Listed on 12th February 2015.

Key facts

John Laing is an international originator, active investor and manager of infrastructure projects. Its business is focused on major transport, social and environmental infrastructure projects awarded under governmental public-private partnership (PPP) programmes, and renewable energy projects, across a range of international markets including the UK, Europe, Asia Pacific and North America.

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John Laing Group's Fundamentals (JLG)

PRE-CLOSE UPDATE

John Laing Group plc ("John Laing" or "the Group"), the international originator, active investor and manager of infrastructure projects, today issues a pre-close update for the six months ending 30 June 2018.

Investment activity

· Investment commitments weighted towards the second half and full year guidance for 2018 maintained at approximately £250 million

· Strong pipeline of future opportunities as described in March 2018 rights issue

· Following record investment commitments in 2017, bidding activity was lower in the early part of 2018 but is now very active in each of our core markets: Europe, North America and Asia Pacific

· Currently part of:

o One preferred bidder PPP position in Europe with a potential investment opportunity of approximately £7 million

o 12 shortlisted PPP bids due to reach financial close in the next two years, of which 10 are in North America and two in Europe, representing a total potential investment opportunity of approximately £360 million

o Seven exclusive renewable energy positions, representing a total potential investment opportunity of approximately £240 million

· Total investment commitments of £40 million in 2018 to date (see Appendix I):

o PPP: MBTA Automated Fare Collection System (US): £18 million

o PPP: A16 road (Netherlands): £22 million

Realisations

· Sale of remaining 15% shareholding in Intercity Express Programme (IEP) (Phase 1) completed for consideration of £232 million (£228.4 million after costs). As already stated, this was in excess of the valuation at 31 December 2017

· Sale of 50% shareholding in Lambeth Social Housing project, announced in late 2017, now completed with proceeds of £9.5 million

· With further sale processes currently underway, full year guidance for 2018 maintained at approximately £250 million

Investment portfolio

We are pleased with the performance of our investment portfolio in 2018 to date.

Our asset management team actively monitors and manages each project we invest in. A number of these projects are large, sophisticated infrastructure assets, and therefore delays and other issues do occur. In all instances, a judgement as to potential outcomes is taken into account when John Laing's portfolio valuation is prepared.

IEP (Phase 2)

· The first trains for the East Coast mainline, which have the same design as IEP (Phase 1), are scheduled to be accepted into service in Q4 2018

Denver Eagle P3

· The project company has made good progress in H1 2018 to obtain the necessary approvals for the level crossings on the "A" and "G" lines. Subject to final certification, full revenue service is expected to be achieved in Q3 2018

Optus Stadium, Perth

· The stadium has performed well during a number of high capacity, high profile events in H1 2018, with over 500,000 spectators to date. The project was announced winner of the 2018 Australian Construction Achievement Award.

Sydney Light Rail

· As stated in our 2017 results announcement the programme is approximately 12 months behind schedule, but remains within the overall long-stop date. Part of the delay is attributable to the presence of below ground utility equipment not identified before construction commenced. This has led to various claims by the principal contractor, which are currently the subject of negotiations between the contractor and the public sector client, facilitated by the project company.

New Royal Adelaide Hospital

· As stated in our 2017 results announcement, the project company continues to monitor the performance of the facilities management services provider. While this performance has been improving, the project company and the South Australian government are currently in discussions about the application of the abatement regime resulting from service under-performance.

Pension fund

· The deficit as calculated in accordance with IAS 19 at 31 December 2017 of £35.2 million was estimated to have moved to a surplus of £19.8 million at 31 May 2018. This was due principally to a scheduled cash contribution of £26.5 million in March 2018 together with a small increase in the discount rate used to value the liabilities.

Outlook

· The pipeline of new investment opportunities remains strong in both PPP and renewable energy in each of our three core markets

· Current guidance of approximately £250m for investment commitments in 2018 maintained

· As previously stated, we continue to assess (i) other infrastructure asset classes that might fit our business model (ii) new geographies where we see potential opportunities to invest alongside established partners at appropriate returns

· The market for secondary assets remains strong


Olivier Brousse, John Laing's Chief Executive Officer, said:

"Following our rights issue in March and the sale of our interest in IEP (Phase 1), we have the financial flexibility to take advantage of our strong pipeline of opportunities. Our focus is to continue to grow in a managed way by ensuring we select the projects with the best risk-adjusted returns and that we work with the best partners. John Laing is steadily becoming renowned internationally for active independent greenfield infrastructure investment, and is well positioned for further growth."

