4th Jun 2015 09:28
LONDON (Alliance News) - John Laing Environmental Assets Group Ltd Thursday said its equity raise of up to GBP45 million has been priced at 101.0 pence per new share, a premium to the net asset value of 98.2p recorded at the end of March, excluding a 3.0p dividend to be paid in June.
The company revealed the fundraising plans on May 20, when it said it wanted to repay its existing credit facility and fund further acquisitions. Its GBP50 million revolving credit facility was signed in October 2014 and the company has drawn GBP43.7 million from it to fund acquisitions.
John Laing Environmental Assets Group is raising the GBP45 million through a placing and offer for subscription, and a placing programme of up to 150 million new shares or C shares.
Separately, the company reported results for the period from its incorporation on December 12, 2014 to March 31.
The company said its portfolio was valued at GBP197.7 million at the end of March, up from GBP156.5 million at the time of its initial public offering.
"The acquisition pipeline is healthy and we look forward to a further year of steady performance and growth," Chairman Richard Morse said in a statement.
Shares in the company were down 1.0% at 104.49p on Thursday morning.
By Samuel Agini; [email protected]; @samuelagini
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