John Laing Environmental Assets Group Limited (JLEN) has raised gross proceeds of £35.19 million (US$51.4 million). The company raised this amount by issuing 36 million ordinary sharesof no par value in the company at the price of £0.9775 (US$1.43) per ordinary share pursuant to its existing placing programme.
JLEN will use the net proceeds of the placing program to repay amounts drawn down on the company's revolving credit facility.
Applications have been made for a total of new 36,000,000 Ordinary Shares to be admitted to the premium segment of the Official List of the UK Listing Authority and to trading on the main market of the London Stock Exchange. Admission is expected to occur at 8.00 a.m. on 1 June 2016.
The new shares will, when issued, be credited as fully paid and rank pari passu with the existing ordinary shares in the capital of the Company, including the right to receive all future dividends and distributions declared, made or paid save for the dividend payable on 24 June 2016 to shareholders on the register on 20 May 2016. The new shares will be entitled to the dividend for the quarter to 30 June 2016, which is expected to be paid in September 2016.
Following admission, the company expects to have 260,356,435 ordinary shares in issue. The total number of voting rights of the company will be 260,356,435 and this figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the company.