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Name | Symbol | Market | Type |
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Mid Kent Wtr4% | LSE:48HO | London | Debenture |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
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0.00 | 0.00% | 0 | - |
RNS Number:7650J South East Water Limited 02 October 2006 South East Water Hastings Diversified Utilities Fund (ASX: HDF) and the unlisted Utilities Trust of Australia ("UTA") announce that they have acquired 100 percent of South East Water ("SEW") for an implied enterprise value of #665.4 million. HDF and UTA are managed by Hastings Funds Management Limited ("Hastings") which is owned by Westpac Banking Corporation (ASX: WBC). South East Water is adjacent to Mid Kent Water ("MKW") the water only company acquired last year by HDF and UTA. The purchase of SEW will be subject to a mandatory review by the UK Competition Commission which is expected to last approximately six months. During the review process HDF and UTA will operate SEW and MKW on a stand-alone basis and retain separate management teams and governance arrangements. The financing arrangements for SEW will be unaffected by this transaction. UTA and HDF are committed to ensuring that SEW and MKW maintain the investment grade credit ratings which are required of regulated water companies. End For further information please contact: Anthony Cardew / Nadja Vetter, Cardew Group 020 7930 0777 About HDF and UTA About UTA Utilities Trust of Australia ("UTA") is an unlisted unit trust seeking to consistently provide investors with benchmark-plus returns by taking influential minority positions in infrastructure projects, privatisations and developments in Australia and internationally. Established in November 1994, UTA is an open-ended trust currently owned in the main by a number of Australian superannuation funds. The principles of UTA's investment strategy broadly include the following: * Assemble a portfolio of unlisted infrastructure assets with monopoly characteristics; * Influence management and asset performance through representation on investee company boards; * Seek return characteristics that have consistency in returns and low correlation with listed equities and property markets; and * Achieve diversification across risk and stage of maturity within the infrastructure asset class. UTA assets include investments in: Melbourne Airport, Perth Airport, HOCHTIEF AirPort Capital, Interlink Roads, Mid Kent Water, ElectraNet and Port of Portland. About HDF Hastings has managed HDF since it listed on the ASX in December 2004. HDF was established to invest in utility infrastructure assets with a moderate risk profile and which offer predictable cash flows. As at 28 September, HDF had a market capitalisation of over A$450,000,000 and over 6,000 investors. HDF targets investments such as: * Gas transmission and distribution assets * Electricity generation, transmission and distribution assets * Hydro and wind power generation assets * Regulated and unregulated assets * Australian and offshore assets (OECD). The HDF portfolio includes: 100 percent ownership of Epic Energy in Australia, and 50 percent ownership of Mid Kent Water in the UK. Epic Energy consists primarily of three major natural gas transmission pipeline systems. These pipelines are strategically well located, servicing major participants in the Australian gas and energy sectors. This information is provided by RNS The company news service from the London Stock Exchange END ACQGLBDGDBGGGLD
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