On 17 March, John Laing Environmental Assets Group Limited (JLEN) announced the acquisition of Pylle Southern Solar Park which was funded by a drawdown under the company's revolving credit facility.
JLEN has now drawn the majority of its revolving credit facility and has a strong pipeline of investment opportunities and, with this in mind, the Board of JLEN is proposing to raise up to £65 million by way of a cash placing of new ordinary shares to institutional investors pursuant to its existing placing programme. The net proceeds of the placing will be used to repay the company's facility to provide capital for pipeline acquisitions.
The issue price per new share will be at a modest premium to the estimated net asset value as at 31 March 2016, which is expected to be announced on or around 12 May 2016.
The placing is expected to close at 2.00 p.m. (London time) on 26 May 2016 with the results of the issue expected to be announced on 27 May 2016.
The placing will be made to qualified investors.
Application will be made for the new shares to be admitted to the premium segment of the Official List and to trading on the Main Market of the London Stock Exchange.