The UK-based InfraStrata has opened a share sale to raise a minimum of GBP 6 million to finalize the purchase of Harland and Wolff from administrator BDO NI.
InfraStrata revealed it is seeking to raise the amount through a placing of new Ordinary Shares by way of an accelerated bookbuild at 0.3 pence per share.
The proceeds will be used to finance the acquisition of the principal assets of Harland and Wolff, repay and/or restructure a bridging loan, progress the Islandmagee Gas Storage Project and for general working capital purposes.
According to the company, the executive directors are planning to subscribe for an aggregate amount of approximately GBP 20,000.
InfraStrata hopes to complete the acquisition by 5 December. If this is not the case, there is an option to finalize the purchase by 7 January 2020 by paying GBP 600,000 to fund the maintenance costs of the assets for the period of 1 December until the longstop date.
To remind, InfraStrata revealed at the beginning of October that it had entered into an agreement to purchase the principal assets of Harland and Wolff Heavy Industries Ltd and Harland and Wolff Group Plc.
The company will take over a multi-purpose fabrication facility, quaysides and docking facilities in the port of Belfast, Northern Ireland, as well as all plant machinery, equipment and industrial and intellectual property.