Completion of Initial Portfolio acquisitions

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."

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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

 

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