We are puzzled by the fall in share price after the results and call. We do think that management may fill any funding gap with debt rather than equity, but that will eventually be a
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Market chatter confirms that £27m VIctoria RCF was auctioned yesterday, but we can't confirm if it traded. This follows a similar size piece that
Read MoreDrax released its FY24 numbers but we await the Q&A to glean new information about its agreement with the UK government regarding subsidies for
Read MoreYesterday’s results are further confirmation that Grifols are exiting our space, with 10% revenue growth, 25% EBITDA margins and
Read MoreWe somehow struggle to see how a sovereign like Luxembourg will have itself diluted the way a US activist fund would like to see it. Management did emphasize on yesterday’s call that
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With OHLA having completed the recapitalisation in 25Q1, the FY24 results are a sideshow, but were ahead of our expectations. Our focus will be o
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If the company has appointed advisors, this is positive for bondholders. The sooner the debt is restructured, the better. There is little point in the company waiting until
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A strong call from management this morning. Operating results are overall as expected, but Media with a better result and Networks with a worse result than
Read MoreWe had expected the announcement yesterday, but Altice the cleansing statement outlining the proposed deal only reached us today. Creditors have until March 12th to accede to the
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We were expecting an announcement this morning from the Company confirming a proposed deal between creditors and the Company. Some details are emerging from
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Clariane released its FY24 financials last night. The numbers for FY24 are in line with previous guidance. Clariane is enjoying a good trajectory operationally coupled with
Read MoreSo we were wrong about the popularity of the deal for the SUNs. As of Friday, 87% of SUN holders had signed up to the somewhat coercive deal. We had expected a
Read MoreAn extension for ASDA to complete its separation from Walmart's IT systems makes sense as Walmart retains an equity interest in ASDA. The project has
Read MoreWith a price point of nearly €60, Birkenstock is inevitably going to attract cheaper competition. Birkenstock is aggressively trying to prevent
Read MoreKem One bondholders have organised under law firm Paul Hastings, to provide additional new money or, more importantly, to ensure any new money providers don’t
Read MoreDon’t get too excited. Press over the weekend reports that Altice is seeking to exit its fibre JV OXG with Vodafone. Firstly, this is Altice Luxembourg SA, the
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Rekeep will redeem its existing notes today, February 21st. This exits our successful long position in these bonds, initiated in
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Q1 was a strong quarter, but management maintained guidance for FY2025 due to macroeconomic uncertainty (including tariffs). We expect little change in the
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