Carillion Update

RNS Number : 6611M

International Public Partnership Ld

01 May 2018

 

CARILLION UPDATE

1 May 2018

International Public Partnerships Limited ('the Company', 'INPP'), the listed infrastructure investment company, provides an update on the impact of the collapse of Carillion plc ('Carillion') on its business and investment activities.

The Company is pleased to announce good progress with the orderly transition of responsibility for facilities management services on the 24 individual facilities (representing c.3% by investment fair value) within the Company's portfolio where subsidiaries of Carillion provided facilities management services.

Services have continued to be provided in line with contract specifications at all the affected facilities and there has been no impact on the availability of the facilities to their public sector users.  The Company through its Investment Adviser has maintained an active dialogue with all the affected users and we believe that there has been no adverse impact on public services as a result.

As at 30 April 2018 services have been transitioned to new providers at 22 facilities (representing c.3% by investment fair value).  In the case of 14 of these locations this is on a permanent basis and in the case of 8 facilities this is on an interim basis but with the expectation that the transferee will take a permanent transfer shortly.  

At the remaining 2 facilities (representing less than 1% by investment fair value) services continue to be provided via the liquidator.  At both facilities commercial terms for the transfer have been agreed but local authority consent to the transfer is awaited.  At the remaining facilities we understand that an agreement in principle has been reached for transfer but Amber Asset Management Limited are not in charge of the process.  All transfers are expected to provide for the continuation of the provision of facilities management services on no worse financial terms than those which applied prior to the collapse of Carillion

INPP reaffirms its guidance that it does not expect the costs (including any known defects remediation costs) or any loss of income to the Company associated with the collapse of Carillion to exceed £1.5m (which in NAV terms would be approximately one tenth of a penny per share) and will continue to work to reduce this number if possible.

ENDS.

For further information:

Erica Sibree                                                                        [phone]

Amber Fund Management Limited                                                         

Hugh Jonathan                                                                  [phone]

Numis Securities            

Ed Berry/Mitch Barltrop                                                  [phone]/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 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 129 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.

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.

 

END

 

 

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