It’s a big day for Adler who have to get it right in today’s sanction hearing at the high court. We see Adler’s chances (within the high court) hinging mostly on the philosophical question of whether or not the outcome of a plan should
Read MoreAMS Osram have completed the management change, with a new CFO to start on July 1st. Rainer Irle joins from Siltronic AG, a manufacturer of
Read MoreMoody’s rating change acknowledged the importance of the sale of Caneljas and CHUM for OHLA. The growth opportunities shown in a healthy order book are constrained by cash trapped in JVs and the banks due to
Read MoreBlackstone has agreed to a cash offer for Industrial REIT Limited for c.£500m, which although a premium of c.40% to current trading levels, is a
Read MorePlease find our slightly amended analysis here.
We expect to take a long position, once the weak H1 results have been digested by the market. Bond yields are now near 13%, meeting our initial risk-reward target. Our hurdle rate is a moving target, real estate yields are rising and this will impact
Read MoreOcado’s IP litigation win against Autostore in the High Court yesterday was comprehensive. The risk of costly compensation and potential ongoing licencing
Read MoreCasino confirmed the tender and cancellation of €100m of their Quantrim bonds, at a price of 94% plus accrued, reducing the outstanding amount to €553m. Allocation was
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Please find our updated model here.
Since adjusting our position to a net short on 2024 bonds before the release of FY22 numbers earlier this month, all bonds have experienced significant price falls. This is primarily due to the poor Q4 performance in top-line sales, and the surprising working
Read MoreA recent headline about Kroger slowing down its CFC rollout could be misleading. Kroger is struggling to find the right sites however; it also says it
Read MoreAs flagged during the release of their Q3 results, Iceland announced a consent solicitation for both of their bonds in relation to the requirement to file
Read MoreThe follow-up to the December short-seller report on Vivion, reiterated some allegations of aggressive valuation alleged in the original. There are some
Read MoreCreditors are taking full control of Steinhoff, following shareholder rejection of about everything at the AGM. The company has initiated its alternative
Read MoreAggregate have sold the Crown 1 site of their QH asset. This completes the disposal of the rest-dominated eastern half of the quarter, leaving Aggregate with only the
Read MoreThe European Commission has approved the DMS transaction. This was largely expected. The main outstanding hurdle is
Read MoreOcado’s Q1 trading statement this morning displayed a continuation of the slow improvements seen in the recent FY and Christmas trading statement. Customer numbers are rising slowly albeit with flat basket sizes. Our thesis is that the
Read MoreOn Friday, Orpea entered into an Accelerated Safeguard procedure, in order to implement its restructuring plan. Note that the time is limited to a maximum of 4 months, with
Read MoreAhead of the Elior shareholder vote on April 18th to approve the DMS acquisition, Elior this morning published the meeting agenda/resolutions, along with
Read MoreTullow released its annual report this morning and at first glance, there is nothing additional to their already released FY22 numbers. It is interesting to note that
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