9 May 2017 11:53
Dissemination of a Regulatory Announcement that contains inside information according to REGULATION (EU) No 596/2014 (MAR).
9 May 2017
InfraStrata plc
("InfraStrata" or the "Company")
Requisition of General Meeting
InfraStrata plc (AIM: INFA), the independent gas storage company, announces that the Company has today received a letter dated 8 May 2017 from Hornbuckle Mitchell Pension Trustees Limited and Tower Pension Trustees Limited (collectively the "Requisitioners") regarding a purported requisition for InfraStrata to convene a general meeting of the Company (the "Requisitioned General Meeting") pursuant to section 303 of the Companies Act 2006, to propose the following ordinary resolutions:
1. That Adrian Richard Pocock be and is hereby appointed as a director of the Company (with such appointment taking immediate and simultaneous effect).
2. That Peter Verdun Wale be and is hereby appointed as a director of the Company (with such appointment taking immediate and simultaneous effect).
3. That Anita Elizabeth Gardiner be and is hereby removed as a director of the Company.
4. That Maurice Edward Hazzard be and is hereby removed as a director of the Company.
5. That Andrew David Hindle be and is hereby removed as a director of the Company.
6. That Stewart McGarrity be and is hereby removed as a director of the Company.
7. That Kenneth Maurice Ratcliff be and is hereby removed as a director of the Company.
8. That any person appointed as a director of the Company since the date of the requisition of the Requisitioned General Meeting at which this resolution is proposed, and who is not one of the persons referred to in the resolutions numbered 1 to 7 (inclusive) above, be and is hereby removed as a director of the Company.
If such resolutions were to be passed, then the Company's board of directors would consist solely of Adrian Richard Pocock and Peter Verdun Wale.
Among other things, the Requisitioners' letter further informed the Company that the Requisitioners are the registered holders of a total of 17,867,508 ordinary shares in the capital of the Company, which represents 5.10% of the voting rights in the Company.
InfraStrata is currently seeking advice in relation to the validity of the purported requisition. Shareholders are advised to take no action at this time. Further announcements will be made in due course.
For further information, please contact:
InfraStrata plc Anita Gardiner, Joint Managing Director Stewart McGarrity, Joint Managing Director
| +44 (0) 28 9051 1415 |
Allenby Capital Limited (Nominated Adviser & Broker) Jeremy Porter / Alex Brearley / Liz Kirchner
| +44 (0)20 3328 5656 |
Financial PR - Camarco Billy Clegg / Gordon Poole | +44 (0)20 3757 4980 |
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."
Notes:
Background on InfraStrata plc
InfraStrata is an independent gas storage company focused on the UK and Ireland.
Further information is available on the Company's website: www.infrastrata.co.uk.
Background on the Islandmagee Storage Project
The Islandmagee gas storage project company, Islandmagee Storage Limited ("IMSL"), is owned 90% by a wholly owned subsidiary of InfraStrata plc and 10% by a wholly owned subsidiary of Mutual Energy Limited. The project is a proposed salt cavern gas storage facility located on Islandmagee in County Antrim, Northern Ireland. 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 October 2013, the gas storage project was granted a 'Project of Common Interest' ("PCI") status by the European Commission. In 2015 a well was drilled to core the salt and confirm the technical feasibility of the project, supported in part by the Commission. The final stage before a Final Investment Decision will be the Front-End Engineering Design and Commercialisation of the project. To date approximately £11m has been invested in the project.
Further information is available on the project company's website: www.islandmageestorage.com.