John Laing Environmental Assets Group (JLEN) is seeking to raise £25 million by way of an initial placing under a fundraising programme to finance a near term pipeline of solar, wind and biomass projects.
The new ordinary shares will be offered to qualified investors through Winterflood Securities, with the shares allotted at the discretion of JLEN’s board.
The placing will be undertaken by way of a bookbuilding process whereby interested investors will be asked to communicate their level of interest through bids to Winterflood. This will include the number of shares for which the investor wishes to subscribe and the price or price range offered.
The issue price per new ordinary share will be agreed between the company, the investment adviser and Winterflood following the close of the bookbuild, expected on 7 February. It will be at a premium to the company’s latest published net asset value per share, at least sufficient to cover the costs of the placing.
The Company intends to use the net proceeds of the placing to fund a near term pipeline of opportunities across the solar, wind and biomass sectors in the UK from third party vendors.