JLEN Environmental Assets Group Ltd Acquisition (4809V)
04 Dicembre 2023 - 8:00AM
UK Regulatory
TIDMJLEN
RNS Number : 4809V
JLEN Environmental Assets Group Ltd
04 December 2023
4 December 2023
JLEN Environmental Assets Group Limited
Acquisition of remaining 30% shareholding in Bio Collectors
Holdings Limited
JLEN Environmental Assets Group Limited ("JLEN" or the
"Company"), the listed environmental infrastructure fund, announces
the purchase of the remaining 30% shareholding in Bio Collectors
Holdings Limited ("BCH") for a total consideration of GBP8.0
million, taking its ownership in the business to 100%.
BCH, through its subsidiary companies, holds the rights and
operational assets that make up an anaerobic digestion ("AD") plant
and the Bio Collectors waste collections business. JLEN acquired a
70% interest in BCH in December 2019, at which time, a mechanism
was agreed for the acquisition of the remaining 30% following the
expiry of an initial holding period.
The AD plant was commissioned in December 2013 and predominantly
produces biomethane to be injected to the national gas grid. In
addition, the plant has two Combined Heat and Power engines and is
accredited under the Renewable Heat Incentive (RHI) and
Feed-in-Tariff (FiT) schemes. The Bio Collectors waste collections
business collects source-separated and packaged food waste for the
AD plant from a variety of commercial, industrial and local
authorities located in and around Greater London ultilising a
growing fleet of biogas-powered vehicles.
The acquisition increases JLEN's exposure to an investment that
is expected to deliver attractive returns for shareholders and of
which it has direct operational knowledge and expertise. It also
allows JLEN to consolidate its control of BCH, creating the
potential for JLEN to deliver operational synergies across its
portfolio of food waste AD plants.
Bio Collectors and Codford, the Company's food waste AD plant in
Wiltshire, are 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.
Ed Warner, Chair of JLEN commented : "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."
For further information please contact:
JLEN Environmental Assets Group Limited via SEC Newgate
Foresight Group
Chris Tanner
Edward Mountney +44(0)20 3667 8100
Wilna de Villiers institutionalir@foresightgroup.eu
Winterflood Securities Limited
Neil Langford +44(0)20 3100 0000
SEC Newgate +44 (0)20 3757 6882
Elisabeth Cowell Jlen@secnewgate.co.uk
Alice Cho
Harry Handyside
Sanne Fund Services (Guernsey) Limited
Matt Falla
Gemma Berry +44 (0)20 3530 3600
About JLEN
JLEN's investment policy is to invest in a diversified portfolio
of Environmental Infrastructure. Environmental Infrastructure is
defined by the Company as infrastructure assets, projects and
asset-backed businesses that utilise natural or waste resources or
support more environmentally friendly approaches to economic
activity, support the transition to a low carbon economy or which
mitigate the effects of climate change. Such investments will
typically feature one or more of the following characteristics:
-- long-term, predictable cash flows, which may be wholly or
partially inflation-linked cash flows;
-- long-term contracts or stable and well-proven regulatory and
legal frameworks; or
-- well-established technologies, and demonstrable operational
performance.
JLEN's aim is to provide investors with a sustainable,
progressive dividend per share, paid quarterly and to preserve the
capital value of the portfolio over the long term on a real basis.
The target dividend for the year to 31 March 2024 is 7.57 pence per
share(1) .
JLEN is an Article 9 fund under the EU Sustainable Finance
Disclosure Regulation and has a transparent and award winning
approach to ESG.
Further details of the Company can be found on its website
www.jlen.com
LEI: 213800JWJN54TFBMBI68
(1) These are targets only and not profit forecasts. There can
be no assurance that these targets will be met or that the Company
will make any distributions at all.
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END
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