October 19 (Renewables Now) - John Laing Environmental Assets Group Ltd (LON:JLEN) said today it is more than doubling the size of its recently announced share placing because it was “very significantly oversubscribed”.
The board of the London-listed environmental infrastructure fund has decided to increase the size of the issue to GBP 105 million (USD 137m/EUR 119m) from GBP 50 million. The fund noted that regardless of the size increase and the fact that John Laing Pension Fund (JLPF) had made available for purchase a further GBP 20 million of ordinary shares, the fundraising remains significantly oversubscribed.
JLEN will issue a total of 102.9 million new ordinary shares at GBP 1.02 apiece. The shares made available by JLPF will be sold at the same price.
The fund plans to use the net proceeds from the placing to pay down its revolving credit facility, which was substantially drawn down after recent acquisitions in the anaerobic digestion (AD) sector. It noted that the move will provide it with the flexibility to make use of identified and future opportunities in the environmental infrastructure sector, including AD, waste-to-energy and biomass plants.
The newly-issued shares are expected to be admitted to trading on October 24, 2018.
(GBP 1.0 = USD 1.302/EUR 1.136)