ION Platform - Thesis confirmed - Model Update

10 points above, where we took our position in ION Platform, we have revisited the credit following Q3 results and improved disclosure. The relationship between reported performance and actual cash generation remains central to our assessment, alongside cash movements across the wider ION Group. The conference call has added a further dimension to our thinking, prompting us to reassess some of the key considerations for bondholders. Our latest work builds on this analysis to refine our investment view.