International Public Partnership Ld Midlands Priority Schools Project Investment (5866X)
April 30 2019 - 7:22AM
UK Regulatory
TIDMINPP
RNS Number : 5866X
International Public Partnership Ld
30 April 2019
midlands prioRity schools Project investment
30 April 2019
International Public Partnerships, the listed infrastructure
investment company (the 'Company', 'INPP'), announces that it will
invest up to GBP12.4 million of additional risk capital in the
Midlands Batch Priority Schools Project ('the Project') as part of
a successful recapitalisation of the Project.
The Company has been a lender to the Project since March 2015
when its senior debt requirements were originally funded by the
Aggregator Vehicle plc (the 'Aggregator'). The Aggregator was set
up to combine lending from the European Investment Bank (46%),
Aviva Annuity UK Limited (46%) and the Company (8%) to fund five
batches of new schools making up the Priority Schools Programme
sponsored by the Department for Education.
Members of the Carillion Group were one of the original equity
sponsors to the Project, and also provided construction and
facilities management services to it. As reported on 8 September
2018, at the time of Carillion plc's liquidation, a sports hall and
some post-completion external works at five of the eight schools in
the fourth batch had yet to be completed. All schools which are
part of the Project have remained open and continue to operate in
line with expectations.
The Company's Investment Adviser, Amber Infrastructure Group
('Amber'), has actively engaged over the last six months with its
lender partners, the Department for Education, Infrastructure and
Projects Authority (IPA), the replacement facilities management
service partner and the affected schools to resolve the outstanding
works. As a result, the Company has agreed with the other
Aggregator lenders, the Department for Education, IPA, and other
stakeholders to make the investment needed to fund the project to
complete the works, remedy defects and finance its operations. A
new construction partner will be appointed as part of the
restructure and recapitalisation with completion of outstanding
works due by the end of 2019.
The additional investment is being made on commercial terms and
is projected to provide returns in line with similar investments in
the Company's portfolio. The completion of the outstanding works
will also result in an improved environment for all of the teaching
staff and students at the affected schools and is expected to place
the Project on a sound financial footing to deliver the services
required over the remaining 22 years of the operational
contract.
ENDS.
For further information:
Erica Sibree/Amy Joslin +44 (0)20 7939 0558/0587
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
About International Public Partnerships (INPP):
International Public Partnerships ('INPP') is a listed
infrastructure investment company which invests in global public
infrastructure projects and businesses, which meets societal and
environmental needs, both now, and into the future.
INPP is a responsible, long-term investor in 130 infrastructure
projects and businesses, including utility and transport
businesses, transmission projects, schools, courts and police
headquarters in the UK, Europe, Australia and North America. INPP
seeks to provide its shareholders with both a long-term yield and
capital growth.
Amber Infrastructure Group ('Amber') is the Investment Adviser
to INPP and consists over 120 staff who are responsible for the
management of, advice on and origination of infrastructure
investments.
Visit the INPP website at
www.internationalpublicpartnerships.com for more information.
Important information
This announcement contains information that is inside
information for the purposes of the Market Abuse Regulation (EU)
No. 596/2014.
This announcement is an advertisement. It does not constitute a
prospectus relating to the Company and does not constitute, or form
part of, any offer or invitation to sell or issue, or any
solicitation of any offer to purchase or subscribe for, any shares
in the Company in any jurisdiction 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 or act as any inducement to enter into, any
contract therefor.
Forward-looking statements are subject to risks and
uncertainties and accordingly the Company's actual future financial
results and operational performance may differ materially from the
results and performance expressed in, or implied by, the
statements. These forward-looking statements speak only as at the
date of this announcement. The Company, Amber and Numis Securities
expressly disclaim any obligation or undertaking to update or
revise any forward-looking statements contained herein to reflect
actual results or any change in the assumptions, conditions or
circumstances on which any such statements are based unless
required to do so by the Financial Services and Markets Act 2000,
the Prospectus Rules of the Financial Conduct Authority or other
applicable laws, regulations or rules.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
ACQURUARKRASOAR
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