Since 2007 NCP has been owned by Macquarie European Infrastructure Fund II (MEIF 2), a wholesale investment fund that makes long-term investments in infrastructure and related business across Europe. MEIF11 invests in businesses that:
Provide an essential service to the community
Have a strong competitive position
Generate stable cash flows over the long term
MEIF 2 aims to deliver sustainable cash yields and moderate capital growth from its diversified portfolio of quality infrastructure investments.
MEIF 2 is managed by Macquarie Infrastructure and Real Assets (Europe) Limited (MIRAEL). More information on MIRAEL is available through the MEIF 2 website.
Mid Year update
Trading was satisfactory during the six months ended 30 September 2016, continuing the strategy outlined in the 2016 Annual Report to grow turnover, increase market share and improve profitability. In line with this strategy the NCP ParkPass product was launched. This is an account based payment solution, allowing customers to pay for their parking via top-up or automatic payments. In addition further new sites were won and others are under negotiation.
The Group’s financing was due for repayment in March 2018. In order to provide longer term stability a refinancing exercise was undertaken and successfully concluded in December 2016. The new debt package has maturity dates in 2021 and 2022. As part of the refinancing MEIF 2 acquired the minority shareholding owned by the previous lenders. Consequently there is no longer a requirement for a director appointed by the minority shareholders to be on the Group’s Board and therefore Mr Bell has resigned as director.