We spoke to new Sterling Energy CEO Tony Hawkins about the latest changes happening at the company. Watch the full video here.
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Are you so naive to think that a potential equity funder of IM would not look an EU gift horse in the mouth?
No, I didn't think so.
Living up to your name again, I see. Interesting times ahead for the retired financial journo vs the switched-on and worldly-wise JW.
Economy Energy latest supplier to fail
JANUARY 8, 2019 BY BRENDAN COYNE
Economy Energy has ceased trading.
The supplier, which had around 240,000 domestic accounts, is the latest casualty of the independent energy supply market and its closure was widely anticipated.
Ofgem will now appoint another supplier to take on its customers and ask other energy companies to pick up the tab for its levy liabilities.
Energy market experts have predicted that more companies will collapse do to risk mismanagement and inadequate finance.
Some have suggested the domestic market “could implode” due to spiralling levels of debt, with even a large, ‘big six’ supplier at risk of going bust.
Not aware that the EU is 'having' to step in ! If all the equity providers are lined up, (and there seem t be plenty of applicants) there won't be a need for a grant.
If the AGM and a presentation on the project is due on the 31st, funding news should be due in the next 17 trading days. I'm sure there are plenty of people on the fence about INFA. Securing funding is the piece of news that will rerate this stock. AIM has loads of companies that never achieved funding, or it remains "right round the corner". INFA need to avoid getting put in this category.
Nice to see this evening - yet more confidence by JW to accept a proportion of his remuneration in shares. Smart move especially when we all know in the very near future where the SP is heading!
Interesting....on one hand they claim we have more than adequate sources of supply and that we have a high level of supply security yet....they acknowledge their interest in this project with the potential security of supply it would bring to the UK!! At least they confirm they are aware of discussions between Infrastrata and the Northern Ireland executive! The response that "I am not in a position to provide any update on the progress of the discussions" is one way of saying "we know exactly what is going on here but we ain't telling you" lol.
I think Westminster are more interested in this project than they are letting on especially given how political the issue of gas storage has become after last winter and Brexit. I would also imagine the EU would be pretty supportive of the EU grant application because it would send a message to our govt from the EU that, "well you've made a hash of the whole Brexit situation and now we've had to step in to help with an infrastructure project that will greatly benefit the energy needs of not just Northern Ireland and the UK but our remaining member state the Republic of Ireland which needs our support!" Therefore here is the grant! That would certainly be rather embarrassing for our govt!
The UK Govt will be acutely aware as well that Islandmagee is the only gas storage project that is construction ready aided by their very own UK govt guarantee scheme which they qualified Infa for.
Yet more skin in the game for John ! Great stuff !
RNS Number : 5553M
08 January 2019
8 January 2019
("InfraStrata" or the "Company")
Issuance of contractual fee shares and change to total voting rights
InfraStrata plc (AIM: INFA), the UK quoted company focused on the development of natural gas storage capacity, announces the issuance of 4,202,420 ordinary shares in the Company of 0.01p ("New Ordinary Shares") to John Wood at an average price of 0.67 pence per New Ordinary Share.
These New Ordinary Shares are issued in accordance with John's service contract with the Company whereby he agreed to accept a proportion of his remuneration as ordinary shares as part of his commitment to supporting the growth of InfraStrata. Under the terms of his contract, the shares become due at the end of every month and will be allotted by the Board on an ad-hoc basis and this share issuance is in respect of the last seven months. The issue price is calculated using the volume weighted average closing mid-market price per share over the last five days of each calendar month in which the shares become due.
Application will be made for the New Ordinary Shares to be admitted to trading on AIM ("Admission") and it is expected that Admission will occur on or around 14 January 2019.
Upon Admission, John will have a beneficial interest in 46,246,541 ordinary shares in the Company, equivalent to 4.17% of the Company's then issued share capital.
Total Voting Rights
Upon Admission, the Company's issued share capital will consist of 1,108,113,455 Ordinary Shares with one voting right each. The Company does not hold any ordinary shares in treasury. Therefore, the total number of ordinary shares and voting rights in the Company will be 1,108,113,455. With effect from Admission, this figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules.
Response to a letter I sent to my MP some weeks ago complaining about the Govt stance on Gas Storage. In my view their overall view is wrong and the tone is suggesting it is beneath the mainstream Govt here but at least they sort of begrudgingly acknowledge an 'interest' in Islandmagee and its potential for security of supply(but seemingly dont want to get their own hands dirty...or have to part with any money out of their own coffers is more to the point!) and say it is a devolved issue with the NI Executive (at least that part is good I guess.....we're certainly well on the map with the Northern Ireland Executive!). It's almost as if BEIS recognise Islandmagee as a special case (which we know already because it is a very special case indeed!), but are trying to distance themselves from NI. I thought they would all want to be working more together.
'Thank you for your email of 9 December 2018, addressed to Chris Skidmore MP, about gas storage. The Minister receives a large amount of correspondence every day and is unable to respond to each one personally. I have been asked to reply.
