Welcome to the SDCL Energy Efficiency Income Trust Annual Results Presentation for the year to 31st March 2024. I'll be presenting today. I'm the Chief Executive Officer of Sustainable Development Capital, alongside Purvi Sapre, Ben Griffiths from the fund management team, and Eugene Kinghorn, our Group CFO. SEEIT has grown to a total enterprise value of its whole portfolio of about GBP 1.5 billion and is generating over GBP 90 million of cash a year. Four areas I'd like to cover in terms of highlights: performance, investment activity, balance sheet, and market. On performance, we're pleased that investment cash flow during the year increased from GBP 85 million for the last financial year to GBP 92 million for this financial year. That provided full cash cover for dividends paid. We can also report solid operational performance from the portfolio during the financial year, with aggregated EBITDA in line with budgets. From an investment activity perspective, we've focused almost entirely on organic investments: about GBP 160 million invested during the period and around GBP 30 million deployed after the year-end. This is in line with the organic investments that we've made for the last few years. Having said that, during the last financial year, we've bought back GBP 20 million of shares at a discount in its asset value. From a balance sheet perspective, the company has relatively low levels of gearing compared to the wider peer group. At this point, including all of its facilities on a consolidated basis, that's about 49% of the net asset value. Eugene will unpack the gearing later on in the presentation. The current leverage that the company is operating with is substantially below overall gearing limits and in line with medium-term targets. Having said that, at the end of the financial year, or just afterwards, the company was progressing and ultimately closed on the sale of one of its significant investments. That generated disposal proceeds of about GBP 90 million in cash after the year-end, which was used to reduce the short-term debt. From markets perspective, we have been operating, as we all know, in a prolonged period of high inflation and interest rates, and that has weighed on the investment company sector in which SEEIT participates and trades. But the fundamental drivers and policy tailwinds for energy efficiency very much remain. In fact, generally higher energy prices over the last period compared to the medium to long term mean that the types of projects that SEEIT is investing in through the energy services it's delivering to its clients, reducing costs and carbon as well as improving reliability, are even more valuable than they were before. Covering the impact of rate rises in slightly more depth, the weighted average discount rate applied to SEEIT's valuation was increased by 90 basis points to 9.4% levered. That's up from 8.5% the same period last year. But the impact of rate rises was mostly reflected in the first half-year results, and we've seen relatively minimal movement since then. The net asset value per share of GBP 0.905 is at the 31st March 2024, compares to our GBP 1.015 for the previous year, but is about the same as the GBP 0.906 at the end of September 2023. The reduction during the course of the year is mainly from the unrealized impact from increasing discount rates in our higher interest rate environment. So we're very focused not just on SEEIT's performance and driving it, but also on helping to address the discount at which the company's shares trade compared to net asset value. We came out with a pointed plan in our results just before Christmas, and to provide an update, we've broken down the plan here into six elements. The first element is selective disposals to reduce gearing and substantiate valuations. Key result is that we sold or agreed the sale of one of the larger investments in the portfolio, UU Solar, which completed in May 2024. We're currently targeting further selective disposals and/or bringing in funding partners to help us source cash for reinvestment, potentially at more attractive rates of return and repayment to the RCF. I think Purvi will cover the disposal of UU in more detail. Second point is about reducing short-term borrowings. We've seen a net reduction in short-term borrowing since the year-end to GBP 98 million compared to GBP 155 million as of 31st March 2024. That was achieved mostly by using the cash proceeds of the disposal of the UU Solar asset. The third point is about application of our capital allocations policy. Overall, we're aiming to ensure that returns on any new investment, organic or otherwise, compare favorably to the opportunity cost of making them. That is, particularly while our shares trade at a discount enough, share buybacks or reducing short-term debt. Fourth, we've been looking from a portfolio construction perspective to increase the positive inflation correlation across our portfolio. This has been achieved by recontracting some of our major projects from time to time. They do give us the opportunity to recontract and pass through inflation linkage or increase levels of inflation linkage across our portfolio projects. Fifth, we've been positioning the portfolio as a company for growth. A number of the investments in SEEIT's portfolio today offer the opportunity for substantial capital growth as well as sustainable income. Examples include our investments in Onyx, which is a rooftop solar storage platform in the United States, the electric vehicle network, EVN, and FES, which focuses on lighting in the States. Each of those three platforms have been increasing their rates of deployment, proving platform value and