Foresight Solar (FSFL) has had to pay more to UK tax authorities to settle historic liabilities, knocking another 5.5p from net asset value per share on top of the 3.6p adjustment made in November. Overall NAV per share fell 2.9p to 99.2p in the fourth quarter a trading update showed, benefiting from a higher production forecast and other positive factors.

The company said: “The investment manager recognises this is an extremely unwelcome outcome. However, Gary Fraser, CEO of Foresight Group, assured directors this adjustment concludes the matters arising from the company’s voluntarily agreed position with HM Revenue & Customs, and the investment manager is confident it brings clarity to both past and future tax liabilities.”

FSFL shares slipped 0.9% to 63.3p, a 36% discount to the new NAV.