(Alliance News) - JLEN Environmental Assets Group Ltd on Thursday said it raised GBP57.2 million through the placing of 49.7 million shares at 115 pence each.
Shares in the environmental infrastructure project investor were 0.9% lower at 116.47p each on Thursday afternoon in London.
Proceeds from the "significantly oversubscribed" placing will be used repay drawn-down amount under JLEN's revolving credit facility and to fund investment in a pipeline of opportunities across the bio-energy and flexible generation sectors. The facility is currently GBP69.8 million drawn, with further outstanding commitments of EUR25 million, the company said.
"The placing was significantly oversubscribed and, as a result, applications have been scaled back. Any applications at a price below the issue price have not been accepted," JLEN added.
Following admission, JLEN's issued share capital will comprise of 546.7 million shares.
By Ife Taiwo; ifetaiwo@alliancenews.com
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JLEN (JLEN)