creating opportunities for investment. We've also been progressing the construction of accretive investment opportunities on our existing estate and portfolio. Ben will go into more details, for example, with what we're doing at Red- Rochester in upstate New York. Finally, and consistently, we're trying to support the liquidity and marketability of SEEIT's shares. We've been taking active steps to attract significant new investment, which has resulted particularly in new U.S. investors joining the shareholder register, and we welcome them. We've been raising the company's media profile, and we've also been listening to and reacting to investor feedback. The outcome of that has been increased levels of disclosure and helping to prove valuations and the integrity of the net asset value through selective disposals. Just to summarize our overall approach, SEEIT is investing in lower cost, lower carbon, more reliable energy solutions than business as usual. It's doing that in fundamentally two ways. The first is through efficient and decentralized generation. This is solving the problem, or at least addressing the problem, that so much energy is lost in the energy system through the generation, transmission, and distribution process, so that by generating energy locally or on-site on a decentralized energy solution basis, we're able to generate energy solutions for clients that are lower cost, lower carbon, and more reliable than the grid. Examples that Purvi and Ben will unpack include Onyx, which is solar and storage, SEEIT, which delivers renewable heat to the agricultural community in Spain, Primary Energy, which recycles what would otherwise be polluting waste gases from the steelmaking process and turns it into usable energy, and RED-Rochester, a large district energy scheme providing efficient energy solutions for a very large number of customers. On-site generators is one approach, but saving the amount of energy used at the point of use is another approach. So much energy is lost by inefficient equipment like lighting, heating, ventilation, air conditioning, and the solutions lie in the problem of changing the infrastructure so that the same job can be done, or even more work can be done using less energy. Great examples include LED lighting, where we have a platform, Future Energy Solutions, that is developing and investing in solutions in the LED markets in the U.S., Sparkfund, which is rolling out heating, ventilation, air conditioning solutions that are lower carbon for its clients in the United States, Iceotope, which is tackling the cooling problem associated with data centers, and On.Energy, which is pioneering in the storage space. So with that, we're going to hand over to Eugene to discuss the financial performance before we come on to Ben and Purvi to talk about the portfolio. Thank you, Jonathan. SEEIT's financial results for the full year to 31 March 2024 reflects the higher-for-longer interest rate environment. However, much of this was experienced in the first half of the year, and therefore the net asset value at March 2024 of GBP 0.905 is in line with the September 2023 NAV of GBP 0.906. Before the impact of discount rates, the NAV of GBP 101.2 is in line with the opening NAV of GBP 101.5. The impact of higher discount rates that Jonathan mentioned can be seen in the GBP 0.108 decrease in NAV, which results finally in the lower NAV of GBP 0.905 at March 2024. There were small amendments to inflation assumptions, which had a modest decrease in NAV of GBP 0.003, and we will come back to the topic of inflation in a couple of slides. SEEIT's hedging strategy is to hedge non-GBP exposure in the range of between 75% and 90%. Average hedging during the year was around 80%. Overall, the impact on NAV was a small gain of GBP 0.001, and net impact of the gains in hedging offset by losses in asset valuations. Portfolio performance of GBP 0.061 was broadly in line with expectations, with solid underlying performance in the portfolio, especially in the second half of the year. In summary, the GBP 0.11 decrease in NAV over the full year to a closing NAV of GBP 0.905 is dominated by the impact of significantly higher discount rates taken in the first half of the year. On the income statement, the key point to highlight is the impact of the unrealized valuation losses of GBP 118 million because of changes in discount rates, the materiality of which causes a loss after tax of GBP 56 million and loss per share of GBP 0.052 for the year. Ongoing charges remain flat as the lower NAV causes a reduction in management fees, which is the key expense item in the calculation. In the balance sheet, you can note the small increase in investments at fair value to GBP 1.117 billion. Also notable is the RCF balance, although since March 2024, the GBP 155 million has been reduced, and we'll cover this in the following slide. On the summary cash flow statement, the key points to note are that cash from investments is up year-over-year, dividends paid remain fully cash covered, notwithstanding an increase in short-term borrowing costs. The share buyback program of GBP 20 million was completed in the first half of the financial year, paid out of cash reserves from prior years. Where appropriate, we use the RCF as a short-term acquisition financing for organic investments, which my colleagues will cover shortly. Cash position is managed carefully to balance leverage, working capital, and organic investments. We will now analyze the discount rates across the portfolio. We review movements in discount rates for each individual asset at each valuation date. The board of directors also benefited, as before, from a review of asset-by-asset