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JLEN secures cash
Posted on Friday, 16 June 2017 10:25
UK closed ended investment fund John Laing Environmental Assets Group (JLEN) is raising up to GBP 40.00 million via a share placing in order to repay its credit facility.
Based on a close of GBP 1.11 on 14th June 2017, the last trading day prior to the cash call being announced, it can be estimated that up to 36.12 million scrips may be issued to qualified investors.
The deal has already received shareholder approval, with the stocks expected to be admitted to trading on 12th July 2017.
UK-located broker Winterflood Securities is advising the company on the equity dilution.
Earlier this year, JLEN completed the acquisition of four ground mounted solar parks for GBP 12.2 million.
The assets comprised Higher Tregarne located in Cornwall, and Crug Mawr, Golden Hill and Shoals Hook located in South Wales.
JLEN also snapped up the Moel Moelogan 1 wind farm for GBP 3.00 million in cash in May.
The St Peter Port-based company invests in a diversified portfolio of operational environmental infrastructure projects in the UK and France.
JLEN’s current portfolio includes onshore wind, PV solar, and waste and waste water processing operations.
The group is listed on the Main Market of the London Stock Exchange and has a market capitalisation of around GBP 377.00 million.
According to Zephyr, the M&A database published by Bureau van Dijk, there have been 407 deals targeting funds, trusts and other financial vehicles announced worldwide since the beginning of 2017.
The most valuable of these was the acquisition of US-headquartered Fidelity & Guaranty Life by CF in May.
Other companies in the industry to have been targeted in the year to date include ONEOK Partners, DCP Midstream and Clayton Williams Energy.
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