Overview
John Laing Infrastructure : JLIF
CLOSED
In August 2018 John Laing Infrastructure agreed to accept an offer from Dalmore Capital and Equitix Investment Management valuing the company at £1.45 billion. The transaction became effective on 28 September 2018 and has delisted.
John Laing Infrastructure’s investment policy was to invest in equity and subordinated debt issued in respect of infrastructure PPP projects. The Fund predominantly invested in projects that had completed construction and that were in their operational phase. Investment Capital in projects that were under construction were limited to 15 per cent. of the Total Assets of the Fund (calculated at the time of investment).
The Fund invested in projects whose revenue streams were: public sector or government backed; and predominantly lower-risk “availability based” i.e. cash-flows were determined by making the asset available rather than by how much it was used (“demand based”).
John Laing Infrastructure : JLIF
Research History
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16 Oct 2018 2 min read
Quarterly Investment Companies Roundup – Third Quarter 2018
Quarterly Investment Companies Roundup – Third Quarter 2018 Global equities delivered positive returns over the third quarter of 2018. This was principally because of strength in the US market. Political uncertainty and concerns about global trade held back other regions. Generally, government bond yields rose over the quarter. The UK equity market fell as the Bank of […]
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14 Sep 2018 1 min read
QuotedData’s investment companies roundup – September 2018
QuotedData’s investment companies roundup – September 2018 is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of August 2018. Kindly sponsored by Baillie Gifford. Money raised and returned in August GRIT Real Estate Income floated on the UK Stock Exchange in […]
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15 Aug 2018 1 min read
QuotedData’s investment companies roundup – August 2018
QuotedData’s investment companies roundup – August 2018 is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of July 2018. Kindly sponsored by Baillie Gifford. Money raised and returned in July Tritax EuroBox raised its maximum target of £300 million in an […]
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25 Apr 2018 1 min read
Quarterly investment companies roundup – First quarter 2018
Quarterly investment companies roundup – First quarter 2018 Quarterly investment companies roundup – First quarter 2018 – Global equity markets declined in the first quarter of 2018. Concerns about US interest rate rises were the feature of the first half of the quarter. However, worries about global trade took over in the second part, particularly […]
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18 Apr 2018 1 min read
QuotedData’s investment companies roundup – April 2018
QuotedData investment companies roundup – April 2018 – is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of March 2018. Kindly sponsored by Baillie Gifford. Stock markets have suffered their first meaningful fall for nearly two years. At the quarter end, […]
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11 Dec 2017 1 min read
QuotedData’s economic round up – December 2017
QuotedData’s economic round up – December 2017 – is a collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or […]
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10 Nov 2017 1 min read
QuotedData investment companies roundup – November 2017
QuotedData investment companies roundup – November 2017 – is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of October 2017. Kindly sponsored by Baillie Gifford. November Investment Companies Roundup Globalworth Real Estate’s discount was eliminated after it announced […]
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12 Jul 2017 2 min read
QuotedData investment companies roundup – July 2017
QuotedData investment companies roundup – July 2017 – is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of June 2017. Kindly sponsored by Baillie Gifford. July Investment Companies Roundup Money raised in July Newly launched in June were […]
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10 Apr 2017 1 min read
QuotedData investment companies roundup – April 2017
Our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of February 2017. Kindly sponsored by Baillie Gifford. April Investment Companies Roundup
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13 Oct 2016 1 min read
QuotedData’s round up of views on the global economy – October 2016
QuotedData’s collation of recent insights on markets and economies taken from comments made by chairman and managers of investment companies. october-economic-and-political-roundup
