 |
|
        |
|
 |
|
| |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Tube Lines refinancing12/03/2004 Jarvis has noted press comments regarding Tube Lines Limited (“TLL”) and the refinancing of its bank debt. Jarvis has a one third investment in TLL through a joint venture company. Both TLL and Transport for London have been actively involved in this process for some months in accordance with the plans envisaged as part of the process that led to the signing of the PPP contract in December 2002. The substantial majority of the financial benefit arising on refinancing will accrue to the public sector; Jarvis will be in a position to report the extent of the benefit it will receive once the refinancing has been concluded. Contained within the refinancing documentation will be a comment to the effect that, independently of the refinancing, Jarvis is investigating the potential for selling one half of its equity interest in the joint venture. This process is in the very early stages and is likely to take some months to conclude; if and when a sale is concluded a further statement will be made. This is in line with Jarvis’ prudent business strategy of limiting its capital investment in any single project and does not detract from its commitment to the overall success of the project nor does it involve any change in the secondment arrangements. With the joint venture having been operational for well over a year, the company believes it is the appropriate time to consider this move. |
|||||||||||||||||||||||||||||||||||||||||||||||||||||
 Print this page |
||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
Legal
disclaimer | Privacy statement | Jarvis plc – Registered in England. Registered office: Meridian House, The Crescent, York, YO24 1AW. Registered number: 2238084