TIDMJLIF
RNS Number : 6476A
John Laing Infrastructure Fund
27 March 2017
THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS NOT
FOR PUBLICATION, RELEASE, OR DISTRIBUTION, DIRECTLY OR INDIRECTLY,
IN, OR INTO, THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, SOUTH
AFRICA OR ANY JURISDICTION IN WHICH THE SAME WOULD BE UNLAWFUL. THE
INFORMATION CONTAINED HEREIN DOES NOT CONSTITUTE AN OFFER OF
SECURITIES FOR SALE IN THE UNITED STATES, AUSTRALIA, CANADA, JAPAN
OR SOUTH AFRICA OR IN ANY OTHER JURISDICTION IN WHICH THE SAME
WOULD BE UNLAWFUL
27 March 2017
John Laing Infrastructure Fund Limited (the "Company" or
"JLIF")
Placing of 89,826,897 new ordinary shares at a price of 133
pence per share
John Laing Infrastructure Fund Limited is pleased to announce
the completion of the equity placing announced on 20 March 2017
(the "Placing").
A total of 89,826,897 new ordinary shares of 0.01 pence each
(the "Placing Shares") were placed at a price of 133 pence per
Placing Share, raising gross proceeds of approximately GBP119.5
million. The shares have been placed by J.P. Morgan Securities plc
(which conducts its UK investment banking activities as J.P. Morgan
Cazenove) ("JPMC"). The Placing Shares being issued represent
approximately 10 per cent of JLIF's issued ordinary share capital
prior to the Placing. The issue was oversubscribed and the issue
price represents a discount of approximately 0.02 per cent to
JLIF's share price (adjusted for the 3.48p dividend declared on 20
March 2017 which went "ex-div" on 23 March 2017) immediately prior
to the announcement of the Placing.
Commenting on the Placing, Paul Lester, Chairman of JLIF,
said:
"We're pleased that today's placing shows the continued strong
demand for both our business model and infrastructure as an asset
class. Since our launch in 2010 we have raised over GBP1bn and have
been able to deliver a strong shareholder return.
In line with our stated strategy, the placing helps repay the
majority of outstanding sterling debt on our credit facility,
giving us flexibility to fund the acquisition of high quality
assets going forward."
As part of the issue, Newton Investment Management Limited
("Newton") purchased, on behalf of its clients, 7,528,862 shares
for a total consideration of GBP10,013,386. Additionally, Schroders
plc ("Schroders") purchased, on behalf of its clients, 29,600,000
shares for a total consideration of GBP39,368,000. The issue of
shares to Newton and Schroders, which are substantial shareholders
of the Company under Chapter 11 of the Listing Rules, amount to
smaller related party transactions as defined in Listing Rule
11.1.10.
The Placing Shares will, when issued, be credited as fully paid
and rank pari passu with the existing ordinary shares of 0.01 pence
each in the capital of the Company including the right to receive
all dividends and distributions declared, made or paid, except that
they will not be entitled to the dividend declared on 20 March
2017.
Application will be made to the Financial Conduct Authority for
admission of the 89,826,897 Placing Shares to the premium listing
segment of the Official List maintained by the UK Listing Authority
and to the London Stock Exchange plc (the "LSE") for admission to
trading of the Placing Shares on the LSE's Main Market for listed
securities (together, "Admission"). It is expected that Admission
will take place on 29 March 2017 and that dealings in the Placing
Shares on the LSE's Main Market for listed securities will commence
at the same time.
The Placing is conditional, among other things, on Admission
being effective and the Placing Agreement between JPMC and the
Company not being terminated.
JPMC acted as sole bookrunner in respect of the Placing.
For further information, please contact:
John Laing Infrastructure Fund 020 7901 3326
Andrew Charlesworth
J.P. Morgan Cazenove 020 7742 4000
Edward Gibson-Watt
Oliver Kenyon
Shameer Patel
Finsbury 020 7251 3801
Faeth Birch
Philip Walters
This Announcement contains Inside Information as defined under
the Market Abuse Regulation (EU) No. 596/2014.
