Net Asset Value(s)

RNS Number : 0263W

John Laing Environmental Assets Grp

14 August 2015

 



14 August 2015

JOHN LAING ENVIRONMENTAL ASSETS GROUP LIMITED

("JLEN" or the "Company")

 Net Asset Value Announcement

JLEN, the listed environmental infrastructure fund, announces its unaudited Net Asset Value ("NAV") as at 30 June 2015 is £159.0 million or 99.4 pence per share. This represents an increase of 1.2 pence per share on the ex-dividend NAV per share as at 31 March 2015 of 98.2 pence per share.

In an announcement on 9 July 2015 JLEN noted the Chancellor's statements in the Budget in relation to the removal of the Climate Change Levy exemption for renewable electricity and the reduction in the corporation tax rate to 19% in 2017 and 18% in 2020.

The net impact of these changes on the Company's NAV as at 31 March 2015 was estimated to be a reduction of approximately 0.6 pence per share with any loss of revenue from LECs being broadly offset by a reduction in the corporation tax rate. Following a more detailed analysis of the measures, the actual impact on the Company's NAV at 31 March 2015 was a reduction of 0.4 pence per share. The Budget changes have been included in the calculation of NAV as at 30 June 2015.

The weighted average discount rate of the Portfolio as at 30 June 2015 was 9.1% (31 March 2015: 9.1%). Power price assumptions are based on long‑term forecasts from an established market consultant and other relevant information, and adjusted by John Laing Capital Management Limited for project specific arrangements.

Other recent highlights as follows:

·     Significantly oversubscribed Placing and Offer for Subscription, raising gross proceeds of £60.0 million through the issue of 59,405,940 new ordinary shares.

·     Placing Programme instated with the ability to raise additional capital through the issue of up to 150 million shares.

·     Undertook a first close under the Placing Programme for £5.0 million through the issue of 4,950,495 new ordinary shares at 101 pence per share, completed concurrently with the Placing and Offer for Subscription.

·     Successful completion of the acquisition of Monksham Solar and the remaining stake in Branden Solar projects for a total cash consideration of £20.4 million.

·     Net proceeds of the fundraising fully invested following the two acquisitions and repayment of the Company's credit facility in full.

·     Interim dividend of 3.0 pence per share for the period to 31 March 2015 declared in April 2015 and paid in June 2015.

·     Continued strength in the new investment pipeline from John Laing Group plc under the First Offer Agreement and from third parties.

Ends

For Further Details Contact:

John Laing Capital Management Limited David Hardy Chris Tanner	[phone]
Winterflood Investment Trusts Joe Winkley Neil Langford	[phone]
Redleaf Polhill Rebecca Sanders-Hewett Charlie Geller	[phone]
Praxis Fund Services Matt Falla Janine Lewis	[phone]

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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