John Laing Infrastructure Share Discussion Threads

[skinny] 12/7/2013 07:07

JLIF, the FTSE 250 international PPP infrastructure investment company, is pleased to announce that it has agreed the acquisition of a portfolio of 11 operational and yielding assets (the "Portfolio"), from Investors in the Community LP ("IIC"), for c. £123 million. The total consideration is consistent with the current valuations of similar projects in JLIF's portfolio and will be satisfied either wholly in cash or partly in cash and partly by the issue of new ordinary shares in JLIF*. Any cash element of consideration will be funded by JLIF's existing bank facility.

The acquisition will complete once the customary consent process has concluded. Following the acquisition, the total number of projects in the JLIF portfolio increases to 49, with an approximate aggregate valuation of £697.8 million#.

The Portfolio comprises high quality, robust social infrastructure assets in the Education, Healthcare, Social Housing and Street Lighting sectors. The projects are all fully operational and supported by government-backed, inflation linked revenue streams. The average remaining contract life of the Portfolio is similar to JLIF's existing portfolio at 20.4 years. The projects fit strongly within JLIF's stringent investment criteria, offering long-term, stable cash flows with low correlation to the economic cycle or other assets.

The projects in the Portfolio include:

· Leeds Combined Secondary Schools (100% ownership)
· Bexley Schools (100% ownership)
· Bristol BSF (37.5% ownership)
· Peterborough Schools (81% ownership)
· Miles Platting Housing (33% ownership)
· Realise Health LIFT (Colchester) (60% ownership)
· Northampton Mental Health (100% ownership)
· Barnet Lighting (85% ownership)
· Enfield Lighting (85% ownership)
· Lambeth Lighting (85% ownership)
· Redcar and Cleveland Lighting (85% ownership)

[bigmike100] 08/7/2013 07:16

thanks guys much appreciated

[jonwig] 05/7/2013 07:30

They've checked the box marked "change in voting rights" rather than "acquisition or disposal", but their actual holding has risen from 21,169,860 to 21,206,795 which suggests they took up some shares in the placing (36,935 to be exact) but the increase in share capital meant their proportion of the total was reduced (from above 4% to below).

[skinny] 05/7/2013 07:24

It looks like a small increase 21,169,860 -> 21,206,795, but a net dilution as a result of the placing.


21,169,860 As %age of 513.11m = 4.125%

21,206,795 As %age of 543.67m = 3.9%

[jonwig] 27/6/2013 17:38

So, placed at a good premium to NAV, which raises NAV, of course!

A total of 30,567,685 new ordinary shares of 0.01 pence each in JLIF (the "Placing Shares") have been placed by J.P. Morgan Securities plc (which conducts its UK investment banking activities as J.P. Morgan Cazenove) ("JPMC") at a price of 114.5 pence per Placing Share, raising gross proceeds of approximately £35 million. The Placing Shares being issued represent approximately 5.9 per cent. of JLIF's issued ordinary share capital prior to the Placing.

[skinny] 27/6/2013 10:31

I agree - I think the (relatively) small amount is the key.

[wirralowl] 27/6/2013 10:03

fair points, jonwig, thanks for your input.

[jonwig] 27/6/2013 09:52

True - but they'll be able to issue the new shares above NAV (which will help all holders) and this exercise doesn't cost as much as an open offer.

The amount is relatively small, and when they want more (like Sept 2012) they will have to do an open offer.

It's a certainty this will happen: John Laing Group will be bidding for infrastructure projects due to come on stream, and will raise some funds by selling more completions to JLIF.

[Rem: NAV is 106.2p]

[wirralowl] 27/6/2013 09:45

Disappointing we aren't being offered the chance to participate, but seems par for the course nowadays.

[jonwig] 27/6/2013 07:17

The Placing will be non pre-emptive and launched immediately following this placing announcement ...

- ie. not being offered simply to existing shareholders. A quick phone-round the City and a result by lunchtime.

[skinny] 27/6/2013 07:08

The Board of JLIF today announces a proposal to raise up to £35 million before costs through a placing (the "Placing") of ordinary shares in the capital of the company (the "Placing Shares") by way of tap issuance.

The net proceeds will be used towards paying down the Company's current debt of approximately £35 million, which was principally drawn in connection with the successful acquisition of a 30% stake in Peterborough Hospital in April 2013 totalling £26.7 million.

