rns19 Feb 2018 11:29
19 February 2018
InfraStrata plc
("InfraStrata" or the "Company")
Director shareholding and grant of share options
InfraStrata plc (AIM: INFA), the only UK quoted company focused on gas storage, announces that Graham Lyon, Chairman of InfraStrata, purchased 3,085,915 ordinary shares in the Company at a price of � 0.00273 per share on 16 February 2018. Following this purchase, Mr Lyon is beneficially interested in 4,000,000 ordinary shares in InfraStrata, equivalent to 0.64% of the Company's issued ordinary share capital.
The Company also announces that it has granted share options to the Board in order to further incentivise them and align their interests with shareholders of the Company.
As stated in the Chairman's statement in the Company's final results for the year ended 31 July 2017, announced on 30 January 2018, the Board aims to be one of the most cost-efficient for a company quoted on AIM and ongoing salary costs have been reduced by over 50 percent. compared with those prior to the restructuring of the Board in June 2017. The Board therefore believes that the granting of share options to directors is the most cost effective mechanism of incentivising them. The Board is focused on securing matched funding required in order to utilise its agreed EU grant to progress work on the Front End Engineering & Design ("FEED") for its Islandmagee gas storage project (the "Project").
A total of 30,000,000 options over new ordinary shares of 0.01p each in the Company ("Options") have been granted to all the directors of the Company, with each director receiving 7,500,000 Options. The Options are exercisable at a price of 1 penny per share (a premium of 270 per cent. to the closing share price on 16 February 2018) for a period of five years. The Options are subject to performance criteria and become exercisable in tranches as follows:
� as to one third of Options held upon completion of the FEED;
� as to one third of Options held upon commencement of construction of the Project following a successful conclusion of the Financial Investment Decision; and
� as to one third of Options held upon the date of first gas stored at the Project.
The Options become exercisable immediately in the event of a sale of the Company, its subsidiary (subject to the Project comprising an asset of the subsidiary) or the Project, and in customary "good leaver" circumstances.
Sign In
Follow the stocks
