Interim Management Statement

RNS Number : 7491U

Babcock&Brown Public Ptnrships Ltd

19 May 2008

 



Babcock & Brown Public Partnerships Ltd

Interim Management Statement 

For the period 1 January 2008 to 16 May 2008

Babcock & Brown Public Partnerships Limited is a Guernsey incorporated closed ended investment company. The Company offers shareholders an exposure to investments in infrastructure assets, particularly those with a public or social character such as those developed under public bodies through private finance initiatives or public private partnership procurement.

Material Events in the period

On 31 January 2008, the Group finalised the acquisition of a 37.5% ownership interest in the special purpose company developing a new rail link to Brussels Airport (Diabolo project), Belgium, and a 100% interest in the special purpose company developing a new school at Maesteg, South Wales.

On 17 April 2008 the Group raised an additional £84 million (approx.) of equity through a C Share issue. These shares were listed on the London Stock Exchange (BBPC.L) on 22 April 2008 at an issue price of 100.00 pence per share. As at 16 May 2008 the C Shares are currently trading at 101.50 pence per share.

The C Shares will be converted to Ordinary Shares at the earlier of such date on which 80 per cent of the proceeds from the C Share issue have been invested in accordance with the Company's investment policy; or six months after the admission of the C Shares to the London Stock Exchange.  As at 16 May 2008 approximately £50 million (60%) of the C Share proceeds had been invested in the following assets:

23 April 2008 - the Group acquired:

• 100% of the Orange Hospital project in New South Wales, Australia;

• 24% interest in the Brescia Hospital project in Italy;

• interests in subordinated debt in eight NHS LIFT development projects; and

• a further 27.5 % interest in the Diabolo project in Belgium.

8 May 2008 - the Group acquired 50% of the private sector interest in East London LIFT

On 8 May 2008 the Group agreed a £100 million debt facility. This facility will provide access to funding at short notice allowing the Group greater flexibility in closing investment opportunities. The Group has not drawn from this facility to-date.

The interim dividend of 2.625 pence per share was paid on 2 May 2008. This was for the period 1 July to 31 December 2007.

Review for the period

Top Ten Investments of the Group based on indicative Net Asset Value (NAV) as at:

16 May 2008		31 Dec 2007
Investment	%	Investment	%
Hereford & Worcester	10.1%	Hereford & Worcester	12.7%
Strathclyde	7.7%	Strathclyde	9.7%
Northampton Schools	7.4%	Northampton Schools	9.3%
Diabolo project	6.5%	Tower Hamlets Schools	7.0%
Tower Hamlets Schools	5.6%	BeNEX	6.5%
BeNEX	5.2%	Diabolo project	4.6%
RiverCity Motorway	3.3%	RiverCity Motorway	4.1%
Orange Hospital	3.2%	Calderdale	3.8%
Calderdale	3.0%	Norfolk	3.6%
Norfolk	2.9%	Dublin Courts	3.1%

Geographical location of investments as at:

Market	16 May 2008	31 Dec 2007
	%	%
UK	66	71
Australia	14	12
Germany	7	7
Belgium	9	5
Ireland	3	4
Canada	<1	<1
France	<1	<1
Italy	<1	-

Key performance measures

	16 May 2008	31 Dec 2007
Ordinary Shares
Total shareholder return since IPO to	17.9%	15.1%
Total shareholder return in period	2.4%	-
Share Price	111.25 pence	111.50 pence
C Share
Share price	101.50	-

For further information, please contact:

Babcock & Brown:            [phone]

Investors     - Bianca Francis     

Media         - Anthony Kennaway     

This interim management statement has been prepared solely to provide additional information to shareholders as a body to meet the relevant requirements of the UK Listing Authority's Disclosure and Transparency Rules and the interim management statement should not be relied on by any other party or for any other purpose.

 

END

 

 

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