John Laing Infrastructure Fund proposes equity issue

FTSE 250-listed closed-ended investment company John Laing Infrastructure Fund(JLIF) has proposed raising up to 35m pounds before costs through a placing of ordinary shares in the capital of the company by way of tap issuance. The company said that the net proceeds would be used towards paying down its current debt of approximately £35m, which was principally drawn in connection with the acquisition of a 30% stake in Peterborough Hospital in April 2013, totalling £26.7m.JLIF reported that it has access to bank facilities totalling £150m and estimated a net asset value per share of 106.2p at June 25th. Paul Lester, Chairman of JLIF, said: "JLIF has a successful track record of raising funds to grow its business. Since listing, JLIF has raised over £520m in funds to invest in a portfolio which has delivered healthy returns to shareholders of over 30% to date." He added: "Today's announcement provides the company with further flexibility to pursue other opportunities in the secondary market with our banking facility, as well as allowing JLIF to repay debt, as part of our stated strategy."JLIF's share price was down 0.94% to 115.90p at 08:34 on Thursday.MF