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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."

As there is a lively ongoing trade within the equity ownership of PPP/PFI projects, 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).

Following on from last years' event, SMi's Second annual conference is going to cover all the main issues relating to identifying, and bidding for mature stakes in PFI projects, through case studies, and will include the following:

  • Opportunities presented by the emergence of a secondary PPP/PFI market
  • Impact of PPP's secondary market of PFI/PPP projects and deal flow
  • Newly set up international funds in Europe
  • A view from the pension funds and the insurance industry
  • The impact of Secondary Markets on the provision of public services
  • Rating secondary market investments
  • Refinancing issues
  • Pick & mix bundles

Confirmed speakers so far include:

  • Howard Barrie, Partner, Denton Wilde Sapte
  • Nigel Jones, Chief Executive Officer, Infrastructure Investors
  • Stephen Paine, Managing Director, Joint Global Head of Infrastructure, UBS Investment Bank
  • Barry Williams/ William Doughty, Partners, Secondary Market Infrastructure Fund
  • Pearse Rutledge, Partner, Ernst & Young
  • Bob Shekleton, Managing Director, Mowlem
  • David Finlay, Head of PFI Development, National Audit Office
  • Steven Proctor, Principal, Henderson
  • Jasvinder Bal, Project Finance Manager, Carillion
  • Glenn Fox, Director, FGIC
  • Alan Jessop, Director, Noble Group
  • Steve Hurrell, Director of Finance, Tubelines
  • Michael Wilkins, Managing Director, Infrastructure & Leveraged Finance, Standard & Poor's
  • Menno Witteveen, Managing Director, Dutch Infrastructure Fund
  • Pedro Ferreira Neto, Managing Director, Banco Espirito Santo de Investimento
  • Senior representative from DWPF

Conference programme

8:30 Registration & Coffee

9:00 Chairman's Opening Remarks

Howard Barrie

Howard Barrie, Partner, Head of PFI, denton wilde sapte

9:10 EXIT STRATEGIES OF SECONDARY MARKET FUNDS

Michael Ryan

Michael Ryan, Managing Director, Infrastructure Investors

  • How the secondary market funds add value
  • Where will funds get their exit?
  • What must secondary funds do before they attempt an exit
  • Public sector issues for secondary funds
  • 9:40 INVESTING IN INFRASTRUCTURE

    Stephen Paine

    Stephen Paine, Managing Director, UBS

  • Risk concentration
  • Rating implications
  • The end game
  • 10:10 Morning Coffee

    10:30 INFRASTRUCTURE INVESTMENT BUSINESSES

  • Economics
  • Key Business Drivers
  • Recapitalisation Options
  • Conclusions
  • Barry Williams

    Barry Williams, Partner, Secondary Market Infrastructure Fund

    William Doughty

    William Doughty, Partner, Secondary Market Infrastructure Fund

    11:00 VALUE OPTIMISATION OF PPP/PFI ASSETS

    Pearse Rutledge

    Pearse Rutledge, Partner, Ernst & Young

  • Refinancing
  • Financial restructuring
  • Value protection
  • Securitisation/Portfolio restructuring
  • Sale
  • 11:30 CURRENT DEVELOPMENTS IN REFINANCING

  • attitude of public sector
  • single market refinancings
  • portfolio refinancings
  • other likely future trends
  • Anthony Bicknell

    Anthony Bicknell, Director - Structured Finance, David Wylde Project Finance

    12:00 THE IMPORTANCE OF MANAGING CHANGE

    David Finlay

    David Finlay, Head of PFI Development, National Audit Office

  • A new investor is one of many changes that may affect the project
  • Effective ongoing contract management is essential
  • Good relationships hold the key to long term success
  • Lessons are emerging on good practice

  • 12:30 Networking Lunch

    13:30 CASE STUDY

    Steven Proctor

    Steven Proctor, Principal, Henderson Private Capital

  • Driving factors for purchase
  • Valuation of PFI for purchase
  • Diversify or consolidate
  • Future outlook on purchases

  • 14:00 DISPOSING OF PFI EQUITY – A CONTRACTOR’S PERSPECTIVE

    Jasvinder Bal

    Jasvinder Bal, Project Finance Manager, Carillion Private Finance

  • Barriers to disposal
  • Key selection criteria
  • Protecting value
  • The due diligence process
  • The downsides of disposal
  • 14:30 CREDIT GUARANTEE FINANCE

    Glenn Fox

    Glenn Fox, Director, FGIC

  • What is CGF?
  • What effects will it have?
  • What can monolines do to assist CGF?
  • Will CGF be extensively used?
  • 15:00 Afternoon Tea

    15:30 EFFECTIVELY MANAGING THE PORTFOLIO

    Alan Jessop

    Alan Jessop, Director, Noble Partnership Limited

  • Minimising Risk
  • Maximising Value
  • Market Place
  • Public Sector
  • Conflicts and Disputes
  • Exemplar Projects
  • Optimising Management Time
  • Conclusion
  • 16:00 CASE STUDY: TUBELINES