News
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07 May 2021 1 min read
QuotedData’s weekly news show 7 May 2021
QuotedData’s weekly news show 7 May 2021 Thank you to everyone that listened in today, whether you watched the Zoom live, on Facebook or on Youtube. In this week’s show, James Carthew covered the week’s top stories: Biotech & Biden Sherbone Investors selling its’ stake in Barclays John Laing in talks with KKR about a […]
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15 Jan 2019 7 min read
Aberdeen Diversified Income and Growth bailed out by narrowing discount
Aberdeen Diversified Income and Growth bailed out by narrowing discount – Aberdeen Diversified Income & Growth has published results for the year ended 30 September 2018. Over the period, the NAV rose 2.5% on a total return basis. Fortunately, however, the shares moved from a 3.1% discount to a 3.2% premium. The share price ended the year […]
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06 Aug 2018 1 min read
John Laing Infrastructure bid recommended by board
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 […]
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16 Jul 2018 2 min read
Cash offer for John Laing Infrastructure
Cash offer for John Laing Infrastructure – The board of John Laing Infrastructure and a consortium which comprises Dalmore Capital Limited and Equitix Investment Management Limited confirm they are engaged in discussions regarding a possible cash offer for John Laing Infrastructure, to be made by a new company to be jointly owned by funds managed or advised by […]
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23 Mar 2018 2 min read
John Laing Infrastructure propose moving domicile to UK
John Laing Infrastructure propose moving domicile to UK – The NAV of John Laing Infrastructure [JLIF] rose by 9.5% the company informed shareholders in its final report for the year ending 31 December 2018. The share price, however, fell by 4.8%. The value of the portfolio value rose by 13.3% to £1,379.3 million, with the underlying portfolio growing by […]
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19 Jan 2018 1 min read
Investment Trust Insider trusts that didn’t escape me last year
Investment Trust Insider – trusts that didn’t escape me last year. As 2018 gets underway, I thought that it might be worth revisiting some of the funds that I wrote about in 2017. At the start of the year I hailed the changes that Standard Life Private Equity (SLPE) was implementing to broaden its investment proposition and noted the increasing […]
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16 Jan 2018 1 min read
BBGI and John Laing Infrastructure comment on Carillion
BBGI and John Laing Infrastructure comment on Carillion – BBGI SICAV says it has no exposure to Carillion. John Laing Infrastructure Fund Limited has 9 operational PPP projects where Carillion are the Facilities Management (“FM”) provider, 4 schools projects, 4 emergency services projects and 1 road project. The value of these projects is approximately 8.5% […]
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13 Nov 2017 3 min read
John Laing Infrastructure reveals thinking on Labour PFI threats
John Laing Infrastructure reveals thinking on Labour PFI threats – in a trading update released today, John Laing Infrastructure Fund talks about various issues including the threat to PFI from a Labour government, a write-off in the portfolio and Catalonia. PFI At the annual UK Labour Party conference in September 2017, the UK’s Shadow Chancellor of […]
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23 Oct 2017 1 min read
John Laing Infrastructure buys five PPP projects
John Laing Infrastructure buys five PPP projects – John Laing Infrastructure Fund has signed sale and purchase agreements with respect to the acquisition of a portfolio of five UK PPP projects from John Laing Group plc. The portfolio comprises: An additional 9% indirect interest in the Intercity Express Programme Phase 1 (“IEP Phase 1”) project […]
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15 Jun 2017 2 min read
Power price recovery boosts John Laing Environmental NAV
Power price recovery boosts John Laing Environmental NAV – John Laing Environmental says its NAV at 31 March 2017 was 100.1p, up from 96.7p at 31 March 2016. They say that the increase in NAV per share was due primarily to the increase in both short-term electricity prices and forecasts for longer-term prices during the year […]
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13 Jun 2017 1 min read
Investment Trust Insider on John Laing Infrastructure
