InfraStrata plc (AIM: INFA) is a London Stock Exchange-listed firm focused on the development and commercialisation of advanced high-value energy infrastructure projects across the globe.
InfraStrata have entered into an agreement to purchase the Harland And Wolff Heavy Industries Limited and Harland and Wolff Group Plc from the administrator for a total consideration for £6million, the purchase will save the 79 jobs that were originally at risk due to the administration of the company.
To fund the purchase InfraStrata have entered into an agreement for £2.2million with RiverFort Global Opportunities PCC arranged by RiverFort Global Capital. The loan is unsecured and interest free on the first tranche of £700,000.
The £1.5 million balance of the Loan is available for drawdown by the Company at its request as to £500,000 within two months from now at a fixed interest rate of £40,000 and £1 million at the Company’s discretion within the next 24 months at an interest rate to be agreed. The Company is under no obligation to utilise the entire Loan except for the First Draw of £700,000 in order to fund the Deposit.
On the announcement of the deal John Wood, InfraStrata’s Chief Executive said:
“Harland and Wolff is a landmark asset and its reputation as one of the finest multi-purpose fabrication facilities in Europe is testament to its highly skilled team in Belfast. This acquisition is a function of deep operational synergies between the various business segments of the Company with Harland and Wolff underpinning the construction economics of the Islandmagee Gas Storage Project and other future projects. We are delighted to be able to retain 100% of personnel who did not opt to take voluntary redundancy earlier this year.”
Julian Smith, Secretary of State for Northern Ireland said:
“I am delighted by the news that InfraStrata have purchased the Harland and Wolff shipyard and retained the skills and experience of the existing workforce. I firmly believe that the shipyard has a promising future and that InfraStrata’s plans present an exciting opportunity for both Belfast and Northern Ireland’s manufacturing and energy sectors.”