6-month financials released this morning bore the scars of lockdowns in its Greenlit subsidiary. Corporate cash (including some subsidiary receivables) is
Read MoreADJ are beginning the squeeze-out process for ARE. This has been anticipated, but ARE bonds are not liking it this morning. ADJ are pursuing the
Read MoreThe Group CEO in an interview today reiterated that the restructuring remains on track and that expectations of revenues for this year and
Read MoreThe retailer today revealed a new £60m 18-month facility to help preserve liquidity as it returns its super senior CLBLIS and 0.5 lien notes. While the
Read MorePlease find our unchanged analysis here.
The formalisation of Bafin’s investigation is perhaps not the most shocking news. We have been discussing implications for a while and it’s been a feature in our positioning decisions, but it’s worth reasoning through the structure of BAFIN's involvement to make sure we aren’t missing anything major. Meanwhile, Consus are delisting their shares just in time for the 9-month deadline from year-end.
Read MoreWe noted on the Q122 conference call that KME management expects to announce in Q3 how it is going to refinance the outstanding €110m SSNs (maturing in February 23). We are
Read MoreVivion has decided that some of its prodigious cash pile might be better to hand back to bondholders. It has announced a market price-based bond buyback program to buy
Read MoreSlowly but surely, the level of transactions in the shopping centre space is starting to return. Various press reports outline potential asset sales at
Read MoreThe Petroleum Commission for Ghana has updated its monthly stats giving investors an insight into Tullow’s monthly production numbers at
Read MoreThe 6th sanction package passed by the EU is causing trouble at the Lithuanian border where Russian Steel is no longer allowed to pass from Kaliningrad to
Read MoreIn conversation last week with clients the issue of the legality of a proposed dividend for the new Tullow/Capricorn entity was discussed. For clarity, if leverage is below 1.5x, which is likely if the merger completes, there are limited
Read MoreIn light of the current state of the market, the methuselahmic sponsor of 10 supportive years, cost pressures all round, disposable income concerns, Takko are again worth sharpening our pencils for. To be sure, Takko have performed admirably throughout the pandemic, even when considering the fresh cash injection last year. But the debt pile it has been carrying so lightly in years gone by is now becoming very very heavy. We have been toying with a recap model and have extended our forecast to take more of an owners’ view of the name.
Read MoreTesco released its Q1 numbers this morning, and the CEO is quoted saying “we are seeing some early indications of changing customer behaviour as a result of the inflationary environment. Customers are facing unprecedented increases in the
Read MoreJLR released their Annual Report last night. The majority of the numbers have been released as part of the quarterly reports and an initial glance at the Annual Report does not highlight any issues. The current
Read MoreAston Martin has a potential issue in its UK supply chain this summer. Workers at seat supplier CabAuto are planning a series of one-day strikes on 28 and 30 June and 4th-8th July over pay. A short
Read MoreA couple of announcements were released from Casino this morning with Casino extending their partnership with Gorillas to include the Frichti platform. More importantly, Casino also announced the simplification of its corporate structure by regrouping all its
Read MoreYesterday saw renewed press speculation about the GreenYellow sales process with Ardian, the latest investment fund, rumoured to have submitted a preliminary bid. This confirms earlier speculation that it is
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Please find our updated analysis here.
Accentro has sought to shift its strategy, ostensibly to reflect changes in German housing legislation. It has moved from being a nicely dull refurbisher and seller of apartments mainly in Berlin, to large-scale reconstruction of stressed rental assets in eastern German cities. Yet we struggle to shed the idea that Accentro may only have been a passive player in its acquisitions and that its size and shape today may not be the result of ordinary in-house corporate strategy. While bondholders are primarily concerned with asset value - we have made only minor adjustments to our previous valuations - implications from the aforementioned concern - if true - would be complicating matters.
Read MorePlease find our unchanged analysis here.
The announcement of a proposed Tullow/Capricorn merger earlier this month provided Tullow debt investors with some relief in the current market malaise. There is no doubt there will be instant deleveraging of the Tullow balance sheet on the completion of the deal expected in Q4. However, recent speculation has raised the possibility of the deal not completing, or at least not on the current terms.
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