discount rates by an independent third party, which the directors use to benchmark discount rates applied by the investment manager. In addition, third-party reports were prepared for Onyx, EVN, and smaller corporate investments, and the manager based their own valuations on these reports. Overall, the weighted average leveraged discount rate has increased by 90 basis points across the full year, 9.4%. Much of this is reflected in the valuation in September 2023. Since then, there has been no material movement on overall discount rates. Notwithstanding a higher like-for-like risk-free rate since March 2023, over the last six months since September, there has been a reduction in risk-free rates in the jurisdictions the company has invested in. However, generally, there has not been enough support in the market for overall discount rate reductions, resulting in increases in risk premiums acting as an offset against decreases in risk-free rates. The leveraged discount rate is currently at 9.4%, which is based on a combination of gearing runoff and periodic conservative re-gearing at specific projects. The manager has also estimated that the implied leveraged discount rate is around 11%, which is based on a scenario in which gearing is maintained at the structural gearing target level of 35% of NAV. The key characteristics of gearing within SEEIT that we would like to highlight are that gearing is measured on a look-through basis to include debt at project level, and SEEIT has a relatively conservative approach to overall gearing. Project-level gearing stands at 34% of NAV, and this debt is largely amortizing out of free cash flow within each project, which reduces gearing over time. This is the equivalent of 25% LTV when measured as a percentage of enterprise value. The net reduction in the RCF after year-end means that there is around GBP 200 million headroom on gearing levels, and project-level debt benefits from a high level of protection of around 80% against rate rises through being fixed rate or through swaps. As previous, we show you further analysis of NAV sensitivities. The key takeaway from this slide is the inflation correlation, which is now at GBP 0.053, up from GBP 0.034 at March 2023 for every 1% increase per annum. This improvement has been achieved mainly through an amendment during a recontracting process that replaced fixed escalation of revenues with index revenues, construction assets with inflation linked contracts reaching operational stage, and the impact of the disposal of UU Solar. The remaining sensitivities remain in line with our expectations. I will now hand you over for an update on the portfolio. Thank you, Eugene. So just take some time to look at the performance of the underlying portfolio. Across the year, the portfolio's performance has been broadly positive. As expected in our interim results, the aggregated EBITDA across the portfolio has been delivered to budget. We publish more details in our annual report, but what we've outlined on this slide are the key performance indicators for our five main investments, which between them make up approximately 70% of SEEIT's gross asset value. I'll provide more asset-specific updates over the next couple of slides, but what you can see from these KPIs is that, firstly, performance has been delivered as outlined in our interim results, and secondly, performance has seen healthy year-on-year growth. We continue to focus on our active risk management activities in order to mitigate the operational risk of the portfolio and maximize performance. As well as this, we continue to identify creative opportunities from around the portfolio in order to organically grow the underlying value of the investments. During this year, we have delivered an uplift of GBP 38 million to the portfolio valuation through the delivery of these creative workstreams and continue to work on various opportunities that have the potential to deliver up to another GBP 145 million over the next two to five years. So moving on to asset-specific updates. Firstly, as we reported during our interim results, the performance of RED-Rochester was negatively impacted by unusual weather and changes in activity of some of the larger customers. End-of-year performance did conclude as we expected at our interim results, while also delivering year-over-year growth. Looking forward, work is ongoing to negotiate changes to the customer tariffs in order to mitigate these risks reoccurring over the medium to long term. Through the year, the construction of the 38-MW cogeneration project has progressed very well, on program and on budget to date. The project is due to become operational by mid-2025 and deliver further efficiency benefits to RED-Rochester. Another focus of RED-Rochester is on attracting new customers to Eastman Business Park. RED-Rochester has spare capacity in its systems, and therefore success in bringing new customers to the business park would result in additional revenues. During the year, RED-Rochester has worked closely with Kodak, who own the majority of the vacant sites, in order to improve their marketability and bring more customers to the business park. At Onyx, during 2023, the company delivered a record number of signed PPAs, equivalent to new capacity of 75 MW. So far this year, the business is on track to further improve on these achievements, which has been made possible by the recruitment of key personnel and improvement of systems and processes necessary to build and secure the customer pipeline. As a result of permitting challenges, Onyx has continued to experience some delays to bringing sites to the commission-to-operate stage. Having said