It is not surprising that an IT project of this size has overrun and cost more than expected. The issues have contributed to the unavailability of
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Yew Tree is contemplating taking its stake in AML as high as 35%, which would require approval from the rest of the shareholders not to seek a
Read MoreThe restructuring proposal already has 78% support from bondholders, so a successful counterproposal is unlikely; the existing equity will
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The FY results were in line with our forecast. Property write-downs were 1.8% in FY 24, but the picture differed across the various portfolios. Office valuations
Read MoreThe company has signed the investment partnership agreement with Cerberus. This is the framework agreement that was underlying the turnaround plan
Read MoreThe tweaked proposal tilts the table more towards the providers of new capital (the Super SSN and equity raise). With 68% of the SSN holders already locked in, the
Read MoreRaising an additional £125m in cash will plug any hole in Aston’s liquidity before it emerges. The sale of the minority stake in the
Read MoreThe support for the restructuring is forthcoming, surpassing 91% according to a press release, allowing the
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Rekeep posted its Q4 and FY24 numbers on Friday, most of which were released as part of the refinancing in February. Takeaways from the call include
Read MoreGrifols has applied to the German Federal Financial Supervisory Authority to squeeze out the minority shareholders in its
Read MoreThat KKR’s terms are acceptable to the Class A is somewhat beyond doubt, since there would be no point in going through the motions if they
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The inability to pass on higher wage costs and client losses in France were headwinds in 2024. Revenue was in line with reduced guidance, but EBITDA was
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The call yesterday was as long as they usually are at Emeria, although the company’s policy to issue the financial report only a month later felt a little
Read MoreThe presence of Allan Leighton, who is stamping his plan on ASDA, will reduce the role of chief customer officer. Allan Leighton's importance to ASDA is
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The numbers continue to improve although deleveraging has slowed. Investors don’t appear to care, with several balance sheet refinancings/taps reducing the
Read MoreThe directors who came onto the OHLA board as part of the Excelsior investment have resigned. We knew governance at OHLA was poor, but the row over the
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Morrisons had a good start to the year (to end Jan). Q1 sales +2.1% LFL, in contrast to the -4.2% at ASDA. The company has increased its
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