Released: 03/11/2009
com:20091103:RnsC8202B
.
RNS Number : 8202B
Infrastructure India plc
03 November 2009
Date: 03November 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.
- ends -
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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCEADFAELSNFAE