Director shareholding and grant of share options

RNS Number : 2793F

Infrastrata PLC

19 February 2018

 

19 February 2018

InfraStrata plc

("InfraStrata" or the "Company")

Director shareholding and grant of share options

InfraStrata plc (AIM: INFA), the only UK quoted company focused on gas storage, announces that Graham Lyon, Chairman of InfraStrata, purchased 3,085,915 ordinary shares in the Company at a price of £ 0.00273 per share on 16 February 2018. Following this purchase, Mr Lyon is beneficially interested in 4,000,000 ordinary shares in InfraStrata, equivalent to 0.64% of the Company's issued ordinary share capital.

The Company also announces that it has granted share options to the Board in order to further incentivise them and align their interests with shareholders of the Company.  

As stated in the Chairman's statement in the Company's final results for the year ended 31 July 2017, announced on 30 January 2018, the Board aims to be one of the most cost-efficient for a company quoted on AIM and ongoing salary costs have been reduced by over 50 percent. compared with those prior to the restructuring of the Board in June 2017. The Board therefore believes that the granting of share options to directors is the most cost effective mechanism of incentivising them. The Board is focused on securing matched funding required in order to utilise its agreed EU grant to progress work on the Front End Engineering & Design ("FEED") for its Islandmagee gas storage project (the "Project").

A total of 30,000,000 options over new ordinary shares of 0.01p each in the Company ("Options") have been granted to all the directors of the Company, with each director receiving 7,500,000 Options. The Options are exercisable at a price of 1 penny per share (a premium of 270 per cent. to the closing share price on 16 February 2018) for a period of five years. The Options are subject to performance criteria and become exercisable in tranches as follows:

·      as to one third of Options held upon completion of the FEED;

·      as to one third of Options held upon commencement of construction of the Project following a successful conclusion of the Financial Investment Decision; and

·      as to one third of Options held upon the date of first gas stored at the Project.

The Options become exercisable immediately in the event of a sale of the Company, its subsidiary (subject to the Project comprising an asset of the subsidiary) or the Project, and in customary "good leaver" circumstances.

For further information, please contact:

InfraStrata plc Adrian Pocock, Chief Executive	c/o Yellow Jersey [phone]
Allenby Capital Limited (AIM Nominated Adviser & Broker) Jeremy Porter / Alex Brearley / Liz Kirchner	[phone]
Yellow Jersey Tim Thomson	[phone]

-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 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 project company's website: www.islandmageestorage.com.  

Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them:

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Graham Lyon
2	Reason for the notification
a)	Position/status	Non-Executive Chairman
b)	Initial notification /Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	InfraStrata plc
b)	LEI	2138001JAP311MVUZ948
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument Identification code	Ordinary shares of 0.01p GB00B28YMP66
b)	Nature of the transaction	Purchase of shares
c)	Price(s) and volume(s)	Price(s) Volume(s) £ 0.00273 3,085,915
d)	Aggregated information - Aggregated volume - Price	n/a
e)	Date of the transaction	16 February 2018
f)	Place of the transaction	London Stock Exchange, AIM

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Adrian Pocock
2	Reason for the notification
a)	Position/status	Chief Executive
b)	Initial notification /Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	InfraStrata plc
b)	LEI	2138001JAP311MVUZ948
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument Identification code	Options over ordinary shares of 0.01p GB00B28YMP66
b)	Nature of the transaction	Grant of options
c)	Price(s) and volume(s)	Price(s) Volume(s) Exercise price of 1p per share 7,500,000
d)	Aggregated information - Aggregated volume - Price	n/a
e)	Date of the transaction	16 February 2018
f)	Place of the transaction	Outside of trading venue - grant of options

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Graham Lyon
2	Reason for the notification
a)	Position/status	Non-Executive Chairman
b)	Initial notification /Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	InfraStrata plc
b)	LEI	2138001JAP311MVUZ948
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument Identification code	Options over ordinary shares of 0.01p GB00B28YMP66
b)	Nature of the transaction	Grant of options
c)	Price(s) and volume(s)	Price(s) Volume(s) Exercise price of 1p per share 7,500,000
d)	Aggregated information - Aggregated volume - Price	n/a
e)	Date of the transaction	16 February 2018
f)	Place of the transaction	Outside of trading venue - grant of options

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Karen Campbell
2	Reason for the notification
a)	Position/status	Non-Executive Director
b)	Initial notification /Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	InfraStrata plc
b)	LEI	2138001JAP311MVUZ948
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument Identification code	Options over ordinary shares of 0.01p GB00B28YMP66
b)	Nature of the transaction	Grant of options
c)	Price(s) and volume(s)	Price(s) Volume(s) Exercise price of 1p per share 7,500,000
d)	Aggregated information - Aggregated volume - Price	n/a
e)	Date of the transaction	16 February 2018
f)	Place of the transaction	Outside of trading venue - grant of options

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Matthew Beardmore
2	Reason for the notification
a)	Position/status	Non-Executive Director
b)	Initial notification /Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	InfraStrata plc
b)	LEI	2138001JAP311MVUZ948
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument Identification code	Options over ordinary shares of 0.01p GB00B28YMP66
b)	Nature of the transaction	Grant of options
c)	Price(s) and volume(s)	Price(s) Volume(s) Exercise price of 1p per share 7,500,000
d)	Aggregated information - Aggregated volume - Price	n/a
e)	Date of the transaction	16 February 2018
f)	Place of the transaction	Outside of trading venue - grant of options

 

END

 

 

DSHSFWFFUFASEFE