that, Onyx has stepped up their project planning and delivery capabilities in order to mitigate these delays and also other supply chain challenges. As a result, the company is starting to see improvements in project delivery. Primary Energy has had a positive and robust year and delivered performance in line with budget. The recontracting of Cokenergy was successfully completed at the start of this year, which extends the contract for another 12 years under more attractive terms. A key aspect of the new contract is that Primary Energy will see the full benefit of implementing any new energy efficiency projects at the site. This has enabled the commencement of two new projects that are expected to deliver additional value over the next couple of years. Going forward, we are continuing to identify more projects to deliver further upside as well as opportunities to expand revenue streams, such as capacity payments. At SEEITT Oliva, the updates to the regulatory regime were very positive and expected to ensure better certainty going forward. This, paired with the diligent management of the procurement activities and cash flow, resulted in the investment exceeding its budgeted EBITDA during the year. The Oliva team also successfully recontracted the heat offtake agreement at the Selby site, securing more favorable terms for a further 10 years. Looking forward, there is continued focus on de-risking the margins of the business through implementation of SEEIT's Oliva hedging policy. Another priority, which is applicable across the whole portfolio, is ensuring best practice health and safety is delivered by our O&M contractor on site. We are continuing to take a proactive approach to managing, monitoring, and measuring the health and safety performance of O&M and all of our investments. During the year, Värtan Gas successfully won its appeal against the regulator in relation to a previous decision around the regulated asset base and the revenue cap, which has increased the revenue earning potential of the business and hence the valuation of the business. Operationally, the business delivered the budgeted EBITDA at the same time as increasing the share of biogas in the grid well above targets. 2023 was also the first year with the new CEO, who has completed a review of the business strategy. This has concluded in a renewed strategy that looks to build on the existing assets of the business by developing new revenue streams in markets such as maritime transport, as well as developing new business lines and customer offerings in the energy-as-a-service market. I'll now hand over to Purvi, who will be discussing SEEIT's investment activity. Thank you, Ben. So I'm going to provide some more details on the investment activity during the period and also the outlook for the next year. A total of GBP 161 million was invested in the period. Of this, GBP 142 million was invested into opportunities we had identified previously as growth opportunities requiring capital. These were the continued investment into efficiency projects at RED- Rochester. We previously explained how investing in efficiency projects directly contributes to improving RED's profits and EBITDA margins, and we're continuing to invest in achieving this. We've also continued to invest in the rollout of projects across two of our growth platforms. The first one is EVN, where we continue to support the rollout of EV charging stations across the U.K., including, during the period, one of the largest EV charging car parks in Europe. The second platform is Onyx, where the record number of PPAs and pipeline projects that have been built up over the past few years has required capital to deliver these projects to completion. And finally, a small amount was invested into FES to support the rollout of LED projects across the U.S. We've been really pleased with the progress of the rollout of these projects and expect to continue to invest capital across these investments, which we expect to be between GBP 75 million-GBP 125 million during 2025. This capital that's going to be deployed will continue to meet the capital allocations policy for SEEIT, which targets a premium on return on investment or the implied return of conducting share buybacks. In terms of sources of capital, we have created access to a number of different sources. As Jonathan mentioned previously, we successfully disposed of UU Solar earlier in the year at a premium to NAV. We'll continue to assess and progress opportunities for further disposals where it makes sense. For some of the investments, we are seeking co-investment partnership, which not only helps provide capital for the rollout of infrastructure, but could also provide some partial realization on the existing investments. It's also previously been highlighted to see its strong cash flows. Where cash flow exceeds cost and dividend targets, then that cash can also be used to reinvest back into growth opportunities. And finally, the company has access to short-term capital solutions in the form of utilizing revolving credit facilities, both at the fund level and at the project level. The next slide highlights the growth of SEEIT since IPO in December 2018. The company has achieved substantial scale, notwithstanding the macroeconomic impact over the last two years. As noted, the company generates over GBP 90 million of free cash flow. This has allowed us to pay a fully covered dividend that has grown year on year. This slide is an illustration of the projected cash flows for the company. It should be noted that this is a base case before recognizing any yield accretive opportunities in full. Therefore, we would expect an increase in cash flow cover