Thank you for your sharing your views on gas storage. The UK consistently has one of the largest and most liquid gas markets in Europe with extensive import infrastructure and a diverse range of gas supply sources. This includes domestic production, gas storage, pipelines from Norway, Belgium and the Netherlands, and liquefied natural gas terminals which can bring in gas from anywhere in the world.
Over the past 10 years, analysis undertaken by the Department and others has delivered a consistent message: the UK is well placed to manage gas supply risks. Government backing for infrastructure projects is therefore not necessary in the UK to maintain our high level of supply security and the cost of any such intervention would fall to consumers, pushing up prices and eroding the commercial competitive advantage resulting from the UK’s relatively low retail gas prices.
Whilst the Islandmagee gas storage project is clearly of interest to this Department, given the potential security of supply benefits that it could bring to the UK as a whole, energy is a devolved matter in Northern Ireland. The Department is aware of discussions between Infrastrata and the Northern Ireland Executive, although I am not in a position to provide any update on the progress of these discussions.
I thank you again for your interest in this area and assure you we recognise the importance of gas security of supply to the UK’s economy.
BEIS MINISTERIAL CORRESPONDENCE UNIT'
that should read 'SAFE hands'....lol
currently being hammered out.....would love to be a fly on the wall at INFA and observe the negotiations first hand !
One thing we can all be sure of.....the whole ballgame is in hands....can't wait for news stream to start flowing....will be awesome !!!
Nice one Mcadder, let's hope that the EU are positively disposed! It's a pity the 'treaty' vote is next week and comes before the EU decision. A vote delay would be great IMHO.
Seems to me we have a 90% chance of securing either all or a good chunk of the EU grant especially given that a very damning CBA for the project was submitted with the application part of which said this .........
"the results demonstrated the clear need for the Project. The report highlighted the fact that just a single day's power outage will cost the UK economy in excess of £1.1 billion at its peak, with an average daily cost of £700 million.
The CBA demonstrates a strong investment to benefit ratio and clearly underpins the Directors' belief that this Project could be a key piece of strategic infrastructure for the UK."
Good times ahead :)))
Yeah 2 year come April for the .48p I believe The .6 ones are finished very soon
Mike!! Great to hear your in infa! I tweeted you about it when u asked for your share pick for 2019 :D
bigmj, your 8.3m should about see the end of the .6p warrants. also there is no immediate hurry to sell the .48p warrants. A couple of years left , I think. Right spud?
Come back ( if only for balance
Good Boy !! And may I say on behalf of all the LTH's here,a good call and decent of you to post the information .OK we could do with some dosh but the current expenditure is covered and the future is indeed rosy ..even more so if Mr Mcadder's weather forecast is accurate !!
Hi Guys, I can tell you I hold 8.3m of the outstanding.6 warrants and an even greater number of the .48 warrants , not planning on selling anytime soon , the future looks very interesting here
Still moving in the right direction on few trades
The same weather pattern that caused a Siberian blast of cold air dubbed the “beast-from-the-east” could re-emerge in Europe at the end of this month, boosting demand for energy.
A sudden stratospheric warming appeared at the start of January, which usually results in a rush of cold air eastward a few weeks later. A similar system blasted the European Union with its biggest chill since 2010 in early 2018, tripling the spot natural gas over the course of a week, sending electricity higher.
Warrants excerised, opportunitys taken, follow through about to materialse. Long term partners amalgamated Trust in JWs SS INFA. imho. :-)
Gas storage closures
A number of higher cost, less flexible European storage assets are in trouble. The funeral bells have been ringing for five years. Owners have been holding on in the hope of a market recovery, deferring maintenance and investment decisions in an attempt to keep carrying costs to a minimum. 2019 may be the year that a significant volume of storage capacity is finally pulled off line.
TTF seasonal price spreads have remained stubbornly stuck between 1-2 €/MWh for most of the last five years, barely covering the variable costs of cycling seasonal storage. Many asset owners have managed to hang on due to a combination of:
Long term contracts at more favourable terms (many of which are now expiring)
Hopes of a market recovery
Hopes of regulatory reform to support storage (e.g. changes to system charges).
1 - any further closures of storage facilities will play into our hands and imo will effectively guarantee Islandmagee becoming one big energy hub ideally placed to provide available storage of gas to the UK and Europe especially with the proposed twinning of pipeline and over 1.5 bcm of potential storage.
2 - Islandmagee is to become an efficient modern fast response facility which imo will help secure it's future as other older less efficient facilities close down. Plus the reduced Capex costs put us in a strong position.
3 - As mentioned at the recent investor presentation meeting in London the economics of the facility are to be based on not annual price fluctuations but daily price fluctuations. No wonder gas traders would love to trade gas from us!
Bring on the project equity funding......
"Market participants, i.e. producers, traders, network operators and consumers, are all now willing to pay for gas storage at rates that make these projects commercially viable"
Looking forward to hearing who our off takers will be, no wonder we are looking at the extra caverns
Makes no difference what they were as they were all soaked up in a good volume day, be they buys or sells. Cracking consolidating day imo, and the sp rallied and held, good sign for the upcoming days and weeks, with no negative news on the horizon this I believe will start heading back up.
Now where is that financing news? Early 2019? Could be anytime?