Update on Requisition of General Meeting

RNS Number : 7957E

Infrastrata PLC

11 May 2017

 

Dissemination of a Regulatory Announcement that contains inside information according to REGULATION (EU) No 596/2014 (MAR).

11 May 2017

InfraStrata plc

("InfraStrata" or the "Company")

Update on Requisition of General Meeting

Further to the Company's announcement of 9 May 2017, InfraStrata plc (AIM: INFA), the independent gas storage company, provides an update in respect of the letter received on 9 May 2017 from Hornbuckle Mitchell Pension Trustees Limited and Tower Pension Trustees Limited regarding a purported requisition for InfraStrata to convene a general meeting of the Company to propose ordinary resolutions to remove all of the existing directors of the Company and to appoint two new directors (the "Requisition").

The Company has now concluded that the requisition is invalid as neither of Hornbuckle Mitchell Pension Trustees Limited or Tower Pension Trustees Limited is a registered shareholder. Therefore neither of these companies has the authority to requisition a general meeting.

The Company anticipates receiving a valid requisition from these shareholders in due course, following which the board will be writing to shareholders with its views on the requisition proposals together with a notice of general meeting. In the meantime, the board recommends that shareholders take no action.

For further information, please contact:

InfraStrata plc Anita Gardiner, Joint Managing Director Stewart McGarrity, Joint Managing Director	[phone]
Allenby Capital Limited (Nominated Adviser & Broker) Jeremy Porter / Alex Brearley / Liz Kirchner	[phone]
Financial PR - Camarco Billy Clegg / Gordon Poole	[phone]

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.

 

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