InfraStrata PLC - natural gas storage project development
Enters term sheet to buy Meridian Holdings Co from West Face Long Term Opportunities Global Master LP. Under Meridian is a proposed floating storage and regasification unit project at Barrow-in-Furness in north west England. The acquisition for GBP8 million is conditional on final investment decision for the FSRU project, which InfraStrata says is well placed to take advantage of liquified natural gas arriving into the UK and seeking storage and regasification. The project will require GBP350 million to GBP450 million in capital expenditure, which InfraStrata expects to fund at the project level with a consortium of partners. The acquisition consideration also includes 60 million share warrants with an exercise price of 5 pence.
Current stock price: 0.39p
12-month change: down 53%
By Tom Waite; thomaslwaite@alliancenews.com
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