10th Jul 2015 08:20
LONDON (Alliance News) - John Laing Environmental Assets Group Ltd Friday said it has raised GBP60 million in its share placing and offer for subscription.
In a statement, the company said it issued the 59.4 million shares at 101 pence per share, with the proceeds to be used to repay money drawn down on its revolving credit facility and to fund opportunities in its pipeline.
"We are delighted by the response from investors and believe the success of this fundraising reflects the underlying strength of our diversified asset portfolio and the strong pipeline of opportunities available to the company," Chairman Richard Morse said in a statement.
In addition, the company has undertaken a first close on its placing programme, raising an additional GBP5 million by issuing 4.9 million shares at 101p, citing investor demand. It said the total 64.4 million new shares will start trading next Wednesday.
The money is to be spent on an acquisition that had been expected to take place later in 2015. It is now set to complete in the "near term".
Shares in the company were up 0.5% at 103.79p Friday morning.
By Samuel Agini; [email protected]; @samuelagini
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