Implementation of Transfer of
23 June 2009
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION
Implementation of transfer of management arrangements
An Extraordinary General Meeting of Babcock & Brown Public Partnerships Limited ('the Company') was held on 18 May 2009, at which various shareholder resolutions were passed approving: (a) the transfer of the Company's investment advisory and management arrangements from the Babcock & Brown Group to the Amber Infrastructure Group; and (b) the change of the Company's name to 'International Public Partnerships Limited'.
The Company is now pleased to advise that all procedural steps required to effect the implementation of the transfer of the management arrangements have been finalised. Accordingly, the management of the Company's operations have now been transferred to the Amber Infrastructure Group, effective as of today.
The change of Company name to 'International Public Partnerships Limited' (LSE ticker code: INPP) is expected to become effective by the end of the week following the filing of the necessary documentation with the Guernsey authorities. A further RNS announcement will be issued at that time.
Keith Dorrian, Chairman of the Company commented:
'I am delighted to confirm that all regulatory approvals and consents have now been secured. This is a great result for shareholders who will continue to receive the services and benefits of the 45-strong Amber team who have managed the portfolio since its inception and have managed the Company's operations following its listing on the London Stock Exchange in November 2006.'
Giles Frost, Director of the Company commented:
'The approval for Amber to take over the management contract of the Company ensures full continuity for all existing projects in the INPP portfolio and access to new projects identified and originated by Amber. The Amber team has one of the best track records in the industry in developing and managing PPP projects with a value in excess of £8 billion.'
For further information, please contact:
Bianca Francis +44 20 7203 7418
Chief Operating Officer
Media Enquiries:
Byron Ousey/Michael Turner +44 20 7554 1440
Kreab Gavin Anderson
Notes to Editors:
Babcock & Brown Public Partnerships (to be renamed International Public Partnerships Limited) is a closed end investment company that invests in infrastructure assets in the UK, Europe and internationally, particularly those with a public or social character such as those developed with public bodies under private finance initiative (PFI) or public private partnership (PPP) procurement.
The portfolio consists of 50 PPP/PFI projects with more than 99% of revenues backed by Governments. There is diversification geographically as well as across several PPP/PFI sectors, including roads and tunnels, railways, schools, courthouses, police and custodial facilities, government offices and health facilities. Average remaining concession life of projects in the portfolio is 25 years, against a weighted average debt tenor of 24 years, ensuring that project debt is largely matched to concession life.
Amber Infrastructure Group has been responsible for the development and management of the majority of these assets and will continue to manage them for the benefit of BBPP shareholders.
The company listed on the Main Market of the London Stock Exchange in November 2006, and is a constituent of the FTSE 250 and FTSE AllShare.
Disclaimer
Nothing in this press release is intended as an offer to sell or a solicitation of an offer to buy any securities. An investment in International Public Partnerships Limited (the 'Company') carries certain risks and past performance cannot be relied on as a guide to future performance.
This information is provided by RNS
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