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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| John Laing Group Plc | JLG | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
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|---|---|---|---|---|
| 0.00 | 0.00% | 402.60 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 402.60 | 402.60 |
| Top Posts |
|---|
Posted at 24/5/2021 07:05 by skinny .John Laing achieves financial close in a UK specialised accommodation platform John Laing Group plc ("John Laing" or the "Group"), the responsible investor and active manager of infrastructure projects internationally, is pleased to announce that all necessary approvals have now been obtained and it has achieved financial close on a UK-based specialised accommodation platform with McCarthy Stone. As previously announced, the Group has achieved its full year guidance for 2021 of investment commitments of at least GBP100 million, with GBP107 million in new investment commitments. This comprises the investments in the UK-based specialised accommodation platform, the Pacifico 2 road PPP project, and a German fibre-to-the premise roll-out platform. |
Posted at 19/5/2021 07:02 by skinny .Summary -- The boards of John Laing and Bidco are pleased to announce that they have reached agreement on the terms of a recommended cash acquisition of the entire issued and to be issued ordinary share capital of John Laing by Bidco. The Acquisition is to be effected by means of a scheme of arrangement under Part 26 of the Companies Act. -- Under the terms of the Acquisition, each John Laing Shareholder shall be entitled to receive: for each John Laing Share 403 pence in cash -- The Acquisition Price represents an attractive premium of approximately: -- 35 per cent. to John Laing's Adjusted Net Asset Value of 299 pence per John Laing Share as at 31 December 2020; -- 27 per cent. to the Closing Price per John Laing Share of 318 pence on 5 May 2021 (being the latest practicable date prior to the announcement by John Laing that it was in discussions with KKR (the "Pre-Announcement Date")); -- 30 per cent. to the volume weighted average price per John Laing Share of 311 pence for the one-month period ending on the Pre-Announcement Date; and -- 30 per cent. to the volume weighted average price per John Laing Share of 311 pence for the three-month period ending on the Pre-Announcement Date. -- The Acquisition values the entire issued and to be issued ordinary share capital of John Laing at approximately GBP2.0 billion on a fully diluted basis. -- If any dividend or other distribution is declared, made or paid in respect of John Laing Shares on or after the date of this Announcement, Bidco reserves the right to reduce the Acquisition Price by the amount of such dividend or other distribution. In such circumstances, John Laing Shareholders would be entitled to retain any such dividend or other distribution. -- A revised valuation of John Laing's asset portfolio and net asset value as at 31 May 2021 will be published pursuant to Rule 29 of the Takeover Code in the Scheme Document. Transaction overview -- All-cash acquisition of John Laing by Bidco, intended to be recommended unanimously by the John Laing Board. -- John Laing is a leading international investor which develops and owns mid-market infrastructure assets across the UK & Europe, North America, Latin America and Australia. -- KKR believes that John Laing has an attractive, established portfolio of infrastructure assets and a platform with significant expertise and growth potential. These provide the appropriate risk/returns and an attractive pipeline of future infrastructure projects to meet the objectives of KKR's diversified core infrastructure strategy. -- KKR intends to support John Laing's management team and its strategy of investing in mid-market economic infrastructure assets and businesses and by providing flexible access to long-term capital to fund further growth opportunities. KKR's extensive access to long-term capital and its global network and expertise will enable the John Laing team to accelerate its investment strategy and grow John Laing's asset base under private ownership. -- KKR has agreed to partner with Equitix, an experienced infrastructure investor, to jointly own John Laing's existing asset portfolio. Immediately following completion of the Acquisition, Equitix will acquire a 50 per cent. shareholding in the existing asset portfolio which will continue to be managed by John Laing's management team. -- KKR and Bidco have given assurances to the John Laing Directors that the existing employment rights, including pension rights, of the management and employees of John Laing shall be fully safeguarded. John Laing recommendation -- The John Laing Directors, who have been so advised by Evercore as to the financial terms of the Acquisition, consider the terms of the Acquisition to be fair and reasonable. In providing its advice to the John Laing Directors, Evercore has taken into account the commercial assessments of the John Laing Directors. -- Accordingly, the John Laing Directors intend to recommend unanimously that John Laing Shareholders vote in favour of the Scheme at the Court Meeting and John Laing Shareholders vote in favour of the resolutions to be proposed at the John Laing General Meeting as the John Laing Directors who hold interests in John Laing Shares have irrevocably undertaken to do in respect of their own beneficial holdings of 555,083 John Laing Shares representing, in aggregate, approximately 0.11 per cent. of John Laing's issued ordinary share capital on 18 May 2021 (being the latest practicable date prior to publication of this Announcement). Irrevocable undertakings and letter of intent -- In addition to the irrevocable undertakings from the John Laing Directors who hold interests in John Laing Shares, Bidco has received a letter of intent from Soros Fund Management LLC to vote in favour of the Scheme at the Court Meeting and the resolutions to be proposed at the John Laing General Meeting in respect of 20,384,506 John Laing Shares, representing, in aggregate, approximately 4.13 per cent. of John Laing's issued ordinary share capital on 18 May 2021 (being the latest practicable date prior to publication of this Announcement). -- Bidco has therefore received irrevocable undertakings or a letter of intent in respect of a total of 20,939,589 John Laing Shares representing, in aggregate, approximately 4.24 per cent. of John Laing's issued ordinary share capital on 18 May 2021 (being the latest practicable date prior to publication of this Announcement). -- Further details of these irrevocable undertakings (and the circumstances in which they shall cease to be binding or otherwise fall away) and letter of intent are set out in Appendix III to this Announcement. more...... |
