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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| John Laing Inf | JLIF | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 142.60 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 142.60 | 142.60 |
| Top Posts |
|---|
Posted at 29/9/2018 09:39 by skinny JLIF and Bidco are pleased to announce that at a hearing held earlier today the Royal Court of Guernsey has sanctioned the scheme of arrangement under Part VIII of the Companies Law of Guernsey (the "Scheme") to effect the recommended cash acquisition by Bidco of the entire issued and to be issued share capital of JLIF. All conditions to the Scheme have now been satisfied or waived and the Scheme has now become Effective in accordance with its terms.The listing of JLIF Shares on the premium equity closed ended investment funds listing segment of the Official List and admission to trading of JLIF Shares on the London Stock Exchange's Main Market were suspended with effect from 7.30am on 28 September 2018. JLIF has made an application to the U.K. Listing Authority to cancel the listing of JLIF Shares on the Official List and the London Stock Exchange to cancel trading of JLIF Shares on the Main Market. These cancellations are expected to take effect at 8.00am (London time) on 1 October 2018. JLIF Shareholders' cash consideration under the terms of the Scheme will be settled or despatched by no later than 12 October 2018. |
Posted at 12/8/2018 13:41 by skinny The last 3 paragraphs :-"The bid has sparked debate over whether JLIF and rival social infrastructure funds such as HICL (HICL) and International Public Partnership (INPP) were undervalued or had simply priced in the political risk of a possible future Labour government. Their shares have shot up and had their former premium ratings restored since the bid approach was announced. Hose said Dalmore and Equitix had taken a strong view on political risk that other investors might not share. However, Lovett-Turner believed the sector had become oversold with political concerns blinding investors to the high quality, inflation-linked cash flows the listed funds generated. ‘This was illustrated by HICL selling its interest in Highland Schools PP2 at a 21% premium to valuation, as well as by the offer for JLIF,’ he said. ‘In our view, the events surrounding JLIF are likely to have attracted interest in the listed funds from other major Infrastructure investors in the same way that HarbourVest’s bid for SVG Capital in 2016 led to a wave of interest in listed private equity funds from secondary investors.’ he added." |
Posted at 06/8/2018 16:09 by spectoacc JLG is the unknown - what's it worth to them I wonder. Personally I can't see it - JLIF was valuable for them to sell things to, they'd be selling to themselves if they bought it. |
Posted at 06/8/2018 08:20 by spectoacc @jonwig - find myself as cashed-up as I can remember, having sold HICL (too early), now JLIF, and many more smaller recently.P/e feels like 1999 - not 2000 just yet, but silly amount of money knocking around, daft multiples, great for sellers of assets but who's going to end up holding the baby? Their 2000 moment will come. (The FAANGS - or most of them, Apple throwing off cash - another good example). I'm not calling the top - but I am starting to exit things ahead of the top. Commercial property another great example - now priced as if recessions are a thing of the past. "But the money has to go somewhere". It does, and it is, and that's why it'll eventually result in big falls. May change my mind next week of course :) |
Posted at 01/8/2018 07:16 by spectoacc Too low?! Hilarious. So why weren't those same shareholders buying JLIF in size up until a week ago, when it was 20% cheaper? |
Posted at 16/7/2018 08:51 by riverman77 Nice surprise this morning although trying to figure our what to replace it with. Top 2 candidates are INPP - up around 5% and now on slight premium - or the parent company JLG which is trading around nav. Obviously the latter has more development risk and unclear how JLIF's sale will affect JLG's business model as the asset manager of JLIF |
Posted at 19/5/2018 09:02 by jonwig @ SteMiS - looking again at the original prospectus (Oct 2010), there's a chart on p45 which shows distributions from the original seed portfolio. These show that sub-debt within each project is serviced, and there are also bullet payments of sub-debt principal along the way. There are also some complicating factors:• inflation indexing isn't complete - one reason why HICL is higher-rated is that it has better protection here. • some projects are demand-based causing income fluctuations. (M6 toll road has had a difficult history - though nothing to do with JLIF. M40 in JLIF is more stable.) • some projects have run into trouble - Roseberry Park Hospital in the past year, for example, where there was extra expense which didn't work and effective write-off. • there is residual equity in some projects, such as the M40 motorway where the remit was to design and build, not just operate. So, unless I've misunderstood your argument, I think your 'homogeneous' view of the portfolio has too many bumps along the way. Without these bumps, your model does suggest money is left for the investor. The way I thought about it is to ask a typical question, "What would you pay for an asset which gave you £50,000 pa indexed for 25 years?" Assuming 3% inflation and a 7% discount rate, I get about £800,000. Or, for a potential investor in JLIF, what would I pay to receive 7p pa for * years with *% inflation and a *% discount rate? With the figures above, it's around the current share price! [Bit of a rush, hope calcs are right.] |
