John Laing Environmental Assets Grp Net Asset Value and Dividend Declaration (5844C)
23 Januar 2018 - 8:00AM
UK Regulatory
TIDMJLEN
RNS Number : 5844C
John Laing Environmental Assets Grp
23 January 2018
23 January 2018
JOHN LAING ENVIRONMENTAL ASSETS GROUP LIMITED
("JLEN" or the "Company")
Net Asset Value and Dividend announcement
NAV
JLEN, the listed environmental infrastructure fund, announces
its unaudited Net Asset Value ("NAV") as at 31 December 2017 and
interim dividend for the quarter ended on that date.
The Company's unaudited NAV as at 31 December 2017 was GBP372.9
million or 98.5 pence per share, compared to GBP374.7 million or
99.0 pence per share as at 30 September 2017.The portfolio
valuation at 31 December 2017 was GBP420.7 million, following the
acquisition of the Llynfi Afan Wind Farm for GBP43.0m in the
quarter.
Dividend
The Company also announces a quarterly interim dividend of
1.5775 pence per share for the period from 1 October 2017 to 31
December 2017, in line with the dividend target set out in the 2017
Annual Report. The dividend timetable can be found below.
Portfolio update
Assumptions regarding electricity price forecasts were unchanged
from those used at 30(th) September 2017. The renewable energy
portfolio's exposure to short term electricity prices is
substantially fixed, with 81% of generation fixed for the current
winter season and 66% for summer 2018.
Generation for the wind and solar assets has been marginally
below budget for the quarter. Given the good performance in the
wind portfolio for the first half of the year, electricity
generation for the renewable energy portfolio year-to-date is in
line with budget. Performance at the Vulcan, Tay and ELWA
environmental processing assets has also been in line with
expectations.
At the D&G waste project, discussions with the Operator and
the Council have continued to try to agree the way in which the
impact of Zero Waste Scotland legislation should be absorbed by the
project parties. Although there has been no concrete change in
circumstances since the Half-year Report, and we continue to invest
significant time and resources in finding a solution, there is
currently no sign of a negotiated settlement, which increases the
likelihood that a dispute procedure will be needed to resolve the
matters in question. Given this position, the directors consider a
further provision against the value of the project is appropriate.
As at 31 December 2017, D&G represents less than 0.5% of
portfolio value.
Dividend Timetable
Ex-dividend date 1 February 2018
Record date 2 February 2018
Payment date 22 February 2018
This announcement contains information that is inside
information for the purposes of the Market Abuse Regulation (EU)
No. 596/2014.
For further details contact:
John Laing Capital Management Limited 020 7901 3559
Chris Tanner
Chris Holmes
Winterflood Investment Trusts 020 3100 0000
Neil Langford
Chris Mills
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.
JLEN aims to provide investors with an annual dividend that is
sustainable and increases in line with inflation. The target
dividend for the year to 31 March 2018 is 6.31 pence per share
being the initial target of 6.0 pence per share adjusted for
inflation.
Further details of the Company can be found on its website
www.jlen.com
LEI: 213800JWJN54TFBMBI68
[1] These are targets only and not profit forecasts. There can
be no assurance that these targets will be met
or that the Company will make any distributions at all.
This information is provided by RNS
The company news service from the London Stock Exchange
END
DIVPGUQUGUPRGMP
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