UPCOMING EVENTS
Branicks - 25Q4 Results, time TBC
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- for speed listening, go to the settings wheel on the bottom right of the video and choose playback speed - after one minute video becomes high-resolution.

Intro, Legal and Cap Struct - 20 Mar 24

Description, Portfolio - 20 Mar 24

Liquidity, LVT, ICR - 20 Mar 24

Investment Discussion - 20 Mar 24

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Aengus McMahon
Branicks - comment
Aengus McMahon

An agreement with the EUR87m Promissory note holders was the only logical choice, but the SUNs could rise by a few points in relief. Our core thesis has

Aengus McMahon
Aengus McMahon
Branicks - comment
Aengus McMahon

The Promissory Noteholders are clearly playing hardball, but would be significantly impaired if they triggered an uncontrolled liquidation of

Aengus McMahon
Aengus McMahon
Branicks - comment
Aengus McMahon

Getting the Domination Agreement approved paves the way for the Amend and Extend operation for the 2026 SUNs. The full-year results will

Aengus McMahon
Branicks - Chips - Positioning
Aengus McMahon
Branicks - Chips - Positioning
Aengus McMahon

Please find our updated analysis here.

 

Branick’s SUNs will suffer some volatility over the next quarter as the company puts together an Amend and Extend package for the SUNs. Our core thesis is

Aengus McMahon
Aengus McMahon
Branicks - comment
Aengus McMahon

The Amend and Extend operation for the Sep 2026 SUNs will start immediately after the Branicks/VIB control and profit agreement is

Aengus McMahon