LONDON (dpa-AFX) - International Public Partnerships Ltd. (INPP.L), Thursday announced a decision to divest its 50 percent interest in the Three Shires portfolio to existing shareholder Equitix, raising 14 million pounds.
Of the total proceeds, 10 million pounds would be used to expand the existing share buyback program, while the remaining would be allocated to support long-standing investment commitments, the investment company added.
'In the last 12 months, the Company has successfully realised over 235 million pounds from asset disposals and has recycled this cash to support shareholder value. These divestments are in line with, or modestly above, previously published valuations. These realisations' proceeds have been used to fully repay the CDF, commence a share buyback programme, increase dividend growth and fund accretive acquisitions,' said Mike Gerrard, Chair of INPP.
Currently, INPP's stock is trading at 125.56 pence, up 0.12 percent on the London Stock Exchange.
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