Last checked at 3 Nov 2009 07:00
| Date: | 03 November 2009 |
| On behalf of: | Infrastructure India plc ("IIP" or the "Company") |
| Embargoed until: | 0700hrs |
Infrastructure India plc
Appointment of Asset Adviser and update on Investment Adviser
Further to the announcement on 29 October 2009 in relation to the establishment of a proposed corporate alliance (the "Corporate Alliance"), the Board of IIP today announces the formal appointment of Akur Partners LLP ("Akur") as the Company's retained asset adviser.
Akur will assist the Board in the development of the Company's corporate strategy and most immediately will assist with the implementation of the proposed Corporate Alliance.
The Company announces that it has also received notification from IIP's existing Investment Adviser, Bloomsbury Asset Management Advisors ("BAMA") of certain key staff resignations.
Shareholders of IIP will recall that on 26 February 2009, in order to create a more streamlined group structure, the Company announced an agreement with the board of BAMA, subject to shareholder approval, to acquire BAMA. This transaction was not in the event concluded and BAMA remains wholly independent of and separate from IIP.
Under the Investment Adviser Agreement (the "IAA") entered into between Infrastructure India HoldCo, a subsidiary of the Company, and BAMA, BAMA now has a period of time in which to nominate appropriately skilled replacements for those employees who have resigned each of whom must meet with the specific approval of Infrastructure India HoldCo. If such persons are not nominated or do not meet with the specific approval of Infrastructure India HoldCo, then the IAA will terminate. At the time of this announcement, no indication has been provided to the Company that BAMA intends to offer such nominations.
Accordingly, the Board has asked Akur to ensure the Company has access to services equivalent to those contained in the IAA and Akur has confirmed it is able to do so.
The Company's interim results for the period to 30 September 2009 will be published later this month and will contain an update of the continuing positive progress being achieved. Separately, a further announcement with respect to the proposed Corporate Alliance will be made in due course.
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Enquiries:
| Infrastructure India plc | www.iiplc.com |
| Rupert Cottrell | Via Redleaf Communications |
| Akur Partners LLP | 020 7955 1513 |
| Andrew Dawber / Anthony Richardson | |
| Smith & Williamson | 020 7131 4000 |
| Azhic Basirov / Siobhan Sergeant | |
| Redleaf Communications | 020 7566 6700 |
| Emma Kane / Samantha Robbins / Henry Columbine | iif@redleafpr.com |
Notes to Editors:
Akur Partners LLP ("Akur") is an independent strategic and financial advisory firm with experience of infrastructure and renewable energy projects in the UK and in emerging markets. Members of the Akur team advised on the original formation of IIP and previously led the establishment and successful IPO of The PFI Infrastructure Company plc, the first public market closed ended infrastructure fund in the UK.