Amara NZero - comment

Amara NZero continue to implement their restructuring under the bond documentation. Recovery in the form of classic debt documents is effectively NZero, but the new preference shares will carry value and taking off the interest burden was not only sensible, but a requirement. We do not doubt that this business will recover, and perhaps faster than we think, considering the outlook on energy costs. We remain long Amara and would be in the 99% supporting camp of the deal. We will be updating our analysis in the coming weeks on whatever material we will have by then.