Posted at 18/5/2018 10:02 by stemis Looking at the numbers JLIF pretty much seems to distribute all/just the unwinding of the discount factor less running costs (which in 2017 amounted to £91,830k - £24,249k = £67,581k cp to dividend cost of £65,758k).At the moment this amounts to a dividend yield of 6.3% (7.14/117.5). Because the discount is compound, the £ value of the unwinding of the discount factor should itself grow by the discount rate (which is 7.5 - 9%) and if costs don't then the profit should grow by even more. However it looks like they are only increasing the dividend by around inflation - 2/2.5%. So the NAV should grow by the balance (and also by any 'value enhancements' or changes to discount rates (which are just timing issues) or exchange rates). By the time the PFIs run out, the NAV should be all cash. So, in summary, an investment in JLIF gets you a 6.3% yield, growing at around 2/2.5% a year and your capital back at the end which will have grown by 5%+ pa. Anyone see any flaws in that? Jonwig? |
Posted at 29/1/2018 07:09 by skinny John Laing Infrastructure Fund Limited ('JLIF' or the 'Company'), the listed infrastructure investment company, notes recent commentary regarding the impact of the liquidation of Carillion plc ("Carillion").JLIF refers to its announcement made on 16 January 2018 in respect of the compulsory liquidation of Carillion. John Laing Capital Management Ltd, the Company's Investment Adviser, continues to work on implementing its contingency plans to replace Carillion as Facilities Management ("FM") provider on the 9 JLIF projects and expects this to occur on similar terms to the existing contracts within the projects. The Investment Adviser anticipates that there will be minimal service disruption, however initially expects additional advisory and transaction costs in respect of the appointment of replacement facilities managers to cost approximately £3 million in aggregate. JLIF reiterates that it has no projects currently in construction where Carillion is the contractor. JLIF owns one project where Carillion is still liable for any construction defects found on the project, with the construction period having completed over 10 years ago. JLIF reiterates that 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 and no impact on the Company's dividend policy. The Company will continue to manage the situation as it develops and provide further updates as appropriate. |
Posted at 13/11/2017 11:46 by speedsgh Also from today's update...RECENT POLITICAL COMMENTS AROUND PFI At the annual UK Labour Party conference in September 2017, the UK's Shadow Chancellor of the Exchequer, John McDonnell, made comments regarding his party's intentions with respect to UK PFI contracts should the Labour Party come to power. These included an intent to abandon PFI as a tool for future infrastructure investment and to bring in-house existing PFI contracts. This statement was subsequently softened by other members of the Labour Party, narrowing the range of potential PFI contracts to which the comments would apply to those not deemed value for money. In practice, bringing PFI contracts in-house would require local public sector counterparties to exercise their right to terminate voluntarily the contract (where such a right exists) and, at the same time, make alternative arrangements for running the projects for the local communities. Where this is the case, there are legal contract provisions regarding the compensation to which a project's equity investors would be entitled. As disclosed in the risk committee reports in its annual results, JLIF monitors the UK political situation carefully. In the event that all its UK projects were voluntarily terminated by each and every local public sector counterparty, JLIF would receive compensation equating to approximately 86% of its UK portfolio value (including JLIF's recent acquisitions announced in October)(2) . JLIF's UK portfolio value, including the recently announced acquisitions, represents approximately 71% by value of JLIF's entire portfolio. JLIF's UK portfolio comprises 57 projects spread across seven sectors and approximately 50 different public sector counterparties, resulting in limited exposure to any single public sector client. |
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