Douglas - comment

That IPO is coming. It’s not typical for Douglas to release earnings early, but those we’ve seen this morning even beat the trajectory we have been modelling. Q1 sales were right on target, but we think were achieved at lower volumes / higher prices. EBITDA beat our estimates by some €15m. The cash-paying PIKs are callable at 102.063 from April, and we are seeing bids at 101 this morning. So we will leave some cash on the table and exit this position now.