International Public Partnerships Ltd closed £116 million public placing
The International Public Partnerships Limited has closed the public placing at GBP116 million (US$145.809 million) before costs and expenses through the issue of 76,065,574 ordinary shares of 0.01p in the capital of the Company.
The placing was significantly oversubscribed with strong demand from existing shareholders. In light of this demand, the Board has increased the size of the placing from GBP75 million (US$94.27 million) but capped it at GBP116 million (US$145.809 million). The proceeds will be used to repay GBP72.8 million (US$91.50 million) cash drawn portion of the corporate debt facility which includes funding for the imminent c.GBP47 million (US$59.08 million) investment into the Dudgeon OFTO. The remainder will be deployed into the Company's strong pipeline of opportunities where the Company has existing committed near-term future investment obligations of c.GBP200 million (US$251.39 million).
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