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First day of dealings

7th Oct 2010 07:00

RNS Number : 9900T
SKIL Ports & Logistics Limited
07October 2010
 



 

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION,DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OF AMERICA, CANADA, AUSTRALIA,THE REPUBLIC OF SOUTH AFRICA OR JAPAN.

 

This announcement does not constitute, or forma part of, any offer or invitation to sell, allot or issue, or any solicitation ofany offer to purchase or subscribe for, any securities, nor shall it (or any partof it) or the fact of its release, publication or distribution, form the basis of,or be relied upon in connection with, any contract or commitment for securities inany jurisdiction. Any such purchase or subscription must be made only on the basisof the information contained in the final admission document ("Admission Document")dated 4 October 2010 in connection with the admission of the ordinary shares of nopar value in the capital of SKIL Ports & Logistics Limited to trading on AIM, a marketoperated by London Stock Exchange plc which may be different from the informationcontained in this announcement and contains additional information.

 

SKIL Ports & Logistics Limited

("SPL" or the "Company")

Admission to AIM and First Day of Trading

 

SKIL Ports & Logistics Limited ("SPL"), a newholding company established to develop, own and operate port and logistics facilitiesin India, is pleased to announce its admission to trading on AIM and commencementof dealings of its ordinary shares of no par value ("Ordinary Shares"), under theticker symbol SPL.LN, at 0800 BST this morning.

 

SPL is also pleased to announce that it has raised£76 million of new capital by way of a placing of 30,400,000 new Ordinary Shares(the "Placing Shares") at 250 pence per Ordinary Share (the "Placing Price"),the net proceeds of which will be used towards funding the equity requirement ofa new port and logistics facility and to provide working capital for the Group asit develops its Project and future operations. The Company has a market capitalisationof £110 million based on the Placing Price.

 

Nikhil Gandhi, Chairman of SPL, said:

 

"This is an exciting day as we launch our newcompany and look to begin building one of India's most modern and efficient portand logistics complexes near the heart of India's business capital, Mumbai. SKILPorts & Logistics will help to meet the significant demands of India's port andlogistics industry and stands to benefit from the significant, ongoing growth ofIndia, its economy and its logistics industry. SPL has an attractive pipeline ofpotential development opportunities in the Port and Logistics sector."

 

Pavan Bakhshi,Managing Director of SPL, said:

 

"We are pleased with the investor reception toour offering and the resulting blue chip investor base. This listing provides SPLwith the funding needed to begin building what we aim to make one of India's largestprivate port and logistics operators. We are pleased to have attracted a highlytalented and experienced board to complement SPL's management."

 

 

 

 

 

SPL Background

 

SPL's initial development will be the creationof a modern and efficient port and logistics facility, near Navi Mumbai on the westcoast of India.

 

Strong and growing Indian ports industry:

· India's portsare characterised by considerable congestion with ports handling 95% of Indian trade(by volume) and many are currently running at over 100% capacity;

· Since 2000 totalport traffic in India has increased from around 280 MT to over 550 MT per annum;and

· Logistics industryin India is expected to grow at a compound annual growth rate of 9.9%, reaching revenuesof approximately $120 billion in 2014.

 

Proven track record of Chairman Mr Nikhil GandhiSKIL Infrastructure Limited and its subsidiaries (the "SKIL Group"):

· Mr Gandhi and SKILGroup constructed Pipavav Port, India's first privatised port;

· Mr Gandhi and SKILGroup led the conception and development of Pipavav Shipyard Limited which was listedon the Bombay Stock Exchange and the National Stock Exchange in India in October2009 and has a current market capitalisation of approximately $1.5 billion; and

· The SKIL Groupwas also responsible for the development and construction of the Pipavav Railway,the Pipavav Expressways and initially led the conceptualisation and development ofthe Mumbai Special Economic Zone.

 

Experienced board and management team:

· Nikhil Gandhi(Chairman) is a first-generation entrepreneur with over 25 years of experience identifyingand promoting greenfield infrastructure projects in India:

· Pavan Bakhshi (ManagingDirector) joined SKIL Group from Askar Capital where he was MD and head of Indianoperations. Prior to that Pavan was at Bear Stearns & Co. Inc. in its StrategicFinance Group working in both New York and London, where he was responsible for thefirms equity capital markets business for Europe and Asia:

· Jigar Shah (InterimFinance Director) joined the SKIL Group in 1998 and is the President of Finance withinthe SKIL Group. He is a qualified chartered accountant and Indian resident. Jigarhas been directly involved in a number of the SKIL Group's major infrastructureprojects, including Pipavav Port, Pipavav Railway and Pipavav Shipyard;

· Peter Jones (Non-ExecutiveDirector) is ChiefExecutive of Associated British Ports Limited, the leading company in the UK portsindustry; and

· James Sutcliffe(Non-Executive Director)has more than 30 years experience in the shipping and port industryand is chairman of UK Trade & Investment's (UKTI) Ports Advisory Group advisingthe UK government and marine industry on international port developments.

