Result of Issue

RNS Number : 9120Z

JLEN Environmental Assets Group Ltd

28 January 2022

 

THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO, THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH SUCH PUBLICATION, RELEASE OR DISTRIBUTION WOULD BE UNLAWFUL.

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

28 January 2022

JLEN Environmental Assets Group Limited

Result of Issue

The Board of JLEN Environmental Assets Group Limited ("JLEN" or the "Company") is pleased to announce that the Company has raised £60.7 million pursuant to the placing and offer for subscription (together the "Issue") announced on 12 January 2022 (the "Issue Announcement"). Accordingly, the Company will issue a total of 60,139,202 New Ordinary Shares at the issue price of 101 pence per New Ordinary Share.

The Issue was significantly oversubscribed in both the placing and offer for subscription. The Board is delighted by the support from existing shareholders and new investors, in particular, the response from retail investors, which led to the offer for subscription materially exceeding the €8 million threshold. Accordingly, applications have been scaled back in line with the terms and conditions of the Issue set out in the Issue Announcement.

JLEN intends to use the net proceeds of the Issue to repay the Facility and fund a pipeline of environmental infrastructure opportunities.

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 1 February 2022 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 for the quarter to 31 December 2021.

Immediately following Admission, the Company's issued share capital will consist of 661,531,229 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.

The Issue is conditional, among other things, on Admission being effective and the Placing Agreement not being terminated in accordance with its terms. 

Terms used in this announcement shall, unless the context otherwise requires, bear the meanings given to them in the Issue Announcement, which can be found on JLEN's website at www.jlen.com.

For further information please contact:

Foresight Group Chris Tanner Chris Holmes	[phone]
Winterflood Securities Limited Neil Langford Chris Mills	[phone]

About JLEN

JLEN's investment policy is to invest in a diversified portfolio of Environmental Infrastructure. Environmental Infrastructure is defined by the Company as infrastructure assets, projects and asset-backed businesses that utilise natural or waste resources or support more environmentally friendly approaches to economic activity, support the transition to a low carbon economy or which mitigate the effects of climate change. Such investments will typically feature one or more of the following characteristics:

· long-term, predictable cash flows, which may be wholly or partially inflation-linked cash flows;

· long-term contracts or stable and well-proven regulatory and legal frameworks; or

· well-established technologies, and demonstrable operational performance

JLEN's aim is to provide investors with a sustainable, progressive dividend per share, paid quarterly and to preserve the capital value of the portfolio over the long term on a real basis. The target dividend for the year to 31 March 2022 is 6.80¹ pence per share.  The dividend is payable quarterly.

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

⁽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.

 LEI: 213800JWJN54TFBMBI68

Important Information

This Announcement contains information that is inside information f or the purposes of the Market Abuse Regulation (Regulation 596/2014), as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018. Upon the publication of this Announcement via a Regulatory Information Service this inside information is now considered to be in the public domain.

This Announcement and the information contained herein, is restricted and is not for publication, release or distribution, directly or indirectly, in whole or in part, in or into the United States of America, its territories and possessions, any state of the United States or the District of Columbia (collectively, the "United States"), Australia, Canada, Japan, the Republic of South Africa, Japan, any member state of the European Economic Area ("EEA") or any other jurisdiction in which such publication, release or distribution would be unlawful. This announcement is for information purposes only 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, securities in any jurisdiction. This announcement has not been approved by the London Stock Exchange, nor is it intended that it will be so approved.

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 in the Company have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, (the "Securities Act") 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, the Republic of South Africa or any member state of the EEA. Further, the Company has not been and will not be registered under the United States Investment Company Act of 1940, as amended. This Announcement may not be distributed, forwarded to or transmitted in, into or from the United States or to  any US person (as defined under Regulation S of the Securities Act ("US Person"). Shares in the Company may not be offered or sold in any member state of the EEA, the United States, Canada, Australia, Japan, or the Republic of South Africa or to or for the account or benefit of any national, resident or citizen of any member state of the EEA, Canada, Australia, Japan, or the Republic of South Africa. The Issue 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. Any person within the United States and any US Person who obtains a copy of this Announcement must disregard it.

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 Regulation Rules of the Financial Conduct Authority or other applicable laws, regulations or rules.

 

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