John Laing Infrastructure Share Discussion Threads

[skinny] 03/3/2014 07:07

John Laing Infrastructure Fund Limited, the FTSE 250 international PPP infrastructure investment company, advises that it will announce its preliminary results for the twelve months to 31 December 2013 on Monday 24 March 2014. A presentation for analysts will take place at 9.30am at the Holborn Bars, 138-142 Holborn, London, EC1N 2NQ.

[bigmike100] 11/2/2014 09:47

cheers craigends

[craigends] 10/2/2014 16:27

my reading two distinct identities, under John Laing company umbrella. Short time scale to market (end of March) so plans must be advanced.

[bigmike100] 10/2/2014 15:40

Fao jonwig and any one else. I have just read the FT article re John Laing Environmental Asset fund. How do you see it affecting JLIF?

[jonwig] 10/2/2014 11:22

FT comment on the above:

[craigends] 10/2/2014 09:13

Very interesting - hoping to replicate success of JLIF. Thanks jonwig.

[jonwig] 10/2/2014 08:00

JLIF was floated out of the John Laing Group. Now they will float off John Laing Environmental Assets:



Target £160m, target initial yield 6%, possible offer for subscription?

[craigends] 06/2/2014 19:07

thanks jonwig - as thought.
The fund is a success, however this moves it into a more riskier holding. (What isn't) However, how long does it take to make a cross rail link?? Will continue to hold as it represents cracking yield meanwhile.

[jonwig] 06/2/2014 17:30

Craigends - yes, I think that's right.

Fact that new projects will still be development phase (maybe!) will mean lower initial yields, yes, but also greater potential uplift once risks evaporate ... assuming risks don't materialise!

[craigends] 06/2/2014 17:10

Does this proposed policy change mean some projects will NOT be mature (earnings producing)when the investment made? If so could dilute overall yield.

[bigmike100] 21/1/2014 16:21

Cheers jonwig

[jonwig] 21/1/2014 11:30

Bigmike - yes, they've always managed to issue new ords at a premium to NAV, which may have prompted selling in order to take up the entitlement or participate in other ways.

An alternative would be to issue 'C' shares which are later converted with no dilution.

[bigmike100] 21/1/2014 09:46

If memory serves me right didn't the last fund raise cause a drop in share price from which we are still recovering?

[spangle93] 21/1/2014 09:28

Good observation, jonwig

You could see it as a positive - either opportunities make investments that are as good as current ones are drying up, or other fields offer better returns, in which case fundraising would offer benefits.

I'm in the oil industry, where a combination of rising prices and poorer opportunities mean that new projects offer more meagre returns. If the reverse were true then maybe it would attract new major shareholders

[jonwig] 21/1/2014 07:23

"Proposed amendments to investment policy"

Wider range of assets in view; increase in proportion of assets under construction; allow non-govt backed assets.

Needs shareholder approval.

What they don't say: likely increase in AUM of around 50% by my rough calculation. Another very substantial fundraising!

[skinny] 23/12/2013 07:11

JLIF, the listed infrastructure investment company, is pleased to announce that it has completed the acquisition of the remaining stakes in three assets from Bouygues UK, resulting in 100% ownership of each asset. Initial stakes in the assets were acquired as part of JLIF's £123 million portfolio acquisition from Investors in the Community LLC ("IIC") earlier this year, which represented the group's largest acquisition since IPO.

The Lambeth and Redcar & Cleveland Street Lighting projects, in each of which JLIF has acquired an additional 15% interest, have together seen the replacement of more than 23,000 lighting columns.

The Peterborough Schools project, in which JLIF has acquired an additional 19% interest, has been operational since 2007. The project comprises a new build academy and two refurbished and extended secondary schools providing teaching space for up to 3,395 pupils.

[skinny] 28/11/2013 12:57

In October 2013, JLIF, the listed infrastructure investment company, completed a successful capital raise of £242.3m, the largest in the fund's history since listing. Following the subsequent acquisition of the Barnsley BSF project, JLIF is pleased to announce that it has today completed the acquisition of a 50% shareholding in the Kelowna & Vernon Hospitals P3 project.

The Kelowna & Vernon Hospitals project marks JLIF's third investment in the Canadian secondary P3 market to date and takes the total portfolio to 51 projects. Following the acquisition, Canadian assets now account for 12% of JLIF's portfolio by value[1].

David Marshall from John Laing Capital Management ("JLCM"), Fund Manager to JLIF, said:

"We are delighted to announce the acquisition of this high quality asset following the largest capital raise we have competed since our listing in 2010. This asset further diversifies JLIF's portfolio and JLIF has now acquired £201.0 million of projects in 2013. The existing debt facility has already been repaid in full using the proceeds of the capital raise and we continue to actively seek new growth opportunities."

[bigmike100] 11/11/2013 10:34

sounds good to me

[jonwig] 11/11/2013 07:40

And lots more (sorry ... loads more) acquisitions and fundraisings to come!

[skinny] 11/11/2013 07:34

HIGHLIGHTS

Quarterly results

· The Portfolio showed good underlying growth of 5.8% for the nine month period ended 30 September, equivalent to 7.8% on an annualised basis

· Portfolio Value increased by £164.5 million to £701.9 million over the same period predominantly through acquisitions

· The Net Asset Value[2] (NAV) was £573.0 million[3] as at 30 September 2013 (after the dividend of £17.1 million allocated to be paid on 18 October 2013)

· NAV per share was 104.6 pence ex-div (107.6 pence cum-div) as at 30 September 2013, due to the dividend of 3.125 pence per share and underlying growth over the period

Key events

· Raised £277.3m of new equity during the period

· Completed £157.1 million of acquisitions since 1 July 2013

· Agreed a further £78.5 million of acquisitions

· Paid a dividend of 3.125 pence per share in October 2013

· Scrip dividend alternative taken up by 15.2% of shareholders

[skinny] 15/10/2013 07:06

JLIF Limited (the "Company" or "JLIF"), the listed infrastructure investment company, is pleased to announce that following the successful £242.3m capital raise, the largest in the fund's history since listing, JLIF has completed the acquisition of a 40% shareholding in the Barnsley BSF project, which consists of the construction of nine new Advanced Learning centres ("ALCs"), one new build special school and one special school extension.

The project, acquired from the John Laing Group, is a 25 year concession which runs until April 2036, and marks JLIF's 50th portfolio project.

Following the acquisition, the Education sector now represents 17% of JLIF's portfolio by value, based on the 30 June valuation (and adjusted for subsequent acquisitions).

[spangle93] 08/10/2013 21:23

Mine appear to have been confirmed today in H-L - it just shows a single valuation for existing and new shares combined, and in the transaction history there's an entry "corporate action" dated today to show the purchase of the additional shares

[blueledge2] 08/10/2013 15:06

Still not confirmed on my TDW account either.

[jonwig] 08/10/2013 08:59

218,291,103 new shares trading from this morning. Last night TD hadn't confirmed my allocation (entitlement plus a few more).