JLEN seeks GBP 40m in ordinary share sale

John Laing Environmental Assets Group Ltd (LON:JLEN) said today it plans to raise up to GBP 40 million (USD 51m/EUR 46m) from an offering of ordinary stock.

The UK environmental infrastructure investment fund plans to use the proceeds to clear its revolving credit facility and support a number of near-term investment opportunities in the wind, biomass and anaerobic digestion sectors.

The offering is part of JLEN’s placing programme for up to 150 million shares. It will be conducted through a bookbuilding process, expected to close on July 6. The issue price will be announced after completion of the bookbuilding and will represent a premium to JLEN’s latest published net asset value (NAV) per share that is at least sufficient to cover the costs of the placing. Shares will be offered on a non-pre-emptive basis. The placing will be managed by Winterflood Securities Ltd.

JLEN will apply for admission to trading of the new ordinary shares on the London stock exchange’s market for listed securities. Admission to the bourse is expected to become effective on or around July 12.

(GBP 1.0 = USD 1.274/EUR 1.143)

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