John Laing Environmental Assets Grp Completion of Initial Portfolio acquisitions (1105F)
22 April 2014 - 8:02AM
UK Regulatory
TIDMJLEN
RNS Number : 1105F
John Laing Environmental Assets Grp
22 April 2014
22 April 2014
JOHN LAING ENVIRONMENTAL ASSETS GROUP LIMITED ("JLEN")
Completion of Initial Portfolio acquisitions
John Laing Environmental Assets Group Limited (JLEN), which
manages a balanced portfolio of environmental infrastructure
projects, is pleased to announce the completion of the acquisition
of the East London Waste Authority Waste project from John Laing
Group.
JLEN has now completed the acquisition of 100% of the Initial
portfolio set out in the IPO Prospectus. The Company is fully
invested in a balanced portfolio of seven operational UK based
solar, onshore wind, waste processing and wastewater projects. This
news follows its successful placing, offer for subscription and
admission to the main market of the London Stock Exchange on Monday
31 March 2014.
The projects in the portfolio are all fully operational with
long-term, predictable, wholly or partially inflation-linked
revenues supported by long-term government backed contracts or
stable regulatory frameworks. JLEN will seek to pay an annualised
dividend of 6p per share, increasing in line with inflation. The
first dividend (for the six month period to September 2014) is
intended to be paid in December 2014.
Richard Morse, Chairman of JLEN, said:
"Today's announcement represents the successful delivery on our
promise to Shareholders to deploy the funds raised from our listing
quickly to invest in a portfolio of seven fully operational
Environmental Infrastructure projects. We now own and manage a
diverse, low risk Environmental Infrastructure portfolio, and plan
to deliver a strong and predictable dividend yield, and an IRR
target of 7.5% to 8.5% over the longer term."
Ends
For Further Details Contact:
John Laing Capital Management Limited
David Hardy
Chris Tanner 020 7901 3200
Redleaf Polhill
Rebecca Sanders-Hewett
Henry Columbine
Charlie Geller 020 7382 4769
About JLEN
JLEN's investment policy is to invest in environmental
infrastructure projects that have the benefit of long-term,
predictable, wholly or partially inflation-linked cash flows
supported by long-term contracts or stable regulatory
frameworks.
Environmental Infrastructure is defined by the Company as
infrastructure 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.
Further details of the Company can be found on its website
www.jlen.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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