Losing the head of the technology business is a blow, but Tim Steiner will be perfectly capable of stepping in in the short term. However, Steiner will want to
Read MoreThat the appeals would be thrown out was all but certain (see previous notes). But not being lawyers, we find ourselves asking what
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No mention of an Altice SFR-type transaction on the Q4 and FY24 call. Revenue is marginally down for the year, EBITDA 3% lower at €1.6bn. Some of the underperformance in EBITDA is explained by
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Altice confirmed that 98% of creditors have supported the recent transaction which extended the maturities and partial writedown off outstanding debt. Pro-forma leverage now sits
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The Sarria Rotation Discussion #3 is now available on the website members’ landing page.
Names under review: AMS Osram, ASDA, Emeria, Matalan, Morrisons, and VictoriaPlc.
Read MoreThe exit of Tullow from its Kenyan operations is confirmation that the equity story is dead. Tullow Oil have agreed heads of terms for 100% of its interests in Kenya for $120m, $40m of which is payable on completion and an additional $40m by June 2026 at
Read MoreThere is never a good time to lose senior management but with the industry in flux and a refinancing required for its Dec 2026 bonds, now is
Read MoreThe UK CMA is getting out of the way early as it hardly has a goat in the race. The competition watchdog is inviting comments on the SES/Intelsat merger by April 29th.
Read MoreThe Very Group announced yesterday that it will place £598m senior secured Notes with August 2027 maturity in early June, and proceeds to call the
Read MorePrada has agreed to buy Versace for $1.375bn or 1.3x LTM March 2024 LTM Revenue. Prada has at least benefitted from the tariff debacle, with
Read MoreA group of its main shareholders consisting of Invesco, Tresidor, Man Group and Napier Park is injecting an incremental £25m fungible with the existing
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The Sarria Rotation Discussion #2 is now available on the website members’ landing page.
Names under review: Antolin, Adler Pelzer, Kem One, Rekeep and Viridien
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Please find our unchanged analysis here.
A lot has happened since we took a short position in early February across Cerba’s capital structure. There were rumours, counter-rumours and eventually a statement from the Company stating that Cerba, like any other company, has regular discussions
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The Sarria Rotation Discussion #1 is now available on the website members’ landing page.
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Although the new Super Senior facility has given Kem One some liquidity, we maintain that without a recovery in the PVC market, liquidity will
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