Announcement re B&B Ltd updat
13 March 2009
Board Update re Babcock & Brown Ltd Announcement
The Board of Babcock & Brown Public Partnerships Limited ('BBPP' or 'the Company') has noted the announcement made in Australia overnight by Babcock & Brown Limited (BBL) that it has entered into voluntary administration. This event is not expected to impact the Company or its investment advisor.
BBL is a holding entity only and the administration does not extend to the main operating company in the Babcock & Brown Group to any of BBL's other subsidiaries or to the Company's investment advisor.
The Board of BBPP continues to monitor the performance of the investment advisor. Current performance is satisfactory and the Company's portfolio continues to perform as anticipated.
The Board has in place contingency plans to ensure the Company receives the long-term support and benefit of the existing 30-strong portfolio management team who are dedicated to the operation of BBPP regardless of any actual or possible future corporate events that may affect BBL or any of its subsidiaries. The Board is working actively to this end. Throughout this, the Board's priority remains the maintenance and enhancement of value for BBPP shareholders.
The Company also re-confirms that it has no loans with or shareholdings in Babcock & Brown or any other Babcock & Brown managed fund, and that events affecting Babcock & Brown in Australia have no implication for the strategy, direction and operation of BBPP, all of which have remained consistent since IPO.
BBPP recently advised that it will be issuing its Annual Results on 30 March 2009. The Board of BBPP expects to provide a comprehensive business update at that time.
For further information, please contact:
Babcock & Brown Public Partnerships +44 (0)20 7203 7300
Investors Bianca Francis
Media Anthony Kennaway
Kreab Gavin Anderson +44 (0) 20 7554 1400
Byron Ousey
Michael Turner
About Babcock & Brown Public Partnerships:
Babcock & Brown Public Partnerships Limited is a Guernsey incorporated company. The Company offers shareholders an exposure to investment in infrastructure assets, particularly those with a public or social character such as those developed under private finance initiative (PFI) or public private partnership (PPP) procurement. The Company floated on the main market of the London Stock Exchange on 9 November 2006 and at 30 June 2008 had a net asset backing per share of 109.5p. The Company was admitted to the FTSE AllShare and the FTSE 250 in 2008. The Company's assets are diversified geographically as well as across several PFI/PPP sectors, including roads and tunnels, rail, schools, courthouses, police and custodial facilities, government offices and health facilities. Babcock & Brown has been responsible for the development and management of the majority of these assets and through Babcock & Brown Investment Management Limited (BBIML) will continue to manage them for the benefit of BBPP.
This information is provided by RNS
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