The board of John Laing Environmental Assets Group plans to raise up to $65m through a cash placing of new ordinary shares to institutional investors in order to provide capital for new acquisitions.
The company said that, following the acquisition of the Pylle Southern solar park in March, it has drawn the majority of a revolving credit facility but still has a “strong pipeline of investment opportunities”.
The £65m placing is pursuant to its existing placing programme. The net proceeds of the new placing will be used to repay the company’s facility, as well as to fund pipeline acquisitions.
John Laing Environmental Assets said the issue price per new share will be at a “modest premium to the estimated net asset value as at 31 March 2016”. The price is expected to be announced on or around 12 May.
The placing is expected to close at 2pm UK time on 26 May, with the results announced on 27 May.
The company said the placing will be made through Winterflood Securities.
Dealings in the new shares will commence at 8am on 1 June, it added.
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