InfraStrata completes £6m fundraise for acquisition of Harland and Wolff

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(Image Courtesy: Belfast Live)

InfraStrata on Monday (November 11) announced that it has successfully completed the Bookbuild for its acquisition of Harland and Wolff.

Key points:

The placing has raised £6m through the placing of Ordinary Shares through both institutional and retail investors.

The acquisition is conditional upon approval by Shareholders at the Company’s General Meeting, which is to take place on the 29th of November.

John Wood, CEO of InfraStrata has said:

“We are very pleased with the result of the placing bookbuild as this will provides us with the necessary capital to complete the acquisition of the Harland and Wolff assets.”

“The Company is now on the cusp of a transformational change. Along with the cost savings that will accrue to the Islandmagee gas storage project, this multi-purpose fabrication facility in the heart of Belfast is expected to provide multiple revenue streams. Upon completion of the acquisition, the Company will seek to enter into contracts as soon as possible with a view to kick-starting revenue generation, which will be a significant milestone in the Company’s history. We are bullish about the acquisition as it provides immediate and near-term revenue generating opportunities as well as significantly increasing the value of the Company’s balance sheet.”

Sea News, November 12

Baibhav Mishra
Author: Baibhav Mishra