Selecta - comment

The replacement of Nicole Charrière was expected, although we like that she will be staying on to transfer affairs in order. What we very much welcome, however, is the creation of an unheard of Chief Business Profitability Officer in the person of Paul Hearne, previous MD of Selecta’s UK+IRE operations, substantially part of the former Autobar business. He is a vending specialist with the right background to give us hope that the business can produce positive margins. We remain long our tiny position from 2LNs and fresh cash.