Last checked at 
19 May 2008 10:28
Babcock & Brown Public Partnerships Ltd
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.
Review for the period
Top Ten Investments of the Group based on indicative Net Asset Value (NAV) as at:
| 16 May 2008 | 31 Dec 2007 | ||
| Investment | % | Investment | % |
| Hereford & Worcester | 10.1% | Hereford & Worcester | 12.7% |
| Strathclyde | 7.7% | Strathclyde | 9.7% |
| Northampton Schools | 7.4% | Northampton Schools | 9.3% |
| Diabolo project | 6.5% | Tower Hamlets Schools | 7.0% |
| Tower Hamlets Schools | 5.6% | BeNEX | 6.5% |
| BeNEX | 5.2% | Diabolo project | 4.6% |
| RiverCity Motorway | 3.3% | RiverCity Motorway | 4.1% |
| Orange Hospital | 3.2% | Calderdale | 3.8% |
| Calderdale | 3.0% | Norfolk | 3.6% |
| Norfolk | 2.9% | Dublin Courts | 3.1% |
Geographical location of investments as at:
| Market | 16 May 2008 | 31 Dec 2007 |
| % | % | |
| UK | 66 | 71 |
| Australia | 14 | 12 |
| Germany | 7 | 7 |
| Belgium | 9 | 5 |
| Ireland | 3 | 4 |
| Canada |
|
|
| France |
|
|
| Italy | <1 | - |
Key performance measures
| 16 May 2008 | 31 Dec 2007 | |
| Ordinary Shares | ||
| Total shareholder return since IPO to | 17.9% | 15.1% |
| Total shareholder return in period | 2.4% | - |
| Share Price | 111.25 pence | 111.50 pence |
| C Share | ||
| Share price | 101.50 | - |
For further information, please contact:
Babcock & Brown: +44 (0)20 7203 7300
Investors - Bianca Francis
Media - Anthony Kennaway
This interim management statement has been prepared solely to provide additional information to shareholders as a body to meet the relevant requirements of the UK Listing Authority's Disclosure and Transparency Rules and the interim management statement should not be relied on by any other party or for any other purpose.