    Steve Hurrell

    Steve Hurrell, Director of Finance, Tube Lines

  • The refinancing experience of a non-traditional PPP
  • Moving to capital markets funding rather than bank funding
  • Refinancing to drive value for the stakeholders
  • 16:30 HOW RATINGS CAN HELP LIQUIDITY IN THE PFI/PPP SECONDARY MARKET

    Adele Archer

    Adele Archer, Director, Standard & Poor's

  • Ratings approach to PFI/PPP transactions
  • Key credit issues facing the sector
  • Default and recovery rates in PFI/PPP transactions
  • Assessing portfolio financings and pooled structures
  • Case study: Essential Public Infrastructure Capital PLC (Depfa CLO of PFI Loans)
  • 17:00 THE PRIMARY AND SECONDARY MARKET IN THE NETHERLANDS

    Menno Witteveen

    Menno Witteveen, CEO, Koopman & Witteveen NV

  • What developments are next?
  • The current position of the market
  • Is the market performing as expected?
  • Movement into health and education sectors
  • Is a secondary market imminent?
  • Will the market be as large as the UK?
  • The current position of the market
  • Is the market performing as expected?
  • Movement into health and education sectors
  • Is a secondary market imminent?
  • Will the market be as large as the UK?
  • 17:30 THE FUTURE OF PORTUGAL’S PPP/PFI

    Pedro Ferreira Neto

    Pedro Ferreira Neto, Head Of Project Finance, Banco Espirito Santo De Investimento

  • Why has the development been strong?
  • Will the support of the market continue?
  • Where will the investment come from?
  • What future gains can be made?
  • How can increased gains be achieved.
  • 18:00 Chairman's Closing Remarks

    18:10 Drinks Reception for all participants

    +

    Workshops

    PFI deal for sale. Only one owner. Guaranteed low mileage.
    Workshop

    PFI deal for sale. Only one owner. Guaranteed low mileage.

    The Hatton, at etc. venues
    10th February 2005
    London, United Kingdom

    The Hatton, at etc. venues

    51/53 Hatton Garden
    London EC1N 8HN
    United Kingdom

    The Hatton, at etc. venues

    HOTEL BOOKING FORM

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    WHAT IS CPD?

    CPD stands for Continuing Professional Development’. It is essentially a philosophy, which maintains that in order to be effective, learning should be organised and structured. The most common definition is:

    ‘A commitment to structured skills and knowledge enhancement for Personal or Professional competence’

    CPD is a common requirement of individual membership with professional bodies and Institutes. Increasingly, employers also expect their staff to undertake regular CPD activities.

    Undertaken over a period of time, CPD ensures that educational qualifications do not become obsolete, and allows for best practice and professional standards to be upheld.

    CPD can be undertaken through a variety of learning activities including instructor led training courses, seminars and conferences, e:learning modules or structured reading.

    CPD AND PROFESSIONAL INSTITUTES

    There are approximately 470 institutes in the UK across all industry sectors, with a collective membership of circa 4 million professionals, and they all expect their members to undertake CPD.

    For some institutes undertaking CPD is mandatory e.g. accountancy and law, and linked to a licence to practice, for others it’s obligatory. By ensuring that their members undertake CPD, the professional bodies seek to ensure that professional standards, legislative awareness and ethical practices are maintained.

    CPD Schemes often run over the period of a year and the institutes generally provide online tools for their members to record and reflect on their CPD activities.

    TYPICAL CPD SCHEMES AND RECORDING OF CPD (CPD points and hours)

    Professional bodies and Institutes CPD schemes are either structured as ‘Input’ or ‘Output’ based.

    ‘Input’ based schemes list a precise number of CPD hours that individuals must achieve within a given time period. These schemes can also use different ‘currencies’ such as points, merits, units or credits, where an individual must accumulate the number required. These currencies are usually based on time i.e. 1 CPD point = 1 hour of learning.

    ‘Output’ based schemes are learner centred. They require individuals to set learning goals that align to professional competencies, or personal development objectives. These schemes also list different ways to achieve the learning goals e.g. training courses, seminars or e:learning, which enables an individual to complete their CPD through their preferred mode of learning.

    The majority of Input and Output based schemes actively encourage individuals to seek appropriate CPD activities independently.

    As a formal provider of CPD certified activities, SMI Group can provide an indication of the learning benefit gained and the typical completion. However, it is ultimately the responsibility of the delegate to evaluate their learning, and record it correctly in line with their professional body’s or employers requirements.

    GLOBAL CPD

    Increasingly, international and emerging markets are ‘professionalising’ their workforces and looking to the UK to benchmark educational standards. The undertaking of CPD is now increasingly expected of any individual employed within today’s global marketplace.

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    We can provide a certificate for all our accredited events. To request a CPD certificate for a conference , workshop, master classes you have attended please email events@smi-online.co.uk

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