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I sold half my modest holding today. If a new bid comes in, I've still got a foot in the door, if the original bid falls through I might buy some more. Quite a refreshing experience for me to sell some shares at a modest gain. Most of the time I am underwater, sort of amphibean.
Sorry ment jiggery pockery
Lots of jiggery Pickett by institutions.Buys,sells,shorts,Longs,transfer outs. They are out to make a quick buck.
The Daily Mail is today reporting hat the 'sweetened' deal is done. The offer is 142.5p per share and the 3.57p divi.
As far as I can tell that was the original offer in the RNS. The total amount is 146.07p per share.
I cannot see any sweetening.
I don't know about takeovers but my other infrastructure funds have performed better of late. I hold Gcp, Jlif, 3i, and Trig. All suffered as a result of the Carillion debacle and share prices fell about 10% on some of these. Now recovering, I hope they all have good governance, and pick up some of the former Carillion business. I think Jlif takeover was a bit of luck but clearly someone sees a growth business here so I am hoping my other holdings will do well too.
I am still holding as there is another circa 5% to come (with the final price and dividend upon completion) AND you never know there could be a rival bid.......
Anyone have a view on whether the other infrastructure funds (such as HICL) could now also be a take over target?
I have to admit i have taken the money and ran after today's nice surprise. Upside of holding on is another 5p per share i think and not worth risk of it all falling through. too much political risk as quantified by jlif themselves so im surprised anyone would pay this much.
Happy days! glad I held on!
Market not liking this at all. This has been a disastrous investment for me.
on PFI's spooking the market today?. Already on a good yield but now even better. Very good buying opportunity has arisen!
a nice 'steady eddie' infrastructure company with reliable annual lifts in dividend. currently yields around the 6% mark. one to hold forever...along with HICL
JLIF offers 5.4% inflation linked dividend: Shares in John Laing Infrastructure Fund remain a good option for income-hungry investors as they provide regular dividend payments from asset-backed investments. The company owns a portfolio of 56 investments, such as hospitals, social housing and schools, from which it earns a steady income. The value of those investments increased by 1.84% to £849.8 million during the three months to the end of March. That means the shares have a net asset value of about 110p per share, and are currently trading at about a 13% premium to their underlying value. JLIF isn’t exposed to the risks of building these large infrastructure projects as it is purely an investor that takes a stake once they are completed. These assets are attractive over the long term because revenues that are paid to JLIF are locked into a variety of multi-year contracts that are backed by the Government. So, a particular hospital could be loss-making, but the payments to the infrastructure fund that owns the assets are secure. The shares are currently offering a prospective dividend yield of 5.4%, which is increasingly attractive when bank savings accounts are offering much less. Questor thinks that with borrowing costs set to remain low for the foreseeable future, the steady returns from these assets will remain attractive. The shares also look reasonably priced, and we continue to believe they are an ideal home for long-term income seekers. John Laing Infrastructure Fund at 122.6p-0.3p Questor Says “Buy”.
John Laing, the FTSE 250-listed infrastructure investment company, has completed its acquisition of a 50 per cent stake in the Kelowna & Vernon Hospitals public-private partnership (PPP) project in Canada. The purchase, which marks its third investment in the Canadian secondary PPP market, takes its total portfolio to 51 projects. Canadian assets now make up 12% of its portfolio by value, it added. The investment was made following the group's largest ever capital raising earlier in the year, which raised funds of £242.3m. David Marshall from John Laing Capital Management, Fund Manager to the company, said: "We are delighted to announce the acquisition of this high quality asset following the largest capital raise we have competed since our listing in 2010. "This asset further diversifies [John Laing's] portfolio and [it] has now acquired £201m of projects in 2013. The existing debt facility has already been repaid in full using the proceeds of the capital raise and we continue to actively seek new growth opportunities."
2 for 5, a good decent company and well worth ploughing more cash into..
Although JLIF does not hedge the balance sheet values of its portfolio it believes hedging against exchange rate effects on portfolio income is appropriate, and so has taken out futures contracts which will hedge 80% of its Canadian dollar income during 2012. JLIF. which is advised by John Laing Capital Management (JLCM), a wholly owned subsidiary of John Laing, anticipates making further acquisitions from John Laing over the next three years while also continuing to actively pursue third party acquisitions. In all, 12 John Laing projects are in the pipeline to be sold, with an aggregate value of around £312m. Beyond the three-year time horizon, JLCM reckons there will be a "robust pipeline" of investment opportunities, including the chance to buy out co-investors in existing JLIF investment positions. The UK government announced in July 2012 a guarantee scheme which it hopes will boost privately sourced funding for PFI projects classified as "of national significance". JLIF believes that this scheme is likely to result in a stronger pipeline of new PFI projects reaching financial close and remains optimistic for the performance and popularity of the infrastructure market.
