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19.05.08 Interim Management Statement
last modified
2008-05-19 13:34
Not for publication, release or distribution in whole or in part in Canada, Japan or the United States
19 May 2008
Babcock & Brown Public Partnerships Limited
(Incorporated in Guernsey with registered number 45241)
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.
For a full copy of the press release, please click here