[bigmike100] 13/6/2013 22:01

skinny well done keep the posts coming you are doing a great job

[skinny] 10/5/2013 07:17

Highlights

· The Portfolio showed underlying growth of 2.1% in the first quarter of 2013, equivalent to 8.7% on an annualised basis

· Actual Portfolio Value increased by £10.7 million to £548.1million in the first quarter of 2013

· Completed approximately £30 million of acquisitions from the market

· Doubled JLIF's credit capacity with a new three year £150 million revolving credit facility from National Westminster Bank plc, Lloyds Bank plc and ING Bank NV

· Dividend increased by 4.2% to 3.125 pence per share for the second half of 2012

· Scrip Dividend Alternative has been taken up by 14.6% of shareholders

· The Net Asset Value[2] (NAV) was £542.1 million[3] as at 31 March 2013 (after the dividend of £13.7 million allocated to be paid on 14 May 2013)

· NAV per share was 105.2 pence ex-div (108.3 pence cum-div), as at 31 March 2013, due to the dividend of 3.125 pence per share and underlying growth over the period

[skinny] 11/4/2013 07:16

JLIF is pleased to announce the acquisition of a 30% stake in Peterborough Hospital, its second acquisition of the year. The stake was acquired from Brookfield Infrastructure Partners L.P. (NYSE: BIP; TSX: BIP.UN) for a total consideration of £26.7 million. Peterborough Hospital has been fully operational since 2010 and has a long concession period to 2042, which will extend the average life of JLIF's portfolio from 19.6 years (as at 31 December 2012) to 20.1 years. The consideration paid by JLIF is in line with the current valuation methodology for similar UK health PPP projects in JLIF's portfolio and, following this acquisition, the portfolio will comprise 38 assets. The acquisition increases the number of health sector investments worldwide to ten and is reflective of the company's confidence in the sector.

David Marshall from John Laing Capital Management, Fund Manager to JLIF, said:

"We are delighted to announce the acquisition of the stake in Peterborough Hospital, which is a high quality operational project. We look forward to working with our public sector partners to operate this project in an efficient manner. The acquisition reflects the increasing number of investments in the JLIF portfolio sourced from non-John Laing vendors in the secondary market. JLIF has now acquired 11 such investments with a combined valuation of approximately £95 million and we remain confident of finding further such investment opportunities in the future."

[craigends] 19/3/2013 17:00

Skinny
Tempus of Times agrees in todays column, so do I !

[skinny] 19/3/2013 10:26

John Laing Infrastructure Fund (JLIF) has returned 18pc over the past year in terms of dividend and capital gains. That's not bad for a defensive investment for income seekers. Questor sees no reason why this cannot continue.

[skinny] 18/3/2013 07:02

Solid performance over the year

· Portfolio Value increased 41.3% to £537.4 million including acquisitions and investments
· Underlying growth in Portfolio Value of 8.5% - ahead of expectations
· NAV increased 22.8% to £542.4 million including equity raised
· NAV per share up 1.1% to 105.7 pence
· Continued strong cash flows, with £8.3 million net cash as at 31 December 2012
· Increased dividend announced of 3.125p (up 4.2%) being 6.125p for the full year
· Profit after tax of £32.5 million on an investment basis
· Increase in IFRS Net Assets of 17.0% to £522.4 million including equity raised

Operational Highlights

· Two successful capital raisings, for a combined 86.1 million new shares, raising an additional £91.4 million in 2012
· Acquisition of 7 new assets, 4 incremental stakes and one additional investment in existing assets, totalling £155.6 million
· Successful refinancing of debt facility, increased to £150 million for 3 years
· Strong pipeline of secondary market opportunities available to JLIF




This interim dividend of 3.125 pence which, combined with the previous dividend of 3.0 pence, takes the total for the year ended 31 December 2012 to 6.125 pence. This exceeds the target dividend payment of 6.0 pence per ordinary share as set out in the Company's Prospectus dated September 2012.

[jonwig] 27/2/2013 16:50

Increase in credit facility to £150m (from £75m) suggests fundraising ahead to fund acquisitions.

Current MCap is £570m, so the equity offer ratio could be as high as 1:4. I think the market would have the appetite.

[skinny] 12/11/2012 07:05

Highlights

· The Portfolio showed strong underlying growth of 6.8% to £450.8 million in the nine months to the 30 September 2012, equivalent to 9.1% on an annualised basis

· Actual Portfolio Value increased by £70.3 million over the same period

· The Net Asset Value (NAV) was £483.0 million at 30 September 2012, excluding the dividend of £11.0 million paid on 19 October 2012

· NAV per share is 104.0 pence as at 30 September 2012, allowing for the dividend of 3.0 pence per share compared to 104.8 pence as at 30 June 2012

· Successful share issue of £60.4 million (gross) in October, at an issue price that made it accretive to existing investors, and successful placing of £30 million of shares for John Laing. The new issue was used to acquire a portfolio of three projects from John Laing, all of which were completed within one week of the listing of the new shares

· Four acquisitions for £88.6 million completed in the period, bringing the total number of projects in the portfolio to 37

· The dividend of 3.0 pence per share was paid to shareholders on 19 October 2012. The Scrip Dividend Alternative was taken up by 19.4% of shareholders and therefore 2,456,499 shares were issued on that date

[skinny] 11/10/2012 12:09

Following its successful capital raise of £60.4 million 6 days ago, JLIF today announces the completed acquisition of a 40% shareholding in Kromhout Barracks (Netherlands), valued at €24.2 million. This is as outlined in the prospectus issued on 7th September 2012.

This acquisition takes the number of assets in the JLIF portfolio to 36.

[blueledge2] 05/10/2012 18:01

What happened today? Nothing!