4.2.1 The equity funding represented 11% of the total funding for the project. In 2001, at the time the PPP1 project was signed, the shares in ESP (Holdings) Ltd were held by the following companies:
(i) Amey Ventures Limited;
(ii) Miller Construction (UK) Limited;
(iii) Quayle Munro PFI Fund Limited Partnership; and
(iv) Uberior Infrastructure Investments Limited
4.2.2 According to filings at Companies House, the original shareholders disposed of their shares as follows:
(i) Disposal of shares of Amey Ventures Limited ("AMV"):
• Prior to completion of the second phase of PPP1, AMV disposed of all its shares to Equion Plc in 2004;
• In 2008 Equion Plc changed its name to John Laing Social Infrastructure Limited;
• John Laing Social Infrastructure Limited disposed of half its shareholding to John Laing Pension Trust in 2010, followed by the remainder of its shareholding in 2012; and
• John Laing Pension Trust disposed of its shares to Palio (No.19) Limited between May 2013 and May 2014.
(ii) Disposal of shares of Miller Construction (UK) Limited ("Miller Construction"):
• In 2005, about the time of completion of the second phase of PPP1, Miller Construction disposed of all its shares to SMIF UK Limited;
• SMIF UK Limited disposed of all its shares in May 2008 to Trillium PPP Investment Partners No. 2 Limited, which changed its name to Semperian PPP Investment Partners No. 2 Limited in February 2009.
(iii) Disposal of shares of Quayle Munro PFI Fund Limited Partnership ("QM"):
• QM disposed of its shares in May 2008 to PFI Infrastructure Finance Ltd.
(iv) Disposal of shares of Uberior Infrastructure Investments Limited ("Uberior")
• Uberior disposed of all its shares in May 2009 to Uberior Infrastructure (No.3) Limited, which later changed its name to Aberdeen Infrastructure (No.3) Limited.
4.2.3 The current shareholders in ESP (Holdings) Ltd are therefore:
(i) Palio (No.19) Limited;
(ii) Semperian PPP Investment Partners No. 2 Limited;
(iii) PFI Infrastructure Finance Limited; and
(iv) Aberdeen Infrastructure (No.3) Limited.
4.2.4 The original lending institutions that provided 89% of the funding (debt) for the project to ESP were:
• The Bank of Scotland; and
• The European Investment Bank.