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"It has been estimated that 65% of the 530 PFI projects signed to date have reached construction completion and moved into the operational phase, with many more projects being forecast to complete over the next two years."

There is good reason to suggest that there will be considerable movement within the equity ownership of PFI projects in the near future and, in particular, many see the sale of equity investments as a natural progression of PFI. The market for such investments, which are typically bought from construction firms, service providers or financial sponsors once a project has reached maturity, is estimated to be potentially worth £2bn (€3bn). This conference is going to cover all the main Issues relating to identifying, and bidding for mature stakes in PFI projects, through case studies from funds that have already been set up and will provide an ample opportunity to network and share experiences within this new but rapidly developing area.

Key issues to be discussed at the conference
  • What opportunities may be presented by the emergence of a secondary PFI market
  • Impact of PPP's secondary market of PFI/PPP projects
  • The impact of Secondary Markets on the provision of public services
  • Due diligence matters and legal issues
  • Tradable funds
  • Rating secondary market investments
  • Pick & Mix bundles

    Speakers Include

    Stephen Paine, Managing Director, Investment Banking Division, UBS
    Nigel Jones, Managing Director, Carillion Private Finance
    David Wood, Managing Director, Mill Group
    Robert McClatchey, Director, Barclays Private Equity
    Paul Woodbury, Global Head of Infrastructure, Henderson Private Capital
    Michael Wilkins, Managing Director, Head of Infrastructure Finance Ratings, Standard & Poor's
    Alan Jessop, Director, Noble Partnership
    Paul Francis, Commercial Director, Securicor
    Senior representative from Atkins Global

Conference programme

9:00 Registration and Coffee

9:30 Chairman's Opening Remarks

Howard Barrie

Howard Barrie, Partner, Denton Wilde Sapte

9:40 THE USE OF REFINANCING TO PROMOTE THE RE-CYCLING OF CAPITAL

Danny Daniels

Danny Daniels, Refinancing Task Force, Partnerships UK (Seconded from HSBC)

  • Adjunct to a secondary market or an alternative?
  • The efficiency of refinancing as a mechanism for recycling capital
  • Progress with refinancing and current issues being addressed
  • The relationship between refinancing and the secondary markets
  • 10:20 PROSPECTIVE SELLERS

    Nigel Jones

    Nigel Jones, Managing Director, Carillion Private Finance

  • How is the value of an investment portfolio reflected in a contractor's market valuation?
  • How might accounting issues drive a seller's behaviour?
  • Will selling change the nature of residual construction liabilities or services obligations?
  • What could sellers do to extract best value from equity disposals?
  • 11:00 Morning Coffee

    11:20 JOINT PRESENTATION - DUE DILIGENCE

  • Structuring the deal (introduction to the acquisition vehicle, possible tax aspects, single/portfolio deals)
  • Due diligence
  • Legal documents required
  • Protection required in legal documents
  • Obtaining consents
  • Other issues, including issues for sellers
  • Sandra Rafferty

    Sandra Rafferty, Partner, CMS Cameron McKenna

    Robert McClatchey

    Robert McClatchey, Director, Barclays Private Equity

    12:00 VALUING PPP EQUITY INVESTMENTS

    Paul Cleal

    Paul Cleal, Partner, PricewaterhouseCoopers

  • Basis for valuing investments of equity and junior debt
  • Assessing the quality of cash-flows - key risks
  • Pricing equity pre and post construction completion
  • Effect of refinancing potential on value
  • Valuing portfolios of PPP investments
  • 12:40 Networking Lunch

    14:00 A LIMITED SHELF LIFE

    David Wood

    David Wood, Managing Director, Mill Group

  • Imperfect product
  • Horses for courses
  • Key considerations
  • The future
  • 14:40 PROTECTING YOUR ASSETS: THE VALUE OF OPERATIONAL MANAGEMENT

  • Minimising risk/maximising value
  • Understanding the market place and the needs of the public sector
  • Eliminating conflicts and disputes
  • Creating exemplar projects
  • Optimising management time
  • Alan Jessop

    Alan Jessop, Director, Noble Partnership

    David Pokora

    David Pokora, Director, Noble Partnership

    15:20 CAPTURING THE BENEFITS OF REFINANCING?

    Ian McDonald

    Ian McDonald, Director, PPPartners & Education Adviser to Partnerships for Schools

  • Maximising and capturing the benefits of refinancing
  • Managing public perception of refinancing
  • Difficulties in bundled projects where there is more than a single owner of the assets
  • Complications with joint ventures, non-profit distributing organisations etc.
  • 16:00 Chairman’s Closing Remarks followed by Afternoon Tea

    9:00 Re-registration and Coffee

    9:30 Chairman's Opening Remarks

    Frank Dufficy

    Frank Dufficy, Partner, CMC Cameron McKenna

    9:40 THE INVESTMENT CASE

    Stephen Paine

    Stephen Paine, Managing Director, Investment Banking Division, UBS

  • Event risk
  • Risk/return
  • The value of liquidity
  • Other exits
  • 10:20 CASE STUDY

    Paul Langford

    Paul Langford, Chief Officer, Housing, Leeds City Council

  • Sector specific funds
  • The portfolio approach to equity
  • 11:00 Morning Coffee

    11:20 YIELD ORIENTATED PFI SECONDARY FUNDS

    Paul Woodbury

    Paul Woodbury, Global Head of Infrastructure, Henderson Private Capital

  • Henderson Global PFI experience
  • State of play in the secondary markets
  • The future
  • 12:00 CASE STUDY

    Michael Carrick

    Michael Carrick, Director, Project Finance/PFI Group, Ernst & Young

  • Refinancing of debt - benefits to shareholders, developments in financial markets and issues
  • Equity exit – timing and evaluation
  • Secondary equity market liquidity – nurturing the market, creating value transparency, negotiating exit and ensuring future value
  • Portfolio equity investment
  • Infrastructure investment funds
  • 12:40 Networking Lunch

    14:00 MONOLINES

    Paul David

    Paul David, Head of PFI/PPP & Transport, MBIA

  • Senior debt refinancing
  • Synthetic refinancing
  • Obtaining capital relief for debt portfolios
  • Portfolio approaches to equity refinancing
  • 14:40 KEY CREDIT ISSUES FACING PFI SECONDARY MARKETS

    Michael Wilkins

    Michael Wilkins, Managing Director, Head of Infrastructure Finance Ratings, Standard & Poor’s

  • Transparency and disclosure hurdles
  • Evolution of risk transfer
  • Financial aggressiveness
  • Rating PFI portfolio structures
  • 15:20 BUYING AND SELLING PFI/PPP PROJECTS

    Mark Handley

    Mark Handley, Partner, Hammonds

  • Buying and selling bundled projects ( pre-packed bundles)
  • Bundling projects (pick and mix bundles)
  • Barriers to bundling and the way forward - Different ownership at SPV level - Sub-contractors who are also investors - Public sector shareholding - Lock in of shareholders - Third party consents (eg. bank, procuring authority, others)
  • Risk profile: increased by bundling?
  • Exit strategies from “pick & mix” bundles
  • 16:00 Chairman's Closing Remarks and Close of Conference

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