John Laing Group plc Investment Commitments and Realisations Update (2693N)
16 January 2019 - 9:23PM
UK Regulatory
TIDMJLG
RNS Number : 2693N
John Laing Group plc
16 January 2019
16 January 2019
John Laing Group plc
Update on 2018 investment commitments and realisations
John Laing Group plc (John Laing), the international originator,
active investor and manager of infrastructure projects, issues an
update on investment commitments and realisations.
2018 investment activity
In our pre-close update on 13 December 2018, we reported that
investment commitments were GBP267 million, slightly ahead of our
guidance for the year ending 31 December 2018 of approximately
GBP250 million, and that a further GBP20 - GBP30 million investment
was possible before the year end.
In late 2018, two further investment commitments were entered
into, totalling GBP35 million:
-- Cherry Tree Wind Farm (Australia): GBP19 million
-- Buckleberry Solar Farm (US): GBP16 million
Total investment commitments in 2018 were therefore GBP302
million.
2018 realisations
In our pre-close update, we also said that we expected the
agreed sale of our 37.43% shareholding in Manchester Waste TPS Co
for GBP54.5 million to complete in Q1 2019 following customary EU
anti-trust clearance. This clearance took less time than
anticipated and the transaction completed in late December
2018.
Total realisations completed for 2018 were therefore GBP296
million and we expect the 2018 special dividend to be based on this
total. The Group's dividend policy includes a special dividend of
approximately 5-10% of gross proceeds from the sale of investments,
subject to specific investment requirements in any one year. While
the proposed special dividend for 2018 has not yet been determined,
the revised 2018 level of realisation proceeds is not expected to
result in a materially different level of special dividend from
what was indicated in the pre-close update.
2019 realisations
In the pre-close update, we also referred to other realisation
processes being underway, but not expected to reach completion
before year end. In late December 2018, we agreed the sales of both
our 95.3% shareholding in the Rocksprings wind farm in Texas and
our 92.5% shareholding in the Sterling wind farm in New Mexico to
the Abu Dhabi Future Energy Company (Masdar).
The combined agreed consideration was in excess of US$100
million, in line with the expected portfolio valuation for the two
investments at 31 December 2018, and is subject to potential
adjustment. The sale is also subject to governmental and financing
partner consents and is expected to complete in the first half of
2019.
Further realisation processes remain underway. We expect to
provide guidance on both 2019 investment commitments and
realisations when we announce our results for the year ended 31
December 2018 on 5 March 2019.
Further information
Analyst/investor enquires:
Patrick O'D Bourke, Group Finance Director +44 (0)20 7901 3200
Media enquiries:
James Isola, Maitland +44 (0)20 7379 5151
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END
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