Stonegate - comment

Attracting a strategic buyer could be very attractive for Stonegate. Heineken's framing of "advanced talks" suggests the deal is on track and should lift rival bids. We don't know if "advanced" already means exclusivity, but we are very encouraged. We continue to hold our 5% long position in the high coupon bonds and, as stated before, consider the momentum favourable for a wider refinancing next year that will bring Unique and the remainder of Platinum back into the fold.