Privately-owned infrastructure firm John Laing has plenty of projects in the pipeline for the John Laing Infrastructure Fund (JLIF) to invest in, while the group also sees lots of investment opportunities in the Private Finance Initiative (PFI) market coming down the turnpike. The investment company's net asset value (NAV) per share at the end of September rose to 107.0p from 104.8p at the end of June, but 3p of that NAV per share value disappeared once the interim dividend was paid out to shareholders on October 19th. In total, the company paid out £11m in dividends, with 19.4% of shareholders taking their divis in the form of shares. JLIF remains confident that its dividend projections are adequately cash covered in the short term. NAV, excluding the dividend payment, at the end of September was £483.0m, up from £475.7m at the end of June. The fund, which invests in infrastructure projects, saw the value of its portfolio grow by an underlying 6.8% to £450.9m in the first nine months of the year, which is equivalent to 9.1% on an annualised basis.
The John Laing Infrastructure Fund (JLIF) has completed the acquisition of a stake in Pembury Hospital, a new public/private partnership (PPP) infrastructure asset. The fund is taking a 37.5% stake valued at £22.0m, acquiring it from construction firm John Laing. The stake was one of three assets ear-marked for acquisition at the time of the £60.4m fund raising in September. The group announced the completion of the acquisition of the second of those assets, Forth Valley Royal Hospital, on Friday, October 12th. David Marshall from John Laing Capital Management (JLCM), Fund Manager to JLIF, said: "JLIF has now completed all three acquisitions described in the prospectus issued in September, fully invested the funds received from the capital raise and has utilised its cash balance in order to maximise the return for its shareholders investment. These assets further diversify JLIF's existing portfolio and JLCM continues to actively seek new opportunities for acquisition."
John Laing Infrastructure Fund (JLIF) has completed its acquisition of the Forth Valley Royal Hospital, valued at 30m pounds. This follows this FTSE 250 constituent's recent successful capital raise of £60.4m. Andrew Charlesworth from John Laing Capital Management, the fund manager to JLIF, said: "We are delighted to announce the acquisition of the remaining stake in Forth Valley Royal Hospital. "100% ownership of this high quality asset offers an exciting development for the fund, and represents the second completed acquisition following the recent capital raise. We anticipate the acquisition of the remaining asset in this portfolio from John Laing, Pembury Hospital, to complete in the near future."
The John Laing Infrastructure Fund (JLIF) said it had successful raised over 60 million pounds in a share issue that was significantly oversubscribed. The fundraising effort, which included an open offer, a subscription offer and a placing, means almost 57m new shares will be issued pulling in a total of £60.4m for the company. The proceeds will be used to acquire two new projects and an additional stake in Forth Valely Royal Hospital from John Laing Group. Chairman Paul Lester said the demand for new shares came despite a backdrop of ongoing uncertainty in capital markets. "Investors remain attracted to our proven, low-risk model offering a high, predictable dividend yields," he said. "We will be using the proceeds to acquire a new portfolio of three quality, operational, public/private partnership assets, which meet JLIF's stated investment strategy."
The assets, valued at £71.3m, will be acquired from the John Laing Group. The acquisitions will take the total number of PPP assets in the JLIF portfolio to 37. There is a chance that the size of the fund-raising exercise will be increased by up to £25m if the company makes a further third party acquisition, and if so, the additional funds will be raised through the issue of shares for subscription or placing, not an open offer. In addition, John Laing Investments wishes to place an additional 28m shares it holds in JLIF in a separate secondary placing to raise some dosh to expand its portfolio of investments, many of which, such as the recent Intercity Express Programme project, will be expected to ultimately fall into the pipeline of new projects which JLIF may acquire in future years. If the secondary placing does take place, it is expected to occur within a period of three days after the announcement of the results of the Issue. John Laing Investments Limited has irrevocably undertaken not to offer any of its shares pursuant to the secondary placing at a price of less than the issue price (i.e. 106.5p).
