From EcoInvestor: Ethical fund August Investments downgrades ECV...

From EcoInvestor:

Ethical fund August Investments downgrades ECV to sub-investment status

"Financials were always shaky, but we made a small investment based on light green credentials. At the recent AGM, management answered our questions about future capital raisings saying there were no such plans...Now they have announced an institutional capital raising at a 10% discount to the [then] current share price."

I was actually at the AGM, and although I can't remember what was said, I was certainly surprised when the company did announce a capital raising as I had the impression none would be required.

It's a pity this happened as the MD seems like a genuine guy who is really passionate about the business, but personally i'm mystified by the situation.