John Laing diversifies overseas The last time I dedicated an article to John Laing Infrastructure (JLIF) was back in September 2011. The fund was quite new then having launched at the end of November 2010, although the sector had been around for a while given HICL (HICL) launched in March 2006, followed by International Public […]
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01 Jun 2017 1 min read
John Laing Infrastructure to light up Croydon and Lewisham
John Laing Infrastructure to light up Croydon and Lewisham – JLIF, the FTSE 250 listed infrastructure investment company, has announced that it has completed the acquisition of a 50% interest in the Croydon and Lewisham Street Lighting project from John Laing Investments Limited (a wholly-owned subsidiary of John Laing Group plc (“John Laing”)). The 25-year […]
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19 May 2017 1 min read
David Hardy to take up the reins at John Laing Infrastructure Fund
David Hardy to take up the reins at John Laing Infrastructure Fund John Laing Environmental Assets (JLEN) has announced that David Hardy is transferring within John Laing Capital Management (JLCM) to take on the role as investment adviser to John Laing Infrastructure Fund (JLIF). David Hardy has been involved in leading the management of JLEN […]
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03 May 2017 2 min read
14th consecutive year of outperformance for BlackRock Smaller
For fourteen consecutive years BlackRock Smaller Companies has outperformed its benchmark and increased its dividend. Over that period, the NAV has grown nearly ten-fold whereas the benchmark has almost quadrupled. The compound annual increase in dividends paid over the past five years has been 20% per annum. During the year to 28 February 2017, the NAV increased […]
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06 Feb 2017 1 min read
14 investment trusts for income and growth in 2017
Investors looking forward to a period of calm in 2017 might be disappointed, but David Prosser has the trusts experts are backing to navigate further storms. Having just been through a year of unprecedented political upheaval that sent financial markets spinning, many investors will be assuming 2017 cannot possibly be so tumultuous. The reality, however, […]
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21 Dec 2016 1 min read
John Laing Infrastructure invests in the Intercity Express Programme Phase 1 Project
John Laing Infrastructure Fund (JLIF) has announced that it has signed a Sale and Purchase Agreement with respect to an indirect 6% minority shareholding in the Intercity Express Programme Phase 1 (IEP) project, from John Laing Investments Limited. The Company says that the total consideration for the acquisition will be approximately £42.4m, which will be […]
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09 Dec 2016 1 min read
John Laing Infrastructure buys A55 in Wales
John Laing Infrastructure Fund has signed a Sale and Purchase Agreement with John Laing Infrastructure Limited (a wholly-owned subsidiary of John Laing Group plc) in respect of the acquisition of a 100% interest in the A55 Llandegai to Holyhead road PPP project. The A55, running from Holyhead across north Wales, forms part of the Trans-European Transport […]
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12 Sep 2016 1 min read
John Laing Infrastructure interims
John Laing Infrastructure has announced interim results covering the six months ended 30 June 2016. It reports an NAV per share of 113.8 pence, up 5.0% against that as at 31 December 2015. The share price rose from 116.7p to 128p. Including dividends of 3.41p (up 1%), this translates into a 12.6% total shareholder return […]
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21 Jul 2016 1 min read
John Laing Infrastructure Fund adds to Barcelona line 9 holdings
John Laing Infrastructure Fund has announce that, in accordance with the agreement that it announced on the 5 May 2016, it has now completed the acquisition of an additional 13.5% interest in the Barcelona Metro Stations Line 9 Section II project (pictured) and a 13.5% interest in the Barcelona Metro Stations Line 9 Section IV […]
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22 Jun 2016 1 min read
John Laing Infrastructure sells stakes in two projects
John Laing Infrastructure has announced that it has entered into an agreement with Equitix to sell its entire 50% equity and sub-ordinated debt interest in the Newham Hospital PPP project and its entire 40% equity and sub-ordinated debt interest in the Barnsley BSF project, for a combined consideration of GBP43.3 million. The decision to divest […]
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1 min read
John Laing Infrastructure – changes to management services agreements
