PUK was established as a public private partnership with 51% private sector equity ownership and the balance owned by HM Treasury

Shareholding - Private Sector

Bank of Scotland Corporate
(Uberior Infrastructure Investments (No 3) Limited) 8.8%

The Prudential Assurance Company Ltd 8.8%

Abbey National Treasury Services plc 6.7%

Sun Life Assurance Society plc
(HSBC Global Nominees (UK) Limited) 6.7%

Barclays Industrial Investments Ltd 6.1%

The Royal Bank of Scotland plc 6.1%

Serco Ltd 3.3%

Global Solutions Limited 2.2%

The British Land Company plc
(Boldswitch Ltd) 2.2%

Shareholding - Public Sector

HM Treasury 44.6%

The Scottish Ministers 4.4%

Raising Capital to Support Projects

PUK has raised capital of c.£45m from its shareholders, largely by way of loan stock. This capital is used and remains available for investment by PUK to support projects, programmes and new business in line with the public sector mission.

PUK reinvests any surpluses in the business. We have had a policy of not paying any dividend to shareholders, unless there are special circumstances. Through their investment shareholders have contributed to the development of an effective PPP market in which they can participate alongside others. Shareholders are paid a fixed coupon on their loan stock.