The Group's results for the six months ending 30 June 2018 will be announced on 23 August 2018.

Possible cash offer for JLIF Limited

FTSE 250 fund John Laing Infrastructure sold to two rivals in £1.5bn deal

"Their offer values JLIF shares at 142.5p each but – following murmurs of an investor revolt over the price – also includes a dividend of 3.57p per share. It takes the total offer per share to 146.07p."

Almost a shame really as JLIF has been a pretty steady investment for me. Am now going to have to search again for a safe haven.

Yes - a bit of a dilemma as I have quite a large holding.

Standard Life Aberdeen > 15%

Half year results on 23rd.

RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2018

John Laing Group plc (John Laing, the Company or the Group) announces its unaudited results for the six months ended 30 June 2018.

Highlights

· Net asset value (NAV) per share at 30 June 2018 of 307p (31 December 2017 - 281p1)

- 9.3% increase since 31 December 2017

- 11.7% increase including dividend paid in May 2018

· NAV of £1,505.4 million at 30 June 2018 (31 December 2017 - £1,123.9 million)

· £39.2 million in investment commitments (six months ended 30 June 2017 - £111.3 million)2

· Strong pipeline of £2.3 billion of investment opportunities, including 12 shortlisted PPP positions representing c.£325 million of potential investment

· Realisations of £241.5 million from the sale of investments in project companies (six months ended 30 June 2017 - £151.3 million)

· Profit before tax of £174.3 million (six months ended 30 June 2017 - £36.6 million) and earnings per share (EPS) of 38.8p (six months ended 30 June 2017 - 9.4p)3

· Portfolio value at 30 June 2018 of £1,259.7 million representing 18.2% increase on rebased portfolio value4 at 31 December 2017

· Interim dividend of 1.80p per share payable in October 2018 (six months ended 30 June 2017 - 1.75p per share5)

· 1 for 3 rights issue in March 2018 raising £210.5 million, net of costs (the Rights Issue)

· 2018 guidance for investment commitments and realisations maintained



Olivier Brousse, John Laing's Chief Executive Officer, commented:

"We are pleased with our performance in the first half of 2018. John Laing is growing as an international expert investor in greenfield infrastructure, in Europe, North America, Asia Pacific and beyond. Our pipeline of opportunities continues to grow, whilst our exposure to the UK market continues to reduce. The recent Rights Issue has given us the financial credibility to team up with the best international infrastructure players. At the same time we will retain our risk analysis and investment discipline to continue to grow safely and in a scalable way. Our pipeline should continue to drive our investment growth, whilst the quality of our secondary portfolio and the dynamism of the market for operational assets should continue to fund that growth. The recent reorganisation around our three regions will ensure scalability of our growth and cost base while reinforcing local presence. We are confident about our business model and our future performance."



Notes:

(1) NAV per share at 31 December 2017 of 281p is the previously reported NAV per share of 306p multiplied by the Rights Issue bonus factor6

(2) Based on new investment commitments secured in the six months ended 30 June 2018; for further details see the Primary Investment section of the Business Review

(3) Basic EPS (adjusted for the Rights Issue); see note 7 to the Condensed Group Financial Statements

(4) Rebased portfolio value is described in the Portfolio Valuation section

(5) Interim dividend per share for the six months ended 30 June 2017 of 1.75p is the 1.91p paid in October 2017 multiplied by the Rights Issue bonus factor6

(6) For details of the Rights Issue bonus factor see note 7 to the Condensed Group Financial Statements



A presentation for analysts and investors will be held at 9:00am (London time) today at The Lincoln Centre, 18 Lincoln's Inn Fields, London WC2A 3ED. A webcast of the presentation and a conference call facility will be accessible using the details below.



