EPIC closes oversubscribed

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The Equity Partners Infrastructure Company (EPIC) IPO has closed over-subscribed.

Thursday, May 31st 2007, 7:15AM

Subscriptions have been accepted for approximately 95 million $1 shares, the company says in a statement. Recent favourable movements in foreign currency has resulted in $95m only being required rather than the $96.7m anticipated.

EPIC chairman Don Walker said he was “delighted with the result”. He noted in particular “outstanding support from retail investors for this innovative fund, through which investment portfolios can be diversified with tax efficiency into a significant overseas infrastructure asset not normally available to NZ investors”.

The seed asset of EPIC is a 1.22% holding in Thames Water, Britain's largest water utility company, which is expected to deliver a first-year yield of 9.1% after tax.

EPIC director George Kerr, a director of EPIC's manager, Equity Partners Infrastructure Management Limited (EPIM), said that the strong demand reflected investor support for both the structure and quality of the offer.

"New Zealand retail investors are now in the unique position of having access to an indirect investment in Thames Water along with some of the largest pension funds in the world. We believe Thames Water will provide the strong base on which to build a portfolio of high quality infrastructure investments," Kerr said.

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