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Well more significant for securing storage now fracking is banned in the UK, This can only be positive news for INFA projectS imho
Jw don’t seem concerned nor am I . Let’s move on I trust him so im a believer in the project so are many others . Gla we will get there
'The EU already stated in September they were no longer going to fund projects regarding fossel fuels- Keep up people.'
In that case an RNS to that effect should have released in September.
The EU already stated in September they were no longer going to fund projects regarding fossel fuels- Keep up people.
or so it seems when it relates to the Islandmagee project.
INFA has been denied a study grant from the EU, one they never expected to receive, and one they applied for more in a spirit of cooperation with MEL who will be advancing the SNIP for their own commercial benefit.
Snowman wonders whether the reversal will be delayed and he suggests that MEL need to "get a move on". He even feels "jittery". I understand some of your concern, Snowman, but console yourself that MEL have about six years remaining to get the job done . I'm pretty sure they can manage that!
Todays set of RNS's were straightforward and encouraging. But remember that THIS IS AIM and investors here don't show their hand until the horse has well and truly left the starting gate. Then they rush to place their bets.
Time is short now if JW is to keep to his timelines. I believe he will.
We still haven't had news of the new Chairman and the further delay would seem to suggest that his identity is connected to Vitol or to the debt provider. Which gives me more confidence!
.....'Having made opportunistic applications to the EU for a further grant for studies earlier this year, in conjunction with Mutual Energy, the Company will withdraw this application for additional FEED studies in light of today's news'
The studies grant mentioned above was for the reversal of SNIP. Does this mean that the reversal has now been delayed further than previously anticipated ?..........I'm pretty sure that none of the parties involved have agreed on the funding of the reversal yet.
14th June RNS ...it is expected that InfraStrata will have at least 2 to 4 gas storage caverns in operation at Islandmagee before it would utilise the reversed SNIP. The reversal of the SNIP would be operationally required around 2025/26, by which time it is expected that all 7 caverns would be in full commercial operation..'
So we only have carrying capacity to support 4 caverns at present.
I think Mutual Energy as the owner of the SNIP needs to really get a move on with this project.....our Islandmagee project is highly dependant on it going head.
I must confess....this news makes me fell a little jittery. I hope some news appears from some source that is reassuring on the SNIP going ahead. I suppose to some degree it's chicken and egg with each project needing the other?
In essence it's good news...?
I think I understand what you're asking. Yes this is correct. The company wanted to be included on the list to get extra EU funding if it became available as this project would be of benefit to all EU members, including the Republic of Ireland. It has been stated several times that extra EU funding above and beyond what is owed to us already ie the 1.6 million is not necessary to progress the project, just a nice to have icing on the cake
Update on EU Project of Common Interest status and EU grants
InfraStrata plc (AIM: INFA), the UK quoted company focused on strategic infrastructure projects, confirms that further to its announcement on 17 January 2019, the Islandmagee Gas Storage Project has not been included on the fourth list of 'Projects of Common Interest' ("PCI") published today by the European Union ("EU"). This scenario had already been anticipated in the project budgets and the Board confirms that the economic viability of the Islandmagee Gas Storage Project remains strong.
In respect to the final grant reclaim for EUR1.6 million that is due to be paid to InfraStrata from the EU, the Board remains confident this will be paid in Q4 this year. All documents have been independently verified by auditors and the Company awaits the final repayment.
Additionally, while PCI status was meant to provide the Islandmagee project with fast-tracked permit and license processing times, this has not been universally recognised in the UK in the Company's experience. Therefore, the Board does not see a disadvantage to the Islandmagee project for not being included in the new PCI list.
Having made opportunistic applications to the EU for a further grant for studies earlier this year, in conjunction with Mutual Energy, the Company will withdraw this application for additional FEED studies in light of today's news.
John Wood, CEO of InfraStrata, said:
"The Board took the view earlier this year that it was highly unlikely that the Company would receive any additional financial support from the EU due to the UK voting to leave the economic and political bloc. We have already confirmed that the Islandmagee Gas Storage Project is viable without EU intervention and, on being appointed CEO, one of my main concerns was the amount of time and funds that were being spent on chasing EU funding with no certainty. We are pleased to have this confirmation, which is in line with our predictions, and look forward to commencing the tender process more rapidly in the coming months."
