Dividend and Pre Close Statement
International Public Partnerships Limited
Dividend and Pre Close Statement
29th December 2011
Dividend
The Board of International Public Partnerships Limited ("INPP" or the "Company") is pleased to provide indicative guidance on the Company's target 2012/13 distribution which is a target of 6.0 pence per share. Assuming this target is achieved, this would represent a 2.6% increase on the 2011 distribution, and would be the fourth consecutive year the Company has increased distributions above the 2.5% growth forecast indicated at the time of the Company's IPO in 2006.
As per previous periods, the target distribution is expected to be entirely funded through operating cash flow from the underlying projects. Assuming the target distribution is met, it is expected to be paid in two equal instalments of 3.0 pence per share for the periods 1 January 2012-30 June 2012 and 1 July 2012-31 December 2012. The distribution is expected to go ex-dividend in August 2012 and March 2013 respectively.
The Board currently intends to continue to offer a scrip dividend alternative to those investors who wish to receive additional INPP securities in lieu of a cash payment.
Note: The above distribution guidance is a target only and not a profit forecast. There can be no assurance that this target will be met or that the Company will make any distributions whatsoever.
2012 Prospects and Future Capital Raising
The Board notes that 2011 was a very active year for INPP with over £120m of new investments made during the year into infrastructure assets meeting its investment criteria. The Board looks forward to 2012 with confidence based on the continuing good performance of its existing assets and the attractive pipeline of new infrastructure opportunities under review by its Investment Adviser both in the UK and overseas. The recent commitments to infrastructure procurement made by the UK government support this continuing strategy.
The Board continues to review the capital position of the Company against its likely investment opportunities and believes that if the opportunities currently under consideration come to fruition, as anticipated, that it is likely to be beneficial to seek additional capital from both shareholders and new investors by way of an equity capital raise in 2012. Further announcements will be made at the appropriate time once details are confirmed.
End
For further information:
Erica Sibree +44 (0)20 7939 0558
Amber Fund Management Limited
Nick Westlake/Hugh Jonathan +44 (0)20 7260 1345/1263
Numis Securities
Ed Gascoigne-Pees/Ed Berry +44 (0)20 7269 7132/7297
FTI Consulting
Notes to Editors:
About International Public Partnerships (INPP):
International Public Partnerships Limited (INPP) is a listed infrastructure investment company which invests in global public infrastructure projects developed under the public private partnerships (PPP) and private finance initiative (PFI) procurement methods.
Listed in 2006, INPP is a long-term investor in 110 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.
Visit the INPP website at www.internationalpublicpartnerships.com for more information.
This 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 should not be relied on by any other party or for any other purpose.
Forward-looking statements are not guarantees of future performance. The Company's actual investment performance, results of operations, financial condition, liquidity, distribution policy and the development of its financing strategies may differ materially from the impression created by the forward-looking statements contained in this document. Subject to their legal and regulatory obligations, International Public Partnerships and its Investment Advisor expressly disclaim any obligations to update or revise any forward-looking statement contained herein to reflect any change in expectations with regard thereto or any change in events, conditions or circumstances on which any statement is based.
This information is provided by RNS
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