John Laing Chairman subscribes for shares in firm's largest ever raising

9th Oct 2013 16:20

John Laing Infrastructure Fund (JLIF) announced that two of its directors, Chairman Paul Lester and fellow board member Chris Spencer, had each subscribed for 20,000 newly issued shares in the group as part of its largest ever raising of new equity. The shares were priced at 111p, costing each of the directors a total of £22,200. The proceeds of the equity raising, which placed a total of 218.3m shares, will be used to repay debt drawn and to acquire a new portfolio of three PPP projects for £103m. Lester previously said: "We are delighted to have once again received strong demand for our fund raise. Today's proceeds of £242.3m represent the largest raising of new capital that JLIF has completed, and reflects the ongoing success of our low risk, predictable yield model, as well as the continued popularity of the listed infrastructure sector as an asset class. "As part of our stated strategy, the proceeds raised will be used to repay our existing debt facility, and to acquire a portfolio of three high quality operational assets from the John Laing Group." Technology group blur has announced that two of its directors are planning to sell a total of 995,000 shares in the company via an accelerated bookbuild through N+1 Singer. Chief Executive Officer Philip Letts will make the biggest sale, reducing his stake by 900,000, while Richard Bourne-Arton, a Non-Executive Director, is planning to sell 95,000 shares.The group said the main purpose of the transactions was to increase institutional liquidity, while also allowing Letts to rebalance his portfolio and utilise entrepreneur's relief. Letts did not sell any shares at the initial public offering (IPO) and this will be the first time he has sold any shares since he founded blur over seven years ago. N+1 Singer has confirmed the release of the director from his IPO lock-up in respect of the proposed sale.Letts will have a beneficial interest in 14.1m ordinary shares, equal to 47.58% of blur's issued share capital, while Bourne-Arton will have a beneficial interest equal to 1.28%.Letts said: "I have been running blur for seven and a half years and not sold any shares to date. This is a great opportunity for the company to benefit from increased long term institutional support and greater liquidity as well as for me to capitalise personally to a limited extent on some of the value created. "As always, I am committed to the company for the long term and look forward with confidence to building a global tech company of significant scale for the benefit of all stakeholders and shareholders alike." Top Director BuysRockhopper Exploration (RKH) Director name: Mr Samuel John MoodyAmount purchased: 378,741 @ 135.30p Value: £512,437Rockhopper Exploration (RKH) Director name: Mr Pierre H JungelsAmount purchased: 184,569 @ 135.30p Value: £249,722Rockhopper Exploration (RKH) Director name: Mr Peter John Dixon-ClarkeAmount purchased: 183,855 @ 135.30p Value: £248,756Rockhopper Exploration (RKH) Director name: Mr David McManusAmount purchased: 36,772 @ 135.30p Value: £49,753Barclays (BARC) Director name: Mr Michael AshleyAmount purchased: 11,049 @ 269.47p Value: £29,774John Laing Infrastructure Fund Ltd (JLIF) Director name: Mr Paul J LesterAmount purchased: 20,000 @ 111.00p Value: £22,200John Laing Infrastructure Fund Ltd (JLIF) Director name: Mr Christopher SpencerAmount purchased: 20,000 @ 111.00p Value: £22,200Aortech International (AOR) Director name: Mr Edward McDaidAmount purchased: 25,000 @ 85.00p Value: £21,250EW Group Ltd (EWG) Director name: Mr John MortonAmount purchased: 1,800,000 @ 1.00p Value: £18,000North Midland Construction (NMD) Director name: Mr Robert MoyleAmount purchased: 12,760 @ 117.74p Value: £15,024Top Director SellsBlur (Group) (BLUR) Director name: Mr Philip Letts Amount sold: 900,000 @ 400.00p Value: £3,600,000Blur (Group) (BLUR) Director name: Mr Richard Bourne-ArtonAmount sold: 95,000 @ 400.00p Value: £380,000NR