International Public Partnership Ld INPP Completes Deferred Acquisition in Cadent (8524D)
June 28 2019 - 7:07AM
UK Regulatory
TIDMINPP
RNS Number : 8524D
International Public Partnership Ld
28 June 2019
INPP COMPLETES DEFERRED ACQUISITION IN CADENT
28 June 2019
International Public Partnerships Limited, the listed
infrastructure investment company ('the Company', 'INPP') notes
that the Quadgas Consortium ('the Consortium'), of which INPP is a
member has completed its full acquisition of the Cadent gas
distribution network ('Cadent').
This follows the announcement at the time of the original
acquisition (March 2017) that the Consortium had entered into a
deferred agreement to acquire an additional 14% stake of Cadent and
that made in May 2018 that a further deferred agreement for the
residual 25% shareholding in Cadent had also been entered into by
the Consortium. As a result, the Company has now made its
previously anticipated further investment of c.GBP155 million to
complete these acquisitions.
In aggregate, the Company now holds a 7.25% ownership interest
in Cadent giving it the permanent right to appoint a board
director. This has been the Company's long-term target level of
shareholding in the Cadent business. Cadent supplies gas to
approximately 50% of the UK population through its monopoly
ownership of its gas distribution network. Key attributes of the
investment for the Company continue to include:
-- Predictable long-term low volatility cash flows;
-- The long life of the investment;
-- Strong levels of inflation linkage; and
-- The fact that Cadent's revenues are not dependent on
commodity or demand risk and are insulated from market
volatility.
The Company has funded the investment into Cadent by utilising
its existing capital cash reserves and by drawing on its GBP400
million corporate debt facility. Following this investment, the
corporate debt facility will be net c.GBP115 million drawn leaving
c.GBP285m currently undrawn and available for further
investment.
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.
This information is provided by RNS, the news service of the
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contact rns@lseg.com or visit www.rns.com.
END
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