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InfraStrata agrees contract for the purchase of Harland and Wolff’s assets

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LNG Industry,


InfraStrata has agreed a conditional contract for the purchase of assets of the former Harland and Wolff Heavy Industries Ltd. and Harland and Wolff Group Plc.

In conjunction, it has launched a fundraise of up to £6 million to fund the £5.25 million consideration.

Highlights:

  • This agreement marks a significant milestone toward the completion of the acquisition.
  • The acquisition will bring in-house a large part of the engineering and fabrication requirements for the company’s Islandmagee Gas Storage Project and proposed FSRU project.
  • 100% of the 79 employees will be retained immediately following completion of the fundraise and the subsequent General Meeting to approve the raise.
  • The board intends to make an open offer to shareholders to allow private investors to subscribe at the same price as institutions.
  • Directors have indicated that they intend to participate.
  • The book will close on 11 November.

Read the article online at: https://www.lngindustry.com/floating-lng/11112019/infrastrata-agrees-contract-for-the-purchase-of-harland-and-wolffs-assets/

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