Result of Open Offer and Offe

RNS Number : 1060G

International Public Partnership Ld

26 January 2010

 



THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS NOT FOR PUBLICATION, RELEASE, OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN, OR INTO, THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, SOUTH AFRICA OR ANY JURISDICTION IN WHICH THE SAME WOULD BE UNLAWFUL OR TO U.S. PERSONS. THE INFORMATION CONTAINED HEREIN DOES NOT CONSTITUTE AN OFFER OF SECURITIES FOR SALE INCLUDING IN THE UNITED STATES, AUSTRALIA, CANADA, JAPAN OR SOUTH AFRICA. 

26 January 2010

£89.3 MILLION RAISED THROUGH FIRM PLACING, OPEN OFFER AND OFFER FOR SUBSCRIPTION

RESULT OF OPEN OFFER AND OFFER FOR SUBSCRIPTION

Further to the announcement of 15 January, International Public Partnerships Limited ("INPP" or the "Company") is pleased to announce that it has raised a total of £89.3 million through the Firm Placing, Open Offer and Offer for Subscription. The Open Offer and Offer for Subscription have now closed and the Company has received valid acceptances for a total of 53,890,394 New Ordinary Shares raising gross proceeds of GBP 61.3 million. A total of 4,404,691 New Ordinary Shares were applied for under the Open Offer and 49,485,703 New Ordinary Shares were applied for under the Offer for Subscription. 

Additionally shareholders have recently approved amendments to INPP's Articles that will enable the Directors to offer a scrip dividend option, which the Directors intend to offer in respect of the next and future dividends (subject to the Directors being satisfied that this is in the best interests of INPP at the relevant time).

Commenting on the result of the Firm Placing, Open Offer and Offer for Subscription, Keith Dorrian, Chairman of INPP, said: 

"We have seen a high level of support from both existing shareholders and new investors for the share issue. The proceeds will enable us to continue the steady growth of the Company. In particular the additional capital will allow us to continue to take advantage of the exciting pipeline of assets that are being developed by Amber Infrastructure as well as to invest in market based opportunities that offer real value to shareholders." 

The Open Offer and Offer for Subscription remain conditional upon the Placing Agreement becoming unconditional in all respects and admission of the New Ordinary Shares to the Official List of the UK Listing Authority and to trading on the Main Market for listed securities of the London Stock Exchange ("Admission"). It is expected that Admission will become effective, and dealings in the New Ordinary Shares will commence, at 8.00 a.m. on 28 January 2010. 

It is expected that New Ordinary Shares issued under the Open Offer and Offer for Subscription in uncertificated form will be credited to accounts in CREST on 28 January 2010, and that definitive share certificates for the New Ordinary Shares issued in certificated form will be dispatched as soon as possible after 5 February 2010.

In accordance with the UK Listing Authority's Listing Rules, a copy of the Prospectus is available to the public for inspection at the UK Listing Authority's Document Viewing Facility which is situated at The UK Listing Authority, 25 The North Colonnade, Canary Wharf, London E14 5HS.

For further information:

Bianca Francis                            

Amber Fund Management Limited                

[phone]

[e-mail]

Nick Westlake
Numis Securities Limited    
[phone]
[e-mail]

 

END

 

 

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