Infrastrata PLC Repayment of loan from Baron Oil plc (8119A)
March 29 2017 - 2:00AM
UK Regulatory
TIDMINFA
RNS Number : 8119A
Infrastrata PLC
29 March 2017
Dissemination of a Regulatory Announcement that contains inside
information according to REGULATION (EU) No 596/2014 (MAR).
29 March 2017
InfraStrata plc
("InfraStrata" or the "Company")
Repayment of loan from Baron Oil plc
InfraStrata plc (AIM: INFA), the independent gas storage
company, announces that following the completion of the placing to
raise GBP810,000 before expenses announced on 27 February 2017, it
has now repaid the GBP200,000 drawn down on the secured loan
facility with Baron Oil plc ("Baron") which was entered into on 5
January 2017. The loan facility will now be cancelled.
The loan was secured by, inter alia: (i) a first-ranking
debenture over the undertakings and assets of InfraStrata UK
Limited ("InfraStrata UK"), the wholly owned subsidiary of the
Company which owns 90% of Islandmagee Storage Limited ("IMSL"); and
(ii) charges over shares in InfraStrata UK (granted by the Company)
and IMSL (granted by InfraStrata UK). Following repayment of the
loan these security arrangements will now be released.
Baron remains entitled to receive an additional GBP200,000 (the
"Additional Payment") in the event of a sale or disposal by
InfraStrata or its subsidiaries, IMSL and InfraStrata UK, of
substantially all of their assets, which comprise interests in the
Islandmagee gas storage project, and/or a change in control of
InfraStrata, IMSL or InfraStrata UK, within two years from the date
of the loan agreement. In the event of a partial disposal of
InfraStrata, IMSL or InfraStrata UK's interests in the Islandmagee
gas storage project (whereby InfraStrata and InfraStrata UK retain
control of IMSL), the Additional Payment will be reduced to
GBP100,000, with the remaining GBP100,000 payable in the event of a
subsequent disposal or change in control of IMSL or the Islandmagee
gas storage project during the two year period.
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 GBP11m 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
The company news service from the London Stock Exchange
END
MSCUWRBRBSAOUAR
(END) Dow Jones Newswires
March 29, 2017 02:00 ET (06:00 GMT)
Harland & Wolff (LSE:HARL)
Historical Stock Chart
From Apr 2024 to May 2024
Harland & Wolff (LSE:HARL)
Historical Stock Chart
From May 2023 to May 2024