Branicks - comment
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 been that all of the creditors are incentivised to cooperate in extending maturities. This standstill gives the company time to negotiate with the SUN’s holders, the bank lenders and all of the promissory note holders. No longer being seen as a forced seller will aid Branicks in achieving better prices for the Branicks and VIB portfolios. We are assessing whether this is the right point for us to re-enter our successful long in the SUNs.