Placing of shares / TVR

RNS Number : 4264X
Infrastrata PLC
15 February 2012
 



           

 

 

 

15 February 2012                                                                  For Immediate Release

 

 

InfraStrata plc

("InfraStrata" or the "Company")

 

 

Placing of shares / TVR

 

InfraStrata plc (AIM:INFA), the independent gas storage and petroleum exploration company, is pleased to announce the placing of 12,727,273 new Ordinary Shares at 11p per share to raise £1.4m before expenses. The shares were placed by Seymour Pierce Limited with existing and new institutional investors.

 

Following the placing, the Company will have 90,991,599 Ordinary Shares in issue. The Placing Shares will represent approximately 14 per cent. of the Company's Enlarged Share Capital.  Application has been made for the shares to be admitted to AIM and admission of the shares is expected to be on 22 February 2012.

 

Directors participated in the placing as follows:

 

Director

Sum invested

(£)

Shares issued

New  total beneficial holding

Percentage of issued share capital post placing

William Colvin

30,000

272,727

272,727

0.30%

Maurice Hazzard

2,000

18,182

19,326

0.02%

Andrew Hindle*

50,000

454,545

7,272,625

7.99%

 

*Note: Andrew Hindle has agreed to reduce his cash remuneration for the next 12 months by the sum of £50,000 and in return he will be issued 454,545 ordinary shares in the placing at the placing price.  Andrew Hindle intends to sell approximately half of these Ordinary Shares in order to meet his PAYE liability which is payable on issue of the Ordinary Shares.

 

Commenting on the placing, Andrew Hindle, CEO of InfraStrata plc said:

 

"With existing cash prior to the placing and anticipated income, particularly from project partners in return for management activities, the majority of the proceeds of the Placing will be used to strengthen the balance sheet of the Company and assist InfraStrata to unlock the inherent value in its four projects as they all proceed to key milestones over the next 18 months."

 

Total Voting Rights

 

Following Admission the total issued share capital of the Company will consist of 90,991,599 Ordinary Shares with each share having the right to one vote.  Therefore for the purposes of the FSA Disclosure & Transparency Rules the total number of voting rights in the Company is 90,991,599.  This figure may be used by shareholders as the denominator for the calculation by which they will determine whether they are required to notify their interest in, or change to their interest in, the Company under the FSA's Disclosure and Transparency Rules.

 

 

 

For further information please contact:

 

InfraStrata plc

 

Andrew Hindle, Chief Executive Officer                                                            020 8332 1200

Craig Gouws, Chief Financial Officer

 

Financial PR - Buchanan

           

Richard Darby/Gabriella Clinkard/James Strong                                              020 7466 5000

 

Nominated Advisor and Broker - Seymour Pierce

 

Jonathan Wright/ Sarah Jacobs - Corporate Finance                                       020 7107 8000

Richard Redmayne - Corporate Broking

 

 

Notes to Editors:

 

Background on InfraStrata plc

 

InfraStrata is an independent gas storage and petroleum exploration company. The Company is focused on two areas in the UK, in Dorset, England and Antrim, Northern Ireland.

 

Further information is available on the Company's website www.infrastrata.co.uk.

 


This information is provided by RNS
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