John Laing Infrastructure Share Discussion Threads

[spectoacc] 16/10/2018 06:37

Got mine first thing yesterday (Jarvis)

[catbarley] 15/10/2018 20:29

Still waiting for cheque

[skinny] 15/10/2018 09:29

Just appeared - HL.

[spectoacc] 15/10/2018 07:29

Unless you're with Barclays Stockbrokers, in which case - about 4 months.

[skinny] 15/10/2018 07:17

Hopefully today will be pay day.

[skinny] 29/9/2018 09:39

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.

[skinny] 12/8/2018 13:41

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."

[daveofdevon] 07/8/2018 11:37

After much thought I reached the conclusion this morning that there was nothing to be gained by waiting 2 months to bank my profits. Then today I saw this c/o Citywire

"The Times: Baillie Gifford, a fund manager based in Edinburgh with £190 billion under its stewardship, could lead a revolt over the £1.4 billion takeover of the John Laing Infrastructure Fund"

I sold

[skinny] 06/8/2018 16:15

Well there's certainly lots going on going by today's RNS stream.

[spectoacc] 06/8/2018 16:09

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.

[gre] 06/8/2018 15:50

Big question now is will JLG put in a counterbid? Sunday Times reckons that they could face a potential multimillion-pound hit from the takeover by Jura.

Happy to sit tight for the moment.

[bothdavis] 06/8/2018 15:48

Will reinvest into Foresight Solar

[spangle93] 06/8/2018 08:28

Happy to take the 145.9p I was offered for the rest of my investment - if there's a counterbid, well, I've lost out, but I'm happy with the gain and the distributions over the years that I've held.

[spectoacc] 06/8/2018 08:20

@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 :)

[jonwig] 06/8/2018 08:15

146p suggests a higher bid is expected. Crazy M&A activity is a classic late-cycle phenomenon. Of course this may not be crazy at all!

[spectoacc] 06/8/2018 08:08

Great stuff - think I'm selling out today, not waiting on the offer completing, nor a counter-bid. £1.46 will do me.

[spectoacc] 04/8/2018 20:51

Personally I'm perfectly happy with that - was meant to be a LTBH for me but that's the price of about 3 years hence.

Also perfectly happy to be unusually cashed up - seeing very little value out there atm.

[irkin] 04/8/2018 14:43

jonwig - I'm already sitting on way too much cash at the moment. I'm aware of the shareholder concerns - I posted the original link re the offer! Do you not think it is effectively a done deal?

[jonwig] 04/8/2018 12:26

@ Irkin - cash is king , sort of, for me at the mo.

There's some saying the bid is too low: Baillie Gifford for one.

[irkin] 04/8/2018 12:09

I know there has been a bit of discussion already but where have/are people planning to invest the proceeds.

[skinny] 04/8/2018 09:23

Here is one of many links :-

[daveofdevon] 04/8/2018 07:24

From citywre - Sold last night

"FTSE 250 firm John Laing Infrastructure Fund has been sold to rivals Jura Acquisition, a joint vehicle of Dalmore Capital and Equitix Investment Management, in £1.5 billion deal."

Price was 142.5p plus the Div of 3.57p

[jonwig] 01/8/2018 14:14

@ Spec, Irkin - just trying to flush out a higher bid?

(My holding went at 140p on 16/07.)

[irkin] 01/8/2018 14:06

Who knows - perhaps they already had a full allocation or saw better short term opportunities elsewhere?