TIDMJLEN
RNS Number : 2707E
Jlen Environmental Assets Grp
27 February 2020
NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, DIRECTLY OR
INDIRECTLY, TO U.S. PERSONS OR INTO OR IN THE UNITED STATES,
AUSTRALIA, CANADA, JAPAN, NEW ZEALAND OR SOUTH AFRICA.
27 February 2020
JLEN Environmental Assets Group Limited
Result of Placing
The Board of JLEN Environmental Assets Group Limited ("JLEN" or
the "Company") is pleased to announce that the Company has
successfully raised GBP57.2 million pursuant to the placing (the
"Placing") announced on 11 February 2020 (the "Placing
Announcement"). Accordingly, the Company will issue a total of
49,701,820 New Ordinary Shares at the placing price, which has been
set at 115 pence per New Ordinary Share.
The Placing was significantly oversubscribed and, as a result,
applications have been scaled back in line with the terms and
conditions of the Placing set out in the Placing Announcement. Any
Placing applications at a price below the Issue Price have not been
accepted.
JLEN intends to use the net proceeds of the Placing to repay
amounts drawn under its revolving credit facility in order to
finance an identified pipeline of near-term opportunities across
the bioenergy and flexible generation sectors, further diversifying
the Company's portfolio. JLEN is committed to securing
opportunities which deliver long-term predictable cash flows and
are supported by long-term contracts or stable and well-proven
regulatory and legal frameworks.
Applications have been made to the Financial Conduct Authority
for admission of the New Ordinary Shares to the premium segment of
the Official List and to the London Stock Exchange for admission to
trading of the New Ordinary Shares on its main market for listed
securities ("Admission"). It is expected that Admission will become
effective at or around 8.00 a.m. on 3 March 2020 and that dealings
in the New Ordinary Shares will commence at that time.
The New Ordinary 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 for the quarter to 31 December 2019 which is expected to
be paid on 13 March 2020.
Immediately following Admission, the Company's issued share
capital will consist of 546,720,025 Ordinary Shares with voting
rights. This figure may be used by shareholders in determining the
denominator for the calculation by which they will establish if
they are required to notify their interest in, or a change to their
interest in, the Company under the FCA's Disclosure Guidance and
Transparency Rules.
The Placing is conditional, among other things, on Admission
being effective and the Placing Agreement not being terminated in
accordance with its terms.
Terms used in this announcement shall, unless the context
otherwise requires, bear the meanings given to them in the Placing
Announcement, which can be found on JLEN's website at
www.jlen.com.
For further information please contact:
Foresight Group
Chris Tann er
Chris Holmes +44(0)20 3667 8100
Winterflood Securities Limited
Neil Langford
Chris Mills +44(0)20 3100 0000
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's aim is 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 2020 is 6.66 pence per share. The
dividend is payable quarterly.
Further details of the Company can be found on its website
www.jlen.com.
LEI: 213800JWJN54TFBMBI68
Important Information
This announcement contains information that is inside
information for the purposes of the Market Abuse Regulation (EU)
No. 596/2014.
Winterflood, which is authorised and regulated by the Financial
Conduct Authority, is acting only for the Company in connection
with the matters described in this announcement and is not acting
for or advising any other person, or treating any other person as
its client, in relation thereto and will not be responsible for
providing the regulatory protection afforded to clients of
Winterflood or advice to any other person in relation to the
matters contained herein.
The shares of the Company have not been, nor will they be,
registered under the US Securities Act of 1933, as amended, or with
any securities regulatory authority of any state or other
jurisdiction of the United States or under the applicable
securities laws of Australia, Canada, Japan, New Zealand or South
Africa. Further, the Company has not been and will not be
registered under the US Investment Company Act of 1940, as amended.
Subject to certain exceptions, the shares of the Company may not be
offered or sold in any member state of the EU other than the United
Kingdom, the United States of America, Canada, Australia, Japan,
New Zealand or South Africa or to or for the account or benefit of
any national, resident or citizen of any member state of the EU
other than the United Kingdom, Canada, Australia, Japan, New
Zealand or South Africa or any person located in the United States.
The Placing and the distribution of this announcement in other
jurisdictions may be restricted by law and the persons into whose
possession this announcement comes should inform themselves about,
and observe, any such restrictions.
This announcement may include "forward-looking statements". All
statements other than statements of historical facts included in
this announcement, including, without limitation, those regarding
the Company's financial position, strategy, plans, proposed
acquisitions and objectives are forward-looking statements.
Forward-looking statements are subject to risks and
uncertainties and accordingly the Company's actual future financial
results and operational performance may differ materially from the
results and performance expressed in, or implied by, the
statements. These forward-looking statements speak only as at the
date of this announcement. The Company, the Investment Adviser and
Winterflood expressly disclaim any obligation or undertaking to
update or revise any forward-looking statements contained herein to
reflect actual results or any change in the assumptions, conditions
or circumstances on which any such statements are based unless
required to do so by the Financial Services and Markets Act 2000,
the Prospectus Regulation Rules of the Financial Conduct Authority
or other applicable laws, regulations or rules.
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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