John Laing Environmental raises £56m in placing

John Laing Environmental Assets Group announced on Wednesday that it has raised £55.55m through the issue of 55 million new ordinary shares at a price of 101p per share.

The London-listed company said the placing, which was initially announced on 19 January, was significantly oversubscribed and as such, the board increased the size of the placing to accommodate a proportion of the additional demand.

It said it intends to use the proceeds to fund a number of acquisitions arising from near term opportunities in the solar, wind and biomass sectors, and also to clear its revolving credit facility.

“Application will be made to the Financial Conduct Authority for admission of the new ordinary shares to the premium segment of the Official List and to the London Stock Exchange for admission to trading … on its main market for listed securities,” John Laing’s board said in a statement.

“It is expected that admission will become effective on or around 13 February 2017 and that dealings in the new ordinary shares will commence at that time.”