16 December 2009
PME AFRICAN INFRASTRUCTURE OPPORTUNITIES PLC
("PME" or the "Company") (AIM: PMEA.L; PMEW.L)
Realisation of Econet Wireless Investment
PME African Infrastructure Opportunities plc, an investment company established to invest in sub-Saharan African infrastructure and infrastructure related opportunities, announces that, on 14 December 2009, it received from Econet Wireless Global Limited ("Econet Wireless") notice that it wishes to exercise its option to purchase the loan note and shares held by the Company, via its subsidiary PME Burco (Mauritius) Limited, in Econet Wireless Ventures Global Limited, the joint venture that the two parties formed in September 2008.
Under the terms of the agreement, the Company expects to receive approximately US$15 million representing an annual return of some 40% on its original US$10 million investment. It is expected that the transfers will be complete by 31 December 2009 at which time the Company will have fully exited from its investment in Econet Wireless.
Commenting on the transaction, David von Simson, Chairman of PME, said, "The decision by Econet Wireless to exercise its option to call our investment secures an attractive return for the Company and illustrates the value that exists in the African infrastructure market. We are pleased with the progress with our other investments and that the Investment Manager continues to assess a number of other investment opportunities. The Board will consider how best to deploy the capital returned from this investment in light of prospective investments and will take into account the potential to distribute some or all of the net profit to meet shareholders' objectives".
For further information on the Company, please refer to the website at www.pmeinfrastructure.com.
Further enquiries:
|
PME Infrastructure Managers Limited |
Richard Bouma |
+41 22 908 1190 |
|
Smith & Williamson Corporate Finance Limited |
Azhic Basirov / Siobhan Sergeant |
+44 20 7131 4000 |
|
Fairfax I.S. PLC |
James King |
+44 20 7598 5368 |
|
Bell Pottinger |
Dan de Belder |
+44 20 7861 3232 |
|
On behalf of Helvetica (Isle of Man) Company Limited |
Clara Parisot |
+41 798 249 788 |
|
Principle Capital |
Mark Whitfeld |
+44 20 7240 3222 |
Note to Editors:
- PME African Infrastructure Opportunities plc ('PME') is a company investing in sub-Saharan African infrastructure and infrastructure related industries. Its shares were admitted to AIM in July 2007 raising US$180 million.
- PME was established to invest in sub-Saharan African infrastructure and infrastructure related industries with a view to generating attractive returns, principally through capital growth. It is targeting opportunities arising from years of under investment in sub-Saharan African infrastructure where that infrastructure will be instrumental in allowing the continent's economic development to continue to grow.
- The Investment Manager is PME Infrastructure Managers Limited ('PMEIM'). The Investment Manager is responsible for identifying new investment opportunities.
- PMEIM is a joint venture between Principle Capital Holdings S.A. (AIM: PCX.L), Unicos Partners LLP (holding company of the Helvetica Group of companies), Masazane Capital (Pty) Limited and the interests of Richard Bouma, CEO of PMEIM.