As outlined in Orpea’s statement when confirming the signature of the lock-up agreement, Orpea have commenced discussions with secured lenders of
Read MoreLate, but stronger than we thought. The Seifert settlement reached by the company of €202m is bigger than what we thought it would be and at least in nominal
Read MoreQ4 was positive for Oriflame, as was the call. The company confirmed that it has moved all exporting operations out of Russia and so our fear of
Read MoreAdler are amending their LUA to extend the deadline to find an auditor September 2024, as the company would have to ask for a waiver very soon after the
Read MoreTurkeys to vote for Christmas. Unsurprisingly of course E&Y have given their fairness opinion on the Dutch restructuring plan, a required
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Please find our amended analysis here.
Despite the worsening the Going Concern language in its Annual Report, our model shows Stonegate Pubs will not need fresh cash. So far, Stonegate has substantially recovered cost headwinds through price rises and menu changes. Price rises in its estate over the l
Read MoreWe are seeing our INTU position quoted lower today on the back of news that PWC’s role is being questioned in their audits of
Read MoreTold you so. The German perfume and cosmetics retailer is out with a very strong and decisive Q1. For reasons we’ve outlined before, we
Read MoreAll,
Please find our slightly updated analysis here including a new Teract Calculator.
Please call desk for guidance on how to use it.
We’ve already discussed this with some of you. Recent legal changes within Casino’s French retail assets and the subsequent appearance of Teract on the scene warrant another
Upfield completed the solicitation in order to reduce its Senior Secured 1st Lien debt, and has now reduced c.€250m of their Senior Debt, namely
Read MoreGiven its stake in VMED 02, Liberty Global would not be allowed to exercise any control at Vodafone. The 4.9% equity stake is a play on Vodafone’s recovery after a
Read MoreAnd we finally arrive at the next stage. Orpea announced the signature of the lock-up agreement for the financial restructuring plan, along the lines
Read MoreTullow has referred its disputed Tax Claims from Ghana Revenue Authority to International Arbitration in London. This refers to two disputed tax assessments, which involve the
Read MoreThe decision by the FCA not to levy a financial penalty on Amigo should help smooth the equity-raising process. Amigo has acknowledged the
Read MoreM&G provided the £200m refinance loan to refinance the Ribbon CMBS, which we expect is sized and priced to allow the loan to port if Vivion chose
Read MoreRumours of a sale of Telemach in Croatia have surfaced before and been rejected by the company. United is actively seeking to part sell its
Read MoreBuying a generics business for €3bn seems a stretch unless Bain is willing to put a lot of equity into the deal. The new issue market is thawing, but
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