John Laing Infrastructure NAV Rises In 2017, Mulls UK Tax Domicile

23rd Mar 2018 08:30

LONDON (Alliance News) - John Laing Infrastructure Fund Ltd said on Friday it saw net asset growth in 2017, and upped its dividend for the year.

The FTSE 250-listed firm, which invests in infrastructure projects, said its net asset value increased to GBP1.23 billion from GBP1.08 billion in 2016, and on a per share basis, rose to 124.6 pence from 120.2p.

The value of its portfolio also rose in 2017, through new investments and value enhancement activities. to GBP1.38 billion from GBP1.21 billion the year before.

The fund made a total of GBP149.8 million in new investments during the year in six projects covering street lighting, health and transport sectors, with two follow-on interests and interests in four new projects.

The fund declared a full-year dividend of 6.96 pence per share, up from 6.82p the prior year.

John Laing Infrastructure said it will in May propose to shareholders to move its tax domicile to the UK and become a UK investment trust, and is currently reviewing the potential impact of tax changes recommended by the Organisation for Economic Co-operation and Development's Base Erosion and Profit Shifting initiative.

"Despite a somewhat challenging background for its asset class, JLIF continued to make steady progress during 2017, generating strong portfolio yields and underlying portfolio growth. During 2018, the company and its investment adviser will continue to focus on protecting and enhancing the portfolio as well as selectively seeking new investment opportunities in line with the company's strategy," said Chairman David MacLellan.

Shares in John Laing Infrastructure Fund were up 1.2% at 114.60p on Friday.

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