John Laing Environmental Assets Grp Proposed Change of Investment Adviser (1458B)
05 June 2019 - 4:01PM
UK Regulatory
TIDMJLEN
RNS Number : 1458B
John Laing Environmental Assets Grp
05 June 2019
Important information
The information contained within this announcement is deemed by
the Company to constitute inside information for the purposes of
the Market Abuse Regulation (EU) No. 596/2014 ("MAR"). Upon the
publication of this announcement via Regulatory News Service, this
inside information shall be considered to have been disclosed to
the public for the purposes of MAR.
5 June 2019
JOHN LAING ENVIRONMENTAL ASSETS GROUP LIMITED
Proposed Change of Investment Adviser from John Laing Capital
Management Limited to Foresight Group
The Board of John Laing Environmental Assets Group Limited
("JLEN" or the "Company"), the listed environmental infrastructure
fund, announces the change of investment adviser to the Company
from John Laing Capital Management ("JLCM") to Foresight Group CI
Limited ("Foresight"), which is expected to be effective from 1
July 2019.
Under the terms of the agreement between John Laing Group plc
("John Laing") and Foresight, JLCM's investment advisory business
relating to JLEN will be sold to Foresight. The team at JLCM, which
has provided investment advisory services to JLEN since JLEN's IPO
in 2014, will be transferred to Foresight following completion of a
TUPE process with affected employees, subject to regulatory
notification. It will continue to advise the Company, supported by
the wider resources of Foresight. Under the terms of the sale, the
current investment advisory agreement will be novated, restated and
amended on the effective date of the transfer (the "New Investment
Advisory Agreement"). The material terms, fees and provisions of
the New Investment Advisory Agreement are the same as the existing
investment advisory agreement with JLCM.
Foresight is a leading independent infrastructure and private
equity investment manager which has been managing investment funds
on behalf of institutions and retail clients for more than 30
years.
Upon completion of the transaction, Foresight will have GBP4
billion of assets under management across a number of institutional
and UK retail funds. It is a leading renewables infrastructure
investor and has a management team numbering over 90 professionals
in five international offices. After the transaction, it will have
over GBP3 billion of energy infrastructure assets under management
and will be manager of 170 renewable generation assets globally,
with a total generating capacity of close to 2GW. The Board of JLEN
believes Foresight represents a highly synergistic fit for the fund
as it focuses on growing its portfolio of environmental
infrastructure assets.
Foresight is a Guernsey registered company, incorporated under
Guernsey law and regulated by the Guernsey Financial Services
Commission. Foresight has appointed Foresight Group LLP, an English
law incorporated limited liability partnership that is authorised
and regulated by the Financial Conduct Authority as sub-adviser to
provide investment advice to Foresight in respect of JLEN.
The first offer agreement that the Company has with John Laing
Limited that requires John Laing Limited to give the Company notice
of assets that it wishes to dispose of and that falls within the
Company's investment policy (the "First Offer Agreement") will
continue following the transfer of the business to Foresight. The
First Offer Agreement will be amended from the effective date of
the transfer to contemplate the change in investment adviser to
Foresight, and to include certain additional rights of termination
on a change of control of Foresight or the Company.
The Board expects to put forward a resolution to shareholders to
change the name of the Company, so that it does not include "John
Laing", in due course.
Richard Morse, Chairman of JLEN, said:
"We hold Foresight Group in high regard as a successful and
experienced funds management platform with a track record of
investment in environmental infrastructure asset classes. We look
forward to working with them as our investment advisory team is
transferred to them from John Laing and as we continue to seek to
enhance and grow our portfolio of environmental assets in the
interests of shareholders.
"We wish to express our thanks to John Laing for its key role in
establishing JLEN and for facilitating this change of investment
adviser. We are pleased that the First Offer Agreement is to
continue"
Chris Tanner and Chris Holmes, co-lead Advisers to JLEN,
said:
"We are delighted that our team will be joining Foresight Group
and we look forward to benefitting from its broad experience and
geographical reach across a wide range of environmental
sectors."
**ENDS**
For further information, please contact:
John Laing Capital Management Limited
Chris Tanner
Chris Holmes +44(0)20 7901 3559
Winterflood Investment Trusts
Neil Langford
Chris Mills +44(0)20 3100 0000
Newgate Communications
Elisabeth Cowell
Ian Silvera +44 (0)20 3757 6880
Praxis Fund Services
Matt Falla +44(0)1481 755530
About JLEN
JLEN's investment policy is to invest in environmental
infrastructure projects that have the benefit of long-term,
predictable, wholly or partially inflation-linked cash flows
supported by long-term contracts or stable regulatory
frameworks.
Environmental Infrastructure is defined by the Company as
infrastructure projects that utilise natural or waste resources or
support more environmentally-friendly approaches to economic
activity. This could involve the generation of renewable energy
(including solar, wind, hydropower and biomass technologies), the
supply and treatment of water, the treatment and processing of
waste, and projects that promote energy efficiency.
JLEN's aim is to provide investors with an annual dividend that
is sustainable and increases in line with inflation. The target
dividend for the year to 31 March 2020 is 6.66 pence per share. The
dividend is payable quarterly.
Further details of the Company can be found on its website
www.jlen.com
LEI: 213800JWJN54TFBMBI68
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END
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