Infrastrata PLC Islandmagee Project Update & 2019 Milestones (7467X)
December 23 2019 - 1:00AM
UK Regulatory
TIDMINFA
RNS Number : 7467X
Infrastrata PLC
23 December 2019
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). With the
publication of this announcement via a Regulatory Information
Service, this inside information is now considered to be in the
public domain.
23 December 2019
InfraStrata plc
("InfraStrata" or the "Company")
Islandmagee Gas Storage Project Update & 2019 Milestones
InfraStrata plc (AIM: INFA), the UK quoted company focused on
strategic infrastructure projects and physical asset life-cycle
management, is pleased to announce the completion of further
milestones that were scheduled for 2019 at the Islandmagee Gas
Storage Project ("Islandmagee Project" or "the Project") in
Northern Ireland. As announced on 20 December 2019, project funding
has now been moved into 2020. The decision to take Final Investment
Decision ("FID") in 2020 was a result of potential new funding
opportunities available for the Project that could have significant
long term upside gains for the Company, amongst which is the
potential to retain a much larger project equity stake than
originally envisaged.
Description Status
Environmental
Notification of public consultation dates - Completed
------------
All reports made available on the Islandmagee - Completed
Energy Website
------------
Venues and dates of Islandmagee Energy public - Completed
information sessions for public consultation
made available on the website
------------
Commencement of enabling works prior to full - Completed
scale construction
------------
Department of Agriculture, Environment and Rural Affairs (DAERA)
have confirmed that the public consultation will run from the 20
December 2019 until the 07 February 2020, after which period DAERA
will review any representations made in accordance with relevant
legislation.
We are pleased to confirm that the Company will host the final
public consultation events prior to the closure of the consultation
period on the 07 February 2020 as follows:
Thursday 23(rd) January 2020 Gobbins Center 4-8pm
Friday 24(th) January 2020 Ballygally Castle Hotel 6-10am
Saturday 25(th) January 2020 Larne Townhall 9-Noon
We have been in recent dialogue with the EU in relation to the
outstanding EU grant reclaim of Euros 1.60 million. We have been
reassured that the reclaim is well in progress and we will be in
receipt of these funds in due course. We have been further
reassured all documentation is in good order and that these funds
will flow through after following due process.
With the EU funds not being received before 31 December 2019,
the Board has agreed with Costain Plc to extend the repayment date
of the Costain Loan Facility ("Costain Loan"), originally announced
on 04 November 2016 and due on 31 December 2019, with an accrued
value of GBP810,669 as at 31 December 2019, to 31 December 2020 or
on receipt of the EU grant reclaim, whichever is earlier.
Various enabling works have been ongoing at the Project site and
will continue in the coming weeks as we prepare our sites for
construction works to commence. During the extended period that we
have before we take FID, we will be in a position to determine what
further enabling works we can undertake and complete in readiness
for full construction.
2019 Remaining Milestones - Revised Dates
Description Completion
target
Corporate
Appointment of Chairman January 2020
--------------
Release of revised construction tender documents Q1 2020
--------------
Final payment against EU Reclaim for completed Q4'19/Q1 2020
FEED works
--------------
Heads of Terms agreed for project equity funding H1 2020
(or alternative funding)
--------------
Equity funding agreement executed (or alternative H1 2020
funding)
--------------
Final Investment Decision (FID) H1 2020
--------------
In relation to Harland & Wolff (Belfast) Limited the
business has now received various term sheets for an initial debt
facility of GBP2m. We will, in the coming weeks, evaluate these
offers with the aim of having this debt facility put in place in
January 2020.
John Wood, Interim Chairman and CEO of InfraStrata, said:
"I am satisfied with the progress that has been made this year
on our Islandmagee Gas Storage Project. It is equally my aspiration
to commence Project construction as soon as possible, but the team
have stepped up and undertaken many additional tasks and work
streams that were not envisaged at the start of 2019. Now that
these have been successfully completed, we are in a much better
position as we move into 2020. Whilst we are all disappointed about
not reaching FID this year, the Board unanimously feels it is in
the best long-term interests of the shareholders to re-evaluate the
position that we are in with new funding options becoming
available. With the UK's departure from the EU now imminent, our
gas storage project will become a critical piece of infrastructure
that will provide security of supply for the island of Ireland and
the wider UK.
"As we move into 2020 our AGM is planned for late January 2020
which I will chair as interim Chairman. I am keen that this will be
my last duty as interim Chairman. We have made good progress in
identifying suitable candidates and subject to successful due
diligence and acceptance, we look forward to welcoming our new
Chairman into the Company immediately after the AGM. We also expect
to make another Non-Executive Director appointment in the early
part of 2020 which will further strengthen our board to comprise of
two Executive Directors and three Non-Executive Directors."
**ENDS**
For further information, please visit www.infrastrataplc.com or
contact:
InfraStrata plc c/o Newgate Communications
John Wood, Chief Executive & Interim Chairman +44 (0)20 3735
8825
Allenby Capital Limited (AIM Nominated
Adviser & Broker) +44 (0)20 3328
Jeremy Porter / Liz Kirchner 5656
Arden Partners plc (Joint Broker)
Paul Shackleton / Dan Gee-Summons (Corporate +44 (0)20 7614
Finance) Simon Johnson (Corporate Broking) 5900
Newgate Communications (PR) +44 (0)20 3757
Elisabeth Cowell/ Ian Silvera/Jamie Williams 6880
Notes to editors:
InfraStrata is a London Stock Exchange-listed group focused on
strategic infrastructure projects.
The rapid development of the 100% owned Islandmagee Gas Storage
Project is a core workstream for InfraStrata. It is expected to
provide 25% of the UK's natural gas storage capacity and to benefit
the Northern Ireland economy as a whole when complete. Given that
the Committee on Climate Change has advised that the UK will still
need a significant quantity of natural gas by 2050 - about 70% of
today's consumption - the market opportunity for this project is
compelling. It is the only gas storage project in North West Europe
to be awarded 'Project of Common Interest' status by the European
Union, confirming its strategic importance to the entire
continent.
Mindful of the fact that safe, secure and flexible sources of
energy are needed for a sustainable future, InfraStrata is focused
on providing investors with exposure to a growing portfolio of UK,
European and international energy infrastructure projects. With
this in mind, the Company's highly experienced team is focused on
acquiring, developing 1and commercialising innovative
infrastructure projects around the world.
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END
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