John Laing raises stake in Environment Fund to meet IPO target
UK infrastructure developer, John Laing, said it will take a bigger stake of the £160 million ($254 million) environmental fund it's is listing. The goal of the firm is to meet the investor commitments target.
John Laing will subscribe to as much as 40 % of the issue compared to a 24.9 % stake it was willing to take, according to the first announcement.
The fund is releasing a a supplementary prospectus that delays the issue close by a week. The fun also announced a cut in the investment adviser base fee in a strategy to attract more investors.
John Laing announced its intention to sell several operational and yielding environmental infrastructure assets to the newly listed fund, John Laing Environmental Assets Group Limited (JLEN) in February 2014.
The fund will acquire renewable and waste-related projects that benefit from long-term support.
The divestment follows the successful launch of the Jonh Laing Infrastructure Fund (JLIF) in November 2010. As at 31 December 2013, JLIF had generated a total shareholder return of 33 % since launch, demonstrating that John Laing has the skill and core competencies to promote, develop and grow new funds.
Country news
-
-
March 21, 2014
Hitachi Rail Global appoints new CEO
Hitachi announced yesterday that the headquarters of Hitachi Rail Global would move from Japan to London 'to further accelerate the globalisation of the rail systems business'. Read more -
March 25, 2014
DLA Piper adds Projects team in Edinburgh
DLA Piper has appointed Lillian Mackenzie as a partner in the Projects team, part of the Finance & Projects group. Lillian joins the firm along with two associates and will be based in Edinburgh.Prior to joining DLA Piper, Lillian was a partner at MacRoberts where she joined as a trainee in 1999 and became a partner in July 2011.Lillian specialises in PPP, including NPD and PFI, and her experience spans various sectors including healthcare, defence, education and roads, with a primary focus on finance, corporate and project agreement aspects of such transactions. Within the energy sector, her particular focus is on project finance aspects.Colin Wilson, UK Head of Projects at DLA Piper, said: Read more -
March 27, 2014
Laing O'Rourke Europe CEO steps down
Roger Robinson steps down from his role as head of Laing O'Rourke's European business. Read more -
March 27, 2014
John Laing environmental assets raises 160 million
John Laing Environmental Assets Group Limited (JLEN) yesterday announced that it had raised gross proceeds of £160 million in its placing and initial public offering of ordinary shares. Read more -
March 31, 2014
UK green investment bank invests 461m in two UK offshore wind projects
The UK Green Investment Bank (GIB) has today announced two equity investments in the UK offshore wind sector. Read more
