JLIF to issue stake as profit rises

20 March 2017 John Laing Infrastructure Fund (JLIF) has announced encouraging preliminary results for 2016, as the company prepares to issue a stake.

Net asset value at the FTSE 250 firm rose from £883.1m to £1.08bn, while the value of its portfolio jumped 40.3% to £1.21bn amid plans to issue a 10% stake. 

Paul Lester, chairman of JLIF, said: “With JLIF's share price benefitting from market volatility in the wake of the EU referendum outcome, JLIF delivered a share price total return of 17.5% over the year. I am confident in the outlook for JLIF's business prospects and look forward to being able to report to you news of another successful year in 2017." 

The company is to place up to 89.8m shares by way of a shareholder tap issue, in a move that would raise approximately £122.3m. The new shares are equal to around 10% of the fund's current issued share capital.  

Its total dividend for 2016 stood at £0.68, up from £0.67 in 2015. New investments reached £306m as the group expressed interest in seven new projects. 

JLIF also revealed plans to seek shareholders’ approval to expand investment in countries with a track record of the PPP model, as Brexit “caused disruption to financial markets both in the run up, but particularly in the aftermath". 

The group identified continental Europe, Australia, Latin and North America as potential markets to diversify its portfolio of PPP projects, with greater exposure to non-sterling income. 

Earlier this year, JLIF completed the acquisition of a stake in the Intercity Express Programme (IEP)

This page was last updated on:
21 February 2018.

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