JLEN Environmental Assets Group (JLEN) has announces that, following an internal restructuring at Foresight Group, Foresight Group LLP (Foresight) has replaced Foresight Group CI Limited (Foresight CI) as investment adviser to JLEN.
As announced by the company on 5 June 2019, Foresight CI was appointed as investment adviser to JLEN with effect from 1 July 2019. Foresight CI appointed Foresight, an English law incorporated limited liability partnership that is authorised and regulated by the Financial Conduct Authority, as sub-investment adviser to provide investment advice to Foresight CI in respect of the Company.
This sub-investment advisory arrangement has now been terminated and JLEN has entered into a new investment advisory agreement with Foresight.
Fees and terms of the investment advisory arrangement remain unchanged
The material terms and fees contained in the new investment advisory agreement are the same as in the previous advisory agreement with Foresight CI. Finally, JLEN adds that the team members providing investment advisory services to the company will not change as a result of this restructuring.
Placing proposal to pay down credit facility and target the bioenergy and flexible generation sectors.
In a separate announcement this morning, JLEN has said it will look to raise equity through a proposed placing for new 49.7m ordinary shares. Since the Company raised £105m in October 2018 to repay amounts drawn under its revolving credit facility (RCF), it has made four acquisitions across several sectors including anaerobic digestion, food waste, hydro-electric and battery storage. JLEN says the RCF is currently £69.8m drawn with further outstanding commitments of €25m and so the net proceeds of the placing will be used to repay these amounts drawn in order to finance an identified pipeline of near term opportunities across the bioenergy and flexible generation sectors.
JLEN: JLEN Environmental Assets announces restructuring in its management arrangement and placing proposal