Given yesterday’s announcement of an increase in the RCF, we are a little surprised that a capital raise has come so quickly. However, given the structure of energy efficiency projects, follow-on investments through organic opportunities are likely to be a persistent theme and hence the likelihood of regular share issuance. The total management fee percentage will also begin to fall as the fee will drop by 0.1% to 0.8% on the incremental amount when the net assets are in excess of £750m, as it will be post the equity issue. (Analyst: Sachin Saggar).

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