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I used to have a large holding in ESP, bought at a couple of the fund raisings last year. However, I sold out, not because of the Brexit story but because 1. I was concerned when the finance director recently resigned, 2. The management incentive scheme looked greedy, given the size of company and what was already in place, in my opinion and was not backed by blanket vote from shareholders when it was passed, 3. the portfolio revaluation gains have been a significant part of dividend, which has until now not been covered by earnings (ie from my understanding the capital raises have been used to fund the headline 6p dividend). 4. another fund raising is due, the problem they have is to get large oversubscription is harder given last was @107 and share price not that much higher now.
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