John Laing Infrastructure Fund (JLIF) is calling on investors to top up its war-chest after it added some more public/private partnership (PPP) assets to its portfolio. The investment firm is seeking to raise in the region of £60m through the issue of new shares at 106.5p per share, a very slight discount to the closing price of 108p for the company's shares on the day before the share issue was announced. The new shares will be made available by means of an open offer, a subscription offer and a placing. The open offer to existing John Laing Infrastructure shareholders will be on the basis of one new share for every eight shares currently held, and is pre-emptive, which means shareholders get first crack at the newly issued shares. John Laing Investments will not take up its open offer entitlement of around 7.8m new shares, and these are the shares that will be available for the subscription offer and placing. JLIF announced three new PPP investments: a 37.5% shareholding in Pembury Hospital, England; a 40% shareholding in Kromhout Barracks, Netherlands; a 50% shareholding in Forth Valley Hospital, Scotland, which will give JLIF 100% ownership of the ass
Tempus also sees some value in John Laing Infrastructure Fund which buys assets like hospitals from initial investors, then absorbs all the lovely income from running them. JLIF’s speciality is public sector projects which provide an almost guaranteed income stream and the stock has produced a 13% return since launch 18 months ago. With the forward yield 5.6% and asset value growth offering upside potential, JLIF is “attractive”.
John Laing Infrastructure Fund, the listed investment firm specialising in public private partnerships, has reported net asset value (NAV) growth and a dividend in line with expectations. In the six months to the end of June, NAV, including the proceeds of a £31m share placing, stood at £475.7m, up 7.7% on the prior year. The interim dividend has been announced at 3p per share while the portfolio value has increased 4.5% on an underlying basis to £449.4m. Over the last six months JLIF bought six new assets, including three social housing projects in Camden and the North East Fire and Rescue project. The company now says it is "reviewing its credit facilities with a view to increasing these over the coming months..." According to today's update it has in excess of £350m in assets available to buy over the next three years from the company which originally spun it out, private firm John Laing PLC. Paul Lester, JLIF's Chairman said of the results: "At a time when global financial markets continue to experience turbulence and volatility, JLIF continues to offer a stable and steady yielding investment. There continues to be a buoyant secondary market for infrastructure assets and we are confident of further acquisition opportunities."
QUESTOR SHARE TIP: "JOHN LAING FUND'S INVESTMENT PLANS OUTWEIGH RISKS." Savers have been punished for their prudence by low interest rates. That's why investments in infrastructure funds with long-term yielding assets have become increasingly popular. Questor says BUY John Laing Infrastructure Fund (JLIF) is one such company and yesterday's trading update confirmed that there are further opportunities ahead. JLIF was spun out of building group John Laing. It has an option to buy private finance initiative (PFI) companies the constructor plans to divest, but there is no obligation to buy. The portfolio value increased by 2.1pc in the first quarter of 2012, despite a £500,000 hit on currency due to the strong Canadian dollar, which was partially offset by a weak euro. The fund recently raised £31m via an issue of shares at 105½p each. The proceeds are being used to pay down some debt and buy more assets in the secondary market. As noted when Capita placed shares with institutions at a discount at the end of last month, share placings can be disastrous for private investors as they are locked out. However, this is not the case with JLIF, as current investors were also invited to apply for new equity, so the issue was structured to minimise dilution for current shareholders. The company's balance sheet is quite strong. JLIF has £7.4m of debt drawn under its £60m credit facility, representing just 1.7pc of the company's total assets. The shares are trading without the right to the interim dividend. The plan is to increase the pay-out so the shares yield 6pc, which is very healthy. If the payment this year comes in at 6p, this will imply a current prospective yield of 5.7pc. JLIF's next dividend payment of 3p a share will be made on May 11. Of course, there are risks with such funds, which have been extremely popular for income seekers at a time of record low interest rates. However, when interest rates eventually rise – which they surely will – this could be negative for such funds. Currently, most of these investments are trading at a premium to net asset value. JLIF, for example, is trading at 106p against its ex-dividend net asset value of 103.1p. When rates do rise, it is arguable that these funds will no longer trade at as high a premium because yield is available elsewhere. There is also a risk of a retrospective renegotiation of previous PFI contracts by the Government, but Questor feels this is unlikely. However, all in all, the fund's stable trading, visible income and investment plans means the sector remains attractive. Also, significantly higher interest rates to compete with the yield available from the sector are likely to be a long way off. P.S. Here's a couple of links about SCLP, one of the hottest stocks at the moment: http://www.euroinvestor.com/community/discussionthread.aspx?threadid=252803 http://www.euroinvestor.com/