John Laing Infrastructure Fund has announced a placing of up to 81.2 million new ordinary shares and has said that the net proceeds will be principally used to repay the Group’s revolving credit facility which, following the acquisition of a 40% stake in the Barcelona Line 9 Section II metro project announced in January 2016, is £84.5m drawn. They say that the balance will be used for general working capital purposes and/or to fund further acquisitions from a strong pipeline of projects in the UK and Continental Europe. The Company has advised that is in advanced discussions on acquisitions totalling approximately £150 million of assets that fit its investment policy.
The Placing, which is being conducted by way of tap issuance, is non-pre-emptive and the price of the Placing Shares, and the number to be issued, will be determined at the close of the bookbuild for the Placing, expected at 11 am (London) on Monday, 7 March. The new shares will not be entitled to the dividend of 3.41p per share declared by the Company on 25 February 2015.
The Company has separately announced a trading update in respect of the year ended 31 December 2015 and the period since which includes an estimated net asset value per share of 110.3p as at 23 February 2016. Adjusted for the dividend of 3.41p per share which goes “ex-div” on 3 March 2016, the net asset value at this same date would be 106.89p. If the company issued the total proposed number of shares at the closing price on the 24 February 2016 of 118.6p, this would be equivalent to a £96.3m.
John Laing Infrastructure announces new placing : JLIF