Equity in the Calderdale Royal Hospital PFI project has changed ownership nine times since financial close on 31 July 1998, six direct equity transactions and three changes in corporate ownership, which transferred ownership of PPP equity to a different company - see Table 9. Although this is the highest recorded number of transactions of equity in a PPP project company, it serves to illustrate the complexity of many equity transactions and the systemic failure to disclose what should be classified as public information.
Table 9: Sale of equity in Catalyst Healthcare (Calderdale) Holdings Limited (renamed Calderdale Hospital SPC Holdings Limited)
| Date | Seller of equity | % | Purchaser of equity | Cost (£m) | Profit £m |
| 31 July 1998 | Share ownership at financial close of project | 50.0 | Bovis Lend Lease (Lend Lease Corporation, Australia) | n/a | n/a |
| 2000 | RCO Holdings | 16.67 | ISS Europe takeover of RCO and their shareholding | n/a | n/a |
| 2002 | Lend Lease Corporation | 30.1 | Quayle Munro Holdings plc (Lend Lease retains 19.9%) | n/a | 9.5 |
| 2005 Nov | ISS UK Limited (RCO Support Services Limited) | 16.67 | Bank of Scotland | n/a | n/a |
| 2005 Dec | Quayle Munro Holdings plc | 30.1 | Bank of Scotland | n/a | n/a |
| 2006 May | Lend Lease Corporation | 19.9 | Catalyst Investment Holdings Ltd (50/50 joint venture between Lend Lease and Bank of Scotland) | 14.7 from equalisation of equity in 11 projects | 11.5 as part of 11 projects |
| 2006 October | Societe Generale | 16.67 | Infrastructure Investors (joint venture Barclays Infrastructure, Societe Generale, 3i Investments and Fleming Family & Partners) | n/a | n/a |
| 2006 October | Bank of Scotland | 3.3 | Infrastructure Investors (joint venture Barclays Infrastructure, Societe Generale, 3i Investments and Fleming Family & Partners) | n/a | n/a |
| 2009 January | Societe Generale (31.7%), 3i (31.7%) and Fleming (4.9%) shareholdings in Infrastructure Investors sold | Indirect shareholding | Barclays Integrated Infrastructure Fund LP | n/a | n/a |
| 2010 December | Lend Lease Corporation sells its 50% shareholding in Catalyst Investment Holdings Ltd (later renamed Consolidated Investment Holdings Limited) | Indirect shareholding | Lend Lease PFI/PPP Infrastructure CIHL Holdings Limited, registered in Jersey | 75.0 (part of 14 project transaction) | 12.0 (part of 14 project transaction) |
| 2012 | Calderdale Hospital SPC Holdings 20% - Barclays Integrated Infrastructure Fund LP (owned by number of investors) 80% - Consolidated Investment Holdings Limited (50% owned by Bank of Scotland and 50% by Lend Lease PFI/PPP Infrastructure CIHL Holdings Limited (Jersey). | ||||
Source: European Services Strategy Unit PPP Equity Database, 2012. Company accounts. n/a - not available.