Please find our model on Kem One here.
After a brief conversation on the desk, the consensus is that Kem One is not investible at the current time. The current outlook for PVC and caustic soda, especially given the excess capacity in the European market, implies EBITDA will remain subdued in
Read MoreThe tender/exchange offers announced today seem to offer plenty to investors without a significant increase in risk. We suspect this operation has a lot to do with
Read MoreGrifols have ceded to pressure from minority shareholders and appointed two further directors to the Board. Mr Paul Henderson’s appointment follows
Read MoreThe value of the logistics building sold will be around €2.5m. We expect the cash
Read MoreThe Q3 trading update had no surprises, but we will have an opportunity to ask questions on the upcoming call. Vivion has now dealt with the
Read MoreAs part of the Q3 revenue release, Clariane confirmed they met the €300m minimum liquidity requirements on the 3rd of November intending to
Read MoreA new shareholder has appeared on Victoria’s register, Philosophy Capital Management LLC, with a 6.6% stake. In context, this is a £3m position and
Read MoreWe were discussing on the desk yesterday how one would actually prevent Thames Water from directly or indirectly paying fines with the
Read MoreWe like how the Covalis bid could work with lower price hikes “so long as concessions could be reached on fines and the pace of capital investment in
Read MoreThe share register in Victoria Plc continues to evolve as The Spruce House Partnership exits its position. From holding 20.7% at year-end, they have reduced to
Read MoreThe additional €185m loan at ASDA will refinance the GBP300m SSNs maturing in September 2026. The SSN coupon is 4.5%, which will be
Read MoreThe additional €53m of EMTN holders seeking to accelerate their holdings makes little difference to the case being heard in the English Hig
Read MoreRahul Dhir, the CEO of Tullow has indicated his intention to resign from Tullow in 2025. This is a surprise with Tullow entering into a crucial period with
Read MoreVolume, volume and more importantly, the lack of volume. Standard Profil reported disappointing results yesterday, with revenue down 9% from
Read MoreWe have decided to sell our 2% position in the senior secured notes at 96.5 giving us a nice profit of ten points in five months as we feel the upside is limited given the
Read MoreWe are slightly puzzled about what Adler Pelzer need €185m minimum cash for, but the entrance of the Hayashis and the partially drawn RCF suggest, and now the
Read MoreWe are inclined to dismiss the Castle Water offer, despite the large headline tag of £4bn. We don’t have any details beyond what is in the press, but
Read MoreOHLA expects to complete the SSN exchange and the first part of the equity raise by mid-December (from the new investors), which is positive for
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