Posted at 19/3/2021 07:02 by skinny .John Laing completes sale of Swedish wind farm John Laing Group plc ("John Laing" or "the Group"), the responsible investor and active manager of infrastructure projects internationally, announces that it has completed the sale of its Swedish wind farm, Rammeldalsberget, to Slitevind AB for cash consideration of EUR8.9 million before disposal costs, equivalent to approximately GBP7.6 million. This sale value represents an 8% uplift to John Laing's book value for the asset at 31 December 2020. The Rammeldalsberget project is a mature operational project within the Group's secondary portfolio, having been operational since 2016, and this sale is consistent with the Group's strategy to realise these types of secondary assets and re-invest the proceeds in new opportunities in greenfield projects and in economic infrastructure businesses and platforms. Rammeldalsberget is a 15.75 MW onshore wind farm located near Kramfors, Sweden. John Laing first invested in Rammeldalsberget in 2014 and brought it into operation in 2016. The wind farm has an operational track record of almost five years and is fully exposed to merchant power prices. Shareholders participate in the success of realisations through the special dividend, with the Group paying out approximately 5-10% of gross proceeds received from the sale of investments on an annual basis. This sale adds to the visibility of the 2021 special dividend, with total proceeds eligible to be included in the 2021 special dividend calculation now amounting to approximately GBP358 million [1] , consisting of expected proceeds from this sale as well as the sales of the Australian wind farm portfolio that completed last week and the second stage of IEP East divestment expected to complete later in the year. Ben Loomes, Chief Executive of John Laing, said: "Following on from the completion of the sale of our Australian wind farm portfolio last week, the divestment of Rammeldalsberget is in line with our strategy to realise fully our Renewable Energy assets over the next two years. This will reduce the portfolio exposure to merchant power prices and the corresponding volatility in portfolio value and returns. The sale of Rammeldalsberget is also consistent with our approach of enhancing the efficiency of our resources as we focus on investing larger equity investments in the future and rationalising the portfolio by divesting smaller, but resource intensive assets." |
Posted at 05/1/2021 15:40 by skinny .John Laing Group plc ("John Laing" or "the Group"), the responsible investor and active manager of infrastructure projects internationally, is pleased to announce that it has agreed to acquire a 21.15% interest in the Pacifico 2 road PPP project ("Pacifico 2" or "the Project") in Colombia for a total consideration of COP151 billion (or approximately GBP32 million). The Group has agreed to acquire the interest from Construcciones El Condor ("Condor") and the transaction is expected to complete during early 2021 subject to customary conditions. Following the transaction, the project will be owned by Odinsa (78.85%) and John Laing (21.15%). Located 20 kilometres south of Medellin, the second largest city in Colombia, Pacifico 2 is an availability-based public-private partnership project with an operating concession that runs to 2043. It includes the construction of a new 82 kilometre dual carriageway and two tunnels, as well an upgrade of 54 kilometres of existing road. The project is part of the Colombian government's Fourth Generation ("4G") road building PPP programme aimed at improving road connectivity and safety across the country as well as supporting regional economic growth. Once completed, the road will provide a valuable connection between some of Colombia's most important cities, including Medellin and Cali, as well as the country's largest port, Buenaventura. Construction is expected to complete during 2021. This is John Laing's second PPP investment in Colombia and builds upon our strong expertise in the roads sector, local presence and our extensive partnership network. As an acquisition of a stake in an existing project, this is an example of John Laing's ability to access investment opportunities which are additional to its publicly procured pipeline. Alex Yew, John Laing's Managing Director for Latin America, said: "We are delighted to be announcing our second investment in Colombia, a country with a strong PPP framework and a healthy pipeline of opportunities. This investment builds on our initial success with Ruta del Cacao, another 4G road project, which we invested in during 2019, and reflects our local presence and relationships that we have developed in Bogotá. We look forward to actively working with our partners to deliver a project that will connect local communities and key cities, reduce travel times and transportation costs and improve road safety." |
