Shareholders and Investors may be interested in understanding the impact that issuing Convertible Notes has on a company’s NTA value and other metrics important to investors in LICs. The primary reason is to be able to amortise the expenses over a larger shareholder base, thereby increasing the earnings per share. Entrusted with additional funds the investment manager has the capacity to make additional and new investments that it may previously have wanted to make but either did not have the funds available, or the parameters (fund rules) did not permit the investment to be made. An example of this might be a rights issue or new IPO or simply that the investment manager may have that ability and thus more funds to invest into a larger universe.