Conference call dial in details:



UK: 020 3936 2999

Other locations: +44 (0) 20 3936 2999

Participant access code: 39 57 10



Participant URL for live access to the on-line presentation:



https://www.investis-live.com/john-laing/5b58540205eeee1000fe20b4/thgs

Peel Hunt Buy 319.60 355.00 400.00 Reiterates

SCHEME OF ARRANGEMENT (JLIF)
In respect to the possible Cash Offer for the entire issued and to be issued share capital of John Laing Infrastructure Fund Limited (JLIF) by a consortium comprising of Dalmore Capital Limited and Equitix Investment Management Limited, JLIF has announced the expected timetable of the Scheme of Arrangement.
Terms: GBP1.425 per Share in cash and the payment of a Dividend of up to GBP0.0357 per Share to JLIF Shareholders
prior to closing of the transaction.
Relative Details and Dates:
24 September 2018 - Court Meeting.
24 September 2018 - General Meeting.
27 September 2018 - Last day of dealings in, and for registration of transfers of JLIF Shares.
27 September 2018 - Scheme Record Time.
28 September 2018 - Effective Date of the Scheme.
28 September 2018 - Dealings in JLIF Shares suspended.

StockMarketWire.com
John Laing Infrastructure Fund said Wednesday that no further bids had been received for the company to rival the £1.45bn bid from a consortium backed by Dalmore Capital and Equitix Investment Management.

'The board of John Laing Infrastructure Fund confirms that since the Announcement it has not received any competing proposals from any third party potential offerors and is not currently in discussions with any third party regarding a competing proposal,' the company said.

John Laing Infrastructure Fund, or JLIF, had said in August that it would recommend that shareholders accept the takeover offer.

Under the terms of the agreement, shareholders would receive 142.5p a share and JLIF shareholders would be entitled to a dividend of 3.57p for each JLIF share for the six-month period ended 30 June.

Approval of the takeover would require both regulatory and shareholder approval. A vote on whether to accept the offer is slated for Monday, 24 September 2018. At 8:47am: (LON:JLIF) John Laing Infrastructure Fund Ltd share price was -0.7p at 141.9p

I have received the JLIF divi, so just the cash from the shares to come.

JLIF and Bidco are pleased to announce that at a hearing held earlier today the Royal Court of Guernsey has sanctioned the scheme of arrangement under Part VIII of the Companies Law of Guernsey (the "Scheme") to effect the recommended cash acquisition by Bidco of the entire issued and to be issued share capital of JLIF. All conditions to the Scheme have now been satisfied or waived and the Scheme has now become Effective in accordance with its terms.

The listing of JLIF Shares on the premium equity closed ended investment funds listing segment of the Official List and admission to trading of JLIF Shares on the London Stock Exchange's Main Market were suspended with effect from 7.30am on 28 September 2018. JLIF has made an application to the U.K. Listing Authority to cancel the listing of JLIF Shares on the Official List and the London Stock Exchange to cancel trading of JLIF Shares on the Main Market. These cancellations are expected to take effect at 8.00am (London time) on 1 October 2018.

JLIF Shareholders' cash consideration under the terms of the Scheme will be settled or despatched by no later than 12 October 2018.

5 October 2018 - 2018 Investment Commitments Update

Investor & Analyst day, 2018 Investments update


Investor and analyst morning & 2018 investment commitments update

John Laing Group plc (John Laing), the international originator, active investor and manager of infrastructure projects, announces that it is holding an investor and analyst morning for institutional investors and analysts in London today.

Members of John Laing's senior management team will present on: the North American market, active management of investments in its international portfolio and the impact of macro-economic factors on the Company's balance sheet.

Other than the investment update below, there will be no new material information released.

Presentation materials will be made available on John Laing's website at www.laing.com at 9:30am today to coincide with the start of the event.

2018 investment commitments update

On 5 November 2018, we achieved financial close on an AUD $75 million (£41 million) investment for a 100% interest in the 174.9 MWp Finley Solar Farm project in New South Wales. This is John Laing's second solar investment in Australia.

Taking into account this investment, our total investment commitments in 2018 to date increase to £196.2 million and we are maintaining our full year guidance of approximately £250 million.

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A new high earlier @326.40p.

Well that's RBC's TP hit.

All looking rather good here.

A new high @346.80p.

05 March 2019 Announcement of full year results.

New high @352.80.