31st Aug 2018 08:55
LONDON (Alliance News) - John Laing Infrastructure Fund Ltd said Friday its net asset value increased in the first half of the year ahead of its GBP1.41 billion sale to Jura Acquisition Ltd.
In July, John Laing Infrastructure announced that it had received a cash offer of 142.5p per share from Jura, a newly formed formed company backed by Dalmore Capital Ltd and Equitix Investment Management Ltd. Based on its shares in issue, the offer values the company at GBP1.41 billion.
A firm offer was made on August 3, which John Laing Infrastructure has recommended. A shareholder meeting will take place on September 24, at which time the Jura offer will be put to a vote.
The company's shares were trading flat at 145.65 pence on Friday.
The infrastructure investment fund said its net asset value per share was 130.0 pence as at June 30, 4.3% ahead of its 124.6p per share value at the end of 2017. Including a dividend paid during the period, the company's net asset value total return for the half-year was 7.2%.
This performance was attributed to "reductions in discount rates and value enhancements" during the period.
Nine of John Laing Infrastructure's projects were impacted by the January liquidation of Carillion, but replacement facilities management providers have been found, it said.
The company declared a 3.57p interim dividend, 2.5% ahead of its 3.48p dividend paid in October.
"If the offer is accepted by our shareholders and this becomes my last chairman's statement, I will be sorry to see the departure of one of the larger UK-listed infrastructure funds. Launched in 2010, John Laing Infrastructure has significantly outperformed the original stated objective of targeting an internal rate of return of 7 to 8%; the annualised compound return on receipt of the cash from the offer will equate to 9.4% for any shareholder who acquired shares at the initial public offering," said Chairman David MacLellan.