14 Jan 2019 07:00
14 January 2019
InfraStrata plc
("InfraStrata" or the "Company")
Grant of options
InfraStrata plc (AIM: INFA), the UK quoted company focused on the development of natural gas storage capacity, announces that its Remuneration Committee has approved the grant of share options over 45,000,000 new ordinary shares of 0.01p each in the Company ("Ordinary Shares") under the Company's EMI share option scheme (the "Options"). Of the Options, 35,000,000 are granted to the Company's CEO, John Wood, and 10,000,000 are granted to the Company's CFO, Andy Duncan.
The Options become exercisable in three tranches as follows:
· as to one third after one year;
· as to one third after two years; and
· as to one third after three years.
Upon each vesting date, half of the Options vested are exercisable at a price of 1.5p per share and half are exercisable at nominal value of 0.01p per share.
The Options expire after five years. The Options become exercisable immediately for a period of six months in customary "good leaver" circumstances and in the event of a sale of either: i) the Company; ii) the Islandmagee gas storage project (the "Project"); or iii) the Company's subsidiary, Islandmagee Energy Limited (subject to the Project comprising an asset of the subsidiary).
The Company's Remuneration Committee has determined the terms of the Options for incentivisation and retention purposes and in recognition of John and Andy's contribution to the Company to date and going forward.
The grant of Options to John Wood is considered a related party transaction pursuant to rule 13 of the AIM Rules for Companies and accordingly, the non-executive directors of the Company consider, having consulted with the Company's nominated adviser, Allenby Capital Limited, that the terms of the Options are fair and reasonable insofar as the Company's shareholders are concerned.
Following this grant of Options, the Company has options outstanding over 52,500,000 new Ordinary Shares, which represents approximately 4.8 per cent. of the Company's issued ordinary share capital.
Graham Lyon, Chairman commented "It is important to recognise the progress Infrastrata has made over the last year where John Wood has been key to the Company's success. These long-term incentives, along with cash and share based remuneration are designed to align shareholders' and the Company's interests in retaining our key employees to deliver a successful Project over the next three years.
Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them:
1
| Details of the person discharging managerial responsibilities / person closely associated
| |||||||
a)
| Name | John MacInnes Wood | ||||||
2
| Reason for the notification
| |||||||
a)
| Position/status
| Chief Executive Officer (PDMR) | ||||||
b)
| Initial notification /Amendment
| Initial notification | ||||||
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| |||||||
a)
| Name
| InfraStrata plc | ||||||
b)
| LEI
| 2138001JAP311MVUZ948
| ||||||
4
| Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||||
a)
| Description of the financial instrument, type of instrument Identification code
| Ordinary shares of 0.01p
GB00B28YMP66 | ||||||
b)
| Nature of the transaction
| Grant of options over new ordinary shares | ||||||
c)
| Price(s) and volume(s)
|
| ||||||
d)
| Aggregated information - Aggregated volume - Price
|
n/a
| ||||||
e)
| Date of the transaction
| 11 January 2019 | ||||||
f)
| Place of the transaction
| outside of a trading venue - grant of options | ||||||
Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them:
1
| Details of the person discharging managerial responsibilities / person closely associated
| |||||||
a)
| Name | Andrew David Duncan | ||||||
2
| Reason for the notification
| |||||||
a)
| Position/status
| Chief Financial Officer (PDMR) | ||||||
b)
| Initial notification /Amendment
| Initial notification | ||||||
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| |||||||
a)
| Name
| InfraStrata plc | ||||||
b)
| LEI
| 2138001JAP311MVUZ948
| ||||||
4
| Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||||
a)
| Description of the financial instrument, type of instrument Identification code
| Ordinary shares of 0.01p
GB00B28YMP66 | ||||||
b)
| Nature of the transaction
| Grant of options over new ordinary shares | ||||||
c)
| Price(s) and volume(s)
|
| ||||||
d)
| Aggregated information - Aggregated volume - Price
|
n/a
| ||||||
e)
| Date of the transaction
| 11 January 2019 | ||||||
f)
| Place of the transaction
| outside of a trading venue - grant of options | ||||||
For further information, please contact:
InfraStrata plc John Wood, Chief Executive
| 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 | +44 (0)20 3735 8825 |
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 £13.5m 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."