Wednesday, November 19, 2003
John Laing plc (“John Laing”), the infrastructure investment and operations group, today announced that it has disposed of its investments in both Adelaide Airport and Northern Territory Airports, in two separate transactions, for a combined consideration of A$ 48.5m (£19.6m). Following today’s transactions the Group is focusing future investment on the more rapidly growing European infrastructure investment market.
John Laing’s subsidiary, Laing Investments Limited has completed the sale of its 14.5% interest in Adelaide Airport Limited to the Motor Trades Association of Australia Superannuation Fund for A$33.0m (£13.1m) at a profit before tax of £3.0m after costs. The sale was completed on 27th October 2003 and the cash proceeds have been repatriated to the UK. Northern Territory Airports Laing Investments Limited also signed a contract on 17th November 2003 for the sale of its 14.6% equity interest in Airport Development Group, which owns long-term leases over three airports in the Northern Territory of Australia, to Perpetual Investment Management Limited, a division of Perpetual Trustees Australia Limited. The cash consideration of A$15.5m (£6.5m) will be received on 31 January 2004 and represents a profit before tax of £2m after costs. Andy Friend, Chief Executive of John Laing said: “These two transactions are consistent with the Company’s stated strategy and the values achieved from the disposals are in line with the June 2003 Portfolio Valuation. There is a substantial pipeline of opportunity in the UK and Europe and the proceeds of these sales will support investment in our core sectors of roads, rail and PFI accommodation. We have now achieved our targeted profit contribution from infrastructure asset sales for the current year, but we are encouraged to see an increased level of activity in the secondary market for privately financed infrastructure assets. Further profit from asset disposals will be targeted for 2004 and beyond as we begin to harvest value from operational projects in our core sectors.” Media Enquiries John Laing plc 020 7904 9200 Andy Friend, Chief Executive Adrian Ewer, Finance Director Finsbury Group 020 7251 3801 Faeth Birch / Robin Walker Notes to Editors About John Laing plc John Laing is the UK’s listed market leader in PPP/ PFI infrastructure projects. It is currently invested in 32 PPP/ PFI projects in the rail, roads and accommodation sectors, 22 of which are fully operational. Preferred bidder status has been reached on 16 further projects.