Net Asset Value and Dividend

RNS Number : 2080O

John Laing Environmental Assets Grp

17 August 2017

 

17 August 2017

JOHN LAING ENVIRONMENTAL ASSETS GROUP LIMITED

("JLEN" or the "Company")

Net Asset Value and Dividend announcement  

JLEN, the listed environmental infrastructure fund, announces its unaudited Net Asset Value ("NAV") as at 30 June 2017 and interim dividend for the quarter ended on that date.

The Company's unaudited NAV as at 30 June 2017 was £339.5 million or 100.0 pence per share, compared to £340.0 million or 100.1 pence per share as at 31 March 2017.

Short term electricity prices and forecasts for longer term prices from an established market consultant reduced slightly over the June quarter leading to a reduction in the portfolio valuation of the renewable energy assets.

Availability across the environmental processing assets and the renewables portfolio during the last quarter has generally been good, apart from the Branden solar project that concluded its connector replacement programme after the quarter end and is continuing to address periodic issues with inverter unavailability with the inverter manufacturer. Excluding Branden, electricity generation for the renewables portfolio during the quarter was in line with budget. Revenues at the waste management and wastewater treatment facilities were in line with expectations.

The Company also announces a quarterly interim dividend of 1.5775 pence per share for the quarter ended 30 June 2017, in line with the dividend target set out in the 2017 Annual Report.

Dividend Timetable

Ex-dividend date 24 August 2017

Record date 25 August 2017

Payment date 22 September 2017

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

David Hardy

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 share¹. The dividend is payable quarterly.

Further details of the Company can be found on its website www.jlen.com

(¹These 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.)

 

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