Infrastrata PLC Advance assurance received for VCT & EIS status
January 26 2017 - 2:01AM
RNS Non-Regulatory
TIDMINFA
Infrastrata PLC
26 January 2017
26 January 2017
InfraStrata plc
("InfraStrata" or the "Company")
Advance assurance received from HM Revenue and Customs for
Venture Capital Trust Scheme and Enterprise Investment Scheme
status
The Board of InfraStrata plc (AIM:INFA), the independent gas
storage company, is pleased to announce that it has received
advance assurance from HM Revenue and Customs that it would qualify
for Venture Capital Trust Scheme ("VCT") and Enterprise Investment
Scheme ("EIS") status.
VCT and EIS qualification provides a range of tax reliefs to
certain investors in new shares of companies that meet the various
qualifying criteria. Assurance has been provided by HM Revenue and
Customs on the basis of the legislation enacted at the date of
issue of the assurance.
Commenting on the assurance, Anita Gardiner, InfraStrata's Joint
Managing Director, said: "We are pleased to have received the
advance assurance from HM Revenue and Customs. Qualifying for VCT
and EIS status enables InfraStrata to access a broader range of
potential investors and investment funds, assisting our previously
stated plans to raise further finance for the Islandmagee gas
storage project".
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."
For further information please contact:
InfraStrata plc
Stewart McGarrity, Joint Managing Director 028 9051 1415
Anita Gardiner, Joint Managing Director
Nominated Adviser and Broker - Allenby Capital Limited
Jeremy Porter / Alex Brearley / Liz Kirchner 020 3328 5656
Financial PR - Camarco
Billy Clegg / Gordon Poole 020 3757 4980
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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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