1 Nov 2019 07:00
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.
1 November 2019
InfraStrata plc
("InfraStrata" or the "Company")
Update regarding purchase of assets of the former Harland and Wolff Heavy Industries Limited and Harland and Wolff Group Plc ("Harland & Wolff")
InfraStrata plc (AIM: INFA), the UK quoted company focused on strategic infrastructure projects, is pleased to provide an update in relation to its proposed acquisition of the principal assets of Harland & Wolff (the "Assets"), further to the heads of terms agreement entered into and announced on 1 October 2019.
The Board of InfraStrata is pleased with the progress made in relation to finalising an Asset Purchase Agreement ("APA") with BDO NI, the administrators of Harland & Wolff, and the process is at an advanced stage. Due diligence and negotiations to satisfy the acquisition conditions continue and the Company is working towards completing the acquisition as soon as possible, and earlier than the pre-agreed backstop date of 31 December 2019. In order to ensure that this process is completed as quickly as possible, the Company will not start utilising the Assets under a licencing arrangement until the proposed acquisition is completed.
Further updates will be provided in due course as soon as possible.
John Wood, CEO of InfraStrata, said:
"We are working diligently, together with the various stakeholders, to complete the deal, and we are pleased to see due diligence and negotiations at a very advanced stage. We remain committed to signing an APA as soon as is practically possible and look forward to providing further updates when the remaining items are finalised."
**ENDS**
For further information, please visit www.infrastrataplc.com or contact:
InfraStrata plc John Wood, Chief Executive & Interim Chairman
| c/o Newgate Communications +44 (0)20 3735 8825 |
Allenby Capital Limited (AIM Nominated Adviser & Broker) Jeremy Porter / Liz Kirchner | +44 (0)20 3328 5656 |
Newgate Communications (PR) Elisabeth Cowell / Ian Silvera / Chris Midgely | +44 (0)20 3757 6880 |
Notes to editors:
InfraStrata is a London Stock Exchange-listed group focused on global energy 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 and commercialising innovative infrastructure projects around the world.