SUCCESSFUL CAPITAL RAISING FOR PARTNERSHIPS UK
03/04/2001
Partnerships UK has successfully raised £45 million following H M Treasury's completion of the sale of 51 per cent of the wholly owned government company to private sector investors, James Stewart, Chief Executive of Partnerships UK announced today.
The completion of the sale, some 30 per cent over subscribed, is a clear indication that the market supports the expansion of the PPP market and has faith in Partnerships UK to develop ground breaking public private partnerships and wider market projects. The Treasury and the Scottish Executive will retain a minority shareholding of 49 per cent.
Speaking about the successful capital raising in the market, Derek Higgs, Chairman of Partnerships UK said:
"We are delighted with the result of the capital raising and with the level of interest that saw it 30 per cent oversubscribed. I particularly welcome the quality and diversity of shareholders and look forward to working with them to drive Partnerships UK's business forward.
James Stewart, Chief Executive of Partnerships UK said:
"The development phase of Partnerships UK is now complete. Partnerships UK can now deploy capital to energise the public private partnership (PPP) market and fulfil its mission to help the public sector deliver PPPs."
The large interest in the sale to qualifying investors has resulted in some scaling down of the £1m - £5m bids that were being sought. The investors represent a cross sector of the market place from banks, financial institutions and other corporates. Details are below.
NOTES TO EDITORS
1. UBS Warburg Ltd acted as financial agents to Partnerships UK. NM Rothschild & Sons Limited acted as financial adviser and Placing Agent for HM Treasury.
2. Partnerships UK was launched in June 2000 to build upon the success of the Treasury Taskforce and to provide a permanent and sustainable centre of expertise to continue the Treasury Taskforce's role in developing and expanding the Government's PPP programme. It aims to help develop and implement better and more efficient PPPs, including Wider market projects. It will do this by working with public bodies on specific PPP transactions, aiming to improve the process of planning, negotiating and completing PPPs.
3. Partnerships UK is now 51 per cent owned by the private sector and 49 per cent owned by HM Treasury and the Scottish Executive.
4. Press Enquiries to Malcolm Graves at Partnerships UK on 07785 316773
Investor
AXA Investment Managers
Prudential
Abbey National
Barclays
Royal Bank of Scotland
Bank of Scotland
Halifax
Serco
British Land
Group 4 Falck
Jarvis
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