 

Cenkos Securities plc is Nominated Advisor andBroker for the proposed admission of the ordinary shares in SPL. Dahlman Rose & Company,LLC is Exclusive US Placement Agent.

 

Information pursuant to AIM Rule 26 can be foundat the Company's website: www.skilpl.com.

 

- Ends -

 

 

Contacts

 

SKIL Ports & Logistics Limited

 

Pavan Bakhshi

Tel No: + 44 (0) 7956 209 433

www.skilpl.com

 

 

Cenkos Securities plc

Stephen Keys / Camilla Hume

Tel No: +44 (0) 20 7397 8900

 

Brunswick

Kate Holgate/Wendel Verbeek

Tel No: + 44 (0) 20 7404 5959

 

Important Notice

 

The contents of this announcement have been approvedfor purposes of section 21 of the Financial Services and Markets Act 2000 (as amended)(''FSMA'') by Cenkos Securities plc ("Cenkos"). Cenkos is authorised and regulatedin the UK by the Financial Services Authority in respect of regulated activities,is acting for the Company and no-one else in connection with the matters describedin this announcement and will not be responsible to anyone other than the Companyfor providing the protections afforded to its clients, nor for advising them on thecontents of this announcement or any matter referred to herein.

 

Dahlman Rose & Company, LLC ("Dahlman Rose")is acting for the Company and no-one else in connection with the matters describedin this announcement, will not be responsible to anyone other than the Company forproviding the protections afforded to its clients, nor for advising them on the contentsof this announcement or any matter referred to herein.

 

Any prospective investor involved in investingin the Company is recommended to seek independent financial and legal advice. Theresponsibilities of Cenkos as the Company's nominated adviser under the AIM Rulesfor Nominated Advisers will be owed solely to London Stock Exchange plc and not tothe Company, to any of its directors or to any other person in respect of a decisionto subscribe for or acquire Ordinary Shares in reliance on the Admission Document.

 

This announcement does not constitute, or forma part of, any offer or invitation to sell, allot or issue, or any solicitation ofany offer to purchase or subscribe for, any securities, nor shall it (or any partof it) or the fact of its release, publication or distribution, form the basis of,or be relied upon in connection with, any contract or commitment for securities inany jurisdiction. Any such purchase or subscription must be made only on the basisof the information contained in the Admission Document, which may be different fromthe information contained in this announcement and will contain additional information.

 

The Ordinary Shares have not been and will notbe registered under the applicable securities legislation of any province or territoryof Australia, the Republic of South Africa or Japan. Accordingly, subject to certainexceptions, the Placing Shares may not be offered or sold, directly or indirectly,in or into Australia, South Africa or Japan or to any national, resident or citizenof Australia, the Republic of South Africa or Japan. The distribution of this announcementoutside the United Kingdom may be restricted by law and therefore persons outsidethe United Kingdom into whose possession this announcement comes should inform themselvesabout and observe any such restriction. Any failure to comply with these restrictionsmay constitute a violation of the securities law of any such jurisdiction.

 

The Ordinary Shares have not and will not be qualifiedfor sale to the public under the Canadian securities laws, and accordingly any offerand sale in Canada will be made on a basis which is exempt from the prospectus requirementsof applicable securities laws.

 

The Ordinary Shares have not been and will notbe registered under the U.S. Securities Act of 1933, as amended (the ''US SecuritiesAct''), or any state securities laws in the United States and may not be offeredor sold within the United States except pursuant to an exemption from the registrationrequirements of the US Securities Act and in accordance with applicable US statesecurities laws. Accordingly, the Placing Shares are being offered and sold only(1) in the United States to ''qualified institutional buyers'' (''QIBs'')as defined in Rule 144A (''Rule 144A'') under the US Securities Act in transactionsexempt from the registration requirements of the US Securities Act and in accordancewith applicable US state securities laws, and (2) outside the United States in compliancewith Regulation S (''Regulation S'') under the US Securities Act and the applicablelaws of each jurisdiction where those offers and sales occur.

 

Forward-looking Statements

 

This announcement contains forward looking statementsrelating to the Company's future prospects, developments and strategies, which havebeen made after due and careful enquiry and are based on the SPL directors' currentexpectations and assumptions and involve known and unknown risks and uncertaintiesthat could cause actual results, performance or events to differ materially fromthose expressed or implied in such statements. Forward-looking statements are identifiedby their use of terms and phrases such as ''project'', ''expect'', ''potential'',''believe'', ''could'', ''envisage'', ''estimate'', ''intend'',''may'', ''plan'', ''will'' or the negative of those, variations or comparableexpressions, including references to assumptions. These forward-looking statementsare subject to, inter alia, the risk factors described in Part 3 of the AdmissionDocument. The SPL directors believe that the expectations reflected in these statementsare reasonable, but may be affected by a number of variables which could cause actualresults or trends to differ materially. Each forward-looking statement speaks onlyas of the date of the particular statement.

 

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION,DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OF AMERICA, CANADA, AUSTRALIA,THE REPUBLIC OF SOUTH AFRICA OR JAPAN.

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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