Infrastrata PLC (AIM:INFA) 2nd RNS today – Director shareholding

 

InfraStrata plc (AIM: INFA), the UK quoted company focused on the development of natural gas storage capacity, announces that Graham Lyon, Chairman of InfraStrata, has today purchased 1,889,345 ordinary shares of 0.01p each in the Company (“Ordinary Shares”) at a price of 0.535p.

Following this purchase, Mr Lyon is beneficially interested in 5,889,345 Ordinary Shares, equivalent to 0.58% of the Company’s current issued share capital. Further to the announcement made earlier today regarding the issuance of fee shares to certain directors of the Company, Mr Lyon will have a total beneficial interest in 8,988,519 Ordinary Shares on 27 July 2018, equivalent to 0.87% of the Company’s then enlarged issued share capital.

Read RNS Link 

 

Director shareholding and issuance of fee shares

 

Islandmagee-1 well drilling in June 2015
(Photo taken by Colin Williams Photography)

 

InfraStrata plc (AIM: INFA), the UK quoted company focused on the development of natural gas storage capacity, announces that John Wood, COO of InfraStrata, has purchased a total of 16,652,284 ordinary shares of 0.01p each in the Company (“Ordinary Shares”) at an average price of 0.517p per share and is now beneficially interested in 31,769,507 Ordinary Shares, equivalent to 3.13% of the Company’s current issued share capital.

 

Additionally, the Company announces the issuance of fee shares to certain directors, a former director, senior management and external consultants.

 

The Company has been through a period of significant development and increased activity during the past year with the work undertaken to enable the Company to reach the significant milestone of commencing the Front End Engineering and Design (“FEED”) programme for its Islandmagee gas storage project and engaging the appropriate industry partners.

 

The Company’s non-executive directors (former and current) have carried out a significant amount of work above and beyond their contracted roles in order to get the Company to this stage and in consideration of this time and effort, the Board has agreed additional fees to be paid to them which shall be settled by the issue of new Ordinary Shares at a price per share of 0.4840p, being the volume weighted average closing mid-market price per share over the 20 business days ended 20 July 2018.

 

Accordingly, 3,099,174 Ordinary Shares have been allotted to Graham Lyon (Non-Executive Chairman), 5,165,289 Ordinary Shares have been allotted to Matthew Beardmore (Non-Executive Director) and 3,099,174 Ordinary Shares have been allotted to Karen Campbell, previously a non-executive director of the Company (until 27 June 2018).

 

The allotment of Ordinary Shares to Graham Lyon, Matthew Beardmore and Karen Campbell are related party transactions pursuant to rule 13 of the AIM Rules for Companies. Adrian Pocock, being the director of the Company independent of the related party transactions, considers, having consulted with Allenby Capital Limited, the Company’s Nominated Adviser, that the terms of such share issues are fair and reasonable insofar as the Company’s shareholders are concerned.

 

In addition, John Wood (the recently appointed COO) and Andy Duncan (the recently appointed non-board member CFO) were previously acting as consultants to the Company pursuant to consultancy agreements entered into earlier this year and which were terminated on or around 27 June 2018.  Under their consultancy agreements, part of the monthly fees payable to John Wood and Andy Duncan would be satisfied by the issue to them of Ordinary Shares.  Accordingly, John Wood and Andy Duncan have been allotted with 2,248,428 Ordinary Shares and 2,804,172 Ordinary Shares at an average price of 0.3336p and 0.3299p per share respectively and based on a volume weighted average mid-market closing price per share when each monthly fee was due (the “Consultancy Shares”).  

 

Further, 2,066,116 Ordinary Shares have been allotted at 0.4840p per share (being the volume weighted average closing mid-market price per share over the 20 business days ended 20 July 2018), in respect of fees owed in connection with other consultancy services provided by consultants to the Company.

 

As a result of all the above, a total of 18,482,353 new Ordinary Shares have been allotted and application will be made to the London Stock Exchange for these new Ordinary Shares to be admitted to trading on AIM (“Admission”).  It is anticipated that Admission will occur on or around 27 July 2018.

 Read Full RNS Link 

 

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 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 £11.5m has been invested in the project.

 


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