JLEN Environmental acquires remaining 30% stake in Bio Collectors
Foresight Environmental Infrastructure Limited
77.10p
15:39 15/11/24
Environmental infrastructure fund JLEN Environmental Assets Group now owns 100% of Bio Collectors Holdings after snapping up the remaining 30% stake in the company for £8.0m.
Equity Investment Instruments
12,024.90
15:45 15/11/24
FTSE 250
20,508.75
15:45 15/11/24
FTSE 350
4,453.56
15:45 15/11/24
FTSE All-Share
4,411.85
15:45 15/11/24
FTSE Small Cap
6,802.32
15:45 15/11/24
JLEN said the acquisition increases its exposure to an investment that was expected to deliver "attractive returns for shareholders". It also allows JLEN to consolidate its control of Bio Collectors, creating the potential for it to deliver operational synergies across its portfolio of food waste anaerobic digestion plants.
The London-listed firm added that Bio Collectors and Codford, the company's food waste anaerobic digestion plant in Wiltshire, were both expected to benefit from a recent DEFRA announcement stating that separate food waste collections will be required in England for businesses by 31 March 2025 and for all households by 31 March 2026.
Chairman Ed Warner said: "We are pleased with this follow-on investment which we view as value accretive to JLEN's portfolio over the long term.
"We view the role of food waste anaerobic digestion as strategically important in not only helping to decarbonise our energy and transport systems through the production and usage of biogas but also contributing to the diversion of waste away from landfill."
As of 0915 GMT, JLEN shares were down 0.12% at 97.18p.
Reporting by Iain Gilbert at Sharecast.com