3rd Rns ..
I am I reading that 3rd Rns correctly???
Hi All Genuine Holders ....
I see the sewage pipework has blown....and the boys from the brown stuff are in...blah blah blah...
Speading the awful stuff everywhere as usual....damaged trailer trash yellow belly boys
Ignore them LTHs
Your welcome Boys from the Brown stuff.
Whether in administration or not – an employee’s standard rights remain the same. This includes having a contract of employment, the right to rest breaks in line with the working time directive, working hours in line with the working time directive, statutory holiday entitlement and sick pay, not being paid less than the minimum or living wages, parental rights and the right to request flexible working.
During administration, these rights are extended to include the right to be paid monies owed, such as outstanding wages and commission up to a maximum of £800, redundancy pay, up to six weeks’ accrued holiday pay and any pension contributions; the above rights to remain in place during administration and, if the business is taken over by someone else, these rights are protected.
The first 14 days are pivotal. If an employee is made redundant during this period, they become an ‘ordinary creditor’.
This means they will be in the last category to receive monies owed. However, their entitlement to outstanding wages and redundancy payments will remain.If retained beyond this, the employee becomes a ‘preferential creditor’. As the name suggests, this decision is preferential to being made redundant during the period as it puts the employee in a better position should they face redundancy later on.
It gives them priority over ‘ordinary creditors’ and they therefore stand a better chance of recouping monies owed to them.
Once the initial 14 day period is over, the employment rights of staff are then EFFECTIVELY ADOPTED BY THE ADMINISTRATOR until a buyer can be found. The Administrator pays the wages upto a statutory amount until a buyer i.e. INFA complete the purchase and take on the employee rights.
As part of the FID at the end of the year, all costs that INFA have incurred on the project so far will be returned, I believe 15 million in total. I guess this will be used to fund in part current and future projects including H&W. The EU funding of 1.6 million, if granted, will and can only be used on the gas storage project imo. Also, there will be other Northern Ireland investment grants available to fund the H&W project as stated in the rns of early October. So taking all this into consideration, I'm hoping dilution of current shareholders is kept to a minimum. But if we a continuous pipeline of new projects coming online, with the promise of early revenues from JW, we could have a great future. GLA
I assume INFA can’t take a licence agreement on as it doesn’t have any of its own cash to pay workers. Wise to not take on any liability cash burn of this project beyond the deposit. Does anyone know roughly the monthly wage bill?
“At the time the deal was announced, Infrastrata said it intended to start using the Harland and Wolff assets in November under a licensing arrangement with the administrators should the deal not complete by 31 October.
However, it now says that will not be the case.“
My thoughts too ChilledDevil !!!
PS Following this mornings RNS's I still have faith in INFA hopefully I will feel the same come December.
The 08:01 sell this morning is incorrect and should be a buy. :)
....'I wander if the H&W employees will be attending to show support :-)'...
Tango...the 42 day consultation period is for written consultations to be submitted to DAERA. Any sessions that INFA organises with locals is something different and not a legal obligation......H & W union reps may well attend those if the company goes ahead with them.......might be a good idea for some SH's to attend also.
That would be great .. let’s see how they handle explaining to H&W staff why they are trying to put them out of work
With H&W deal now due end of December it is highly likely we will not need to borrow long term as £15mill will be due at project level once FID done.
I wander if the H&W employees will be attending to show support :-)
Regarding release of tender documentation, JW stated in the rns once the timeline agreed by DAERA it will be released,pointless releasing if timescales don't match.
A good spot Kibuc, I do think if a milestone has slipped from October to November then that should have an explanation in the RNS. May be of no real significance, but as a Project Manager I would need to explain this to my stakeholder if issuing a Project Update.
We'll know when it starts....there has to be a legal notice advertised in the local papers....twitter will be red hot.
Also JW confident with getting the finalised GSA, This was obviousley batted backwards and forwards with Equity partner so once that is done I would assume heads of terms can be released awaiting implementation end of year. There will be a lot of news in quick succession I think.
GSA& Heads of terms (anytime soon)
ML & H&W deal done (30-60 days)
Regarding the Marine licience we are supposed to be allowed an expedited proces as it is apart of PCI (how quick I am not sure).