Result of general meeting

RNS Number : 3013J

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")

Result of general meeting

The Company announces that at the general meeting of the Company held earlier today, resolutions 1, 2, 4, 5, 6, 7 and 9 were passed and resolution 10 was not passed.  Resolutions 3 and 8 were withdrawn. Accordingly, Adrian Richard Pocock and Peter Verdun Wale have been appointed as directors of the Company with immediate effect and Ken Ratcliff, Stewart McGarrity, Andrew Hindle and Maurice Hazzard are no longer directors of the Company.

At the general meeting, a poll was taken on all resolutions proposed, the results of which are set out below:

ORDINARY RESOLUTIONS	For	Against	Result
1....... To appoint Adrian Pocock as a director	116,946,868 (55.66%)	93,171,317 (44.34%)	The Resolution was carried
2....... To appoint Peter Wale as a director	116,946,868 (55.66%)	93,171,317 (44.34%)	The Resolution was carried
3....... To remove Anita Gardiner as a director	-	-	The Resolution had no application and was therefore not put to the Meeting
4....... To remove Maurice Hazzard as a director	115,710,240 (55.07%)	94,407,945 (44.93%)	The Resolution was carried
5....... To remove Andrew Hindle as a director	116,946,068 (55.66%)	93,172,117 (44.34%)	The Resolution was carried
6....... To remove Stewart McGarrity as a director	115,710,240 (55.07%)	94,407,945 (44.93%)	The Resolution was carried
7....... To remove Kenneth Ratcliff as a director	115,710,240 (55.07%)	94,407,945 (44.93%)	The Resolution was carried
8....... To remove any director appointed since 18th May 2017	-	-	The Resolution had no application and was therefore not put to the Meeting
9....... To grant the directors authority to allot shares on the basis set out in the Notice of General Meeting	143,046,269 (73.27%)	52,173,594 (26.73%)	The Resolution was carried
SPECIAL RESOLUTION
10..... To disapply pre-emption rights on the basis set out in the Notice of General Meeting	142,039,559 (72.76%)	53,180,304 (27.24%)	The Resolution was not carried

Disclosures on the new directors pursuant to Schedule 2(g) of the AIM Rules for Companies will be the subject of further announcements.

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 and further updates will be announced in due course. In the event that Allenby Capital is unable 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.  

For further information, please contact:

InfraStrata plc Walter Roberts, Company Secretary	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 £11m has been invested in the project.

Further information is available on the project company's website: www.islandmageestorage.com.

 

END

 

 

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