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Annual Results

John Laing Infrastructure Fund NAV up

20 March 2017 07:42

John Laing Infrastructure Fund's net asset value per share rose to 120.2p in the year to the end of December - up from 108.4p.

The company said it would seek shareholder approval at the annual general meeting in May to widen the geographic limits of the investment policy to include certain other countries that were fiscally strong and had a track-record of using PPP as a procurement method.

And it also announced a tap issue of up to approximately 89.8 million new ordinary shares.

It said the net proceeds would be used to repay the majority of outstanding sterling debt drawn on its revolving credit facility and the placing would create flexibility to finance future acquisitions.

Chairman Paul Lester said 2016 had been a busy year for JLIF, with investments of £306 million, a record amount in any single year since launch.

He added: "JLIF also sold its interests in two projects having received offers that the Board considered represented better value for shareholders than could be achieved by retaining the interests.

"The disposals generated proceeds of £43.4 million that were re- invested almost immediately.

"During the year JLIF paid dividends of 6.82 pence per share, supported by good Portfolio performance, with underlying growth again ahead of the discount rate unwind.

"With JLIF's share price benefitting from market volatility in the wake of the EU referendum outcome, JLIF delivered a share price total return of 17.5% over the year.

"I am confident in the outlook for JLIF's business prospects and look forward to being able to report to you news of another successful year in 2017."

Story provided by StockMarketWire.com

Related Company: JLIF

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