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22 Jun 2016 14:00
22 June 2016
John Laing Environmental Assets Group Limited
Management Services Agreements
John Laing Environmental Assets Group Limited (the "Company" or "JLEN") notes that on 21 June 2016 John Laing Group plc ("John Laing") announced the conditional sale of its Project Management Services activities in the UK (the "Transaction") to HCP Management Services ("HCP"). The announcement explains that 62 of John Laing's Management Services Agreements ("MSAs") will, subject to John Laing obtaining consents at project level, transfer to HCP as part of the sale.
In respect of JLEN's portfolio as at 31 March 2016, John Laing provided MSA services to 11 of JLEN's UK based environmental infrastructure asset projects, each under a separate MSA agreement. The provision of such services includes the management of sub-contractors/service providers, the provision of commercial support, company secretarial and financial administrative services and oversight and management of financial operations.
Subject to completion of the Transaction, the MSA service provision will be provided by HCP under the terms of the existing MSAs.
The services provided under the MSAs are separate to the services provided to JLEN by John Laing Capital Management Limited ("JLCM"), a subsidiary of John Laing and the Company's Investment Adviser, under an Investment Advisory Agreement, which will continue to be provided by JLCM.
The Transaction is subject to customary consents and is expected to complete no later than the fourth quarter of 2016.
For further details, contact:
John Laing Capital Management Limited 020 7901 3559
David Hardy
Chris Tanner
Winterflood Investment Trusts 020 3100 0000
Joe Winkley
Neil Langford
Redleaf Communications 020 7382 4769
Charlie Geller
Harriet Lynch
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