12th Nov 2007 14:10
AMEC PLC12 November 2007 AMEC plc - Disposal12 November 2007 AMEC plc ("AMEC") Divestment of Project Investments AMEC today announces that the sale of its Project Investments business ('ProjectInvestments'), the management team and eight PFI assets to Land SecuritiesTrillium ("LST") has been completed for a cash consideration of £152.4 million, before transaction costs. As announced on 12 July 2007, the sale of Project Investments' assets wassubject to receiving consents from public authorities and co-shareholders andlenders in the projects. Sale to LST of the remaining asset, comprising AMEC'sshares in two PPP road projects in the UK, has been pre-empted byco-shareholders and is being sold to them for an aggregate consideration of£11.1 million. Completion is expected in December 2007.The overall consideration of £163.5 million arising on the sale of ProjectInvestments is in line with the board's expectations. Proceeds will be held ondeposit. As previously announced, the LST transaction does not include AMEC's investmentsin the Incheon Bridge Project in Korea and the AMEC Wind assets and businesswhich will be retained by AMEC. In the year ended 31 December 2006, Project Investments generated profit of £5.5million before interest, tax and intangible amortisation and exceptional items.Gross assets at 31 December 2006 were £72 million. Enquiries to: AMEC plc + 44 (0)20 7539 5900 Analysts and investors:Neil Jamieson, Director of Investor RelationsSue Scholes, Director of Communications Media:Frank Stokes, Media Relations Manager +44 (0) 7712 008356 Notes to editors AMEC plcAMEC plc is a focused supplier of high-value consultancy, engineering, andproject management services to the world's energy, power and processindustries. With annual revenues of over £2.2 billion, AMEC designs, deliversand maintains strategic and complex assets for its customers. AMEC's NaturalResources, Power and Process and Earth and Environmental businesses employapproximately 19,000 people in more than 25 countries globally. AMEC shares aretraded on the London Stock Exchange where the company is listed in the SupportServices Sector (LSE: AMEC.L).Internet users will be able to view this announcement, together with otherinformation about AMEC plc, at the company's web site www.amec.com. N M Rothschild & Sons Limited ("Rothschild") and UBS Limited ("UBS") are actingas financial advisers to AMEC in relation to the transaction. Rothschild and UBS are acting exclusively for AMEC and are not acting for anyother person in relation to the transaction and will not be responsible to anyperson other than AMEC for providing the protections afforded to clients ofRothschild and UBS Limited or for providing advice in relation to the contentsof this announcement or the transaction. Land Securities TrilliumPart of the Land Securities Group, Land Securities Trillium ("LST") is one ofthe most established and innovative names in property outsourcing and PPP. Itfocuses on understanding customers' business requirements and meeting themthrough high quality and innovative service delivery. LST manages and providesservices to numerous commercial properties nationwide, for a growing number ofcompanies and government departments. These activities sit alongside LandSecurities' investment portfolio, worth many billions of pounds, which includesa vast range of shopping centres and retail parks as well as landmark buildingsin London. LST is also involved in a major urban community developmentprogramme. Land Securities Trillium currently runs and operates over 100 PFI/PPP projects,predominantly in the health and education sectors. For further information on Land Securities Trillium visit: www.lstrillium.co.uk This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
AMFW.L