Infrastrata PLC Requisition of General Meeting (7299F)
May 19 2017 - 12:15PM
UK Regulatory
TIDMINFA
RNS Number : 7299F
Infrastrata PLC
19 May 2017
Dissemination of a Regulatory Announcement that contains inside
information according to REGULATION (EU) No 596/2014 (MAR).
19 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 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:
InfraStrata plc
Anita Gardiner, Joint Managing
Director
Stewart McGarrity, Joint Managing +44 (0) 28 9051
Director 1415
Allenby Capital Limited (Nominated
Adviser & Broker)
Jeremy Porter / Alex Brearley +44 (0)20 3328
/ Liz Kirchner 5656
Financial PR - Camarco +44 (0)20 3757
Billy Clegg / Gordon Poole 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
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