28 Mar 2019 07:00
28 March 2019
InfraStrata plc
("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 371,521 ordinary shares in the Company of 0.01p ("New Ordinary Shares") to John Wood at a price of 1.19 pence per New Ordinary Share.
These New Ordinary Shares are issued in accordance with John's service contract with the Company whereby until 31 January 2019 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 this contract, the shares became due at the end of every month and would be allotted by the Board on an ad-hoc basis. This share issuance is in respect of the month ended 31 January 2019, being the final month of this arrangement. 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 3 April 2019.
Upon Admission, John will have a beneficial interest in 46,618,062 ordinary shares in the Company, equivalent to 3.50 per cent. of the Company's then issued share capital.
Total Voting Rights
Upon Admission, the Company's issued share capital will consist of 1,332,441,979 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 1,332,441,979. 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.
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."
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 Wood | ||||
2
| Reason for the notification
| |||||
a)
| Position/status
| CEO and interim Chairman (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
| Allotment of contractual fee shares | ||||
c)
| Price(s) and volume(s)
|
| ||||
d)
| Aggregated information - Aggregated volume - Price
|
n/a | ||||
e)
| Date of the transaction
| 27 March 2019 | ||||
f)
| Place of the transaction
| Outside of trading venue - allotment of contractual fee shares | ||||