John Laing Infrastructure Share Discussion Threads

[jonwig] 25/2/2016 07:37

Trading statement, dividend and the expected fundraising.

Dividend is yielding 6.2% on net assets. NAV growth is almost entirely down to discount rate unwind, but in a low inflation rate environment, we couldn't expect better!

[jonwig] 09/11/2015 07:24

Q3 Trading statement -

NAV rising again on a LforL basis.

In an expansionary mood, mostly abroad, including US potentially. (£100m extra loan facility in reserve.)

Possibly too soon for them to predict next year's dividend level. Further fundraising highly likely over next year, I reckon ... but for small investors?

[skinny] 09/11/2015 07:23

November 2015

JLIF, the international infrastructure investment company, today announces its Quarterly Update Statement ("QUS") for the period 1 July 2015 to 6 November 2015.


HIGHLIGHTS
· Actual growth in Portfolio value for the year to date of 6% to £876.6 million on a rebased value of £827.1 million[1]

· Dividend of 3.375 pence per share paid in October 2015 in respect of the six month period to June 2015

· Net Asset Value[2] ("NAV") of £887.2 million as at 30 September 2015, including £25.1 million allocated to dividend paid in October 2015
· NAV per share, as at 30 September 2015, of 105.9 pence ex-div (109.2 pence cum-div), due to underlying growth over the period

[jonwig] 28/8/2015 07:41

I think this is the first time they've had a reduction in NAV. Forex seems to be the main reason, with spot rates applying to all future years of cash flow. Fluctuating NAV could be something we just have to live with.

And part of the reduction was lower than expected inflation ... well, if higher inflation leads to higher interest rates, that too has potential to reduce NAV.

I wonder how the market will take this, or whether it was expected in the falls this week already? If the share price fell to par, the yield would be well over 6%, so that much seems unlikely.

[skinny] 28/8/2015 07:05

Solid performance over the reporting period

· Underlying Portfolio growth of 3.92% to £872.0 million, on a rebased Portfolio value of £839.1 million
· Underlying growth £0.9 million ahead of that expected from the unwind of the discount rate
· Completed acquisitions totaling £14.4 million in the period
· Net Asset Value ("NAV") of £875.8 million as at 30 June 2015
· NAV per share of 107.8 pence, down 1.4%, or down 0.2% excluding unrealised exchange rate movements
· Total Shareholder Return (including dividends paid) of 3.1% in the period
· Declared a dividend today of 3.375 pence per share, payable in October
· Profit before tax for the six month period of £14.5 million
· In August, secured a new £180 million revolving credit facility with a margin of 1.75% over LIBOR

[skinny] 24/8/2015 07:05

Signing of new five year £180 million multi-currency revolving credit facility

JLIF, the FTSE 250 international PPP infrastructure investment company, has entered into a five year £180 million Revolving Credit Facility with Royal Bank of Scotland plc ("RBS"), HSBC Bank plc ("HSBC"), ING Bank NV ("ING") and Commonwealth Bank of Australia ("CBA"). This facility replaces the existing £150 million facility with RBS, Lloyds TSB Bank plc and ING, with no cancellation fees payable.

The margin on the new facility is 1.75% over LIBOR making both the margin and associated commitment fees significantly lower than on the previous facility (previous margin of 2.30-2.75%, depending on the LTV ratio).

The new facility includes an additional £100 million accordion capability, on which no fees are payable until utilised, providing JLIF the flexibility to target larger transactions should they become available.

In keeping with JLIF's stated strategy, the facility is intended to be used primarily to fund acquisitions and would be repaid through equity issuance. Under its investment policy, JLIF has the ability to raise debt of up to 25% of its total assets, though it should be noted that this debt facility is intended to be additional resource and not structural financing.

Andrew Charlesworth, Investment Adviser to JLIF, said:

"Given current favourable market conditions, JLIF has taken the decision to refinance its revolving credit facility. This opportunity allows JLIF to secure a larger funding facility at materially lower costs providing the Fund with the capacity to move into its next phase of international growth. JLIF is looking forward to continuing the existing relationship that it has with RBS and ING and to developing new long term relationships with HSBC and CBA."

[nerja] 17/8/2015 13:07

Looks like the pre divi rise has begun , xd before fed rate decision is good point in its favour as well imo

[jonwig] 16/5/2015 08:50

New infrastructure ETF which might be worth following.
Thread here:



The EPIC is "GIN" which might be the most interesting thing about it!

[fardistanthills] 11/5/2015 09:02

PS. I am surprised there was not much a of a bounce in these infra ITs on Friday given the removal of any uncertainty over pressure from Labour to retrospectively review previous "PPI" type deals and limit their future attractiveness.

[fardistanthills] 11/5/2015 08:55

Thanks, I only hold JLIF - simply on the basis I only hold one of a kind! Partly on a Hertz/Avis basis - second biggest tries harder - has more growing to do. As I say pretty simplistic.

