Harland and Wolff buyer InfraStrata raises £6m for deal
The company which had agreed to buy Belfast shipyard Harland & Wolff has announced it has raised the £6m needed for the deal.
InfraStrata paid a £500,000 deposit at the start of October but missed a "soft" target of November 1 to pay £3.3m.
The UK-based energy firm raised £6m after announcing a Bookbuild, a process through which a company generates, captures and records investor demand when raising capital, at 7am on Monday.
The money was raised after the company sold ordinary shares to both institutional and retail investors.
The acquisition of Harland and Wolff is still conditional upon approval by shareholders at InfraStrata’s general meeting, which is to take place on November 29.
John Wood, CEO of InfraStrata 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.
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“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.”
A total of 120 jobs were put at risk when Harland and Wolff went into administration in August after the collapse of its Norwegian parent company.
Workers staged a sit-in protest at the shipyard for weeks as part of a campaign to save one of Northern Ireland’s biggest names in industry.
Their campaign was brought to an end when InfraStrata announced it would buy it for £6m last month.
InfraStrata is focused on the development and commercialisation of advanced high-value energy infrastructure projects across the world.
Belfast Telegraph Digital