Jlen Environmental Assets Grp Net Asset Value and Dividend (1441O)
May 28 2020 - 1:00AM
UK Regulatory
TIDMJLEN
RNS Number : 1441O
Jlen Environmental Assets Grp
28 May 2020
28 May 2020
JLEN ENVIRONMENTAL ASSETS GROUP LIMITED
("JLEN" or the "Company")
Net Asset Value and Dividend Announcement
Net Asset Value
JLEN, the listed environmental infrastructure fund, announces
that its unaudited Net Asset Value as at 31 March 2020 is GBP533.0
million (97.5 pence per share), a decrease of 4.3 pence per share
since the last published NAV as at 31 December 2019, predominantly
due to a downward revision in power price forecasts as a result of
the economic impact of the Covid-19 pandemic and the recognition of
the reversal of the proposed decrease in the rate of Corporation
Tax.
Dividend
The Company also announces a quarterly interim dividend of 1.665
pence per share for the period from 1 January 2020 to 31 March
2020.
Together with the interim dividends paid during the financial
year to date of 4.995 pence per share, the Company will have paid
total dividends of 6.66p pence per share in respect of the year
ended 31 March 2020, in line with the dividend target set out in
the 2019 Annual Report.
The Company also announces an increase in the target dividend
for the upcoming financial year to 6.76 pence per share for the
financial year to 31 March 2021.
Dividend Policy
The Company has sought to pay shareholders a sustainable
dividend that increases progressively in line with inflation,
subject to market conditions and outlook. After careful
consideration, and in light of a weak outlook for power prices
exacerbated further by the Covid emergency, the Board has decided
that it is prudent now to change the dividend policy for future
periods to break the explicit link with inflation. For periods
after 31 March 2021, the Company intends to follow a progressive
dividend policy.
Dividend Timetable
Ex-dividend date 4 June 2020
Record date 5 June 2020
Payment date 26 June 2020
The Company will announce its audited results for the year ended
31 March 2020 on 11 June 2020. There will be a webinar for
financial analysts at 10:00 a.m. (UK time) on the day of results
hosted by Chris Holmes and Chris Tanner, Co-lead Investment
Advisers to JLEN. To register for the event, please contact Newgate
Communications on +44 (0)20 3757 6880 or by email at
JLEN@newgatecomms.com.
Presentation materials will also be posted on the Company's
website, www.jlen.com, alongside JLEN's Annual Financial
Report.
This announcement contains information that is inside
information for the purposes of the Market Abuse Regulation (EU)
No. 596/2014.
For further information, please contact:
Foresight Group
Chris Tanner
Chris Holmes +44(0)20 3667 8100
Winterflood Investment Trusts
Neil Langford
Chris Mills +44(0)20 3100 0000
Newgate Communications
Elisabeth Cowell
Ian Silvera
Megan Kovach +44(0)20 3757 6880
Praxis Fund Services
Matt Falla +44(0)1481 755530
About JLEN
JLEN's investment policy is to invest in environmental
infrastructure projects that have the benefit of long-term,
predictable, wholly or partially inflation-linked cash flows
supported by long-term contracts or stable regulatory
frameworks.
Environmental Infrastructure is defined by the Company as
infrastructure projects that utilise natural or waste resources or
support more environmentally-friendly approaches to economic
activity. This could involve the generation of renewable energy
(including solar, wind, hydropower and biomass technologies), the
supply and treatment of water, the treatment and processing of
waste, and projects that promote energy efficiency.
JLEN's aim is to provide investors with a sustainable,
progressive annual dividend . The target dividend for the year to
31 March 2021 is 6.76 pence per share. The dividend is payable
quarterly.
Further details of the Company can be found on its website
www.jlen.com
LEI: 213800JWJN54TFBMBI68
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END
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