Skeletons falling out of the closets in LatAm. Potentially explosive material in the Exito/GPA reshuffle.
It emerged over the weekend that Casino allegedly paid E30m to then president Lula to thwart
Read Morefurther to our email this morning: CDS is ultimately still set to be triggered.
- Contrary to our initial assessment, the primary motivation for merely changing the voting threshold via the schemes is not to avoid a trigger under the CDS
Read MoreSome important detail in the fine-print of TCG’s Skeleton Argument filed with the court:
CDS: The news that the court approved the schemes to proceed on 18th of Spetember were not overly spectacular. However,
Read MoreSteinhoff continues to go sideways - given the ubiquitous retail market pressure and its own woes. Only Pepkor are growing, albeit at blistering pace.
Read MoreDouglas informed us the other day that following a review they would be closing 70 stores - all of which were in international businesses. The presentation today does not make any further comments on what
Read MoreLowell have purchased £33.5m of the SUNS. While the IRR on the SUNs is admittedly higher than what Lowell calculate on their investments, this move hardly makes sense in the context of a company that has to find
Read MoreWe are buying 5% of NAV in the Intralot 24s at 52c/E.
Intralot have announced a renewal and extension of their USD line, now extending to $40m. The facility is to be used within the US business and may therefore not be directly
Read MorePizza Express did not present any news on a possible restructuring today, but nonetheless seem to be due in H2 of this year as business is FCF neutral and at best remaining so for the foreseeable future. Given coupon
Read MoreThoughts:
- Really the only news is a more precise announcement of the Equity split between Fosun and creditors across the two businesses. The impact is
Read MoreCrucially, the penultimate point in the presentation is: “Capital Structure”, before the ultimate point: “Next Update in November 2019”. So we are curious as to what the comment on
Read MoreSteinhoff have announced the successful completion to the company’s financial restructuring - or at least the first phase until shareholder claims have been established.
Read Morewith respect to news flow of Galapagos entities triggering an event of default and applying for UK administration. Please note that this is entirely part of the so called “Alternative Plan”, which
Read MoreCall is at 2pm but first glance at the numbers is slightly worrying. EBITDA improved to $74.4m in Q2 2019, compared to our $70m projection and Q2 2018 level of
Read MoreCasino has this morning released a statement this morning - outlining BRIEFLY its strategic plan and POTENTIAL further asset sales for 2020 and 2021.
Read MoreAn analysis of the timing of the restaurant roll-out (mostly 2016/2017) suggests that a significant number of international restaurant locations is coming up for
Read MoreSales are slightly weaker and gross margin slightly stronger than we expected from the order/volume ratio previously communicated. But in the scheme of things
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