Impax Asset Management Group plc announces successful IPO of Impax Asian Environmental Markets plc with £104.5m of gross proceeds

October 22 2009

Largest Investment Company IPO on the London Stock Exchange
since July 2008

Impax Asset Management Group plc¹ (’Impax’), the specialist environmental investment manager, is pleased to announce today that Impax Asian Environmental Markets plc ('the Company') has raised gross proceeds of £104.5m in a Placing and Offer for Subscription.

The Company’s investment manager is Impax Asset Management Limited, Impax’s trading subsidiary.  Collins Stewart Europe Limited acted as sponsor and lead book-runner to the IPO.

Dealings will commence in the Company’s shares on the Main Market of the London Stock Exchange on Friday 23rd October.

The Company is a new closed-ended investment trust formed to enable shareholders to benefit from the rapid and sustained growth anticipated from companies active in the environmental sector that are based in the Asia-Pacific region, particularly China, Japan, Singapore, Hong Kong, India, South Korea, Malaysia, the Philippines, Thailand, Taiwan, Australia and New Zealand.

This successful IPO adds further to Impax’s assets under management, which were c. £1.25 billion as of 30 September 2009 and have since increased through a new mandate from a European institutional investor to manage up to €150m.

Ian Simm, Chief Executive of Impax, commented:

"We are delighted by the positive response Impax Asian Environmental Markets plc has received from investors. The successful IPO is further evidence of investor interest in environmental markets remaining high. With a strong track record, a highly qualified and committed investment team and powerful distribution partners, Impax is well positioned for further growth."

Allan McKenzie, Chairman of Impax Asian Environmental Markets plc, added:

"The strong level of support we have received from investors demonstrates our conviction that the Asian environmental sector is an exciting, long-term growth area.  We believe that the key drivers of the Asia environmental markets - market liberalisation, tightening environmental policy and falling costs of new technology - will continue to generate highly attractive investment opportunities."

 

Enquiries:

Penrose Financial
Gay Collins:
020 7786 4882/07798626282 gayc@penrose.co.uk
Shona Prendergast:
020 7786 4884  shonap@penrose.co.uk
Clare Milton:
020 7786 4874   clarem@penrose.co.uk

Impax
Ian Simm:
0207434 1122

Collins Stewart
David Yovichic:
020 7523 8361  dyovichic@collinsstewart.com
Robbie Robertson:
020 7523 8000  rrobertson@collinsstewart.com
Dominic Waters:
020 7523 8473  dwaters@collinsstewart.com

Notes to editors

Impax Asset Management Limited is a subsidiary of Impax Asset Management Group plc¹, the shares of which are quoted on the Alternative Investment Market of the London Stock Exchange.

Impax Asset Management is a leading specialist investment manager dedicated to the environmental sector. Founded in 1994, Impax manages a range of closed end funds, open ended funds and segregated accounts on behalf of institutional and private investors.

Impax has a track record of delivering excellent returns across long only, private equity and hedge fund strategies. Key investment team members have been working together at Impax for over a decade and have spent the majority of their careers in the environmental sector.

Impax manages a range of specialist own brand and white label funds. Impax Environmental Markets plc (IEM) is the UK’s largest environmental markets fund and is in the FTSE 250 index.

In 2007, Impax was selected to partner FTSE in the development and management of its Environmental Markets Index Series. The indices in the Series are derived from a database managed by Impax. 

Impax is also a signatory to the UN Principles of Responsible Investment (UNPRI) and a member of the Institutional Investors Group on Climate Change (IIGCC).

Impax has an award winning track record and most recently won the Financial News Award for Excellence in Institutional Asset Management as Sustainable Investment Manager of the Year.

¹The name change from Impax Group plc to Impax Asset Management Group plc was approved by shareholders on 30th September 2009 and is awaiting approval from Companies House.

For further information please visit: www.impax.co.uk