Interserve Press Office | Oct 12, 2012
Interserve, the international support services and construction group, has sold interests in two subsidiaries to the Dalmore Capital Fund for a total of £89.5 million.
The interests sold represent 49.9% of the equity and 62.0% of the debt instruments of the two subsidiaries which between them own 19 of Interserve’s PFI investments.
The 19 investments, were held by Interserve at a carrying value of £29.8 million* and generated profits of £4.6 million in 2011. The consideration will be received in cash within 11 days, resulting in a non-recurring 2012 profit of approximately £60 million.
Commenting on the transaction, Adrian Ringrose, CEO, said:
“Interserve plays a key role in modernising public sector infrastructure and improving public services. The disposal announced today demonstrates our ability to generate returns which will support new investments to further our strategic growth plans, whilst retaining our commitment to the long term needs of our clients.”
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0118 932 0123
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0118 960 2280
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Richard Campbell / Ian Brown
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Interserve's vision is to be the Trusted Partner of all our stakeholders. We are one of the world’s foremost support services and construction companies, operating in the public and private sectors in the UK and internationally. We offer advice, design, construction, equipment and facilities management services for society's infrastructure. Interserve is based in the UK and is listed in the FTSE 250 index. We have gross revenue of £2.3 billion and a workforce of over 50,000 people worldwide. Website: www.interserve.com.
* This excludes an IAS 39 hedging reserve of £20.7 million attributable to those investments which is recycled through reserves to derive the exceptional profit.