Jlen Environmental Assets Share Discussion Threads

[jonwig] 12/9/2018 13:51

"Proposed Placing, Offer for Subscription and Intermediaries Offer " -

so institutions in the placing, new and existing holders directly by subscribing, or through your broker if he's an official intermediary.

No problem for private investors.

[gateside] 12/9/2018 13:23

Individual shareholders can't usually take place in Share Placings.I assume this will be the case with this placing for JLENMight be worth checking with your broker

[8w] 12/9/2018 11:39

Are existing holders involved in this? In terms of receiving a right to subscribe to a number of shares based on their existing holding.

Have had a search through RNS and can't find any mention....

[tomps2] 12/9/2018 09:53

Here's Chris Holmes talking about the proposed placing:



(There is a long disclaimer to click through first!)

Also, more detail in this highlights from their Capital Markets Day on AD (anaerobic digestion)here, provides even more detail.

[jonwig] 12/9/2018 09:25

There's a 22-page research note - presumably timed to coincide with this fundraising:

[belgraviaboy] 07/9/2018 14:17

Someting up?

Blue on a red day

[gateside] 04/9/2018 16:50

Back up to where they were before they went Ex-dividend.Great share ~ very low risk way to achieve yield of 6+% per year

[gateside] 23/8/2018 10:16

Ex dividend today

[gateside] 17/8/2018 17:36

Premium to NAV is worth it for the inflation proof dividend. Like their diversification of renewable assets. Hopefully it will prove to be a good low risk investment.

[spectoacc] 17/8/2018 17:00

At that premium to NAV? Hate to pay more than something is "worth" and whenever I've got close to paying a premium (HICL, SQN, ESP) I've regretted it. However - good luck. Not currently a holder.

[gateside] 17/8/2018 15:10

Added a few more JLEN today. Ex dividend next week. Nice 6.2% yield

[tomps2] 17/7/2018 09:20

John Laing Environmental Assets Group Ltd (JLEN)

Highlights from the JLEN CMD June 2018: JLEN Investor session on Anaerobic Digestion (20 mins)



Video: JLEN biogas – 00:23
Chris Tanner: Anaerobic digestion (AD) market overview – 03:03
Chris Holmes: Investment attractions – 06:03
Chris Holmes: Value enhancements – 07:59
William Mezzullo: Risk management – 10:06
Philip Lukas: Future biogas – 12:09
Philip Lukas: AD process – 12:49
Innes McEwan: Feedstock & digestate management – 15:29
Innes McEwan: Sustainability – 16:54

John Laing Environmental Assets Group Limited is a self-managed alternative investment fund. The Company is engaged in investment in environmental infrastructure to generate investment returns. Its investment objective is to provide investors with a sustainable dividend per share, paid quarterly, that increases in line with inflation, and to preserve the capital value of its portfolio over the long-term. Its investment policy is to invest in a portfolio of operational environmental infrastructure projects. It makes investments through a group structure involving John Laing Environmental Assets Group (UK) Limited and additional intermediate holding companies for certain projects. Its portfolio includes onshore wind, photovoltaic (PV) solar, and waste and wastewater processing projects in the United Kingdom. It owns a portfolio of approximately 10 environmental infrastructure investments in the United Kingdom. The Company’s investment advisor is John Laing Capital Management Limited.

[a0002577] 14/6/2018 15:34

Annual report published this morning. No real surprises but more on the downside than the up because they make several mentions of the share issuance programme which will not be at a huge premium to NAV which is/was 99.6.

So I sold a chunk this morning. May buy them back when the price drops when they announce they are selling another batch of shares.

Still consider this a good company (mainly because of the spread over several types of asset) and have retained my core holding rather than being overweight.

Where did he proceeds go? Just about half into AEWU and the bigger half into NESF.

[a0002577] 09/6/2018 11:11

Good morning, Gateside,

I have a portfolio of high yielding shares which is overweight in Infrastructure funds (some or all of BSIF, FSFL, JLEN, NESF, TRIG and UKW at any one time). In common with most shares they go walkabout on prices throughout the year In JLEN's case between 100 and 110. JLEN's shares generally peak in or around June - on very little history it must be said.

So I tend to trade in and out of these to try and catch the peaks and also try to catch an extra dividend. On the whole I manage to gain another 5% per year over and above the standard dividends of about 6% giving an overall annual yield of a little more than 11%

It is easy and cheap to trade these Infrastructure funds as there is no stamp duty.

The rest of the portfolio comprises Retail Bonds, REITs and VCTs (bought in the market) and occasionally a high yielding equity with an upcoming large dividend. (currently this is GNK bought at £4.54)

Two major rules for the 'management' of this portfolio are that anything purchased must yield 6% or more and I must be happy to hold it for the medium to long term if it doesn't behave as expected. These rules meant that I had to move out of Preference Shares as the downside of these was (in my view) far greater than the upside - particularly if/when interest rates went up.

kind regards - A000

[pjw956] 08/6/2018 22:43

results on 14 june - perhaps more will become clearer then...todays uptick is a sign of something ...??

[gateside] 08/6/2018 18:43

Seriously well timed buy there, as the price has barely moved since beginning of February

[a0002577] 08/6/2018 14:22

On 1st June, I noted that this had become my favourite green infrastructure fund. Since then they have gone ex-div without dropping in price and 'shot up' several pence today. Why? Unless it is because they are intensively wooing analysts? Glad to say I bought a few before I made my post on 1st.

[jonwig] 01/6/2018 12:31

Looking at the original prospectus, they targeted a net-of-expenses IRR of 7.5 - 8.5% on an initial NAV of 98p. So that would be 133p to 138p after four years less 20.07p paid in dividends, leaving a current NAV between 113p and 118p.

Ongoing fundraises and acquisition expenses will have diluted this to some extent, but the discrepancy looks a bit steep. Maybe they've had to write down some things, I don't know.

I started this thread as I was a potential buyer. I can't remember why I didn't - maybe the biomass stuff was a bit tricky for me.

[a0002577] 01/6/2018 12:06

Not sure about that, Jonwig. They pay out a dividend every quarter so it's effect on NAV from one quarter to the next is surely neutral? But you know more than I do on this topic.

[jonwig] 01/6/2018 09:55

A000... - the NAV increases mainly through accruing income. So that's an annual rate of around 4.4p, but they will pay dividends of 6.31p. Where's the upside?

[a0002577] 01/6/2018 09:36

Very quiet here - so everyone must be happy. Yesterday they updated NAV (up a penny in the quarter), declared the next dividend (payable at the end of the month) and gave guidance for next year's dividend (6.51 pence) giving a forward yield of 6.4% at today's price - not bad.

see for fuller details.

This makes this stock my pick of the six at the moment - Diversified portfolio, good dividend and more upside to the the share price than TRIG, BSIF, FSFL, NEST or UKW.

[pjw956] 23/11/2017 20:35

nav down which is disappointing - but "total" income generated seem good - so on balance a solid dividend payer at reasonable risks levels - colder weather should drive higher leccy prices..despite government pressures - so maybe nav recovers this half ?

[gateside] 21/11/2017 23:21

Results tomorrow on the 22nd

[pjw956] 21/11/2017 21:17

must be due interim results any day now - poss why price falling?

[spectoacc] 09/9/2017 13:00

Agreed @jonwig - often some good detail in the paid-for research, but nearly always all for the bull case.