John Laing Environmental Assets Grp Net Asset Value and Dividend Declaration (9903X)
August 16 2018 - 2:01AM
UK Regulatory
TIDMJLEN
RNS Number : 9903X
John Laing Environmental Assets Grp
16 August 2018
16 August 2018
JOHN LAING ENVIRONMENTAL ASSETS GROUP LIMITED
("JLEN" or the "Company")
Net Asset Value and Dividend announcement
NAV
JLEN, the listed environmental infrastructure fund, announces
its unaudited Net Asset Value ("NAV") as at 30 June 2018 and
interim dividend for the quarter ended on that date.
The Company's unaudited NAV as at 30 June 2018 was GBP392.3
million or 99.6 pence per share, compared to GBP392.4 million or
99.6 pence per share as at 31 March 2018.
Portfolio update
For the quarter to 30 June 2018, generation for the solar
portfolio was in line with budget and the anaerobic digestion
("AD") portfolio continued the positive trend observed previously,
being materially up for the same period.
The wind portfolio was below budget reflecting poor wind
resource, in line with observations from other wind asset owners.
In aggregate, the renewables portfolio saw generation just below
budget but benefited from higher than forecast gas and electricity
prices for those plants not on fixed price arrangements. Waste and
wastewater assets continue to perform in-line with
expectations.
JLEN has continued to diversify its portfolio since June, having
acquired three AD projects including the Merlin plant announced
today, which has seen the company draw down finance from its
revolving credit facility. JLEN continues to evaluate an attractive
pipeline of opportunities in the environmental infrastructure
sector and accordingly, intends to seek new equity capital in the
coming months to fund acquisitions which deliver long-term
predictable cash flows and are supported by long term contracts or
stable and well-proven regulatory and legal frameworks.
Dividend
The Company announces a quarterly interim dividend of 1.6275
pence per share for the quarter ended 30 June 2018, in line with
the dividend target of 6.51p per share for the year to 31 March
2019, as set out in the 2018 Annual Report.
Dividend Timetable
Ex-dividend date 23 August 2018
Record date 24 August 2018
Payment date 21 September 2018
This announcement contains information that is inside
information for the purposes of the Market Abuse Regulation (EU)
No. 596/2014.
For further details contact:
John Laing Capital Management Limited 020 7901 3559
Chris Tanner
Chris Holmes
Winterflood Investment Trusts 020 3100 0000
Neil Langford
Chris Mills
About JLEN
JLEN's investment policy is to invest in environmental
infrastructure projects that have the benefit of long-term,
predictable, wholly or partially inflation-linked cash flows
supported by long-term contracts or stable regulatory
frameworks.
Environmental Infrastructure is defined by the Company as
infrastructure projects that utilise natural or waste resources or
support more environmentally-friendly approaches to economic
activity. This could involve the generation of renewable energy
(including solar, wind, hydropower and biomass technologies), the
supply and treatment of water, the treatment and processing of
waste, and projects that promote energy efficiency.
JLEN aims to provide investors with an annual dividend that is
sustainable and increases in line with inflation. The target
dividend for the year to 31 March 2019 is 6.51 pence per share (1)
. The dividend is payable quarterly.
Further details of the Company can be found on its website
www.jlen.com
LEI: 213800JWJN54TFBMBI68
(1) These are targets only and not profit forecasts. There can
be no assurance that these targets will be met or that the Company
will make any distributions at all.)
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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