Infrastrata PLC Grant of options (9557Z)

TIDMINFA

RNS Number : 9557Z

Infrastrata PLC

16 January 2020

16 January 2020

InfraStrata plc

("InfraStrata" or the "Company")

Grant of options

InfraStrata plc (AIM: INFA), the UK quoted company focused on strategic infrastructure projects and physical asset life-cycle management, announces that its Remuneration Committee has approved the grant of share options under the Company's EMI share option scheme over 30,000,000 new ordinary shares of 0.01p each in the Company ("Ordinary Shares") to the Company's CFO, Arun Raman, and over 13,320,705 new Ordinary Shares to Judith Tweed, Director of Islandmagee Energy Limited, the Company's 100% subsidiary which owns the Company's flagship Islandmagee gas storage project (together, the "Options").

The Options become exercisable in three tranches as follows:

   --     as to one third from 16 June 2020; 
   --     as to one third from 16 June 2021; and 
   --     as to one third from 16 June 2022. 

Upon each vesting date, half of the Options vested are exercisable at a price of 1.5p per share and half are exercisable at nominal value of 0.01p per share.

The Options expire after five years. The Options become exercisable immediately for a period of six months in customary "good leaver" circumstances and in the event of a sale of either: i) the Company; ii) the Islandmagee gas storage project (the "Project"); or iii) the Company's subsidiary, Islandmagee Energy Limited (subject to the Project comprising an asset of the subsidiary).

The Company's Remuneration Committee has determined the terms of the Options for incentivisation and retention purposes and in recognition of Arun Raman's and Judith Tweed's contribution to the Company to date and going forward. Neither Arun or Judith previously held any options over new Ordinary Shares.

The grant of Options to Arun Raman and Judith Tweed is considered a related party transaction pursuant to rule 13 of the AIM Rules for Companies and accordingly, the independent directors for this purpose (being John Wood and Malcolm Groat) consider, having consulted with the Company's nominated adviser, Allenby Capital Limited, that the terms of the Options are fair and reasonable insofar as the Company's shareholders are concerned.

Following this grant of Options, the Company has options outstanding over 79,458,597 new Ordinary Shares, which represents approximately 2.12 per cent. of the Company's issued ordinary share capital.

John Wood, Interim Chairman and CEO, commented "It is important to recognise the progress InfraStrata has made over the last year where both Arun Raman and Judith Tweed have been key to the Company's success. These long-term incentives are designed to align shareholders' and the Company's interests in retaining our key employees to deliver a successful Project over the next three years."

For further information, please visit www.infrastrataplc.com or contact:

 
 InfraStrata plc                                  c/o Newgate Communications 
  John Wood, Chief Executive & Interim             [phone] 
  Chairman 
 Allenby Capital Limited (AIM Nominated 
  Adviser & Joint Broker) 
  Jeremy Porter / Liz Kirchner                    [phone] 
 Arden Partners plc (Joint Broker) 
  Paul Shackleton / Dan Gee-Summons (Corporate 
  Finance) 
  Simon Johnson (Corporate Broking)               [phone] 
 Newgate Communications (PR) 
  Elisabeth Cowell/ Ian Silvera/ Jamie 
  Williams                                        [phone] 
 

Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them:

 
1   Details of the person discharging managerial responsibilities 
     / person closely associated 
a)  Name               Arun Suri Raman 
2   Reason for the notification 
a)  Position/status    Chief Finance Officer (PDMR) 
b)  Initial            Initial notification 
     notification 
     /Amendment 
3   Details of the issuer, emission allowance market participant, 
     auction platform, auctioneer or auction monitor 
a)  Name               InfraStrata plc 
b)  LEI                2138001JAP311MVUZ948 
4   Details of the transaction(s): section to be repeated for 
     (i) each type of instrument; (ii) each type of transaction; 
     (iii) each date; and (iv) each place where transactions 
     have been conducted 
a)  Description         Ordinary shares of 0.01p 
     of the financial    GB00B28YMP66 
     instrument, 
     type of 
     instrument 
     Identification 
     code 
b)  Nature of          Grant of options over new ordinary shares 
     the transaction 
c)  Price(s)           Price(s)  Volume(s) 
     and volume(s)      0.01p     15,000,000 
                        1.5p      15,000,000 
d)  Aggregated          n/a 
     information 
     - Aggregated 
     volume 
     - Price 
e)  Date of            15 January 2020 
     the transaction 
f)  Place of           outside of a trading venue - grant of options 
     the transaction 
 
 
1   Details of the person discharging managerial responsibilities 
     / person closely associated 
a)  Name               Judith Tweed 
2   Reason for the notification 
a)  Position/status    Director, Islandmagee Energy Limited (PDMR) 
b)  Initial            Initial notification 
     notification 
     /Amendment 
3   Details of the issuer, emission allowance market participant, 
     auction platform, auctioneer or auction monitor 
a)  Name               InfraStrata plc 
b)  LEI                2138001JAP311MVUZ948 
4   Details of the transaction(s): section to be repeated for 
     (i) each type of instrument; (ii) each type of transaction; 
     (iii) each date; and (iv) each place where transactions 
     have been conducted 
a)  Description         Ordinary shares of 0.01p 
     of the financial    GB00B28YMP66 
     instrument, 
     type of 
     instrument 
     Identification 
     code 
b)  Nature of          Grant of options over new ordinary shares 
     the transaction 
c)  Price(s)           Price(s)  Volume(s) 
     and volume(s)      0.01p     6,660,353 
                        1.5p      6,660,352 
d)  Aggregated          n/a 
     information 
     - Aggregated 
     volume 
     - Price 
e)  Date of            15 January 2020 
     the transaction 
f)  Place of           outside of a trading venue - grant of options 
     the transaction 
 

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January 16, 2020 02:00 ET (07:00 GMT)