John Laing Infrastructure Fund Trading Update Statement (4677O)
May 18 2018 - 1:00AM
UK Regulatory
TIDMJLIF
RNS Number : 4677O
John Laing Infrastructure Fund
18 May 2018
JLIF LEI : 213800MOJOJ7M3JUQP68
JLIF, the international infrastructure investment
company, today announces its Trading Update Statement
("TUS") for the period 1 January 2018 to 17 May 2018.
FINANCIAL HIGHLIGHTS
* Underlying growth in Portfolio value for the three
months to 31 March 2018 of 1.84% to GBP1,378.6
million, in line with the level of growth expected
from the discount rate unwind
* Net Asset Value1 ("NAV") of GBP1,244.3 million at 31
March 2018, including GBP35.4 million of cash
allocated to the dividend that was paid on 15 May
2018
* NAV per share as at 31 March 2018 of 125.5 pence
cum-div (121.9 pence ex-div), up 0.7% on 31 December
2017
* Paid a dividend of 3.57 pence per share in May 2018,
representing a 2.5% increase on the most recent
dividend paid in October 2017 of 3.48 pence per share
Valuation and Portfolio Performance
As at 31 March 2018 (the "Valuation date"), the Directors'
valuation of JLIF's Portfolio was GBP1,378.6 million. Underlying
portfolio growth during the three months to the valuation date was
1.84%, in line with the expected level of growth from the unwind of
the discount rate. The absolute decrease of GBP0.7 million since
the start of the year is the net impact of cash distributed from
the Portfolio (GBP13.9 million), negative unrealised exchange rate
movements due to the strengthening of Sterling versus the Euro, US
Dollar and Canadian Dollar (GBP11.8 million) and the unwind of the
discount rate (GBP25.0 million). The following table provides a
breakdown of the various movements in valuation for the three
months to 31 March 2018.
GBP000s
==================================== ========== ======
Portfolio value as at 31
December 2017 1,379,325
==================================== ========== ======
Investments -
Cash distributed from Portfolio (13,904)
==================================== ========== ======
Discount rate movements -
Exchange rate movements (11,781)
==================================== ========== ======
Opening value rebased at
31 December 2017 1,353,640
Growth from discount rate
unwind 24,942 1.84%
==================================== ========== ======
Net growth from value enhancements
& other movements 13 0.00%
Portfolio value as at 31
March 2018 1,378,595
==================================== ========== ======
Overall, the Portfolio continues to perform in line with
expectations. JLIF's valuation of its Portfolio as at 31 March 2018
represents a roll-forward of the Portfolio value as at 31 December
2017, save for in relation to the Company's 50% interest in the
Camden Social Housing project where the remaining value of less
than 0.2% of the Portfolio has been fully provided.
Carillion Update
Good progress has been made in transitioning the facilities
management services at the nine projects affected by the compulsory
liquidation of Carillion. Together these projects represented
approximately 8.7% of the Portfolio value as at 31 March 2018. Of
these nine projects, the largest (the M40 Motorway project
representing approximately 3.5% of the Portfolio) has fully
transitioned to a new provider on a long-term contractual
arrangement while the remaining eight projects have transitioned to
new providers initially on an interim basis, with the expectation
of a full transition over the coming months. The terms of the
contracts with the new facilities management providers are similar
to the pre-existing terms. In aggregate, across all nine projects
affected by the collapse of Carillion, the costs of replacement
remain within the guidance issued in January 2018 of approximately
GBP3.0 million.
UK Investment Trust Status Update
The resolution to amend JLIF's Articles of Association to allow
board meetings and AGMs to take place in the UK and to remove
provisions that were originally included to ensure Guernsey tax
residency was voted on yesterday by shareholders at the Company's
EGM. The resolution was passed meaning that the Company will now
proceed with the various actions and seek the various approvals
required to allow adoption by the Company of UK Investment Trust
status.
Contact Information
John Laing Capital Management Limited Tel: + 44 (0)20 7901 3200
David Hardy
Jamie Pritchard
Gianluca Mazzoni
Finsbury Tel: + 44 (0)20 7251 3801
Faeth Birch
Philip Walters
Nidaa Lone
Note:
This Trading Update Statement aims to give an update of material
events and transactions that have taken place during the period
from 1 January 2018 to 17 May 2018 and their impact on the
financial position of the Investment Group. This update reflects
the Investment Adviser's and the Board's current views. They are
subject to a number of risks and uncertainties and could change.
Factors that could cause or contribute to such differences include,
inter alia, general economic, market conditions, and specific
factors affecting the financial prospects or performance of
individual investments within the portfolio of JLIF.
This update contains forward-looking statements that are based
on current expectations or beliefs, as well as assumptions about
future events. Undue reliance should not be placed on any such
statements because they speak only as at the date of this document
and, by their very nature, are subject to known and unknown risks
and uncertainties and can be affected by other factors that could
cause actual results and JLIF's actions to differ materially from
those expressed or implied in the forward-looking statements.
This update has been prepared solely to provide additional
information to shareholders as a body and should not be relied on
by any other party or for any other purpose.
This Trading Update Statement contains Inside Information as
defined under the Market Abuse Regulation (EU) No. 596/2014.
GIIN Number: K2UFLF.99999.SL.831
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1 Net Asset Value is equal to total assets (including Portfolio
value) minus liabilities of the JLIF Group (as defined in the
Company's 2017 Annual Report).
This information is provided by RNS
The company news service from the London Stock Exchange
END
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