John Laing Environmental Assets Group's board is proposing to raise up to GBP65 million through a cash placing of new ordinary shares to institutional investors under its existing placing programme.

JLEN has drawn down the majority of its revolving credit facility following the acquisition of Pylle Southern Solar Park in March.

The net proceeds of the placing will be used to repay the company's facility to provide capital for pipeline acquisitions.

The issue price per new share will be at a modest premium to the estimated net asset value as at 31 March, which is expected to be announced on or around 12 May.

At 9:09am: (LON:JLEN) John Laing Environmental Assets Group share price was -1.62p at 99.88p