On days when a company reports developments like Matalan did last week, the benefit of having a fully maintained investment memo and model for comparison becomes most apparent. Based on our detailed work and ongoing familiarity with the company, we were able to react instantly and with high conviction. We will be updating our material for the implications of this news in the coming days, but liquidity looks a little thin and we think it'll be important to trade early.

The August 2024 SUN maturity is looming, so we determine what cash Vivion has to hand, and how its various cash raising options would alter to our investment stance. Our analysis includes all of the maturities faced by the company, where cash can be sourced and what the most attractive and most likely option is. We also address the structure of Vivion and how this may influence management decisions and by extension, our positioning.

We look through Boparan's forthcoming refinancing and consider what is feasible in the medium term. This, in turn, influences our current and near-term investment plans in the name and defines their boundaries. Comparing the significant history the desk now has with the name to management guidance we base our stance substantially on the patterns we have been observing.

Grand City Properties have removed upcoming call decisions on their perpetuals by the April exchange. This has removed any uncertainty from the status of the Perpetuals. Our analysis focuses on the options facing AroundTown and GCP management, and the impact on the bonds if AroundTown increase their holding. With no material upcoming maturities, we have forecasted our model a couple of years and examine the impact of marginal improvement in occupancy and rent levels on performance. We evaluate the risks and investment opportunities, and although we acknowledge external rates will have a large impact on GCP our analysis leads us to taking a certain position in the structure.