Jlen Environmental: Notice of Results, Capital Allocation Update
02/10/2023 07:00
For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20231002:nRSB2295Oa&default-theme=true
RNS Number : 2295O JLEN Environmental Assets Group Ltd 02 October 2023
2 October 2023
JLEN Environmental Assets Group Limited
Notice of Results, Analyst Briefing and Capital Allocation Update
JLEN Environmental Assets Group Limited ("JLEN" or the "Company"), the listed
environmental infrastructure fund, will publish its interim results for the
six months ended 30 September 2023, on Monday 27 November 2023.
Ahead of its interim results, the Board of JLEN outlines its focused capital
allocation approach in light of the challenging macroeconomic environment.
JLEN has always had a disciplined approach to capital allocation, including
active asset management, as demonstrated by the sale of the Company's French
wind assets in January 2022. JLEN continues to assess disposal opportunities
to recycle capital from lower-returning parts of the portfolio.
In the current market environment, the Board believes that it is appropriate
for capital generated from the Company's portfolio and from future asset sales
to be prioritised towards existing commitments, planned follow-on investments
and asset enhancements within the current portfolio, alongside managing the
RCF to maintain a robust balance sheet and the potential for share buybacks.
The Board and the Investment Manager believe that the discount to NAV at which
JLEN's shares are currently trading materially undervalues the Company, and so
represents an attractive investment opportunity. Consequently, share buybacks
form an important part of the Board and Investment Manager's capital
allocation considerations. Any decisions regarding share repurchases will, at
that time, depend on the rating of JLEN's shares and will include an
assessment of the implied risk / return of share buybacks against that of
other investment opportunities, alongside the potential long-term implications
for the Company.
Analyst Briefing
The Company is pleased to announce that Chris Tanner and Edward Mountney,
Investment Managers to JLEN, will host a presentation with Q&A for equity
analysts at 10:00 a.m. (UK time) on Monday 27 November 2023.
Analysts wishing to register should contact SEC Newgate by email on
jlen@secnewgate.co.uk, where further details will be provided.
The results and presentation materials will be posted on the Company's
website, www.jlen.com (http://www.jlen.com/) on the day of results.
For further information please contact:
JLEN Environmental Assets Group Limited via SEC Newgate
Ed Warner
Foresight Group +44(0)20 3667 8100
Chris Tanner
Edward Mountney
Wilna de Villiers institutionalir@foresightgroup.eu (mailto:institutionalir@foresightgroup.eu)
Winterflood Securities Limited +44(0)20 3100 0000
Neil Langford
SEC Newgate +44 (0)20 3757 6882
Elisabeth Cowell Jlen@secnewgate.co.uk (mailto:Jlen@secnewgate.co.uk)
Alice Cho
Harry Handyside
Sanne Fund Services (Guernsey) Limited +44 (0)20 3530 3600
Matt Falla
Gemma Berry
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
(http://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.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END NORSESFLUEDSELU