Infrastrata PLC Completion of Harland & Wolff Asset Acquisition (8313V)
05 Dicembre 2019 - 1:00PM
UK Regulatory
TIDMINFA
RNS Number : 8313V
Infrastrata PLC
05 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.
05 December 2019
InfraStrata plc
("InfraStrata" or the "Company")
Completion of acquisition of assets of Harland and Wolff
InfraStrata plc (AIM: INFA), the UK quoted company focused on
strategic infrastructure projects and physical asset life-cycle
management, is pleased to announce that it has today completed the
acquisition of the assets of Harland and Wolff ("Acquisition").
The Company now has 100% ownership of the assets following a
GBP3.30 million payment to BDO LLP ("Administrators"), in line with
the payment schedule outlined in the announcement dated 11 November
2019. An additional GBP1.45 million is payable by 30 April
2020.
John Wood, Interim Chairman and Chief Executive Officer,
commented: "Harland and Wolff is once again open for business. This
is an important day for InfraStrata, the Harland & Wolff
workforce and the region as a whole.
"With the keys now in hand, we will shortly be finalising a
number of exciting contracts, as well as discussions with lenders,
details of which I look forward to sharing very soon. Additionally,
we will be seeking to bring in a few near-term revenue generating
opportunities as quickly as possible which will strengthen our
technical and operational capabilities for significantly larger
projects in the future including our on-going gas storage and other
energy infrastructure projects.
"I would like to take this moment to welcome our new employees
to the business and thank those who helped us get to this point. I
am confident that, together, we can now secure and deliver
meaningful projects which reaffirm Harland & Wolff's
international reputation as a quality manufacturer of maritime and
energy infrastructure."
Michael Jennings, Partner at BDO NI and Joint Administrator for
Harland & Wolff commented: "We congratulate John and the team
at InfraStrata and wish them every future success as the new owners
of Harland and Wolff. Throughout this process we have been hugely
cognisant of not only the international reach and recognition of
the iconic Harland and Wolff brand, but also the important role the
company has played in Northern Ireland's history. Harland and Wolff
is part of the fabric of the city of Belfast and we are delighted
that it has been saved by InfraStrata.
"Having worked closely with the unions and staff, we know that
the dedication and determination of both to see Harland and Wolff
continue for generations to come is extraordinary. We are proud to
have been involved in this process and we know that, under the
leadership of InfraStrata, Harland and Wolff will continue to grow
and prosper for many years."
**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)
Jeremy Porter / Liz Kirchner +44 (0)20 3328 5656
Arden Partners plc (Joint Broker)
Paul Shackleton / Dan Gee-Summons (Corporate
Finance) Simon Johnson (Corporate Broking) +44 (0)20 7614 5900
Newgate Communications (PR)
Elisabeth Cowell / Ian Silvera / Jamie
Williams +44 (0)20 3757 6880
About Harland and Wolff
Founded in 1861 and employing much of the city's skilled
workforce, Harland & Wolff was the focal point of Belfast's
industry.
Famed for building the Titanic and the iconic cranes, Samson and
Goliath, it known around the world for its excellence in the
maritime and energy sectors.
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.
The Company also owns and operates the assets of Harland &
Wolff in Belfast, where it will undertake the fabrication work for
the Islandmagee project, as well as establish secondary revenue
streams through the provision of services to the energy, maritime
and defence sectors should such opportunities arise in future.
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.
Further information is available on the company's website:
www.infrastrataplc.com
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.
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author. The European Union is not responsible for any use that may
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END
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