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12 July 2007
PME African Infrastructure Opportunities plc AIM IPO completed by Fairfax I.S. PLC
Fairfax I.S. PLC is pleased to announce the commencement of trading of ordinary shares and warrants in PME African Infrastructure Opportunities plc (“the Company”) on AIM following the successful placing by US$180.45 million (before expenses). The ordinary shares will trade on AIM under the RIC code 'PMEA' and the warrants will trade under the RIC code 'PMEW' from 8:00am today.Fairfax acted as broker to the company.
The Company is a newly incorporated Isle of Man company with an investment objective to achieve significant total return to investors through investing in various infrastructure projects and related opportunities across a range of countries in sub-Saharan Africa.
The Company's investment strategy is to identify infrastructure opportunities across the region and the Company will focus on projects involving contracts or concessions with creditworthy clients. The Company intends to invest in the transportation, telecommunications, energy, water and sanitation and infrastructure-related real estate sectors and to form part of public private partnerships. Investments will be made throughout sub-Saharan Africa with particular focus on investment into existing infrastructure operations and greenfield projects in Angola, Botswana, the Democratic Republic of Congo, Ethiopia, Ghana, Mozambique, Nigeria, South Africa, Tanzania and Zambia.
The Company will, where possible, invest in infrastructure projects and related opportunities through special purpose companies or other entities. The Company will seek to obtain controlling interests or significant minority interests in the projects in which it invests which will carry board representation and/or meaningful shareholder rights.
The Board comprises five Non-executive Directors who, together, have significant experience. The following individuals currently serve as Directors: Graca Machel, the internationally recognised political and social activist with particular interests in women and children's rights as well as social and economic reconstruction and development in the region; David von Simson, a co-founder of London based investment bank, Europa Partners Limited, and former managing director of Warburg Dillon Read; Larry Kearns, chairman of Anglo Irish Bank Corporation (I.O.M.) PLC and former managing partner of Ernst & Young in Isle of Man; Paul Macdonald, a former director of Pilkington in Germany; as well as Brian Myerson, current chief executive officer and founder of Principle Capital Group.
The Investment Manager, PME Infrastrucuture Managers Limited ('PMEIML'), is responsible for sourcing investment opportunities through referrals, direct approaches and general and direct strategies employed by it to specific industries. PMEIML is a joint venture between the Principle Capital Group (a group of companies specialising in alternative investment management, the holding company of which is Principle Capital Holdings S.A. (AIM: PCH)), Dunkeld Trust, Sonrise Investment Limited and Unicos Partners LLP.
Based on current market conditions and in the absence of unforeseen circumstances, the Investment Manager anticipates that the Company should be substantially invested or committed for investment within 12 months of Admission, although there can be no guarantee of this.
David von Simson, Chairman of PMEAIO, commented, 'We believe that the launch of this investment company enables us, both Directors and shareholders, to participate in the development of a region that is rich in natural resources but, historically, has suffered a lack of investment in infrastructure. We hope that the Company will not only achieve excellent returns for its shareholders but that it will be a valuable participant in the future of sub-Saharan Africa.'
Smith & Williamson Corporate Finance Limited is acting as the Company's nominated adviser and Fairfax I. S. PLC is acting as the Company's broker. PME Infrastructure Managers Limited has been retained to provide investment management services to the Company.
Placing Statistics:
Placing Price: USD1.00
Number of Ordinary Shares being issued pursuant to the Placing: 180,450,000
Number of Warrants being issued pursuant to the Placing: 36,090,000
Net proceeds of the Placing receivable by the Company: USD173.20 million
Market capitalisation at the Placing Price: USD180.45 million
The Company is a newly incorporated Isle of Man company with an investment objective to achieve significant total return to investors through investing in various infrastructure projects and related opportunities across a range of countries in sub-Saharan Africa.
The Company's investment strategy is to identify infrastructure opportunities across the region and the Company will focus on projects involving contracts or concessions with creditworthy clients. The Company intends to invest in the transportation, telecommunications, energy, water and sanitation and infrastructure-related real estate sectors and to form part of public private partnerships. Investments will be made throughout sub-Saharan Africa with particular focus on investment into existing infrastructure operations and greenfield projects in Angola, Botswana, the Democratic Republic of Congo, Ethiopia, Ghana, Mozambique, Nigeria, South Africa, Tanzania and Zambia.
The Company will, where possible, invest in infrastructure projects and related opportunities through special purpose companies or other entities. The Company will seek to obtain controlling interests or significant minority interests in the projects in which it invests which will carry board representation and/or meaningful shareholder rights.
The Board comprises five Non-executive Directors who, together, have significant experience. The following individuals currently serve as Directors: Graca Machel, the internationally recognised political and social activist with particular interests in women and children's rights as well as social and economic reconstruction and development in the region; David von Simson, a co-founder of London based investment bank, Europa Partners Limited, and former managing director of Warburg Dillon Read; Larry Kearns, chairman of Anglo Irish Bank Corporation (I.O.M.) PLC and former managing partner of Ernst & Young in Isle of Man; Paul Macdonald, a former director of Pilkington in Germany; as well as Brian Myerson, current chief executive officer and founder of Principle Capital Group.
The Investment Manager, PME Infrastrucuture Managers Limited ('PMEIML'), is responsible for sourcing investment opportunities through referrals, direct approaches and general and direct strategies employed by it to specific industries. PMEIML is a joint venture between the Principle Capital Group (a group of companies specialising in alternative investment management, the holding company of which is Principle Capital Holdings S.A. (AIM: PCH)), Dunkeld Trust, Sonrise Investment Limited and Unicos Partners LLP.
Based on current market conditions and in the absence of unforeseen circumstances, the Investment Manager anticipates that the Company should be substantially invested or committed for investment within 12 months of Admission, although there can be no guarantee of this.
David von Simson, Chairman of PMEAIO, commented, 'We believe that the launch of this investment company enables us, both Directors and shareholders, to participate in the development of a region that is rich in natural resources but, historically, has suffered a lack of investment in infrastructure. We hope that the Company will not only achieve excellent returns for its shareholders but that it will be a valuable participant in the future of sub-Saharan Africa.'
Smith & Williamson Corporate Finance Limited is acting as the Company's nominated adviser and Fairfax I. S. PLC is acting as the Company's broker. PME Infrastructure Managers Limited has been retained to provide investment management services to the Company.
Placing Statistics:
Placing Price: USD1.00
Number of Ordinary Shares being issued pursuant to the Placing: 180,450,000
Number of Warrants being issued pursuant to the Placing: 36,090,000
Net proceeds of the Placing receivable by the Company: USD173.20 million
Market capitalisation at the Placing Price: USD180.45 million