12th Sep 2014 14:36
LONDON (Alliance News) - John Laing Infrastructure Fund PLC Friday said it placed 43.1 million new shares at 116.0 pence each in order to raise GBP50.0 million gross.
The pricing of the placing comes one day after the infrastructure fund unveiled plans to acquire a GBP39.0 million portfolio of public-private partnerships and private finance initiative projects from the John Laing Group and a stake in one of the projects from the John Laing Pension Trust.
The placing shares represent 5.6% of JLIF's issued share capital prior to the placing.
"I am particularly pleased to have priced at a premium to current net asset value, which will be accretive to existing shareholders. The assets to be acquired from John Laing fit well within our high quality low risk portfolio, which we continue to expand through acquisitions from the John Laing Group and the wider secondary market," Chairman Paul Lester said in a statement.
John Laing Thursday estimated a NAV per share of 105.1p on September 5.
As part of the issue, Newton Investment Management Ltd bought 5.2 million shares for GBP6.0 million on behalf of its clients.
JP Morgan Cazenove acted as sole bookrunner in respect of the placing.
JLIF shares were Friday quoted up 0.2% at 118.06p.
By Samuel Agini; [email protected]; @samuelagini
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