in breach of covenant?, page-11

Correct Niks.
My post was in reply to Ads1973. ING will not simply lend to one of its managed funds because it owns the management business. The trust is too highly geared for a start.
ING Group owns the management business and earns management fees for doing so.It also manages client investment in the trust(about 20% of the trust).
This business cannot raise capital at current share price levels.
It needs to reduce its gearing to remain a viable business.
Anyone know the solution?