John Laing Infrastructure bid recommended by board – the Dalmore Capital / Equitix bid for John Laing Infrastructure Fund is now official and has been recommended by JLIF’s board. The terms – 142.5p cash and 3.57p in dividends are unchanged.
Bidco (the company formed to make the offer) has received irrevocable undertakings to vote or procure votes to approve the deal from each of the JLIF directors in respect of their own holdings; in aggregate, 133,125 JLIF Shares, representing approximately 0.0134% of the issued share capital as at 2 August 2018.
The bid is expected to complete in October 2018 (subject to various conditions).
David MacLellan, chairman of JLIF, said: “Since its launch in 2010, JLIF has grown to become one of Europe’s largest listed infrastructure funds, with 65 high-quality, low-risk, predominately operational projects across the U.K., Europe and North America. In that time, we have worked to create significant value for our shareholders, with total shareholder returns of 101 per cent., which compares favourably to the All Share of 47 per cent. We are proud of what JLIF has achieved and what it has become.
Although the JLIF board is confident that JLIF can continue to deliver sustainable cash flows to its shareholders and deliver upside, the offer from the consortium represents an attractive premium to the undisturbed share price and to NAV and delivers a certain cash return for our shareholders, securing early delivery of our long-term value potential. As a result, the JLIF board has concluded that the offer is in the best interests of JLIF shareholders and JLIF as a whole.”
UPDATE – 25th September 2018 – Results of Court Meeting and General Meeting
The board of JLIF has announced that the Court Meeting and the General Meeting were held regarding the proposed recommended cash offer. The Bidco (see above) can acquire the entire issued and to be issued share capital of JLIF
This is to be effected by means of a scheme of arrangement between JLIF and the Scheme Shareholders under Part VIII of the Companies Law of Guernsey.
JLIF : John Laing Infrastructure bid recommended by board