John Laing Infrastructure Fund Update regarding liquidation of Carillion plc (9444B)

TIDMJLIF

RNS Number : 9444B

John Laing Infrastructure Fund

16 January 2018

16 January 2018

John Laing Infrastructure Fund Limited ("JLIF")

Update regarding liquidation of Carillion plc

John Laing Infrastructure Fund Limited ('JLIF' or the 'Company'), the listed infrastructure investment company, notes the recent announcement by Carillion plc ('Carillion') regarding its compulsory liquidation.

JLIF has 9 operational PPP projects where Carillion are the Facilities Management ("FM") provider, 4 schools projects, 4 emergency services projects and 1 road project. The value of these projects is approximately 8.5% of the total portfolio value and approximately 9.6% of the Net Asset Value using 30 June 2017 valuations and acquisitions since then at cost. The Investment Adviser's asset management team have been aware of the issues affecting Carillion and have had contingency plans in place for some time. These have involved discussions with a number of potential replacement providers and the Investment Adviser is in the process of implementing these contingency plans and seeking to appoint alternative FM providers on all of the 9 projects to replace Carillion. At this stage the Investment Adviser expects that this can be achieved with minimal service disruption and minimal additional cost.

JLIF has no projects currently in construction where Carillion are the contractors. JLIF owns one project where Carillion are still liable for any construction defects found on the project, with the construction period having completed over 10 years ago. A recently completed routine defects survey has not highlighted any significant areas of concern.

The Investment Adviser believes that the compulsory liquidation of Carillion should have no material impact on the Company. The Company will continue to manage the situation as it develops and provide further updates as appropriate.

For further information, please contact:

   John Laing Capital Management                      020 7901 3326 

David Hardy

Jamie Pritchard

   Finsbury                                                             020 7251 3801 

Nidaa Lone

Philip Walters

About John Laing Infrastructure Fund

JLIF is one of Europe's largest listed infrastructure funds, with a Premium Listing on the London Stock Exchange. JLIF invests in the equity and subordinated debt issued predominantly with respect to operational Public-Private Partnership ("PPP") projects. JLIF's purpose is to support governments, cities and communities meet their infrastructure needs, from delivery and financing through to operations and management. Our objective is to make available for use high-quality infrastructure assets that meet or exceed the expectations of our clients, and in so doing, provide our shareholders with a source of stable, predictable income.

This information is provided by RNS

The company news service from the London Stock Exchange

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January 16, 2018 02:00 ET (07:00 GMT)