John Laing Infrastructure Fund Ltd notes that earlier today John Laing Group plc announced the conditional sale of its Project Management Services activities in the UK to HCP Management Services. The announcement explains that 62 of John Laing’s Management Services Agreements (“MSAs”) will, subject to John Laing obtaining consents at project level, transfer to HCP […]
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31 May 2016 1 min read
John Laing Infrastructure buys Oldham Social Housing Project
John Laing Infrastructure has announced that, following the satisfaction of certain conditions agreed between the parties, it has completed the acquisition of a 95% interest in the Oldham Social Housing PPP project. The project, located in the UK, has been fully operational since January 2015 and benefits from an availability-based payment mechanism. The acquisition was […]
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19 May 2016 1 min read
John Laing Infrastructure invests in highway service areas
John Laing Infrastructure has announced that it has entered into an agreement to acquire a 100% interest in Project Service LLC, the provider of 23 highway service areas in the State of Connecticut (USA), between New York and Boston. John Laing Infrastructure has purchased the interest from Carlyle Infrastructure Service Plazas, L.P. (an affiliate of The […]
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05 May 2016 1 min read
John Laing Infrastructure is making further investment in Barcelona Metro Stations Line 9
John Laing Infrastructure Fund has announced that it has entered into an agreement with Acsa, Obras e Infraestructuras, S.A.U., a member of the Sorigué group, to acquire an additional 13.5% interest in the Barcelona Metro Stations Line 9 Section II project (pictured). JLIF’s existing 40% interest in Section II was acquired in January 2016 from […]
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16 Mar 2016 1 min read
John Laing Infrastructure lowers its discount rate
John Laing Infrastructure reports that its NAV at the end of December 2016 was 108.4p. In late February 2016, they announced a dividend of 3.41 pence per share for the second half of 2015, an increase of 1.04% on the previous dividend of 3.375 pence per share. This results in a total dividend payable in respect […]
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29 Feb 2016 1 min read
John Laing Infrastructure buys British Transport Police PPP
John Laing Infrastructure has acquired a 100% interest in the British Transport Police PPP project and entered into an agreement to purchase a 95% interest in the Oldham Social Housing project. Both projects are fully operational, availability-based social infrastructure PPP assets located in the UK and are being acquired under the First Offer Agreements with […]
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28 Jan 2016 1 min read
John Laing Infrastructure purchases 40% stake in Barcelona Line 9 Section II
John Laing Infrastructure Fund has announced that it has completed the purchase of a 40% stake in the Barcelona Line 9 Section II metro project, an agreement that was initially announced in December 2015. The consideration of the acquisition was the Euro equivalent of approximately £85m and was funded through JLIF’s existing cash resources and […]
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19 Jan 2016 1 min read
New deputy adviser for John Laing Infrastructure
John Laing Capital Management has appointed Gianluca Mazzoni as the Deputy Investment Adviser to John Laing Infrastructure Fund, in charge of Business Development. He will report to Andrew Charlesworth, John Laing Infrastructure’s Investment Adviser. Gianluca, who joins John Laing Capital Management this week, will be dedicated to John Laing Infrastructure and will be responsible for developing new […]
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23 Dec 2015 1 min read
John Laing Infrastructure acquiring 40% of Barcelona metro project
John Laing Infrastructure Fund has announced that it has entered into an agreement with Iridium Concesiones de Infraestructuras (Iridium), a subsidiary of Grupo ACS, to acquire an effective 40% stake in the Barcelona Line 9 Section II metro project. Line 9 (pictured) runs directly through the heart of the city centre, connecting the airport and […]
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31 Aug 2015 1 min read
fx movements hit John Laing Infrastructure
John Laing Infrastructure has reported a 1.4% fall in its NAV for the first half of 2015 to 107.8p which is almost entirely down to adverse exchange rate movements although they also mention below forecast inflation in the UK cost them about 0.4%. They paid a dividend of 3.375p (up 3.8% on the previous dividend) and the NAV […]
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24 Aug 2015 1 min read
