International Public Partnership Ld Possible changes to Investment Advisory Agreement (3940I)
July 02 2013 - 5:27AM
UK Regulatory
TIDMINPP
RNS Number : 3940I
International Public Partnership Ld
02 July 2013
2 July 2013
Possible Changes to Investment Advisory Agreement
International Public Partnerships Limited (INPP), the FTSE 250
listed infrastructure investment company, notes recent comment
around its investment advisory agreement ("IAA") with Amber Fund
Management Limited ("Amber") and particularly the payment of
performance fees under it.
INPP confirms that it is in cooperative and helpful discussions
with Amber as to possible changes to the terms of the IAA. These
conversations are ongoing and include consideration of the
performance fee arrangements contained within the IAA.
The Board believes that under the terms of the IAA a performance
fee is due to Amber for the period 1 January 2013 to 30 June 2013.
The amount of this will be determined as part of the 2013 half year
reporting process and announced at the Company's interim results in
August. The Board's expectation is that the final determination of
the fee will be in the order of 1.0% to 1.25% of NAV.
The Board expects fees as well as other aspects of the IAA to be
the subject of the ongoing discussions with Amber and Amber have
volunteered to defer receipt of any performance fee until after the
release of the interim results in August 2013 by which time the
Board expects to have concluded the wider discussions relating to
the IAA.
INPP and Amber continue to have a strong cordial and long term
relationship.
For further information:
Amber Infrastructure
Erica Sibree +44 (0)20 7939 0558
Numis Securities
Hugh Jonathan/Nick Westlake +44 (0)20 7260 1263/1345
FTI Consulting
Ed Berry/Harry Stein +44 (0)20 7269 7297/7141
Notes to Editors:
About International Public Partnerships:
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), regulated
asset and other similar procurement methods.
Listed in 2006, INPP is a long-term investor in 122 social and
transport infrastructure projects, including schools, hospitals,
courts, police headquarters, transport and utility and transmission
projects in the U.K., Europe, Australia and Canada. INPP seeks to
provide its shareholders with both a long-term yield and capital
growth through investment across both construction and operational
phases of 25-40 year concessions.
Amber Fund Management Limited is the Investment Advisor to INPP
and consists of approximately 80 dedicated staff who manage, advise
on and originate projects for INPP.
Visit the INPP website at
www.internationalpublicpartnerships.com for more information.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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