25 Mar 2019 07:00
25 March 2019
InfraStrata plc
("InfraStrata" or the "Company")
Board Changes
InfraStrata plc (AIM: INFA), the UK quoted company focused on the development of natural gas storage capacity, is pleased to announce that Malcom Groat has been appointed as a Non-Executive Director of the Company, with immediate effect, and will be the Chair of the Audit Committee.
Malcolm has worked for many years as a consultant to companies in technology, natural resources and general commerce. Following an early career with PWC in London, he held CFO, COO, and CEO roles in established corporations including the construction firm now called Arcadis. Since 2004 Malcolm has served in non-executive director or chairman positions, today including Baronsmead Second Venture Trust PLC and Tomco Energy PLC. Malcolm is a Fellow of the Institute of Directors, Fellow of the Royal Society for the Encouragement of Arts, Manufactures and Commerce, and Fellow of the Institute of Chartered Accountants in England and Wales. He holds university degrees from St Andrews (MA) and Warwick (MBA).
In addition, Arun Raman has been appointed as the Company's new Chief Financial Officer, with immediate effect. Arun previously held the position of Non-Executive Director and will remain a director of the Company as CFO.
John Wood, Interim Chairman and Chief Executive Officer, commented: "As we progress to the construction stage of the project it is essential that we have the right team in place for this phase of the Company's evolution. Malcolm brings with him a wealth of experience that will add value to the business from day one. Having worked with Arun since he joined the board it is fantastic that he will now be moving into an executive position."
The following information on Malcolm Groat is provided in accordance with rule 17 and paragraph (g) of Schedule Two of the AIM Rules for Companies:
Maurice James Malcolm Groat (known as Malcolm Groat) is aged 58 and details of his directorships and partnerships currently held and those held within the last five years are set out below:
Current directorships/partnerships | Past directorships/partnerships (last 5 years) |
Auric Global Pte. Limited | Baronsmead Vct 4 plc |
Nkcell Plus plc | Vale International Group Ltd |
Golden saint Technologies Limited | London Mining P.L.C |
Mr Lee's Pure Foods Co. Ltd | Landmark Development Group Limited |
West Coast Land Limited | MMM Consulting Ltd |
Lucyd Pte. Ltd. | Rare Metals UK Limited |
Tomco Energy plc | |
Baronsmead Second Venture Trust plc | |
Corps Of Commissionaires Management Limited | |
Davictus plc | |
Maritime House Limited | |
Tekcapital, LLC | |
Tekcapital plc |
As disclosed above, Mr Groat was a director of London Mining plc, which entered administration in 2014 with a deficiency to creditors of approximately $500 million and the company was dissolved on 30 July 2017.
For further information, please contact:
InfraStrata plc John Wood, Chief Executive and Interim Chairman
| c/o Yellow Jersey +44 (0)20 3735 8825 |
Allenby Capital Limited (AIM Nominated Adviser & Joint Broker) Jeremy Porter / Liz Kirchner
| +44 (0)20 3328 5656 |
SI Capital Limited (Joint Broker) Nick Emerson
| +44 (0) 20 3871 4038 |
Yellow Jersey Tim Thompson / Henry Wilkinson | +44 (0)20 3004 9512 |
-ENDS-
Notes to editors:
InfraStrata is an independent gas storage company focused on the UK and Ireland. Further information is available on the Company's website: www.infrastrataplc.com
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. The facility 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 was completed in November 2018 and the FEED report was submitted to the European Union in December 2018 in accordance with the Company's grant conditions. To date approximately £14.5m has been invested in the project.
Further information is available on the company's website: www.infrastrataplc.com
The Front End Engineering & Design (FEED) and Insitu Downhole Testing programme for the Islandmagee gas storage project is co-financed by the European Union's Connecting Europe Facility.
Disclaimer releasing the European Union from any liability in terms of the content of the dissemination materials:
"The sole responsibility of this publication lies with the author. The European Union is not responsible for any use that may be made of the information contained therein."