RNS Number : 9292C
PME African Infrastructure Opps PLC
08 May 2012

8 May 2012


PME African Infrastructure Opportunities plc

("PME" or the "Company")



Forward Strategy

Update on Rail Investments

Further Information regarding Warrants


The board of PME (the "Board") has undertaken a review of the Company's current investments and has concluded that it would be in the best interests of the shareholders as a whole for the Company to seek to realise its existing investments in an orderly manner and return capital to shareholders and, thereupon propose that the Company be wound up.


The course of action proposed by the Board would constitute a fundamental change in business under the AIM Rules for Companies and will require the approval of shareholders.  The Company intends to issue a circular setting out the details of these proposals and a notice convening a meeting of shareholders, in due course.


Update on Rail Investments


The Company is pleased to announce that positive progress is being made by its portfolio companies, Sheltam Holdings (Pty) Limited ("Sheltam") and PME Locomotives (Mauritius) Limited ("PME Locomotives").  The Company currently has a 50 per cent. interest in Sheltam and owns 12 General Electric C30 locomotives which are leased to Sheltam for placement with Sheltam's clients. 


The Board has been advised that Sheltam has placed an additional nine locomotives in Southern Africa. This development is expected to have a positive financial impact on the operations of Sheltam and PME Locomotives.  Sheltam is in discussions with other potential clients with respect to further opportunities to place locomotives in the future. 


As previously announced, PME Locomotives has provided a finance lease to Sheltam which was restructured in August 2011 via a rescheduled debt agreement.  The placement of the locomotives means that Sheltam has now recommenced servicing all its obligations towards PME, with effect from April 2012 which will have a positive impact on PME's cashflow going forward.


Further information regarding Warrants


Further to the announcement on 16 March 2012, the Board advises the holders of warrants to subscribe for ordinary shares ("Warrants") ("Warrantholders") that, since the audited accounts of the Company for the year ended 31 December 2011 have not yet been despatched to shareholders and, therefore, the Warrantholders have not yet been able to execute their subscription rights, should they so choose, the anticipated date for delisting the Warrants will not be on or around 14 May 2012, as previously disclosed.  The revised date of delisting the Warrants will be notified in due course.


For further information please contact:


PME Infrastructure

Managers Limited

James Peggie

+44 20 7499 1957

Smith & Williamson Corporate Finance Limited

Azhic Basirov / Siobhan Sergeant

+44 20 7131 4000

Oriel Securities Limited

Joe Winkley / Neil Winward

+44 20 7710 7600



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