TIDMINPP
RNS Number : 7136H
International Public Partnership Ld
18 March 2015
THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS NOT
FOR PUBLICATION, RELEASE, OR DISTRIBUTION, DIRECTLY OR INDIRECTLY,
IN, OR INTO, THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, SOUTH
AFRICA OR ANY JURISDICTION IN WHICH THE SAME WOULD BE UNLAWFUL OR
TO U.S. PERSONS. THE INFORMATION CONTAINED HEREIN DOES NOT
CONSTITUTE AN OFFER OF SECURITIES FOR SALE IN ANY JURISDICTION.
International Public Partnership Ltd -
Shareholding in Investment Adviser
Opportunity to expand investment activities into the US
18 March 2015
The Board of Directors (the "Board") of International Public
Partnerships Limited (the "Company" and/or "INPP") is pleased to be
informed by Amber Fund Management Limited ("AFML" or the
"Investment Adviser") that Hunt Companies, Inc, ("Hunt") a
private-owned US corporation with similar activities to those of
the Amber group of companies ("Amber"), has agreed to take up an
investment in AFML's ultimate parent company.*
The Company believes that this is an exciting and
forward-looking transaction with an experienced and
well-established partner who benefits from strong links to the
public sector in the United States.
As part of the agreement, Hunt will acquire a 50% economic
interest in Amber with the remaining shares in Amber continuing to
be held by existing management shareholders. The terms of the
transaction between Amber management and Hunt are intended to
create long-term alignment, prohibiting any sale of shares by
either Hunt or Amber management for at least four years. The
Company will continue to operate and interact with the Investment
Adviser as normal, and there will be no changes to management
personnel within Amber. In addition the Investment Adviser will
continue to hold its c.8 million shares (c.1%) interest in the
Company.
As part of this transaction, the Company has been granted a
'first look' over investment opportunities in the United States
which meet the Company's investment criteria. The United States is
widely seen as one of the largest growth markets for infrastructure
investment. This agreement is on similar terms to the Company's
existing agreement with AFML and provides that Hunt will present
details to AFML (and hence the Company) of opportunities (including
those which it disposes of itself) which are consistent with the
Company's current investment portfolio (essentially PPP-type
transactions similar to those owned by the Company already).
Commenting on the announcement, Chairman of INPP, Rupert Dorey
said: "We are pleased to have got to know the Hunt Group of
Companies. They are significant participants in public sector
infrastructure in the US which is seen by the Company as a
significant growth market for infrastructure investment in the
medium term. We are pleased to have extended our right of first
look agreement with them and are optimistic that as a result we
will see an enhanced flow of attractive investment opportunities
from North America in future years. The transaction is a logical
development for Amber and we are confident that our relationship
with the Investment Adviser will benefit from this change."
Commenting on the announcement, Chief Executive of Amber, Giles
Frost said: "The US is the biggest infrastructure market in the
developed world. We have long said that we will only make progress
in that market with a strong experienced local partner. Hunt and
Amber have a very similar outlook and range of experience, not only
in infrastructure but also in other activities such as renewables
and property. The Amber management team is fully committed to
continuing to serve INPP into the future and to increase the range
and quality of infrastructure opportunities that we originate as
markets develop."
* The transaction is subject to FCA approval.
For further information:
Erica Sibree +44 (0)20 7939 0558
Amber Fund Management Limited
Nick Westlake/Hugh Jonathan (Corporate) +44 (0)20 7260 1345/1263
Numis Securities
Ed Berry/Mitch Barltrop +44 (0) 20 3727 1046/1039
FTI Consulting
Notes to Editors:
About International Public Partnerships
International Public Partnerships Limited (INPP) is a listed
infrastructure investment company which invests in global public
infrastructure projects developed under the public private
partnerships (PPP) and private finance initiative (PFI) procurement
methods.
Listed in 2006, INPP is a long-term investor in 112 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 20-40 year concessions.
Visit the INPP website at
www.internationalpublicpartnerships.com for more information.
About Amber Infrastructure Group
Amber Infrastructure Group (Amber) is a leading international
infrastructure specialist, providing asset management and
investment advisory services in respect of over GBP5 billion of
assets in the UK, Europe, Australia and Canada.
Amber's core business focuses on sourcing, developing, advising
on, investing in and managing infrastructure assets within the
utilities, PPP, transport, renewable energy and regeneration
sectors.
Amber provides investment advisory services to International
Public Partnerships Limited as well as private investment funds,
specialising in urban regeneration.
Amber is headquartered in London with offices in Munich, Sydney,
Melbourne and San Francisco and employs approximately 80 people,
making it one of the largest international infrastructure
specialists.
Visit the Amber website at www.amberinfrastructure.com for more
information.
About the Hunt Group of Companies
Hunt Companies, Inc. is a privately-owned company dedicated to
building value through the development, investment, management and
financing of real assets. The Hunt Companies have a net asset value
in excess of $1 billion and over $25 billion of assets under
management. The companies have more than 1,200 direct employees
across the U.S. and elsewhere.
