International Public Partnerships INPP Notes Tideway's Operational Update (9605W)
August 24 2020 - 3:27AM
UK Regulatory
TIDMINPP
RNS Number : 9605W
International Public Partnerships
24 August 2020
INPP NOTES TIDEWAY'S OPERATIONAL UPDATE
24 August 2020
International Public Partnerships Limited, the FTSE 250 listed
infrastructure investment company ("INPP" or the "Company"), notes
the update that Tideway has issued this morning. INPP had
previously indicated that the Covid-19 pandemic and associated
government guidance was likely to have an impact on the overall
cost and schedule of the Tideway project.
Tideway has now published its assessment of the impact of
Covid-19 and has indicated a GBP233 million impact on cost and a
nine month impact on schedule. This translates into the estimated
project cost increasing to GBP4.133 billion and the completion date
now forecast to occur during the first half of 2025.
Tideway has also indicated that it is in discussions with Ofwat
on a package of measures that would mitigate the financial impact
of COVID-19 on the Company. Progress is being made in these
discussions and full agreement is expected to be reached in the
coming months.
The Company will continue to keep this situation under review
although, in keeping with its cautious approach, has already
factored this impact assessment into its forecasts. Further details
will be provided when the Company reports its financial performance
for the six months to 30 June 2020 on 10 September 2020.
ENDS.
For further information:
Erica Sibree/Amy Joslin +44 (0)20 7939 0558/0587
Amber Fund Management Limited
Hugh Jonathan +44 (0)20 7260 1263
Numis Securities
Ed Berry/Mitch Barltrop +44 (0) 20 3727 1046/1039
FTI Consulting
About International Public Partnerships (INPP):
INPP is a listed infrastructure investment company that invests
in global public infrastructure projects and businesses, which
meets societal and environmental needs, both now, and into the
future.
INPP is a responsible, long-term investor in 130 infrastructure
projects and businesses. The portfolio consists of utility and
transmission, transport, education, health, justice and digital
infrastructure projects and businesses, in the UK, Europe,
Australia and North America. INPP seeks to provide its shareholders
with both a long-term yield and capital growth.
Amber Infrastructure Group ('Amber') is the Investment Adviser
to INPP and consists of 130 staff who are responsible for the
management of, advice on and origination of infrastructure
investments.
Visit the INPP website at
www.internationalpublicpartnerships.com for more information.
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END
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