18th Aug 2014 09:33
LONDON (Alliance News) - John Laing Environmental Assets Group Ltd Monday reported an increase in its net asset value per share since its initial public offering in March.
In a statement, John Laing Environmental Assets said its NAV per share increased to 99.80 pence from 98.00 pence between March 31 and August 17.
John Laing Environmental Assets, which manages a diversified portfolio of environmental infrastructure projects, has acquired 100% of the initial portfolio it outlined in April 2014, following the raising of GBP160.0 million gross in its placing and IPO. That means the company is now fully invested in a portfolio of seven operational UK based solar, onshore wind, waste processing and wastewater projects.
"The initial portfolio is performing in line with expectations and there are no material issues to report other than the fire at the East London Waste Authority MBT facility at Frog Island," the company said in a statement.
"The company can report that the fire was successfully extinguished and access to the building has now been achieved to carry out a detailed assessment of the damage caused. In the interim the business continuity plan for the facility is being effectively applied and the contract with the client, East London Waste Authority, continues to be operated," John Laing Environmental Assets added.
John Laing Environmental Assets said it is on course to achieve its target dividend of 3.00 pence per ordinary share for its first half-year ending September 30.
The company added that it has identified a number of third-party investment opportunities for the portfolio, on top of the first offer agreement over environmental infrastructure investments developed by John Laing PLC.
The company said it is currently in discussions with a number of lenders and anticipates entering into a revolving credit facility to facilitate the acquisition of further investments in the near future.
Shares in John Laing Environmental Assets were Monday quoted at 1.02.50 pence per share, untraded.
By Samuel Agini; [email protected]; @samuelagini
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