Dissemination of a Regulatory Announcement that contains inside information according to REGULATION (EU) No 596/2014 (MAR).
19 May 2017
("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 18 May 2017 from Wealth Nominees Limited and Hubwise Nominees Limited (collectively the "Requisitioners") regarding a 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.
Upon resolutions 1 to 8 (inclusive) taking effect, the total number of directors of the Company shall be two.
Among other things, the Requisitioners' letter stated that the Requisitioners are the pension trustees of self-invested personal pension plans of Adrian Prichard Pocock and Peter Verdun Wale and the registered holders of, in aggregate, a total of 17,664,055 ordinary shares in the capital of the Company, which represents 5.05% of the voting rights in the Company.
After consultation with its legal advisers, the Company has determined that the Requisitioners' letter is valid. InfraStrata's board of directors (the "Board") intends, in accordance with section 304 of the Companies Act 2006, to call the Requisitioned General Meeting within 21 days of the receipt of the Requisitioners' letter and to provide for such meeting to be held on a date not more than 28 days after the date of the notice of such meeting.
A statement (the "Requisitioners' Statement") accompanied the Requisitioners' letter, which the Requisitioners require the Company to circulate to those members receiving notice of the Requisitioned General Meeting, in accordance with section 314 of the Companies Act 2006. The Board will comply with the relevant statutory requirements in respect of the circulation of the Requisitioners' Statement.
The Company is committed to working constructively to assess any opportunity which may be beneficial to the Company and its shareholders. Consequently, it is the Company's intention to engage in a constructive dialogue with the Requisitioners as soon as possible.
Shareholders are advised to take no action at this time. Further announcements will be made in due course.
For further information, please contact:
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."
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.
This information is provided by RNS