JLIF to issue 81.2m new shares

The proceeds are earmarked for repaying a revolving credit facility following the London-listed fund’s investment in Barcelona’s Line 9 metro project.

John Laing Infrastructure Fund (JLIF) today announced plans to issue 81.2 million new shares through a placement on the London Stock Exchange.

The listed investment fund intends to use the proceeds to repay outstanding debt on a revolving credit facility, which it said in a statement is now £84.5 million ($118.2 million; €107 million) drawn. The announcement follows JLIF’s acquisition of a 40 percent stake in the Barcelona Line 9 Section II metro project last month.

JLIF said the new shares would rank pari passu in all respects with the existing ones, though without being entitled to a dividend of 3.41p per share, the company said separately today.

The company claims to be in advanced discussions on acquisitions totalling about £150 million of assets across the UK, the US and the developed European market. The lion’s share of prospective deals, it said, were public-private partnerships across Western Europe, with the remainder comprising UK availability-based social infrastructure projects.

The news came as JLIF posted results for the period from 1 January 2015 to date, with a net asset value per share of 110.3p as at 23 February 2016 (up from 108.4p at 31 December 2015). The fund’s portfolio value, JLIF reported, increased by £66.8 million to £867.8 million over the 12 months to the end of last year.