10th Feb 2014 11:14
LONDON (Alliance News) - Shares in Manx Telecom PLC rose in its debut on AIM Monday, while John Laing Environmental Assets Group Ltd announced that it intends to float on the main market in March.
Shares in the Isle of Man communications company were trading at 162.6 pence Monday morning after its initial public offering at 142 pence, giving it a market capitalisation of about GBP183 million, up from GBP160.2 million at the listing price.
Manx provides a range of fixed line, broadband, mobile, and data centre services to businesses, consumers and the public sector on the Isle of Man. It is one of the island's biggest employers, employing over 280 people.
John Laing Environmental Assets Group Ltd, meanwhile, said it is seeking to raise between GBP160 million and GBP174 million in its initial public offering.
Its initial portfolio will include environmental infrastructure assets, specifically renewable energy and waste and waste water PFI assets in the UK, bought from John Laing PLC and Henderson Equity Partners Ltd.
John Laing Investments Ltd is committing to subscribe for 24.9% of the IPO as a cornerstone investor. John Laing Capital Management will be appointed as investment adviser.
"The diversified blend of assets within JLEN's portfolio, the relationship with John Laing and the expertise and experience of the investment advisers all combine to make this new fund a compelling investment proposition that we expect to deliver strong risk-adjusted returns," John Laing Environmental Assets Group non-executive Chairman Richard Morse said in a statement.
The company is seeking to deliver a long-term sustainable dividend of 6 pence per share, increasing in line with inflation, it said.
In a separate statement, John Laing PLC confirmed the sale of assets to John Laing Environmental Assets Group. The 16 infrastructure assets to be sold include an onshore wind project and two solar plants, as well as two waste management assets, one in Scotland and the other in East London.
"We have developed these assets so that they are at the stage at which they are now attractive to investors seeking robust and sustainable yields,2 John Laing said.
"We have successfully executed this strategy previously with JLIF and, with significant prospects ahead to acquire further environmental infrastructure assets in the UK and internationally, we look forward to providing JLEN with further opportunities from our environmental infrastructure portfolio," it added.
By Steve McGrath; [email protected]; @SteveMcGrath1
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