over time. Jonathan's previously talked about the energy efficiency story and around energy generators and energy savers. During the year, SEEIT's energy generators produced almost 5 million megawatt-hours of energy. On the other side, during the year, SEEIT's energy savers reduced customers' demand for energy by 400,000 MWh. To provide some context, the portfolio saved over 900,000 tons of CO₂, avoiding the equivalent amount of carbon generated by over 872,000 average cars annually. I'm going to talk about SEEIT's sustainability framework. This framework is aligned to the UN Sustainable Development Goals and will distinguish the company as a leader in ESG by focusing on its specific sustainability priorities, each highlighted as one of five principles, these being championing energy efficiency, delivering net zero, promoting sustainable supply chains, supporting our communities, and matching best practice as defined by the company's ESG commitments. This framework provides our investments with guidance on the company's ESG priorities, as well as setting KPIs used to measure performance. And critically, the framework marks the transition from not just monitoring ESG performance at investments to actively managing outcomes. I'm going to talk about some examples of how our investments align with our sustainability framework. As for Principle One, RED-Rochester, SEEIT's district energy system in Rochester, New York, is focused on increasing the efficiency of its generation. SEEIT is already investing into a 38 MW cogeneration plant, which will improve system efficiency by 12%. In recognition of the work already undertaken by RED to improve efficiency elsewhere at the park, RED has received GBP 17.5 million from New York State for various projects to improve energy efficiency. Similarly, in alignment with Principle Four, Onyx is committed to supporting its employees. It has led various training and development initiatives, including an internship program and another that hires veterans. Onyx, in particular, has a focus on diversity and inclusion in its recruitment efforts and support for employee affiliate groups. Finally, Onyx has implemented an annual employee engagement survey to understand how it can best continue to support its employees. With that, I'd like to hand back to Jonathan for a final summary and remarks. Thank you, Purvi. So in summary, I'd like to talk about the scale and diversification that SEEIT has achieved from its net asset value, dividends, and total returns. SEEIT has achieved scale, and its focus on energy efficiency projects makes it unique in the U.K.-listed investment company market for a company of this size. SEEIT's portfolio has grown to GBP 1.5 billion of enterprise value. That's GBP 1.1 billion of equity, GBP 1.4 billion of debt. The portfolio is generating over GBP 90 million worth of annualized investment cash flows. The portfolio is invested across 10 countries, mostly the United States and Europe. From a net asset value perspective, SEEIT has been demonstrating solid operational performance, which has provided stability to the overall portfolio valuations. NAV has been relatively stable before significant upward adjustments to discount rates in the first half of the financial year. From a dividend perspective, the cash flow generation from the underlying portfolio covered dividend pay during the year, and it projected to continue to do so. As such, new forward guidance for dividends is being released at GBP 0.0632 per share. From a total returns perspective, new investments in our portfolio have been focused on our existing projects with the objective to enhance the opportunity for income growth, driving revenues and margins, and also capital growth. We're actively managing the portfolio, and our active management is designed to improve the liquidity through cash generation as well as investment performance of the underlying assets. In the meantime, we're maintaining financial leverage at moderate levels while positioning the portfolio for growth. We thank our shareholders, both long-term shareholders and the number of new shareholders that have joined the register over the last six months, and look forward to providing additional performance going forward. Thank you for your time today. We're happy to take questions if anybody wants to send them in. I think just while we wait for any questions, once again, I'd just like to thank shareholders for their support during the course of the year. I think just a few additional points that we would like to make. First, around valuation methodology and net asset value, cognizant of the discount at which the shares trade to net asset value. We think that we have demonstrated that the valuations that we've been conducting and that we've conducted this time around for net asset value have been substantially vindicated by a series of actions. One of those actions, obviously, was pretty convincing, which is the disposal for cash of one of the major investments that we've had in the portfolio, albeit that we feel that the use of proceeds can very usefully be put to work to achieve higher short- to medium-term results in other parts of our portfolio and also has contributed to reduction of our short-term gearing. But in addition to the disposal for cash, we've also, I would note, conducted independent valuations on a number of the assets in our portfolio. So it's actually about a third of the portfolio investment equity value overall, which has been subject this time around to third party, not just through disposals, but also through third party valuations. We've made notes of the assets within the portfolio that have been subject to third party