Alfred McAlpine agrees PFI concession sale

Source: Construction Digital

Date :05/11/2007 10:33:43

The board of Alfred McAlpine plc today announced that it has reached an agreement to sell its equity and subordinated loan stock interests in six PFI concessions

The interests, operating within the roads, schools and healthcare sectors, will be sold to Infrastructure Investors Limited Partnership for £52.2 million.

The sale of the PFI portfolio to I2 is expected to complete within 90 days and is subject to conditions including the formal consent of clients, funders and continuing shareholders.

In the year ended 31 December 2006, these investments contributed £2.6 million to group PBT. The book value of the investments agreed to be sold to I2 is £26.1 million, and, for the year ending 31 December 2007 will result in a profit on disposal of up to £24.9m, after transaction costs., the company said, adding that the sale proceeds will, as previously announced, be applied to reducing group indebtedness.

November 5, 2007