John Laing Environmental Assets (JLEN) has announced that its placing has raised £40 million through the issue of 38,834,951 new ordinary shares at a price of 103 pence per new ordinary share. JLEN says that the Placing was significantly oversubscribed and applications have been scaled back in accordance with the terms of the placing. The company says that it intends to use the net proceeds of the placing to repay its revolving credit facility and allow it to deliver on a near term pipeline of attractive opportunities across a range of environmental infrastructure sectors. The new shares are expected to be admitted to trading around 8.00 a.m. on 12 July 2017.
About John Laing Environmental Assets
John Laing Environmental Assets aims to provide its shareholders with a sustainable dividend, paid quarterly, that increases progressively in line with inflation, and to preserve the capital value of its portfolio on a real basis over the long term.
JLEN invests in environmental infrastructure assets with predictable, wholly or partially index-linked cash flows supported by long-term contracts or stable regulatory frameworks. Environmental infrastructure comprises projects that utilise natural or waste resources or support more environmentally-friendly approaches to economic activity. This could involve the generation of renewable energy (including solar, wind, hydropower and biomass technologies), the supply and treatment of water, the treatment and processing of waste, and projects that promote energy efficiency.
John Laing Environmental Assets’ placing raises £40m at 103p per share : JLEN