Kloeckner Pentaplast - comment

We have sold our 2% position in the KP SSNs yesterday for 91.25c/€. It is August, and our January thesis of a satisfactory refinancing of the senior part of the capital structure is beginning to expire. Meanwhile, we are receiving news of the US administration’s renewed focus on pharma imports, which should not have so much of a direct impact on KP as perhaps a secondary one. As long in the tooth as this deal is now, we’d rather crystallise what’s remaining of the initial gain from our purchase price of 90c/€ and move on.