21 May 2012 07:00
21 May 2012
PME African Infrastructure Opportunities plc
("PME" or the "Company")
(AIM: PMEA.L; PMEW.L)
Update on PME Locomotives
The board of PME (the "Board") has been advised that two of the General Electric C30 locomotives owned by PME Locomotives (Mauritius) Limited ("PME Locomotives") and leased to Sheltam Holdings (Pty) Limited ("Sheltam") have been involved in a major accident in the Tete province of Mozambique. The Board is pleased to report that there were no serious injuries but initial reports suggest that both locomotives have sustained substantial damage.
The locomotives are currently leased out to a Sheltam client in Mozambique. Sheltam executives are travelling to the accident site this week with the insurance assessors in order to assess the damage and determine the best course of action in relation the locomotives.
While PME has yet to receive confirmation of the exact impact of the accident, the Board believes that, with the contractual and insurance arrangements currently in place, there should be minimal financial effect on the Company. If this position changes, materially, the Company will provide a further update.
For further information please contact:
PME Infrastructure Managers Limited | James Peggie | +44 20 7499 1957 |
Smith & Williamson Corporate Finance Limited | Azhic Basirov / Siobhan Sergeant | +44 20 7131 4000 |
Oriel Securities Limited | Joe Winkley / Neil Winward | +44 20 7710 7600 |