John Laing Infrastructure funding facility
John Laing Infrastructure Fund Limited has entered into a five year£180m Revolving Credit Facility with Royal Bank of Scotland, HSBC , ING Bank and Commonwealth Bank of Australia. This facility replaces the existing £150m facility with RBS, Lloyds and ING, with no cancellation fees payable. The margin on the new facility is 1.75% over LIBOR making both the margin and associated commitment fees significantly lower […]
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11 May 2015 2 min read
John Laing Infrastructure shareholders defeat resolution
Shareholders in John Laing Infrastructure refused to support one of the resolutions that the Board put forward at the company’s recent Annual General Meeting. In language might have been incomprehensible to many shareholders, the Board had couched a resolution that would have made it easier to issue new shares in the company without first offering […]
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07 Apr 2015 1 min read
David Marshall retiring from John Laing Infrastructure
John Laing Infrastructure has announced that David Marshall, who heads up the team at John Laing Capital Management alongside Andrew Charlesworth, the investment adviser to the Company, has decided to retire and will therefore be leaving JLCM with effect from 1 July 2015. Andrew Charlesworth is staying on. JLIF : David Marshall retiring from […]
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24 Mar 2015 1 min read
John Laing Infrastructure concerned about secondary market prices
John Laing Infrastructure’s results for the period ended 31 December 2014 have been published. Its net asset value rose by 2.3% to 109.3p. A combination of dividends and a rising premium helped push the total shareholder return up to 12.6%. They increased the final dividend by 3.85% to 3.375p making a total dividend of 6.625p for the […]
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05 Dec 2014 1 min read
Balfour Beatty rejects JLIF approach
Balfour Beatty has responded to the approach that John Laing Infrastructure Fund made for Balfour Beatty’s infrastructure assets. Balfour says the mooted £1bn price tag undervalues these assets – the Board “concluded that the proposal falls significantly short of its own view of the value of the portfolio” and therefore it has rejected the proposal. The […]
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01 Dec 2014 1 min read
JLIF bidding for Balfour Beatty PPP assets
JLIF bidding for Balfour Beatty PPP assets John Laing infrastructure has announced that it is considering bidding for Balfour Beatty’s PPP portfolio (all the public private partnership / public finance initiative type deals that Balfour Beatty has on its balance sheet). JLIF is thinking about offering c£1bn in cash for these and would raise fresh […]
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27 Aug 2014 1 min read
John Laing Infrastructure Fund returns 4.0% during the first half of 2014
JLIF : John Laing Infrastructure Fund returns 4.0% during the first half of 2014 John Laing Infrastructure Fund‘s recent interims report a modest increase in NAV of 0.3% (0.8% excluding unrealised exchange rate movements) during the first half of 2014 which, coupled with a dividend of 3.25p, is equivalent to a total return on the […]
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24 Mar 2014 1 min read
John Laing Infrastructure : JLIF – final results
Over the course of 2013 John Laing Infrastructure registered an increase in its net asset value from 105.7p to 106.8p, paid an increased dividend of 6.25p (vs. 6.0p) and delivered a total return to shareholders of 13.5%. JLIF plans to increase its overseas exposure and is looking at opportunities in Canada, Australasia and the US. […]
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21 Jan 2014 1 min read
John Laing Infrastructure : JLIF – new investment policy
JLIF has made a few minor changes to its investment policy. The fund will in future be able to invest up to 30% in projects under construction (up from 15%). QD comment: investing in assets under construction increases the risk profile of the fund but could increase the return. Invest up to 10% of the portfolio […]
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30 Dec 2013 1 min read
John Laing Infrastructure : JLIF – acquisitions
JLIF has bought additional stakes in three assets – Street Lighting projects in Lambeth and Redcar and Peterborough Schools (a new build academy and the refurbishment of two secondary schools).
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20 Dec 2013 1 min read
John Laing Infrastructure : JLIF – completes acquisition
JLIF has completed its acquisition of a 75% stake in the North Staffordshire Hospital project
