Completion of Harland & Wolff Asset Acquisition
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" 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 £3.30 million payment to BDO LLP ("Administrators"), in line with the payment schedule outlined in the announcement dated 11 November 2019. An additional £1.45 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."
For further information, please visit www.infrastrataplc.com or contact:
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
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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