Completion and Opening of Northern Diabolo Project

RNS Number : 8885E

International Public Partnership Ld

07 June 2012

 



NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, TO US PERSONS OR IN OR INTO THE UNITED STATES, OR INTO OR FROM CANADA, AUSTRALIA, JAPAN OR THE REPUBLIC OF SOUTH AFRICA.

Successful Completion and Opening of Northern Diabolo Project

7 June 2012

International Public Partnerships ("INPP" or "the Company"), the FTSE 250 listed infrastructure investment company which invests in global public infrastructure projects developed under the public private partnerships (PPP), private finance initiative (PFI) and other similar procurement methods, today announces the official opening of the Northern Diabolo Project, the Company's largest asset. 

The Belgium based project, which will provide greater rail access to Brussels airport is being opened today by King Albert II of Belgium.  The five year project included the construction of a new tunnelled rail connection under the airport runway to link the airport to the new Brussels - Antwerp High Speed rail line.

Financial close was reached on the project in September 2007, and construction work finished on time and on budget on 25 February 2012.  INPP's concession term lasts for 35 years.

Northern Diabolo Project is INPP's largest asset, representing approximately 12% of INPP's Net Asset Value (NAV).  INPP holds a 75% stake in the Northern Diabolo Project, with consortium partners HSH Nordbank, via its investment company Feronia GmbH, holding the remaining (25%).

In common with other assets owned by INPP, the value of INPP's investment in the Diabolo project may (other factors being equal) be reviewed provided that the transition from the construction phase to the operational phase of the project continues to progress smoothly.  To the extent they materialise, any such valuation effects can be expected to be realised over the next 12 to 18 months.

Following completion of the Diabolo construction works the portion of the INPP portfolio remaining in the construction phase reduces from approximately 24% to approximately 12%. 

INPP is delighted to recognise the contribution made to the project by Infrabel (its Belgian state-owned client).

INPP is currently conducting an Open Offer, Offer for Subscription and Placing targeting the raising of a further £180m of capital to invest in a pipeline of further investments of which more details can be found in the prospectus available from the Company's website at www.internationalpublicpartnerships.com or in the National Storage Mechanism of the Financial Services Authority at www.morningstar.co.uk/uk/NSM (the "Prospectus")

Keith Dorrian, Chairman of International Public Partnerships commented; "We're delighted to have reached this significant milestone on one of our flagship assets. Northern Diabolo will greatly enhance the road and rail access to and from Brussels Airport and benefit thousands of international and local users every year. The hard work and commitment shown by the international consortium and government partners has enabled the project to be delivered smoothly and we look forward to operating the asset for the next thirty plus years."

IMPORTANT INFORMATION

This document is an advertisement for the purposes of Prospectus Rule 3.3 and Article 34 of Commission Regulation (EC) No. 809/2004 and is not a prospectus for the purposes of EU Directive 2003/71/EC and/or Part IV of the Financial Services and Markets Act 2000.  This document does not constitute or form part of, and should not be construed as, any offer for sale or subscription of, or solicitation of any offer to buy or subscribe for, any shares in the Company or securities in any other entity, in any jurisdiction, including the United States, 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, any contract or investment decision whatsoever, in any jurisdiction. No information set out in this document or referred to in other written or oral information is intended to form the basis of any contract of sale, investment decision or any decision to purchase any securities in the Company. This document does not constitute a recommendation regarding any securities.

An investment decision must be made solely on the basis of the prospectus published by the Company on 24 May 2012.  Copies of the prospectus may be obtained, subject to applicable law, at no cost from the registered office of the Company and are available for viewing online on the Company's website (http://www.internationalpublicpartnerships.com) or at the National Storage Mechanism (http://www.morningstar.co.uk/uk/NSM).

Prospective investors must read the Prospectus in full, including the section entitled "Risk Factors" which sets out the risks relating to the Company and the Ordinary Shares.  An investment in the Company is suitable only for investors who are capable of evaluating the risks and merits of such investment; who understand the potential risk of capital loss and that there may be limited liquidity in the underlying investments of the Company; for whom an investment in the Ordinary Shares constitutes part of a diversified investment portfolio; who fully understand and are willing to assume the risks involved in investing in the Company; and who have sufficient resources to bear any loss (which may be equal to the amount invested) which might result from such investment. 

Investors should consult their stockbroker, bank manager, solicitor, accountant or other independent financial adviser before making an investment in the Company. 

