Company Announcements

INPP COMPLETES DEFERRED ACQUISITION IN CADENT

28 June 2019

International Public Partnerships Limited, the listed infrastructure investment company ('the Company', 'INPP') notes that the Quadgas Consortium ('the Consortium'), of which INPP is a member has completed its full acquisition of the Cadent gas distribution network ('Cadent'). 

This follows the announcement at the time of the original acquisition (March 2017) that the Consortium had entered into a deferred agreement to acquire an additional 14% stake of Cadent and that made in May 2018 that a further deferred agreement for the residual 25% shareholding in Cadent had also been entered into by the Consortium.  As a result, the Company has now made its previously anticipated further investment of c.£155 million to complete these acquisitions. 

In aggregate, the Company now holds a 7.25% ownership interest in Cadent giving it the permanent right to appoint a board director.  This has been the Company's long-term target level of shareholding in the Cadent business.  Cadent supplies gas to approximately 50% of the UK population through its monopoly ownership of its gas distribution network.  Key attributes of the investment for the Company continue to include:

·    Predictable long-term low volatility cash flows;

·    The long life of the investment;

·    Strong levels of inflation linkage; and

·    The fact that Cadent's revenues are not dependent on commodity or demand risk and are insulated from market volatility.

The Company has funded the investment into Cadent by utilising its existing capital cash reserves and by drawing on its £400 million corporate debt facility.  Following this investment, the corporate debt facility will be net c.£115 million drawn leaving c.£285m currently undrawn and available for further investment.

ENDS.

For further information:

Erica Sibree/Amy Joslin                                                                +44 (0)20 7939 0558/0587

Amber Fund Management Limited                                                         

Hugh Jonathan                                                                               +44 (0)20 7260 1263

Numis Securities             

Ed Berry/Mitch Barltrop                                                                +44 (0) 20 3727 1046/1039
FTI Consulting

About International Public Partnerships (INPP):

International Public Partnerships ('INPP') is a listed infrastructure investment company which invests in global public infrastructure projects and businesses, which meets societal and environmental needs, both now, and into the future.

INPP is a responsible, long-term investor in 130 infrastructure projects and businesses, including utility and transport businesses, transmission projects, schools, courts and police headquarters in the UK, Europe, Australia and North America.  INPP seeks to provide its shareholders with both a long-term yield and capital growth.

Amber Infrastructure Group ('Amber') is the Investment Adviser to INPP and consists over 120 staff who are responsible for the management of, advice on and origination of infrastructure investments.

Visit the INPP website at www.internationalpublicpartnerships.com for more information.