19th Oct 2018 12:40
LONDON (Alliance News) - John Laing Environmental Assets Group said Friday it has increased the size of a previously announced share issue to GBP105 million from GBP50 million.
John Laing Environmental will issue 102.9 million shares at 102 pence.
Shares in the group were trading up 0.1% at 103.57p.
The company said the share placing, subscription and intermediaries offer at an issue price of 102p per share, announced in mid-September, was "very significantly oversubscribed", prompting the group to more than triple it.
Furthermore, due to the high demand, John Laing Pension Fund had agreed to make available GBP20 million shares at 102 pence per share to investors that have subscribed to the issue.
Despite the increased size of the issue and the funds from John Laing Pension Fund the fundraising "remains significantly oversubscribed" therefore, the firm had to scale back applications.
Proceeds from the fundraising will go towards paying down the company's revolving credit facility and providing the John Laing with flexibility to take advantage of opportunities in the environmental infrastructure sector.
Admission of the shares to trading is expected on Wednesday after which the firm will have 497.0 million shares in issue.
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