The market value of the Ordinary Shares can fluctuate, and they are designed to be held over the long-term and may not be suitable as short-term investments.  There is no guarantee that any appreciation in the value of the Company's investments will occur and investors may not get back the full value of their investment.  There is no guarantee that the market value of the new Ordinary Shares will reflect the underlying net asset value of such new Ordinary Shares. 

Any investment objectives of the Company are targets only and should not be treated as assurances or guarantees of performance.  The past performance of the Company and/or other investments managed and monitored by Amber, its predecessors, the Amber Infrastructure team or their respective associates is not a reliable indication of the future performance of the investments held by the Group (as defined in the Prospectus).  The success of the Group will depend on the skill and expertise of the Amber Infrastructure team in identifying, selecting and developing appropriate investments.  There is no guarantee that suitable further investments will be available following admission or that any investment will be successful.  Competition for investment opportunities may result in increased purchase prices and/or reduced returns.

This document is not for release, publication or distribution (directly or indirectly) in or into the United States, Canada, Australia, Japan or the Republic of South Africa to any "US person" as defined in Regulation S under the United States Securities Act of 1933, as amended (the "Securities Act") or into any other jurisdiction where applicable laws prohibit its release, distribution or publication. It does not constitute an offer of securities for sale anywhere in the world, including in or into the United States, Canada, Australia, Japan or the Republic of South Africa. The distribution of this document may in certain jurisdictions be restricted by law. No recipient may distribute, or make available, this document (directly or indirectly) to any other person. Recipients of this document in jurisdictions outside the UK should inform themselves about and observe any applicable legal requirements in their jurisdictions.

The Ordinary Shares have not been and will not be registered under the Securities Act or with any securities regulatory authority of any state or other jurisdiction of the United States and, subject to certain exceptions, may not be offered or sold within the United States or to, or for the account or benefit of, US Persons. The Company is not and will not be registered as an "investment company" under the Investment Company Act of 1940, and investors will not be entitled to the benefits of that Act. In addition, relevant clearances have not been, and will not be, obtained from the securities commission (or equivalent) of any province of Australia, Canada, Japan or the Republic of South Africa and, accordingly, unless an exemption under any relevant legislation or regulations is applicable, none of the Ordinary Shares may be offered, sold, transferred or delivered, directly or indirectly, in Australia, Canada, Japan or the Republic of South Africa.

The information contained in this document is given at the date of its publication (unless otherwise marked). No reliance may be placed for any purpose whatsoever on the information of opinions contained in this document or on its completeness, accuracy or fairness. This document has not been approved by any competent regulatory or supervisory authority.

The contents of this document, which have been prepared by and are the sole responsibility of INPP, have been approved by AFML solely for the purposes of section 21(2)(b) of the Financial Services and Markets Act 2000. AFML, which is authorised and regulated in the United Kingdom by the Financial Services Authority, is acting for the Company and no-one else in connection with the offering of securities by the Company and will not be responsible to anyone other than the Company for providing the protections afforded to customers of AFML (as relevant) and/ or for providing advice in relation to the offer of securities by the Company.

Numis Securities Limited ("Numis") is acting for INPP as sponsor, corporate broker, financial adviser and joint bookrunner and Barclays Bank plc ("Barclays") is acting as joint bookrunner for INPP in relation to the proposed issue.  To the fullest extent permitted by law recipients agree that neither Numis nor Barclays shall have any liability whatsoever (whether in negligence or otherwise) arising directly or indirectly from the use of this document and no representation, warranty or undertaking, express or implied, is or will be made by Numis or Barclays or any of their respective directors, officers, employees, advisers, representatives or other agents for any information or any of the opinions contained herein or for any errors, omissions or misstatements.  Neither Numis nor Barclays are acting for anyone else and will not be responsible to anyone other than INPP for providing the protections afforded to their respective clients nor for providing advice in relation to the offer of securities by the Company or any other matter referred to herein or any matters arising out of or in connection herewith. Neither Numis nor Barclays has verified or authorised the contents of, or any part of, this document.

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For further information:

Erica Sibree                                                                        [phone]

Amber Fund Management Limited                                                         

Nick Westlake/Hugh Jonathan                                  [phone]/1263

Numis Securities            

Ed Berry/Harry Stein                                                      [phone]/7141
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) and other similar procurement methods.

Listed in 2006, INPP is a long-term investor in 119 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 25-40 year concessions.

Amber Infrastructure Group (Amber) is the Investment Advisor to INPP and consists of more than 60 dedicated infrastructure specialists which originate and source a strong pipeline of projects for INPP.

 

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