Less Ads, More Data, More Tools Register for FREE

Pin to quick picksMANX.L Share News (MANX)

  • There is currently no data for MANX

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Manx Telecom Rises After AIM Listing; John Laing Environmental Assets To Float

Mon, 10th Feb 2014 11:14

LONDON (Alliance News) - Shares in Manx Telecom PLC rose in its debut on AIM Monday, while John Laing Environmental Assets Group Ltd announced that it intends to float on the main market in March.

Shares in the Isle of Man communications company were trading at 162.6 pence Monday morning after its initial public offering at 142 pence, giving it a market capitalisation of about GBP183 million, up from GBP160.2 million at the listing price.

Manx provides a range of fixed line, broadband, mobile, and data centre services to businesses, consumers and the public sector on the Isle of Man. It is one of the island's biggest employers, employing over 280 people.

John Laing Environmental Assets Group Ltd, meanwhile, said it is seeking to raise between GBP160 million and GBP174 million in its initial public offering.

Its initial portfolio will include environmental infrastructure assets, specifically renewable energy and waste and waste water PFI assets in the UK, bought from John Laing PLC and Henderson Equity Partners Ltd.

John Laing Investments Ltd is committing to subscribe for 24.9% of the IPO as a cornerstone investor. John Laing Capital Management will be appointed as investment adviser.

"The diversified blend of assets within JLEN's portfolio, the relationship with John Laing and the expertise and experience of the investment advisers all combine to make this new fund a compelling investment proposition that we expect to deliver strong risk-adjusted returns," John Laing Environmental Assets Group non-executive Chairman Richard Morse said in a statement.

The company is seeking to deliver a long-term sustainable dividend of 6 pence per share, increasing in line with inflation, it said.

In a separate statement, John Laing PLC confirmed the sale of assets to John Laing Environmental Assets Group. The 16 infrastructure assets to be sold include an onshore wind project and two solar plants, as well as two waste management assets, one in Scotland and the other in East London.

"We have developed these assets so that they are at the stage at which they are now attractive to investors seeking robust and sustainable yields,2 John Laing said.

"We have successfully executed this strategy previously with JLIF and, with significant prospects ahead to acquire further environmental infrastructure assets in the UK and internationally, we look forward to providing JLEN with further opportunities from our environmental infrastructure portfolio," it added.

By Steve McGrath; stevemcgrath@alliancenews.com; @SteveMcGrath1

Copyright © 2014 Alliance News Limited. All Rights Reserved.

More News
15 Apr 2014 07:50

UK MORNING BRIEFING: Aggreko Leads After Mixed Results

LONDON (Alliance News) - Aggreko is leading the FTSE 100 in early trading Tuesday after the temporary power company said it has seen mixed results in its first quarter, with strong underlying revenue growth in two of its three regions being impacted by adverse currency movements as previously exp

Read more
28 Mar 2014 13:28

REPEAT: Manx Opens New Data Centre In Isle Of Man

LONDON (Alliance News) - Manx Telecom PLC said Friday that it had opened a new data centre called the Greenhill Data Centre, near its headquarters in Douglas, the Isle of Man. Manx said this marks the completion of the first phase at the data centre for GBP3.5 million, and will make availab

Read more
28 Mar 2014 13:27

Manx Opens New Data Centre In Ilse Of Man

LONDON (Alliance News) - Manx Telecom PLC said Friday that it had opened a new data centre called the Greenhill Data Centre, near its headquarters in Douglas, the Isle of Man. Manx said this marks the completion of the first phase at the data centre for GBP3.5 million, and will make availab

Read more
28 Mar 2014 07:45

Manx Telecom opens new data centre in Isle of Man

Manx Telecom has opened its third data centre at the broadband and telecommunication provider's headquarters in Douglas, Isle of Man. The new Greenhill Data Centre (GDC), which comes in addition to existing facilities in Douglas North and Douglas Central. It marks the completion of the first phase

Read more
2 Mar 2014 12:22

Sunday share tips: William Hill, Moneysupermarket, RSA

Buy shares in William Hill, the Sunday Telegraph's Questor column recommended. Britain's biggest bookmaker has transformed itself in the last six years from a business dependent on UK betting shops to one that makes 48% of operating profit from online and Australian operations. International expansi

Read more
24 Feb 2014 08:15

Monday broker round-up UPDATE

Associated British Foods: Numis downgrades from reduce to sell with a target price of 2240p. Panmure Gordon raises target price from 2500p to 2760p and maintains a hold recommendation. Jefferies increases target price from 2450p to 2600p and keeps a hold recommendation. Aviva: JP Morgan shifts targ

Read more

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.