John Laing Infrastructure Fund Update regarding liquidation of Carillion plc (9444B)
January 16 2018 - 1:00AM
UK Regulatory
TIDMJLIF
RNS Number : 9444B
John Laing Infrastructure Fund
16 January 2018
16 January 2018
John Laing Infrastructure Fund Limited ("JLIF")
Update regarding liquidation of Carillion plc
John Laing Infrastructure Fund Limited ('JLIF' or the
'Company'), the listed infrastructure investment company, notes the
recent announcement by Carillion plc ('Carillion') regarding its
compulsory liquidation.
JLIF has 9 operational PPP projects where Carillion are the
Facilities Management ("FM") provider, 4 schools projects, 4
emergency services projects and 1 road project. The value of these
projects is approximately 8.5% of the total portfolio value and
approximately 9.6% of the Net Asset Value using 30 June 2017
valuations and acquisitions since then at cost. The Investment
Adviser's asset management team have been aware of the issues
affecting Carillion and have had contingency plans in place for
some time. These have involved discussions with a number of
potential replacement providers and the Investment Adviser is in
the process of implementing these contingency plans and seeking to
appoint alternative FM providers on all of the 9 projects to
replace Carillion. At this stage the Investment Adviser expects
that this can be achieved with minimal service disruption and
minimal additional cost.
JLIF has no projects currently in construction where Carillion
are the contractors. JLIF owns one project where Carillion are
still liable for any construction defects found on the project,
with the construction period having completed over 10 years ago. A
recently completed routine defects survey has not highlighted any
significant areas of concern.
The Investment Adviser believes that the compulsory liquidation
of Carillion should have no material impact on the Company. The
Company will continue to manage the situation as it develops and
provide further updates as appropriate.
For further information, please contact:
John Laing Capital Management 020 7901 3326
David Hardy
Jamie Pritchard
Finsbury 020 7251 3801
Nidaa Lone
Philip Walters
About John Laing Infrastructure Fund
JLIF is one of Europe's largest listed infrastructure funds,
with a Premium Listing on the London Stock Exchange. JLIF invests
in the equity and subordinated debt issued predominantly with
respect to operational Public-Private Partnership ("PPP") projects.
JLIF's purpose is to support governments, cities and communities
meet their infrastructure needs, from delivery and financing
through to operations and management. Our objective is to make
available for use high-quality infrastructure assets that meet or
exceed the expectations of our clients, and in so doing, provide
our shareholders with a source of stable, predictable income.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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