International Public Partnership Ld Further Update Regarding Exposure to Carillion Plc (0977D)
January 26 2018 - 10:00AM
UK Regulatory
TIDMINPP
RNS Number : 0977D
International Public Partnership Ld
26 January 2018
FURTHER UPDATE REGARDING EXPOSURE TO CARILLION PLC
26 January 2018
International Public Partnerships Limited ('the Company',
'INPP'), the listed infrastructure investment company, notes recent
market commentary regarding the impact of the liquidation of
Carillion plc ('Carillion').
INPP reiterates the comment made in its 15 January 2018
statement that the Company does not currently believe that the
liquidation of Carillion is likely to have any significant
valuation impact on the Company but that it will continue to
monitor and manage the situation as it evolves.
Since 15 January the Company has made good progress on the
transition of projects managed by Carillion Services Limited
('Carillion FM') to alternative providers and continues to expect
this to occur on similar terms to its existing contracts. While the
Company expects to incur modest transaction costs it does not
currently anticipate any significant consequential valuation or
cashflow impact. While such transfers are not yet completed (and
delay in or failure to complete such transfers might change this
estimate) the Company currently anticipates that the impact of
these items is likely to be less than GBP1.5m (before any offset
applicable in respect of funds held by the Company that are owed to
Carillion).
INPP advises that facilities management services are provided by
Carillion FM to c.3% (by investment fair value) of the Company's
portfolio. A GBP1.5m impact on net asset valuation equates to
approximately one tenth of a penny per share.
For further information:
Erica Sibree +44 (0)20 7939 0558
Amber Fund Management Limited
Hugh Jonathan +44 (0)20 7260 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 ('INPP') is a listed
infrastructure investment company which invests in global public
infrastructure projects developed under the public private
partnerships ('PPP'), regulated asset and other similar procurement
methods.
Listed in 2006, INPP is a long-term investor in 128 social and
transport infrastructure projects, including schools, hospitals,
courts, police headquarters, transport and utility and transmission
projects in the UK, Europe, Australia and North America.
INPP seeks to provide its shareholders with both a long-term
yield and capital growth through investment across both
construction and operational phases typically of 25-40 year
concessions.
Amber Infrastructure Group ('Amber') is the Investment Adviser
to INPP and consists over 100 dedicated staff who manage, advise on
and originate investments 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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