John Laing Infrastructure Fund boosts profit ahead of £1.45bn takeover

James Booth
General Election - Economy
Infrastructure fund boosts profit ahead of possible takeover (Source: Getty)

John Laing Infrastructure Fund (JLIF) today announced a spike in pre-tax profit for the half-year, ahead of its takeover by a consortium for £1.45bn.

Earlier this month JLIF agreed to a £1.45bn takeover by a consortium which includes Dalmore Capital and Equitix Investment Management.

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Its net asset value grew 4.3 per cent at 30 June 2018 to £1.288bn, which it said was primarily a result of investments.

Its portfolio value grew to £1.452bn, up from £1.379bn at 31 December 2017.

JLIF said underlying portfolio growth was 5.1 per cent, which was 1.5 per cent or £20.6m ahead of expectations.

Its investments include the City-Greenwich-Lewisham Docklands Light Railway extension and the intercity express programme.

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It declared a dividend of 3.57p per share, for the six months to 20 June, having paid a dividend of 3.57p per share in May, which was a 2.5 per cent increase on the dividend paid in October 2017.

Its takeover deal still remains to be voted on by its shareholders and it released a scheme document today on the acquisition, before a shareholder meeting scheduled for 24 September.

If approved the deal is expected to complete in late September or early October.