[jonwig] 11/5/2015 08:48

FDH - mainly that HICL has now a lower yield and a bigger premium to NAV.
On the other hand, HICL is larger, and is moving into Europe more, so I'm happy to hold both.

[fardistanthills] 11/5/2015 08:46

Jonwig, I hope you don't mind me asking but what was the rationale behind your re-weighting toward JLIF?

[jonwig] 11/5/2015 07:31

For me, a pretty firm "Hold" still.

(We sold some HICL and bought more of these recently.)

[skinny] 11/5/2015 07:02

HIGHLIGHTS

· Underlying growth in Portfolio Value for the three months to 31 March 2015 of 1.84% or £15.6 million on a rebased value of £849.8 million1
· Dividend of 3.375 pence per share declared in March 2015 in respect of the six month period to December 2014 to be paid in May
· The third successive year in which JLIF has delivered dividend progression to shareholders ahead of UK RPI (representing growth of 3.8%)
· Net Asset Value2 ("NAV") of £892.9 million as at 31 March 2015, including £27.4 million allocated to the dividend to be paid in May 2015
· NAV per share, as at 31 March 2015, of 106.6 pence ex-div (110.0 pence cum-div), due to underlying growth over the period

[skinny] 07/4/2015 07:24

The Board of JLIF has been notified by John Laing Capital Management ("JLCM"), the investment adviser to the Company, that David Marshall has decided to retire and will therefore be leaving JLCM with effect from 1 July 2015.

Paul Lester, Chairman of JLIF, said:

"We wish to thank David sincerely for his significant contribution to the success of the Company. David has been involved in leading the management of JLIF since its formation in 2010, alongside Andrew Charlesworth. Much of the success of the Company has resulted from David's conscientious and professional approach and we wish him well in his retirement. We look forward to continue working with Andrew Charlesworth and the team at JLCM dedicated to JLIF."

David Marshall said:

"It has been a pleasure to have been involved with JLIF since its inception and to have seen it grow to over £1 billion in just over 4 years, and I leave JLIF well placed going forwards. I wish Andrew and the rest of the team well for the future."

[losos] 02/4/2015 11:10

With the ex-div drop today I calculate the premium as 13% (Assuming NAV at 109.3) still high but if you forgo one divi then now might be the time to get in or am I just trying to justify missing the ex-div date ha ha.

[skinny] 26/3/2015 07:21

The Board has declared an interim dividend covering the period 1 July 2014 to 31 December 2014.

Distribution period:
1 July 2014 - 31 December 2014
Distribution amount per share: 3.375 pence
Ex-dividend date: 2 April 2015
Dividend record date: 7 April 2015
Last date to elect/revoke elections: 6 May 2015
Payment date/Allotment of scrip: 22 May 2015
Scrip Alternative in operation: Yes

[wirralowl] 24/3/2015 08:56

Agreed, jonwig. The relationship with John Laing certainly does give them an edge over rivals.

The only troubling thing with all the infrastructure funds is the premiums, as you say, but I'm happy to hold.

[jonwig] 24/3/2015 07:21

Lovely - go back to sleep for another 6 months ...

Interesting bit, gives an edge over HICL I think:

Our opinion is that the secondary market in the UK is showing signs of reaching a valuation peak, with evidence of some investors chasing prices in order to invest. JLIF has the benefit of the First Offer Agreements with John Laing which continue to provide a pipeline of assets for growth, whilst avoiding potential aborted bid costs. We maintain an efficient cash position by not holding shareholder funds on our balance sheet for any length of time, thereby reducing any cash drag.

Dividend of 3.375p, payable in May (haven't found exact dates) and total for 2015 probably double that.

Premium to NAV over 17% - heady stuff.

[skinny] 24/3/2015 07:02

Preliminary results for the year ended 31 December 2014

Another year of strong performance

• Dividend declared of 3.375 pence per share for the six months to 31 December 2014, up 3.8%, ahead of UK RPI for the third year running
• Net Asset Value ("NAV") up £69.2m to £887.3m, supported by new acquisitions (Increase in NAV per share of 2.3% to 109.3 pence)
• Strong underlying growth of 9.2%, 1.4% ahead of growth arising from discount rate unwind
• £64.8m received in cash from investments, £2.4m ahead of budget
• New investments of £50.8m since 31 December 2013, comprising four new assets and three additional stakes
• Total Shareholder Return of 12.6% during 2014, 49.5% since launch (November 2010)

Commenting on today's results, Paul Lester, Chairman of JLIF, said:

"I am encouraged by the strong performance JLIF has delivered in 2014 achieving record levels of underlying growth which supports the progression of the dividend ahead of UK RPI for the third year running. We remain optimistic about the outlook for JLIF. We continue to focus on delivering growth from our existing Portfolio and selectively investing in new assets which meet our investment criteria and at a price that represents value to our shareholders."

[skinny] 12/2/2015 07:49

A tad slow there! :-))

[jonwig] 12/2/2015 07:39

here it is -