TIDMJLEN
RNS Number : 6327E
John Laing Environmental Assets Grp
19 October 2018
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.
19 October 2018
John Laing Environmental Assets Group Limited
Result of Issue
On 12 September 2018, the Board of John Laing Environmental
Assets Group Limited ("JLEN" or the "Company") announced a placing,
offer for subscription and intermediaries offer for a target issue
of GBP50 million (the "Issue") under its issuance programme with
the ability to increase the size of the Issue, subject to investor
demand.
The Board today announces that the Issue was very significantly
oversubscribed and, in light of this demand, the Board has
increased the size of the Issue from the target of GBP50 million to
GBP105 million which results in the net proceeds of the Issue being
sufficient to fully repay the outstanding balance on the Company's
revolving credit facility. No cash will be taken onto JLEN's
balance sheet as a result of increasing the size of the Issue.
In light of the significant level of demand, the John Laing
Pension Fund ("JLPF") has agreed to make available GBP20 million of
Ordinary Shares at 102 pence per share to investors that have
subscribed pursuant to the Issue.
Despite increasing the size of the Issue to GBP105 million and
an additional GBP20 million being made available by JLPF, the
fundraising remains significantly oversubscribed and accordingly,
the Company, following consultation with Winterflood, has scaled
back applications in accordance with the terms set out in the
prospectus published by the Company on 23 February 2018 (the
"Prospectus").
The Company will issue a total of 102,941,176 New Ordinary
Shares at 102 pence per New Ordinary Share. A total of 86,694,028
New Ordinary Shares will be issued pursuant to the Placing,
10,384,829 New Ordinary Shares will be issued pursuant to the Offer
for Subscription, and 5,862,319 New Ordinary Shares will be issued
pursuant to the Intermediaries Offer. A total of 19,607,843
Ordinary Shares will be sold by JLPF.
JLEN intends to use the net proceeds to pay down its revolving
credit facility, providing it with flexibility to take advantage of
identified and future opportunities in the environmental
infrastructure sector, including Anaerobic Digestion investments,
Waste to Energy assets and Biomass plants, which would further
diversify portfolio income streams. JLEN is committed to securing
opportunities which deliver long-term predictable cash flows and
are supported by long-term contracts or stable and well-proven
regulatory and legal frameworks.
Applications have been made to the Financial Conduct Authority
for admission of the New Ordinary Shares to the premium segment of
the Official List and to the London Stock Exchange for admission to
trading of the New Ordinary Shares on its main market for listed
securities ("Admission"). It is expected that Admission will become
effective at or around 8.00 a.m. on 24 October 2018 and that
dealings in the New Ordinary Shares will commence at that time.
The New Ordinary Shares will, when issued, be credited as fully
paid and rank pari passu with the existing Ordinary Shares in the
capital of the Company, including the right to receive all future
dividends and distributions declared, made or paid, including the
dividend payable by the Company for the quarter to 30 September
2018, expected to be announced in due course.
Immediately following Admission, the Company's issued share
capital will consist of 497,018,205 Ordinary Shares with voting
rights. This figure may be used by shareholders in determining the
denominator for the calculation by which they will establish if
they are required to notify their interest in, or a change to their
interest in, the Company under the FCA's Disclosure Guidance and
Transparency Rules.
Terms used in this announcement shall, unless the context
otherwise requires, bear the meanings given to them in the
Prospectus which can be found on JLEN's website at
www.jlen.com.
Richard Morse, Chairman of JLEN, commented:
"The Board has been delighted by the response to the fundraising
with significant interest from both existing shareholders and new
investors. The Company will seek to further diversify its portfolio
through investments in AD, Waste to Energy and Biomass, which are
expected to enhance returns to shareholders. This fundraising
places JLEN in a strong position to capitalise on its pipeline of
opportunities and the Board looks forward to updating shareholders
in due course."
For further information please contact:
John Laing Capital Management Limited
Chris Tanner
Chris Holmes +44(0)20 7901 3559
Winterflood Securities Limited
Neil Langford
Chris Mills +44(0)20 3100 0000
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.
LEI: 213800JWJN54TFBMBI68
Important Information
This announcement contains information that is inside
information for the purposes of the Market Abuse Regulation (EU)
No. 596/2014.
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 Placing 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 factors include but are not limited to those
described in the Prospectus. 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.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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