11th Feb 2020 12:17
(Alliance News) - JLEN Environmental Assets Group Ltd on Tuesday said it intends to raise capital through the placing of up to 49.7 million shares, around 10% of its issued share capital.
The stock was trading 2.5% lower at 116.50 pence each at midday Tuesday in London, making the placing worth about GBP57.9 million and giving the investment company a market capitalisation of GBP581.1 million.
The environmental infrastructure project investor said the placing price will be determined by a bookbuilding process, which is being run by JLEN, its investment adviser Foresight Group LLP, and Winterflood Securities Ltd.
The proceeds realised will be used to repay the drawn-down amount under JLEN's revolving credit facility and to fund investment in a pipeline of opportunities across the bio-energy and flexible generation sectors. The facility is currently GBP69.8 million drawn, with further outstanding commitments of EUR25 million, the company said
The bookbuild is expected to close on February 26.
Separately, JLEN Environmental said that following an internal resturing at investment advisor Foresight Group, the company will contract directly with Foresight Group LLP rather than Foresight Group CI Ltd. The Foresight team members providing investment advisory services will not change, it said.
By Ife Taiwo; [email protected]
Copyright 2020 Alliance News Limited. All Rights Reserved.
Related Shares:
JLEN.L