Result of Issue

The Board of JLEN Environmental Assets Group Limited (“JLEN” or the “Company”) is pleased to announce that the Company has raised £60.7 million pursuant to the placing and offer for subscription (together the “Issue”) announced on 12 January 2022 (the “Issue Announcement”). Accordingly, the Company will issue a total of 60,139,202 New Ordinary Shares at the issue price of 101 pence per New Ordinary Share.

The Issue was significantly oversubscribed in both the placing and offer for subscription. The Board is delighted by the support from existing shareholders and new investors, in particular, the response from retail investors, which led to the offer for subscription materially exceeding the €8 million threshold. Accordingly, applications have been scaled back in line with the terms and conditions of the Issue set out in the Issue Announcement.

JLEN intends to use the net proceeds of the Issue to repay the Facility and fund a pipeline of environmental infrastructure opportunities.

Applications have been made to the Financial Conduct Authority for admission of the New Ordinary Shares to the premium segment of the Official List and to the London Stock Exchange for admission to trading of the New Ordinary Shares on its main market for listed securities (“Admission”). It is expected that Admission will become effective at or around 8.00 a.m. on 1 February 2022 and that dealings in the New Ordinary Shares will commence at that time.

The New Ordinary Shares will, when issued, be credited as fully paid and rank pari passu with the existing Ordinary Shares in the capital of the Company, including the right to receive all future dividends and distributions declared, made or paid, including the dividend for the quarter to 31 December 2021.

Immediately following Admission, the Company’s issued share capital will consist of 661,531,229 Ordinary Shares with voting rights. This figure may be used by shareholders in determining the denominator for the calculation by which they will establish if they are required to notify their interest in, or a change to their interest in, the Company under the FCA’s Disclosure Guidance and Transparency Rules.

The Issue is conditional, among other things, on Admission being effective and the Placing Agreement not being terminated in accordance with its terms.

Terms used in this announcement shall, unless the context otherwise requires, bear the meanings given to them in the Issue Announcement, which can be found on JLEN’s website at www.jlen.com.

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Below is an interview with the investment team, Chris Tanner & Chris Holmes who talk us through the highlights from the recent set of financial results