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Ferrovial sells 5.72% of Heathrow Airport Holdings to CIC

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According to the press release, “Ferrovial has announced the sale of 5.72% of Heathrow Airport Holdings Ltd, previously known as BAA Ltd., to Stable Investment Corporation, a wholly owned subsidiary of CIC International Co., Ltd, for GBP 257.4 million. Ferrovial continues to be the industrial partner in Heathrow Airport Holdings Ltd.

Ferrovial, currently the indirect owner of 49.99% of Heathrow Airport Holdings Ltd., previously known as BAA Ltd., has reached an agreement to sell 5.72% of FGP Topco Ltd., the holding company which owns Heathrow Airport Holdings Ltd., to Stable Investment Corporation (“Stable”), a wholly owned subsidiary of CIC International Co., Ltd, for GBP 257.4 million pounds, equivalent to EUR 319.3 million.

As part of the same transaction and at the same price per share, Stable has acquired shares from other shareholders of FGP Topco Ltd. for GBP 192.6 million pound sterling, equivalent to EUR 238.9 million euro. Upon completion of this transaction, Stable will own 10% of Heathrow Airport Holdings Ltd.

Ferrovial’s indirect stake in Heathrow Airport Holdings Ltd. will reduce to be 39.37% as a result of the transaction announced on 17 August 2012 to Qatar Holdings, which is subject to European competition approval and expected to close prior to the end of 2012. Ferrovial’s indirect stake will further reduce to 33.65% as a result of this transaction. The transaction with Stable is unconditional and closes today 31 October 2012. Following closing today, Ferrovial owns 44.27% of Heathrow Airport Holdings Ltd.

Stable will join the boards of FGP Topco Ltd. and Heathrow Airport Holdings Ltd. Britannia Airport Partners LP, GIC and Alinda continue as shareholders of FGP Topco Ltd.

“This sale of a stake in Heathrow Airport Holdings Ltd. is a further part of Ferrovial’s investment diversification strategy. Following this deal, we reiterate our role in Heathrow Airport Holdings Ltd. as the industrial partner. As previously stated, we will continue to work with the new shareholders and with existing shareholders to ensure that Heathrow Airport Holdings Ltd. retains its position as one of the best infrastructure assets in the world,” said Íñigo Meirás, CEO.

The transaction brings further enhancement to Ferrovial’s liquidity position and financial flexibility.

A consortium including Ferrovial acquired BAA Ltd., now renamed as Heathrow Airport Holdings Ltd., in June 2006. Heathrow Airport Holdings Ltd. owns Heathrow and Stansted airports (both in London), Glasgow and Aberdeen airports (in Scotland) and Southampton airport (in southern England). In the first six months of 2012, those airports handled 47.4 million passengers.”

Read more: Ferrovial Press Release

NZ Super Names Three New Board Members

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New appointments have been made to the Board of the Guardians of New Zealand Superannuation Fund (NZ Super). The appointments were made on July 19, 2018. The three new board members are Catherine Drayton, Simon Botherway and Henk Berkman.

According to the NZ Super press release, “Simon Botherway’s appointment runs from 1 August 2018 to 30 September 2021. He is a professional director with a history in investment, investment regulation and supervision. Other board roles have included his current position as Chair of Serko, a director on Callaghan Innovation and previously being the Chair of the FMA Establishment Board and a member of the Securities Commission.

Henk Berkman will serve from 1 October 2018 to 30 September 2022. He has been Professor of Finance, Department of Accounting and Finance at the University of Auckland since 2008. Mr Berkman has held previous professorial positions at Massey University, University of Sydney and the University of Maastricht.

Catherine Drayton will serve from 1 November 2018 until 30 September 2022. She is a Christchurch-based director who previously led the Assurance and Advisory Practice for PwC in Central Eastern Europe. Her public sector governance experience includes her current role as Chair of Christchurch International Airport and as a member of the University of Canterbury Council. Her experience as a Director of Ngai Tahu Holdings has provided her with iwi governance experience.”

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AIMCo Names Former Talisman Energy Executive to Board

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The Alberta Investment Management Corporation (AIMCo) appointed Jacqueline (Jackie) Sheppard as a member of the board of directors for a term set to expire on June 30, 2021. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Grant & Eisenhofer Reveals Fortis Investors to Receive $1.5 Billion in Mega Settlement

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Law firm Grant & Eisenhofer won a landmark case for its clients after a seven-year legal duel in Dutch courts. On July 13, 2018, the Amsterdam Court of Appeals officially approved the largest securities settlement ever reached in Europe, paving a path for international insurance company Ageas N.V./S.A. to begin payment of US$ 1.5 billion (€1.3 billion) to multiple groups of institutional and individual investors from Europe and the United States. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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