Branicks will meet the remaining €110m in 2025 Promissory Note maturities from asset sale proceeds. The next catalyst will be an
Read MoreThe Amodio brothers are trying to prevent José Elías's allies from controlling the board, and he, in turn, is trying to dilute the Amodio
Read MoreTerrible timing on the announcement and indicative that the internal machinations at Atalian have not gone away. Atalian losing
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Crucially the company has not yet released the Q4 financial statements. Revenues are right on target and cost management has been some €10m worse than
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AroundTown released its FY24 accounts, demonstrating continued European real estate market improvement. AroundTown continues to
Read MoreThe head of the institutional business is leaving, and the CEO will take over his role in a slimmed-down management board. We are relaxed about
Read MoreThe execution of Guarantees in favour of Kuwait will tie up €39.5m of liquidity. OHLA has sufficient liquidity, but the outflow raises the possibility of further
Read MoreWe took that short just in time. It turns out, however, that we don’t have to wait for Q1 to look forward to covenant discussions. We hear that not
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Tullow - No CEO, quickly becoming a one-trick pony. Tullow has sold its working interest in Gabon for $300m (to close over the summer), which leaves Tullow increasingly
Read MoreMorrisons is cutting costs rather than prices. There are only 365 in-store redundancies, so the cash impact will be
Read MoreColisée, a peer of Clariane, has seen its Term Loan B price fall into the 50s from the low 90s due to its overleveraged balance sheet and some
Read MoreThe latest price cuts announced will have been part of the plan rather than an additional tranche. Company-calculated leverage at FY24 was 2.9x, including supply chain
Read MoreAMS Osram released its Annual Report this morning. We are reviewing the details but have already commented on the Q4 numbers released
Read MoreAltice International are again trying to sell their Covilhã Data centre in Portugal, with press reports stating that the base valuation exceeds €100m / close to
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Kem One has announced the anticipated new money finance to meet its liquidity needs, settling on €200m, €120m funded at closing and €80m effectively as a
Read MoreASDA’s price cuts were bound to draw a response from competitors. We don’t expect top-line stabilisation this year, and management has
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Topline and Gross Profit/EBITDA were broadly in line with our estimates; operating cash flow was higher due to a better-than-expected payables performance in
Read MoreThe 1Ls are creating Selecta now at a mere 40% of what it was worth only a year ago. We are not suggesting that was the right valuation then
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