John Laing Environmental Assets has announced that it is proposing to raise up to £65m by way of a cash placing of new ordinary shares to institutional investors. The company says that the net proceeds of the Placing will be used to repay the Company’s facility to provide capital for pipeline acquisitions.
On 17 March, the company announced the acquisition of Pylle Southern Solar Park, which was funded by a drawdown under the Company’s revolving credit facility. Following the acquisition, the company says that it has now drawn the majority of its revolving credit facility and still has a strong pipeline of investment opportunities and, with this in mind, has proposed the capital raise. The company says that the issue price per new share will be at a modest premium to the estimated net asset value as at 31 March 2016, which is expected to be announced on or around 12 May 2016. The Placing is expected to close on 26 May 2016, with the results expected to be announced on 27 May 2016 and the new shares admitted to trading on 1 June 2016. The company says that the prospectus in connection with the placing programme was published on 4 June 2015.
John Laing Environmental Assets placing to raise up to £65m : JLEN