21 February 2011 – contract win

There has been a positive development for AssetCo. Following the establishment of a joint venture with Emirates Advanced Investments, the joint venture has been awarded a £120m contract to provide a fully outsourced firefighting service by the GHQ UAE Armed Forces. The contract is for an initial 5 years with a 5 year extension. It involves a total turnkey solution for the provision of personnel, training, operational equipment and facilities management. The revenue impact for AssetCo is expected to be at least £40m over the initial 5 years. Although risks remain, this should assist with the refinancing and equity fundraising. We continue to AWAIT DEVELOPMENTS ahead of details of the equity fundraising but the latest announcement is reassuring and we remain upbeat about long term prospects.