Notice of Results, Capital Allocation Update
2 October 2023
JLEN Environmental Assets Group Limited
Notice of Results, Analyst Briefing and Capital Allocation Update
JLEN Environmental Assets Group Limited ("JLEN" or the "Company"), the listed environmental infrastructure fund, will publish its interim results for the six months ended 30 September 2023, on Monday 27 November 2023.
Ahead of its interim results, the Board of JLEN outlines its focused capital allocation approach in light of the challenging macroeconomic environment.
JLEN has always had a disciplined approach to capital allocation, including active asset management, as demonstrated by the sale of the Company's French wind assets in January 2022. JLEN continues to assess disposal opportunities to recycle capital from lower-returning parts of the portfolio.
In the current market environment, the Board believes that it is appropriate for capital generated from the Company's portfolio and from future asset sales to be prioritised towards existing commitments, planned follow-on investments and asset enhancements within the current portfolio, alongside managing the RCF to maintain a robust balance sheet and the potential for share buybacks.
The Board and the Investment Manager believe that the discount to NAV at which JLEN's shares are currently trading materially undervalues the Company, and so represents an attractive investment opportunity. Consequently, share buybacks form an important part of the Board and Investment Manager's capital allocation considerations. Any decisions regarding share repurchases will, at that time, depend on the rating of JLEN's shares and will include an assessment of the implied risk / return of share buybacks against that of other investment opportunities, alongside the potential long-term implications for the Company.
Analyst Briefing
The Company is pleased to announce that Chris Tanner and Edward Mountney, Investment Managers to JLEN, will host a presentation with Q&A for equity analysts at 10:00 a.m. (UK time) on Monday 27 November 2023.
Analysts wishing to register should contact SEC Newgate by email on jlen@secnewgate.co.uk, where further details will be provided.
The results and presentation materials will be posted on the Company's website, www.jlen.com on the day of results.
For further information please contact:
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JLEN Environmental Assets Group Limited |
via SEC Newgate |
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Ed Warner
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Foresight Group Chris Tanner Edward Mountney |
+44(0)20 3667 8100
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Wilna de Villiers |
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Winterflood Securities Limited Neil Langford
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+44(0)20 3100 0000
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SEC Newgate Elisabeth Cowell Alice Cho Harry Handyside
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+44 (0)20 3757 6882
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Sanne Fund Services (Guernsey) Limited Matt Falla Gemma Berry
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+44 (0)20 3530 3600 |
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 2024 is 7.57 pence per share1.
JLEN is an Article 9 fund under the EU Sustainable Finance Disclosure Regulation and has a transparent and award winning approach to ESG.
Further details of the Company can be found on its website www.jlen.com
LEI: 213800JWJN54TFBMBI68
(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.
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