25th Feb 2016 08:34
LONDON (Alliance News) - John Laing Infrastructure Fund Ltd on Thursday reported growth in its underlying portfolio in 2015, but a decline in net asset value per share, as it announced a share placing in order to pay down debt and finance acquisitions.
The property investment company said its underlying portfolio grew by 8.3% in 2015 to GBP867.8 million, while its net asset value as at December 31 was 108.4 pence per share, representing a 0.8% decline and total return of 5.4% over the course of the year.
John Laing will pay an interim dividend of 3.410 pence per share in respect of the second half of the year, up 1% on the previous 3.375p dividend.
In a separate statement, John Laing said it will issue up to 81.2 million shares in a placing, with the exact number and price to be determined at the close of the bookbuilding process expected on March 7.
JP Morgan Securities PLC has been appointed as sole bookrunner, and the proceeds will be used to repay debt under John Laing's revolving credit facility as well as to finance future acquisitions in the UK and Continental Europe.
Shares in John Laing were trading down 1.3% at 117.06 pence on Thursday morning.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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