THE DEAL
NPIL acquired PD Ports Group, the owner and operator of the port of Tees and Hartlepool, in December 2000 when we purchased the London Stock Exchange listed company, Powell Duffryn plc. At the time, this was one of the largest public to private transactions in UK history. Shortly after the acquisition, NPIL launched the second phase of the strategy - the £305m whole business securitisation of the ports business. This was achieved within four months of closing and was the first European port securitisation ever. In July 2004, NPIL sold PD Ports Group Limited, for a total consideration of £172.5 million, to PD Ports plc, a company set up for the purposes of the acquisition, which was immediately floated on the Alternative Investment Market ("AIM").

THE NPIL DIFFERENCE
At the time of acquisition of Powell Duffryn, we announced our intention to create a focused ports group by divesting the engineering activities over time. In April 2001 NPIL implemented a £305m whole-business securitisation of the ports business to improve its financial structure and lower its cost of capital. NPIL also brought in a new management team that revitalised the business. Further growth was driven through the building of a new container terminal in 2003, which marked the largest investment at the port for more than a decade. In 2003 the port recorded its highest ever volumes, making it the UK’s second busiest port by tonnage.

THE BUSINESS
PD Ports, Logistics and Shipping operates from over 40 locations around the UK and employs 1500 people. Its services range from port and wharf ownership through distribution, warehousing, agency and forwarding.

PD Tees Port The Ports of Tees and Hartlepool is one of the top three ports in the UK, with annual traffic of over 50 million tonnes. The company has established oil, chemicals and other bulk traffic and has dedicated specialist steel handling and deepwater capabilities. It has a fast-growing container terminal and daily ro-ro services to continental destinations and is a centre for automotive distribution. The Ports of Tees and Hartlepool also boasts land available for expansion

PD Port Services Humberside Sea and Land Services provides an integrated range of services from ports on the Humber, Trent and Ouse rivers. Services include: stevedoring, warehousing, road haulage and freight forwarding at the major ports of Immingham and Grimsby and the wholly owned ports at Howdendyke and Keadby. It also operates the container terminal at Hull.

PD Logistics PD Ports, Logistics & Shipping has over 3 million square feet of warehousing from Southampton in the South to Northumberland in the North, together with substantial generalist and specialist transport fleets. It provides integrated distribution services to a wide range of customers.

Visit the PD Ports Website