TIDMINPP
RNS Number : 8885E
International Public Partnership Ld
07 June 2012
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN
PART, DIRECTLY OR INDIRECTLY, TO US PERSONS OR IN OR INTO THE
UNITED STATES, OR INTO OR FROM CANADA, AUSTRALIA, JAPAN OR THE
REPUBLIC OF SOUTH AFRICA.
Successful Completion and Opening of Northern Diabolo
Project
7 June 2012
International Public Partnerships ("INPP" or "the Company"), the
FTSE 250 listed infrastructure investment company which invests in
global public infrastructure projects developed under the public
private partnerships (PPP), private finance initiative (PFI) and
other similar procurement methods, today announces the official
opening of the Northern Diabolo Project, the Company's largest
asset.
The Belgium based project, which will provide greater rail
access to Brussels airport is being opened today by King Albert II
of Belgium. The five year project included the construction of a
new tunnelled rail connection under the airport runway to link the
airport to the new Brussels - Antwerp High Speed rail line.
Financial close was reached on the project in September 2007,
and construction work finished on time and on budget on 25 February
2012. INPP's concession term lasts for 35 years.
Northern Diabolo Project is INPP's largest asset, representing
approximately 12% of INPP's Net Asset Value (NAV). INPP holds a 75%
stake in the Northern Diabolo Project, with consortium partners HSH
Nordbank, via its investment company Feronia GmbH, holding the
remaining (25%).
In common with other assets owned by INPP, the value of INPP's
investment in the Diabolo project may (other factors being equal)
be reviewed provided that the transition from the construction
phase to the operational phase of the project continues to progress
smoothly. To the extent they materialise, any such valuation
effects can be expected to be realised over the next 12 to 18
months.
Following completion of the Diabolo construction works the
portion of the INPP portfolio remaining in the construction phase
reduces from approximately 24% to approximately 12%.
INPP is delighted to recognise the contribution made to the
project by Infrabel (its Belgian state-owned client).
INPP is currently conducting an Open Offer, Offer for
Subscription and Placing targeting the raising of a further GBP180m
of capital to invest in a pipeline of further investments of which
more details can be found in the prospectus available from the
Company's website at www.internationalpublicpartnerships.com or in
the National Storage Mechanism of the Financial Services Authority
at www.morningstar.co.uk/uk/NSM (the "Prospectus")
Keith Dorrian, Chairman of International Public Partnerships
commented; "We're delighted to have reached this significant
milestone on one of our flagship assets. Northern Diabolo will
greatly enhance the road and rail access to and from Brussels
Airport and benefit thousands of international and local users
every year. The hard work and commitment shown by the international
consortium and government partners has enabled the project to be
delivered smoothly and we look forward to operating the asset for
the next thirty plus years."
IMPORTANT INFORMATION
This document is an advertisement for the purposes of Prospectus
Rule 3.3 and Article 34 of Commission Regulation (EC) No. 809/2004
and is not a prospectus for the purposes of EU Directive 2003/71/EC
and/or Part IV of the Financial Services and Markets Act 2000. This
document does not constitute or form part of, and should not be
construed as, any offer for sale or subscription of, or
solicitation of any offer to buy or subscribe for, any shares in
the Company or securities in any other entity, in any jurisdiction,
including the United States, nor shall it, or any part of it, or
the fact of its distribution, form the basis of, or be relied on in
connection with, any contract or investment decision whatsoever, in
any jurisdiction. No information set out in this document or
referred to in other written or oral information is intended to
form the basis of any contract of sale, investment decision or any
decision to purchase any securities in the Company. This document
does not constitute a recommendation regarding any securities.
An investment decision must be made solely on the basis of the
prospectus published by the Company on 24 May 2012. Copies of the
prospectus may be obtained, subject to applicable law, at no cost
from the registered office of the Company and are available for
viewing online on the Company's website
(http://www.internationalpublicpartnerships.com) or at the National
Storage Mechanism (http://www.morningstar.co.uk/uk/NSM).
Prospective investors must read the Prospectus in full,
including the section entitled "Risk Factors" which sets out the
risks relating to the Company and the Ordinary Shares. An
investment in the Company is suitable only for investors who are
capable of evaluating the risks and merits of such investment; who
understand the potential risk of capital loss and that there may be
limited liquidity in the underlying investments of the Company; for
whom an investment in the Ordinary Shares constitutes part of a
diversified investment portfolio; who fully understand and are
willing to assume the risks involved in investing in the Company;
and who have sufficient resources to bear any loss (which may be
equal to the amount invested) which might result from such
investment.
Investors should consult their stockbroker, bank manager,
solicitor, accountant or other independent financial adviser before
making an investment in the Company.
The market value of the Ordinary Shares can fluctuate, and they
are designed to be held over the long-term and may not be suitable
as short-term investments. There is no guarantee that any
appreciation in the value of the Company's investments will occur
and investors may not get back the full value of their investment.
There is no guarantee that the market value of the new Ordinary
Shares will reflect the underlying net asset value of such new
Ordinary Shares.
