Jlen Environmental Assets Grp Net Asset Value and Dividend Declaration (1460X)
30 Abril 2021 - 1:00AM
UK Regulatory
TIDMJLEN
RNS Number : 1460X
Jlen Environmental Assets Grp
30 April 2021
30 April 2021
JLEN ENVIRONMENTAL ASSETS GROUP LIMITED
("JLEN" or the "Company")
Net Asset Value, Portfolio Update and Dividend Declaration
Net Asset Value
JLEN, the listed environmental infrastructure fund, announces
that its unaudited Net Asset Value as at 31 March 2021 is GBP504.2
million (92.2 pence per share), a decrease of 3.7 pence per share
since the last published NAV as at 31 December 2020, predominantly
due to the impact of increased UK Corporation Tax rates from 19% to
25% from April 2023 for the remainder of the life of the portfolio,
reducing the NAV by 3.7 pence. Other factors impacting the NAV
include a small downward revision to power prices forecast which
was broadly offset by portfolio enhancements including asset
upgrades and cost savings.
Portfolio update
During the financial year to 31 March 2021, the renewables
portfolio of the Company has performed well. The anaerobic
digestion portfolio has continued its trend of outperformance,
achieving a 2% positive variance against target and the solar
portfolio also exceeded its generation target by 2%. Production of
the wind portfolio showed a marginal negative variance of 1%
against budget, mostly due to low wind speeds over the winter
period.
In aggregate, energy generation was 0.4% above budget for the
financial year to 31 March 2021. This is excluding the Bio
Collectors food waste processing plant which, as previously
reported, has experienced a reduction in the volume of waste
tonnages delivered due to the ongoing pandemic.
The waste and wastewater concession-based projects continue to
deliver distributions in line with expectations and have performed
well against contractual targets.
Over the course of the year, JLEN has continued to grow its
portfolio acquiring six new assets. This includes two assets which
further diversify the Company's portfolio into grid scale batteries
and low carbon refuelling for heavy goods vehicles.
Dividend
The Company also announces a quarterly interim dividend of 1.69
pence per share for the period from 1 January 2021 to 31 March
2021.
Together with the interim dividends paid during the financial
year to date of 5.07 pence per share, the Company will have paid
total dividends of 6.76 pence per share in respect of the year
ended 31 March 2021, in line with the dividend target set out in
the 2020 Annual Report.
The Company also announces an increase in the target dividend
for the upcoming financial year to 6.80 pence per share for the
financial year to 31 March 2022.
Dividend Timetable
Ex-dividend 3 June 2021
date
Record date 4 June 2021
Payment date 25 June 2021
This announcement contains information that is inside
information for the purposes of the Market Abuse Regulation (EU)
No. 596/2014.
For further information, please contact:
Foresight Group
Chris Tanner
Chris Holmes +44(0)20 3667 8100
Winterflood Investment Trusts
Neil Langford
Chris Mills +44(0)20 3100 0000
SEC Newgate
Elisabeth Cowell
Megan Kovach +44(0)20 3757 6880
Praxis Fund Services
Matt Falla
Gemma Woods +44(0)1481 755530
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 2022 is 6.80 pence per
share(1) . The dividend is payable quarterly.
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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