"I don't see why ENN would need to do a cap raise. Gearing isn't...

"I don't see why ENN would need to do a cap raise. Gearing isn't that high and will be reduced as they sell down assets and they additionally generate plenty of cash from the funds management business, so I don't see any issue with paying the interest bill in the mean time."

It's not just the interest bill that needs to be paid. ENN also have off-balance sheet contingencies for which they need to hold stand-by capital; for example, to support extraordinary redemptions from the funds in which they co-invest. It's a capital re-cycling business model, and if you can't recycle capital fast enough internally, then you need to look externally for it.

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