valuations, and we've taken values into net asset value, which are at the more conservative end of those independent valuations as well. So I just wanted to make that point on net asset value. Of course, we are looking forward to the opportunities to increase the net asset value going forward. We've identified about GBP 40 million worth of NAV increase that we've driven through active asset management during the period. We've pointed to about another GBP 145 million plus of short to medium-term increases, we think, in value through driving revenues, improving margins, actively managing our assets for growth. And within that context, we feel that the performance of the last year is in line with how we're looking to drive value over the course of the next few years. We feel that we're on track. I think the third point on gearing, we've set out pretty significant levels of disclosure of our short, medium, and longer-term gearing. There is a feature of our gearing, a few features of our gearing that I'd like to point out. Some of the longer-term structural gearing, which is where most of our financing sits at portfolio level. A lot of that, as you can probably see from the disclosures at the back end of our report and accounts, amortizes from cash flows from the underlying portfolio. So gearing left to its own devices tends to reduce in SEEIT over the medium to long term. Over the short term, we're using our revolving credit facility. We have paid an element of it down post-period. It currently sits at around 10% of the portfolio investment equity value. The overall gearing for SEEIT consolidated across the entire platform is about 37%. We have tended to quote our gearing as a percentage of net asset value. But if you look at the total portfolio enterprise value, it's about 37% loan to value, so relatively prudent across the group. There is obviously the potential for the RCF to be used in the short term for short-term borrowings to go up over the period, as you can probably see from the graphs, but there is also a tendency for that gearing to come down over time. Eugene also pointed out that if you look at our like-for-like gearing, assuming that substantial run-off, it's about 9.4% levered. But if you were to hold or maintain gearing at our medium to long-term structural targets, it's 11%+. So we think that coming back to valuation, we think we've got a reasonable approach. I can see it comes in that there are some questions that have come in. Yes. Okay. So we'll take the question from Colette at Deutsche Numis first. I think you mentioned your implied returns are circa 11%, assuming current gearing. How do the board feel the 7%-8% target sits with this now, given how markets have moved on? I think in absence of the board, I'll just respond, if you don't mind, on behalf of the manager. So in very round numbers, the unrealized reduction of NAV that we've achieved is driven very largely by discount rate movements. It's not my position today, I don't think, to project what might happen to interest rates over the medium term. But obviously, that would have a very significant impact. But beyond that, the portfolio performance, we think that there is very good opportunity to drive value. We've identified it and reported on a further GBP 145 million plus of NAV increases that we think could be achieved over the short to medium term. That is what we're comfortable to go in print on. We've also made reference beyond that to independent valuations that have been conducted and the fact that where those have taken place, we've taken values into our NAV, which are at the more conservative or cautious end of the range. So we think that there is good opportunity to maintain our medium- to long-term total return targets. That 7%-8% number was from IPO. But I think our current performance capability, based on where the business is today on current run-off leverage, or even if we maintain moderate levels of structural leverage going forward, is good, and we should be able to meet our investment objectives. And hopefully, that's our objective to outperform them. Thank you. So the next question we've got from Shayan at Gravis Capital. You have highlighted various asset management initiatives on the portfolio company level, which should be revenue accretive. Can you disclose the portfolio pro forma portfolio EBITDA or cash from investments? What was the equivalent multiple on invested capital on the UU sale? Maybe Eugene, you can take that. Hi, Shayan. Thank you for your question. In terms of portfolio pro forma portfolio EBITDA, we haven't disclosed that number, but we have told you that the number is in line with budget. However, the cash from investments, we did disclose that's GBP 92 million, up about 8%-9% from the previous year. In terms of the multiple on the UU sale, again, we didn't disclose the multiple. However, we did disclose that there was a circa 4%-5% premium on our previous net asset value for that specific asset at the point of sale. Thank you. Eugene, we've got a question coming from Jeff Mills. The question is, how are you looking to improve your marketing of the company's shares to a wider audience in the U.K.? Jonathan, perhaps you can take that one. Yeah. Thank you so much for the question. I think it's been a big part of our objectives. We pointed out, actually, before Christmas with the interim results that as part of a five-point plan, our six-point plan to reduce the discount to NAV and to drive not just NAV, but share price performance. We're putting a lot of effort into making sure that we get the story in the market for the company in an appropriate, accurate, but also with some degree of visibility as well. So a lot of effort going into marketability and liquidity. How and what steps are we taking? We have been exploring the opportunity to enter new or even develop a shareholder base outside of the U.K. I'll come back to the U.K. in a minute. We've had some success in that with significant increases in the shareholder register coming from U.S.