Jlen Environmental Assets Share Discussion Threads

[pjw956] 07/7/2017 21:24

40m deal done at 103 - so watch steady rise back to 110 and market price was just below 105 for those that got in.

[pjw956] 03/7/2017 20:58

if quick you may pick up sub 105 before 2pm thursday

[pjw956] 15/6/2017 21:40

so , if thinking of buying - wait till near 6th july when market price will be circa nav ie 100p

[speedsgh] 15/6/2017 10:42

NAV performance to date:

100.1p as at 31/3/17
100.0p as at 31/12/16
98.3p as at 30/9/16
97.1p as at 30/6/16
96.7p as at 31/3/16
95.9p as at 31/12/15
101.2p as at 30/9/15
101.2p as at 31/3/15
98.0p at IPO (Mar 2014)

[jonwig] 15/6/2017 09:38

A000 ... the placing is non-preemptive, and done through a bookbuilding programme with indicative bids. In other words, the company doesn't set the price. Unless you want about a million shares, they won't entertain you!

There is a limit to the number of shares they can issue this way in any given year - maybe 15%. Above that they will do an open offer, or similar.

[a0002577] 15/6/2017 09:20

It does seem that they could do the placing at a bit higher price when the shares are trading well above NAV. Also quite difficult to get a place in the placing when shares are in ISAs or SIPPs or other nominee accounts. However, having bought back in at a lowish price I am still a happy bunny with this one. Also sold out of BSIF and half out of TRIG.

[rat attack] 15/6/2017 08:35

Spec/jonwig - thanks for the comments guys

[jonwig] 15/6/2017 08:25

rat - Spec's comment is correct. Just about all infra funds have the same policy. And by observing the demand for new shares, current shareholders also get a picture of how the market rates the company.

[spectoacc] 15/6/2017 07:43

They were authorised by shareholders to raise up to £150m, this is just another tranche of that. They'll presumably raise it at above NAV again so (technically) isn't dilutory.

Whether you feel comfortable holding at a premium is another matter - c.100p NAV to c.110p share price.

New acquisitions & paying down revolving credit facility seem a sensible use of the money.

Still in some JLEN but sold out of BSIF recently for similar reasons. All the same, there's no denying the chronic demand for "safe" yield.

[rat attack] 15/6/2017 07:41

ANOTHER PLACING - what is wrong with this Company? A placing every 3/4 months raising 10/15% of market cap on each occasion, is it totally inept at forecasting?

[a0002577] 05/4/2017 11:57

The issue got away and the following day the shares slipped to about 1.01 during the day - so bought a shedload - far too many - and so have been slicing off as they are now at an all time high. So I have made the 6% plus in about two months. Now waiting for the price of this - and other infrastructure shares to drop. Will I wait in vain?

[jonwig] 08/2/2017 17:58

19 Jan: The Company's unaudited NAV as at 31 December 2016 was GBP284.6 million or 100.0 pence per share, compared to GBP271.6 million or 98.3 pence per share as at 30 September 2016.

[exmooroil] 08/2/2017 16:41

Re post 28:

From the January 19th RNS:

"The issue price per New Ordinary Share will be agreed between the Company, the Investment Adviser and Winterflood following the close of the bookbuild and will be at a premium to the Company's latest published Net Asset Value per Share, at least sufficient to cover the costs of the Placing"

I think the most recent published NAV is 98.5p? Not certain on that.

[spectoacc] 08/2/2017 10:00

Fair point, I'll rephrase - "Let's knock the premium once again by issuing more shares".

They say heavily over-subscribed but agreed re dropping price.

Not sure I'll do anything about it this time, but I might well sell out of entire holding next time it's at a good premium.

[jonwig] 08/2/2017 08:47

The price (101p) was a premium to NAV of 100p, so you're not diluted. (Though I would be concerned that the NAV premium on this company is a bit thin compared with most infra funds.)

And regarding non-pre-emptive issue, you know the rules. It's also very expensive to do a full open offer - needs a prospectus for starters. However, the fact that it took nearly three weeks rather than a couple of days suggests they had to drop the price - probably they wanted about 104p.

[spectoacc] 08/2/2017 08:32

"I know, let's dilute shareholders yet again, ha ha ha, ho ho ho".

Getting fed up with it. Placings that we can't easily participate in (if at all). 55m shares this time.

[cyfran101] 23/1/2017 22:05

Looks like JLEN will miss out on any assets made available from GIB sale to Macquarie.

[speedsgh] 23/9/2016 10:59

John Laing Environmental Assets offers income minus a hefty premium (8/9/16) - [subscription required]

"...But JLEN is better valued than broad infrastructure investment trusts, and pays a consistently rising and well-covered dividend, so it still looks like a good way to get an attractive income without a hefty premium. Buy."

[cyfran101] 18/9/2016 22:53

Appears electricity price fears have receded and the diversified nature of their assets is attractive. Not much in the way of negative commentary seen recently. Happy to hold.

[pjw956] 15/9/2016 23:11

any views on this as a long term low(?) risk income hold ...

[gateside] 11/5/2016 08:22

Good to see them diversifying into France. Solid 6% yield with very low risk to share price.

[gateside] 18/3/2016 17:39

Acquisition of Pylle Southern Solar Park

Commissioning of Pylle Southern Solar, located near Shepton Mallet in Somerset, was completed in December 2015 and it has a total generating capacity of 4.99MW. The Solar Park will benefit from the UK feed-in tariff for 20 years from the date of commissioning. This tariff is linked to an annual increase in the UK Retail Price Index. The electricity price assumptions underpinning the project are based on export tariff levels in the short term, and over the long term are in line with JLEN's current view on electricity prices. JLEN has purchased the entirety of the shares from the founding shareholders and Green Nation, the developers of the park. Green Nation was also responsible for the development of the Monksham Solar Park in which the Company invested in July 2015.

The acquisition was funded by a draw-down under the Company's revolving credit facility. This facility, originally secured in October 2014 at a level of £50 million, has been extended, on the same terms, to £65 million.

[exmooroil] 19/11/2015 20:41

Half-year results out:



Dividend 3.027p

XD : 26 November
Pay: 18 December

[cyfran101] 28/8/2015 00:32

ELWA facility as of 20th Aug is fully operational

hxxp://www.shanksplc.com/news-room/news-releases/2015/06-07-2015.aspx