TIDMBBGI
RNS Number : 5334U
BBGI Global Infrastructure S.A.
24 November 2023
24 November 2023
BBGI Global Infrastructure S.A.
(the "Company" or "BBGI")
MANAGEMENT CHANGES
BBGI Global Infrastructure S.A. (LSE ticker: BBGI), the global
infrastructure investment company, today announces that Frank
Schramm has informed the Board of his intention to retire, after 12
years, as Co-CEO and member of the Management Board of the Company
for personal reasons. To ensure an orderly handover and seamless
transition, Frank will remain in his position until 31 January 2024
and then as an advisor to the business until December 2024.
The Board is pleased to confirm, effective 31 January 2024,
Duncan Ball will continue in his role as sole CEO and he will
continue as a member of the Management Board of the Company. Duncan
has been Co-CEO with Frank since BBGI's inception in December 2011.
The Board is also pleased to appoint, effective 1 February 2024,
Michael Denny as COO alongside his existing CFO duties and he will
continue as a member of the Management Board of the Company.
Michael is based in Luxembourg and has been CFO since 2012.
Furthermore, the Board is pleased that Andreas Parzych will join
the Management Board of the Company, effective 31 January 2024,
subject to confirmation by the Commission de Surveillance du
Secteur Financier ("CSSF"), the main financial regulatory authority
in Luxembourg. As Director, Business Development Europe and North
America at BBGI since 2016, Andreas has played an integral part in
the implementation of the Company's disciplined growth strategy,
and will continue to do so in his new role on the Management
Board.
Frank and Duncan as Co-CEOs were both instrumental in floating
the Company in 2011, leading and working together with Michael and
the wider BBGI team to grow BBGI's defensive and globally
diversified portfolio from 19 assets at IPO to 56 assets today, all
of which are 100% availability-style critical social infrastructure
investments.
Sarah Whitney, Chair of BBGI, said:
" I would like to express the Board's gratitude to Frank for the
significant contribution he has made to the business over the last
12 years. Frank has been an exemplary leader and, alongside Duncan
as Co-CEO and Michael as CFO, has overseen our successful strategy
of constructing a high-quality portfolio of core social
infrastructure assets, which continue to deliver a strong and
resilient performance.
Frank is retiring and leaves the Company and portfolio in a
robust shape with a strong management team in place to take it
forward successfully. We send Frank our very best wishes for a long
and happy retirement."
Frank Schramm, Co-CEO of BBGI, said:
"It has been a pleasure and privilege to provide leadership
alongside Duncan and Michael to BBGI over the last 12 years, and I
am immensely proud of what the BBGI team has accomplished during my
time as Co-CEO, including significant financial returns and a
progressive dividend policy that outpaced UK CPI. I am confident
that now is the right time for me to retire, BBGI has a great team
and business with a low-risk investment strategy that is
well-placed to continue to deliver attractive and sustainable value
to all stakeholders. I'd like to express my sincere thanks to the
Board, our shareholders and all of my colleagues for the fantastic
support over all these years, and I wish them every success for the
future."
There is no further information to be disclosed under Listing
Rule 9.6.13R(2) to (6).
FOR FURTHER INFORMATION, PLEASE CONTACT:
BBGI Management Team +352 263 479-1
Duncan Ball, CEO Designate
--------------------------------
Michael Denny, CFO O Designate
--------------------------------
H/Advisors Maitland (Communications BBGI-maitland@h-advisors.global
advisor)
--------------------------------
James Benjamin + 44(0) 7747 113 930
--------------------------------
Rachel Cohen +44(0) 20 7379 5151
--------------------------------
This announcement contains information that is inside
information for the purposes of Article 7 of the UK version of
Regulation (EU) No. 596/2014 which is part of UK law by virtue of
the European Union (Withdrawal) Act 2018, as amended (the Market
Abuse Regulation). The person responsible for arranging for the
release of this announcement on behalf of BBGI Global
Infrastructure S.A. is Duncan Ball.
NOTES
BBGI Global Infrastructure S.A. (BBGI) is a responsible
infrastructure investment company and a constituent of the FTSE
250. We invest in and actively manage for the long-term a globally
diversified, low-risk portfolio of essential social infrastructure
investments on which people rely every day, such as schools,
hospitals, transport, fire and police stations and affordable
housing . Our purpose is to deliver healthier, safer and more
connected societies, while creating sustainable value for all our
stakeholders.
BBGI is committed to delivering stable and predictable cash
flows with progressive long-term dividend growth and attractive,
sustainable, returns for shareholders. Through our proactive and
disciplined approach to active asset management and prudent
financial management, and with a strong focus on ESG, we preserve
and enhance the value of our investments, and deliver well
maintained social infrastructure that serve and support local
communities and end users.
All of BBGI's investments are availability-style and supported
by secure public sector-backed contracted revenues, with high
quality inflation-linkage. Availability-style means that our
revenues are paid so long as the assets are available for use, and
we maintain a consistently high level of asset availability of
99.9%.
BBGI's investment portfolio is 100% operational with all its
investments located across highly rated investment grade countries
with stable, well developed operating environments.
BBGI's in-house management team is incentivised by shareholder
returns and consistently maintains low comparative ongoing charges
to shareholders.
BBGI is targeting dividends of 7.93 pence and 8.40 pence per
ordinary share for the twelve months ending 31 December 2023 and 31
December 2024, respectively, representing a 6% increase year on
year, and a dividend target of 8.57pps for 2025: all are expected
to be fully cash-covered**.
Further information about BBGI is available on its website at
www.bb-gi.com *
The Company's LEI: 529900CV0RWCOP5YHK95
Any reference to the Company or BBGI refers also to its
subsidiaries (where applicable).
* Neither the Company's website nor the content of any website
accessible from hyperlinks on its website (or any other website) is
(or is deemed to be) incorporated into, or forms (or is deemed to
form) part of this announcement.
** These are guidance levels or targets only and not a profit
forecast and there can be no assurance that they will be met.
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END
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