The information contained in this Announcement is restricted and
not for release, publication or distribution, directly or
indirectly, in whole or in part, in, into or from the United
States, Australia, Canada, Japan or South Africa or any
jurisdiction in which the same would be unlawful. This Announcement
is for information purposes only and does not constitute an offer
to sell or issue or the solicitation of an offer to buy or acquire
shares in the capital of the Company in the United States,
Australia, Canada, Japan or South Africa or any other jurisdiction.
Any failure to comply with these restrictions may constitute a
violation of the securities laws of such jurisdictions. The Placing
Shares have not been and will not be registered under the United
States Securities Act of 1933, as amended ("Securities Act"), or
with any securities regulatory authority of any state or
jurisdiction of the United States, and may not be offered, sold or
transferred, directly or indirectly, in the United States absent
registration under the Securities Act or an available exemption
from, or in a transaction not subject to, the registration
requirements of the Securities Act and the securities laws of any
state or other jurisdiction of the United States. The Placing
Shares are being offered and sold (i) outside the United States
only to non-US persons (within the meaning of the Securities Act)
in accordance with Regulation S under the Securities Act and (ii)
within the United States only to a limited number of eligible
investors pursuant to an exemption from the registration
requirements of the Securities Act. No public offering of the
shares referred to in this announcement is being made in the United
States, United Kingdom or elsewhere.
This Announcement has been issued by, and is the sole
responsibility, of the Company. No representation or warranty
express or implied, is or will be made as to, or in relation to,
and no responsibility or liability is or will be accepted by JPMC
or by any of its affiliates or agents as to or in relation to, the
accuracy or completeness of this Announcement or any other written
or oral information made available to or publicly available to any
interested party or its advisers, and any liability therefor is
expressly disclaimed.
JPMC, which is authorised and regulated by the Financial Conduct
Authority, is acting exclusively for the Company in connection with
the Placing and no-one else and will not be responsible to anyone
other than the Company for providing the protections afforded to
clients of JPMC nor for providing advice in relation to the Placing
or any other matter referred to in this Announcement.
The distribution of this Announcement and the offering of the
Placing Shares in certain jurisdictions may be restricted by law.
No action has been taken by the Company or JPMC that would permit
an offering of such shares or possession or distribution of this
Announcement or any other offering or publicity material relating
to such shares in any jurisdiction where action for that purpose is
required. Persons into whose possession this Announcement comes are
required by the Company and JPMC to inform themselves about, and to
observe, such restrictions.
The information in this Announcement may not be forwarded or
distributed to any other person and may not be reproduced in any
manner whatsoever. Any forwarding, distribution, reproduction, or
disclosure of this information in whole or in part is unauthorised.
Failure to comply with this directive may result in a violation of
the Securities Act or the applicable laws of other
jurisdictions.
This Announcement contains (or may contain) certain
forward-looking statements with respect to certain of the Company's
current expectations and projections about future events. These
statements, which sometimes use words such as "anticipate",
"believe", "intend", "estimate", "expect" and words of similar
meaning, reflect the directors' beliefs and expectations and
involve a number of risks, uncertainties and assumptions that could
cause actual results and performance to differ materially from any
expected future results or performance expressed or implied by the
forward-looking statement. Statements contained in this
Announcement regarding past trends or activities should not be
taken as a representation that such trends or activities will
continue in the future. The information contained in this
Announcement is subject to change without notice and, except as
required by applicable law, the Company does not assume any
responsibility or obligation to update publicly or review any of
forward-looking statements contained herein. You should not place
undue reliance on forward-looking statements, which speak only as
of the date of this Announcement. No statement in this Announcement
is or is intended to be a profit forecast or to imply that the
earnings of the Company for the current or future financial years
will necessarily match or exceed the historical or published
earnings of the Company. The price of shares and the income from
them may go down as well as up and investors may not get back the
full amount invested on disposal of the shares.
The Placing Shares to be issued pursuant to the Placing will not
be admitted to trading on any stock exchange other than the
LSE.
Neither the content of the Company's website nor any website
accessible by hyperlinks on the Company's website is incorporated
in, or forms part of, this Announcement.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IOEJRMITMBMTBMR
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March 27, 2017 10:25 ET (14:25 GMT)
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