Any investment objectives of the Company are targets only and
should not be treated as assurances or guarantees of performance.
The past performance of the Company and/or other investments
managed and monitored by Amber, its predecessors, the Amber
Infrastructure team or their respective associates is not a
reliable indication of the future performance of the investments
held by the Group (as defined in the Prospectus). The success of
the Group will depend on the skill and expertise of the Amber
Infrastructure team in identifying, selecting and developing
appropriate investments. There is no guarantee that suitable
further investments will be available following admission or that
any investment will be successful. Competition for investment
opportunities may result in increased purchase prices and/or
reduced returns.
This document is not for release, publication or distribution
(directly or indirectly) in or into the United States, Canada,
Australia, Japan or the Republic of South Africa to any "US person"
as defined in Regulation S under the United States Securities Act
of 1933, as amended (the "Securities Act") or into any other
jurisdiction where applicable laws prohibit its release,
distribution or publication. It does not constitute an offer of
securities for sale anywhere in the world, including in or into the
United States, Canada, Australia, Japan or the Republic of South
Africa. The distribution of this document may in certain
jurisdictions be restricted by law. No recipient may distribute, or
make available, this document (directly or indirectly) to any other
person. Recipients of this document in jurisdictions outside the UK
should inform themselves about and observe any applicable legal
requirements in their jurisdictions.
The Ordinary Shares have not been and will not be registered
under the Securities Act or with any securities regulatory
authority of any state or other jurisdiction of the United States
and, subject to certain exceptions, may not be offered or sold
within the United States or to, or for the account or benefit of,
US Persons. The Company is not and will not be registered as an
"investment company" under the Investment Company Act of 1940, and
investors will not be entitled to the benefits of that Act. In
addition, relevant clearances have not been, and will not be,
obtained from the securities commission (or equivalent) of any
province of Australia, Canada, Japan or the Republic of South
Africa and, accordingly, unless an exemption under any relevant
legislation or regulations is applicable, none of the Ordinary
Shares may be offered, sold, transferred or delivered, directly or
indirectly, in Australia, Canada, Japan or the Republic of South
Africa.
The information contained in this document is given at the date
of its publication (unless otherwise marked). No reliance may be
placed for any purpose whatsoever on the information of opinions
contained in this document or on its completeness, accuracy or
fairness. This document has not been approved by any competent
regulatory or supervisory authority.
The contents of this document, which have been prepared by and
are the sole responsibility of INPP, have been approved by AFML
solely for the purposes of section 21(2)(b) of the Financial
Services and Markets Act 2000. AFML, which is authorised and
regulated in the United Kingdom by the Financial Services
Authority, is acting for the Company and no-one else in connection
with the offering of securities by the Company and will not be
responsible to anyone other than the Company for providing the
protections afforded to customers of AFML (as relevant) and/ or for
providing advice in relation to the offer of securities by the
Company.
Numis Securities Limited ("Numis") is acting for INPP as
sponsor, corporate broker, financial adviser and joint bookrunner
and Barclays Bank plc ("Barclays") is acting as joint bookrunner
for INPP in relation to the proposed issue. To the fullest extent
permitted by law recipients agree that neither Numis nor Barclays
shall have any liability whatsoever (whether in negligence or
otherwise) arising directly or indirectly from the use of this
document and no representation, warranty or undertaking, express or
implied, is or will be made by Numis or Barclays or any of their
respective directors, officers, employees, advisers,
representatives or other agents for any information or any of the
opinions contained herein or for any errors, omissions or
misstatements. Neither Numis nor Barclays are acting for anyone
else and will not be responsible to anyone other than INPP for
providing the protections afforded to their respective clients nor
for providing advice in relation to the offer of securities by the
Company or any other matter referred to herein or any matters
arising out of or in connection herewith. Neither Numis nor
Barclays has verified or authorised the contents of, or any part
of, this document.
End
For further information:
Erica Sibree +44 (0)20 7939 0558
Amber Fund Management Limited
Nick Westlake/Hugh Jonathan +44 (0)20 7260 1345/1263
Numis Securities
Ed Berry/Harry Stein +44(0)2072697297/7141 FTI Consulting
About International Public Partnerships (INPP):
International Public Partnerships (INPP) is a listed
infrastructure investment company which invests in global public
infrastructure projects developed under the public private
partnerships (PPP), private finance initiative (PFI) and other
similar procurement methods.
Listed in 2006, INPP is a long-term investor in 119 social and
transport infrastructure projects, including schools, hospitals,
courts, police headquarters, transport and renewable energy
projects in the U.K., Europe, Australia and Canada. INPP seeks to
provide its shareholders with both a long-term government-backed
yield and capital growth through investment across both
construction and operational phases of 25-40 year concessions.
Amber Infrastructure Group (Amber) is the Investment Advisor to
INPP and consists of more than 60 dedicated infrastructure
specialists which originate and source a strong pipeline of
projects for INPP.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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