Hunt is active in development, construction, financing, and
management of public-private partnership initiatives at the
federal, state, and local levels. Hunt's aim is to integrate
operating expertise and investment capital to help its public
sector partners find solutions for their infrastructure
challenges.
Hunt has over a long period focused on key areas of
public-private partnerships, multifamily housing, military housing,
community development, commercial and mixed-use development, land
development, real asset investment management and property/asset
management.
Visit the Hunt website at www.huntcompanies.com for more
information.
The Infrastructure Opportunity in the United States
The infrastructure market in the United States is very
significant in size. As with PPP markets in other developed
countries the projected growth is anticipated to be delivered
partly as a consequence of the need for infrastructure renewal and
partly because of changes in demographics and the future shape of
public services. Moody's Investor Services stated in October 2014
"Given the sheer size of its infrastructure and growing urban
population the US has the potential of becoming the largest market
for public private partnerships in the world".
Some 33 of the individual states have enacted legal authority to
transact public private partnership (PPP/P3) projects and
availability based payment schemes (which match the Company's
preferred form of project) have increasingly become the norm.
Many US P3 projects have to date been in the transport sector
but the accommodation sector is predicted to offer significant
growth over future years with a number of states now active in
procuring accommodation based PPP projects similar to those
invested in by the Company. In January 2015, President Obama
announced plans for new federal government incentives to promote
greater private sector investment in infrastructure including
tax-exempt Qualified Public Infrastructure Bonds. In 2014 KPMG
estimated the historic size of the US P3 market as being around
$8.5 billion per annum with a future forecast of $12.5 billion per
annum. In contrast their future forecast for the UK market was only
$1.7 billion per annum.
Important Information:
This Announcement has been issued by and is the sole
responsibility of the Company.
No representation or warranty express or implied, is or will be
made as to, or in relation to, and no responsibility or liability
is or will be accepted by Numis or by any of its respective
affiliates or agents as to or in relation to, the accuracy or
completeness of this Announcement or any other written or oral
information made available to or publicly available to any
interested party or its advisers, and any liability therefore is
expressly disclaimed.
Neither this Announcement nor anything contained herein shall
form the basis of, or be relied upon in connection with, any offer
or commitment whatsoever in any jurisdiction.
This Announcement and the information contained herein is not
for publication, release or distribution, directly or indirectly,
in or into the United States, Australia, Canada, Japan or South
Africa or any jurisdiction in which the same would be unlawful.
This Announcement does not constitute an offer to sell or issue or
the solicitation of an offer to buy or acquire shares in the
capital of the Company.
The Shares have not been, or will not be, registered under the
U.S. Securities Act of 1933, as amended (the "Securities Act") or
with any securities regulatory authority of any State or other
jurisdiction of the United States, and accordingly may not be
offered, sold or transferred within the United States except
pursuant to an exemption from, or in a transaction not subject to,
registration under the Securities Act. No offering of the Shares is
being made in the United States or to U.S. persons as defined in
and in accordance with Regulation S under the Securities Act ("U.S.
Persons"). The Company has not been and will not be registered
under the U.S. Investment Company Act of 1940, as amended (the
"Investment Company Act") and investors will not be entitled to the
benefits of that Act.
The Company is a non-EU AIF for the purposes of the Alternative
Investment Fund Managers Directive ("AIFMD") and has not applied
for permission to market New Ordinary Shares in any jurisdiction
other than the United Kingdom. Investors will, by bidding for New
Ordinary Shares, be deemed to have represented that it is lawful
for them to have made such a bid and to hold New Ordinary Shares
and that where required by AIFMD, they have read the information
made available by the Company under Article 23 of AIFMD. The
additional regulatory disclosures made by the Company under Article
23 of AIFMD can be found on the INPP website at
www.internationalpublicpartnerships.com/investor-information/other-publications.
Numis, which is authorised and regulated in the United Kingdom
by the Financial Services Authority, is acting for International
Public Partnerships Limited and is acting for no-one else in
connection with the Issue and will not be responsible to anyone
other than INPP for providing the protections afforded to its
clients nor for providing advice in relation to the proposed issue
or any other matter referred to herein. To the fullest extent
permitted by law recipients agree that Numis shall not have any
liability (direct or indirect) for or in connection with this
Announcement or any matters arising out of or in connection
herewith. Numis has not authorised the contents of, or any part of,
this document.
This Announcement is for information purposes only and does not
constitute an invitation to subscribe for or otherwise acquire or
dispose of securities in the Company in any jurisdiction. The
information contained in this Announcement is for background
purposes only and does not purport to be full or complete. This
Announcement does not constitute or form part of any offer to issue
or sell, or any solicitation of any offer to subscribe or purchase,
any investments nor shall it (or the fact of its distribution) form
the basis of, or be relied on in connection with, any contract
therefor.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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