-based investors, obviously seeing value not just in the U.K. in general, but in SEEIT specifically at this level of discount value income. We think really strong upside potential from this share price and clearly a number of U.S. investors recognizing the same. Really pleased to see the buying power, and we welcome very warmly those new investors onto our register. Coming back into the U.K., we spend a lot of time and increasing amount of time working with analysts, working through the private client broker network, as well as dealing with institutional investors. We do a lot of work in the media. We have a pretty regular presence in print media, in online media, but perhaps unusually for an investment manager of an investment trust, in broadcast media, on the radio, on television. So we are increasing the profile of the company as much as we can in the market. I think that the general theme and importance of energy over the course of the last two or three years, particularly after the Russia-Ukraine crisis, but also in the context of climate change and the energy transition, that overall context has really placed the whole role of energy efficiency at the forefront of the story. COP28 last year, where we had a very significant presence, for the first time recognized energy efficiency alongside renewables as the number one call to action for all governments. The European Commission, the European Union have focused on energy efficiency first. We hope that the U.K. government takes energy efficiency, at least in public buildings, industry, and transport, more seriously than it ever has been before, because it's the largest, fastest, cheapest, and cleanest source of greenhouse gas emissions, competitiveness, and resilience for the country. We're doing everything we can to advocate there. I think just very specifically coming back to the investment trust market, it's gone through a difficult period of time over the course of the last two or three years. I think it was up until April we were being told that there had been about 34 straight months of net redemptions from asset managers across the sector. That's created, unfortunately, a degree of technical selling pressure right across the entire investment trust industry. There are early signs that that's starting to abate, at least. Therefore, the work that we do is not just into retail and traditional institutional asset managers, but trying to develop SEEIT's story with fundamental investors coming from the utility, from the energy, and from international capital markets. Thank you, Jonathan. We've got a question from Matt Hose at Jefferies. He's asking, what is the likely impact on dividend coverage from the UU sale? Seems like it might be broadly neutral given the RCT repayment. Hi, Matt, it's Eugene. Yeah, that's correct. Your analysis there, it's broadly neutral. As an additional comment, I would say in reviewing potential disposals, we obviously review the potential impact on the portfolio and including things like forward cover of the dividend prior to agreeing to any disposal. So yes, it is broadly a neutral impact. We have another question from Colette. Can you provide some attribution on the GBP 92 million of investment cash? Where did the 8% growth come from? Eugene again. Hi, Colette. It's good to hear from you. The 8% growth comes from the accretive objectives that we have for this portfolio. This is obviously a portfolio that we've set up to grow. And so we would expect, therefore, our cash from investments to grow year on year. That is a clear target for us as a manager. So it doesn't come from any one specific project. It comes from across the whole portfolio where we target growth. There is an element also, obviously, when you do that, where projects move from construction to operational so they become yielding. We see that in our platforms, in Onyx and in EVN, where that has been the case in the last 12 months. Actually, Eugene, there's a follow-up from Colette on the same question. You flag average contract length of 14 years or so. Is there anything we need to know about the shape of the cash flows? Any peaks? Colette, there's a slide that you'll be familiar with in the deck, which is the future cash flows based on our base case that we referenced earlier, which is a fairly steady growth of distributable cash flow over time. We're just trying to find the slide. Slide 21. There we go. That's a slide, Colette, that I think you'll be familiar with. So no huge peaks in that. It's steady growth over time. If there are any more questions, please feel free to ask them. We'll just hold on for a moment in case somebody has anything further they'd like to know. Okay. Well, look, I'd just like to say on behalf of the managers, this is Jonathan Maxwell. Thank you to our team, our shareholders, our independent board of directors, and all of our stakeholders for their support during the course of the year that we're reporting on. We're busy delivering results during this current financial year. Really look forward to the next opportunity to talk at the interim statements. We are open but very keen to hear from shareholders and listen over the course of the coming period of time as well. So look forward to interaction with analysts and shareholders on an ongoing basis. Thank you again for your support, and thank you.