TIDMJLEN
RNS Number : 6796S
John Laing Environmental Assets Grp
10 July 2015
NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, DIRECTLY OR
INDIRECTLY, TO U.S. PERSONS OR INTO OR IN THE UNITED STATES,
AUSTRALIA, CANADA, JAPAN, NEW ZEALAND OR SOUTH AFRICA.
10 July 2015
John Laing Environmental Assets Group Limited
Result of Issue - Significantly Oversubscribed
Further to the announcement on 4 June 2015, the Board of John
Laing Environmental Assets Group Limited ("JLEN" or the "Company")
is pleased to announce that it has successfully raised gross
proceeds of GBP60 million through the issue of 59,405,940 ordinary
shares of no par value in the Company ("Ordinary Shares") at 101
pence per Ordinary Share pursuant to the Placing and Offer for
Subscription (the "Issue"). A total of 53,332,602 Ordinary Shares
will be issued pursuant to the Placing and 6,073,338 Ordinary
Shares will be issued pursuant to the Offer for Subscription.
The net proceeds of the Issue will be used to repay amounts
drawn down on the Company's revolving credit facility and to fund
pipeline opportunities.
In light of investor demand the Company has also elected to
undertake a first close under its Placing Programme for GBP5
million through the issue of 4,950,495 Ordinary Shares at 101 pence
per Ordinary Share. The first closing of the Placing Programme
occurred concurrently with the closing of the Placing. The net
proceeds from the first closing of the Placing Programme are
expected to be used to fund an acquisition that is expected to
complete in the near term, having previously been anticipated for
later in 2015. Further details will be announced in due course.
The Issue and first closing of the Placing Programme were
significantly oversubscribed and applications have been scaled back
in accordance with the terms set out in the Company's prospectus
published on 4 June 2015 (the "Prospectus").
Applications have been made for a total of 64,356,435 Ordinary
Shares (the "New Shares") to be issued pursuant to the Issue and
the first closing of the Placing Programme to be admitted to the
premium segment of the Official List of the UK Listing Authority
and to trading on the main market of the London Stock Exchange
("Admission"). Admission is expected to occur at 8.00 a.m. on 15
July 2015.
The New Shares will, when issued, be credited as fully paid and
rank pari passu with the existing Ordinary Shares, including the
right to receive all future dividends and distributions declared,
made or paid.
Winterflood Securities Limited is acting as sole sponsor,
financial adviser and bookrunner to the Company pursuant to the
Issue.
Richard Morse, Chairman of JLEN, said:
"We are delighted by the response from investors and believe the
success of this fundraising reflects the underlying strength of our
diversified asset portfolio and the strong pipeline of
opportunities available to the Company. We would like to thank
existing shareholders for their ongoing support as well as
welcoming new investors in JLEN."
Unless otherwise defined, capitalised words and phrases in this
announcement shall have the meaning given to them in the
Prospectus.
Following Admission, the Company expects to have 224,356,435
Ordinary Shares in issue. The total number of voting rights of the
Company will be 224,356,435 and this figure may be used by
shareholders as the denominator for the calculations by which they
will determine if they are required to notify their interest in, or
a change to their interest in, the Company.
For further information please contact:
John Laing Capital Management
Limited
David Hardy
Chris Tanner +44 (0)20 7901 3559
Winterflood Investment Trusts
Joe Winkley
Neil Langford +44 (0)20 3100 0000
Important information
This announcement does not constitute a prospectus relating to
the Company and does not constitute, or form part of, any offer or
invitation to sell or issue, or any solicitation of any offer to
purchase or subscribe for, any shares in the Company in any
jurisdiction nor shall it, or any part of it, or the fact of its
distribution, form the basis of, or be relied on in connection with
or act as any inducement to enter into, any contract therefor.
Recipients of this announcement who are considering acquiring
shares in the Company are reminded that any such acquisition must
be made only on the basis of the information contained in the
Prospectus and any supplement or supplements thereto which may be
different from the information contained in this announcement.
Winterflood Securities Limited ("Winterflood"), which is
authorised and regulated by the Financial Conduct Authority, is
acting only for the Company in connection with the matters
described in this announcement and is not acting for or advising
any other person, or treating any other person as its client, in
relation thereto and will not be responsible for providing the
regulatory protection afforded to clients of Winterflood or advice
to any other person in relation to the matters contained
herein.
The shares of the Company have not been, nor will they be,
registered under the US Securities Act of 1933, as amended, or with
any securities regulatory authority of any state or other
jurisdiction of the United States or under the applicable
securities laws of Australia, Canada, Japan, New Zealand or South
Africa. Further, the Company has not been and will not be
registered under the US Investment Company Act of 1940, as amended.
Subject to certain exceptions, the shares of the Company may not be
offered or sold in any member state of the EU other than the United
Kingdom, the United States of America, Canada, Australia, Japan,
New Zealand or South Africa or to or for the account or benefit of
any national, resident or citizen of any member state of the EU
other than the United Kingdom, Canada, Australia, Japan, New
Zealand or South Africa or any person located in the United States.
The Issue, the Placing Programme and the distribution of this
announcement in other jurisdictions may be restricted by law and
the persons into whose possession this announcement comes should
inform themselves about, and observe, any such restrictions.
This announcement may include "forward-looking statements". All
statements other than statements of historical facts included in
this announcement, including, without limitation, those regarding
the Company's financial position, strategy, plans, proposed
acquisitions and objectives are forward-looking statements.
Forward-looking statements are subject to risks and uncertainties
and accordingly the Company's actual future financial results and
operational performance may differ materially from the results and
performance expressed in, or implied by, the statements. These
forward-looking statements speak only as at the date of this
announcement. The Company, the Investment Adviser and Winterflood
expressly disclaim any obligation or undertaking to update or
revise any forward-looking statements contained herein to reflect
actual results or any change in the assumptions, conditions or
circumstances on which any such statements are based unless
required to do so by the Financial Services and Markets Act 2000,
the Prospectus Rules of the Financial Conduct Authority or other
applicable laws, regulations or rules.
Apart from the responsibilities and liabilities, if any, which
may be imposed by the Financial Services and Markets Act 2000 or
the regulatory regime established thereunder, none of the Company,
the Investment Adviser or Winterflood nor any of their respective
affiliates accepts any responsibility or liability whatsoever for
or makes any representation or warranty, express or implied, as to
this announcement, including the truth, accuracy or completeness of
the information in this announcement (or whether any information
has been omitted from the announcement) or any other information
relating to the Company, its subsidiaries or associated companies,
whether written, oral or in a visual or electronic form, and
howsoever transmitted or made available or for any loss howsoever
arising from any use of the announcement or its contents or
otherwise arising in connection therewith. The Company, the
Investment Adviser and Winterflood and their respective affiliates
accordingly disclaim all and any liability whether arising in tort,
contract or otherwise which they might otherwise have in respect of
this announcement or its contents or otherwise arising in
connection therewith.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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