Posted at 19/10/2020 07:14 by skinny .John Laing announces the sale of its Australian wind farm portfolio John Laing Group plc ("John Laing" or "the Group"), the responsible investor and active manager of infrastructure projects internationally, today announces that it has entered into an agreement to sell its portfolio of Australian wind farm assets ("the portfolio") to First Sentier Investors ("FSI") for a total consideration of AUD285 million (before disposal costs), equivalent to approximately GBP157 million. This sale value represents a small uplift to John Laing's book value for the portfolio as at 30 June 2020, and is equivalent to a money multiple on its investment of 1.5x. Completion of the sales of the assets is subject to customary consents, regulatory approvals and notification periods, and these are expected to be satisfied by early 2021. more..... |
Posted at 20/8/2020 08:35 by skinny FWIW :- .Ben Loomes, John Laing's Chief Executive, said: "The first half of 2020 has been challenging and I would like to thank all of my colleagues for their hard work and commitment. The resilient performance of the PPP portfolio and continued good project delivery have been more than offset by challenges in the Renewable Energy portfolio as well as macro-economic factors. New investments in the period were minimal, with COVID-19 delaying public procurement processes, as well as the decision taken earlier this year to cease new investment in wind and solar generation. Nevertheless, I am confident in the outlook for the business. We are building good momentum in our pipeline of preferred and short-listed bidder positions in PPP projects, and the prospects for infrastructure investment are stronger than ever. At its core, John Laing has a differentiated greenfield projects platform with a strong long-term track record of creating value. The valuation of our portfolio provides a solid base from which to deliver attractive and more consistent and sustainable shareholder returns. We have an attractive portfolio with significant embedded value and, as we manage greenfield projects through to operation, good realisation opportunities at uplifts to book value. The Group's expertise and long-term partner relationships enable it to access new opportunities, and create value for all stakeholders by investing in, and actively managing, sustainable infrastructure projects. A strategic review is well underway, that will ensure that we are well-positioned to capitalise on new investment opportunities and develop a healthy future pipeline." John Laing Group will be announcing its half year results for the six months to 30 June 2020 on Thursday, 20 August 2020. A recorded presentation will be available at www.laing.com at 08.00 BST and CEO Ben Loomes and Group Financial Controller Stuart Colvin will host a Q&A for analysts and investors at 09.30 BST. Webcast URL: (Participants can register for the event but the presentation will not be available until 8am) |
Posted at 05/5/2020 07:24 by skinny .John Laing Group plc ("John Laing" or "the Group"), the international active investor and partner behind responsible infrastructure, is pleased to announce that it has completed the sale of its 30% interest in Auckland South Corrections Facility to AMP Capital for a price in-line with the Group's latest valuation. more..... |
Posted at 14/12/2019 11:47 by jonwig Edison note gives some information on consensus NAV as well as clarification of impacts:Also IC says 'BUY' with the conclusion: Peel Hunt now expects NAV per share of 335p for FY2019, against the prior year’s 323p. It has reduced its adjusted EPS forecast from 38.6p to 21p. Analysts here note that “the recent headwinds and slow rate of investment mean that investors have to take a longer-term view, but JLG’s essential investment case remains intact”. On balance, while the shares trade at 362p, we stay positive. Buy. |
Posted at 29/10/2019 07:03 by skinny .John Laing Group ('John Laing'), the international active investor and partner behind responsible infrastructure, is pleased to announce that further to its announcement on 20 August 2019 regarding the agreed acquisition of 30% of the Ruta del Cacao road project in Colombia, all relevant approvals have now been obtained and the acquisition completed on 28 October 2019 for a total consideration of £62 million. Separately, John Laing has invested £13 million for a 35% interest in the Hurontario Light Rail Transit ('LRT') PPP project in Canada, which recently reached financial close. Hurontario LRT consists of an 18km line connecting municipalities in the Greater Toronto and Hamilton Area and will improve connectivity within and between the two districts. The project builds on John Laing's successful history of investment and delivery of complex rail schemes, including the Denver Eagle commuter rail in USA and Sydney Light Rail in Australia. Total investment commitments to date is therefore £157 million. |
Posted at 08/11/2018 07:07 by skinny Investor and analyst morning & 2018 investment commitments updateJohn Laing Group plc (John Laing), the international originator, active investor and manager of infrastructure projects, announces that it is holding an investor and analyst morning for institutional investors and analysts in London today. Members of John Laing's senior management team will present on: the North American market, active management of investments in its international portfolio and the impact of macro-economic factors on the Company's balance sheet. Other than the investment update below, there will be no new material information released. Presentation materials will be made available on John Laing's website at www.laing.com at 9:30am today to coincide with the start of the event. 2018 investment commitments update On 5 November 2018, we achieved financial close on an AUD $75 million (£41 million) investment for a 100% interest in the 174.9 MWp Finley Solar Farm project in New South Wales. This is John Laing's second solar investment in Australia. Taking into account this investment, our total investment commitments in 2018 to date increase to £196.2 million and we are maintaining our full year guidance of approximately £250 million. |
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