John Laing Environmental Assets Group Limited (JLEN) has raised gross proceeds of £60 million (US$93 million) through the issue of 59.4 million ordinary shares at 101 pence per share pursuant to the Placing and Offer for Subscription.
The net proceeds of the issue will be used to repay amounts drawn down on the company's revolving credit facility and to fund pipeline opportunities.
In light of investor demand JLEN has also elected to undertake a first close under its Placing Programme for £5 million through the issue of 4,950,495 ordinary shares at 101 pence per Ordinary Share.
Applications have been made for a total of 64,356,435 ordinary shares to be issued pursuant to the issue and the first closing of the Placing Programme 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 on 15 July 2015.
The New Shares will, when issued, be credited as fully paid and rank pari passu with the existing ordinary shares, including the right to receive all future dividends and distributions declared, made or paid.
Winterflood Securities Limited is acting as sole sponsor, financial adviser and bookrunner to JLEN pursuant to the issue.
Richard Morse, Chairman of JLEN, said:
"We are delighted by the response from investors and believe the success of this fundraising reflects the underlying strength of our diversified asset portfolio and the strong pipeline of opportunities available to the Company. We would like to thank existing shareholders for their ongoing support as well as welcoming new investors in JLEN."
Following admission, the company expects to have 224,356,435 ordinary shares in issue.