is expected that Admission will occur on or around 26 November 2018.

Total Voting Rights

Upon Admission, the Company's issued share capital will consist of 1,060,444,276 Ordinary Shares with one voting right each. The Company does not hold any ordinary shares in treasury. Therefore, the total number of ordinary shares and voting rights in the Company will be 1,060,444,276.  With effect from Admission, this 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	c/o Yellow Jersey [phone]
Allenby Capital Limited (AIM Nominated Adviser & Joint Broker) Jeremy Porter / Liz Kirchner	[phone]
SI Capital Limited (Joint Broker) Nick Emerson	[phone]
Yellow Jersey Tim Thomson	[phone]

-ENDS-

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, 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 European Commission. The Front End Engineering and Design (FEED) element of the Project is scheduled for completion by the end of 2018. 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."

 

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