Coulson’s exit would pave the way for a consensual deal re-instating the SSNs, with the SUNs being converted to equity. This deal would be
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VMED is the natural purchaser of Vodafone's spare spectrum; OFCOM needs to approve the deal but is unlikely to block it. VMED will now
Read MoreThe settlement of the Sidra litigation is a significant weight off OHLA. A potential liability of over €200 million has weighed heavily on OHLA since its
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Now is the time. Around 90c/€, the bonds are almost begging for an A&E that looked impossible only six months ago. The weather has
Read MoreWhen announcing Asda’s new drive to become Britain’s largest apparel retailer, it is worth bearing in mind George’s proximity to
Read MoreFlora has priced its new €400 million senior unsecured bonds at 8.625%. The proceeds will be used primarily to redeem the remaining €300 million of
Read MoreThe repayment of the remaining €111m promissory notes will have consumed most of €123m of on-balance-sheet cash at
Read MoreGeorge is a rare bright spot for ASDA, but expanding from dominance in kids’ clothing to adults will be tough, but we agree with the sentiment.
Read MoreThe refusal to supply under a contract is a serious step for a supplier. However, Aston Martin is now receiving the parts, and production has
Read MoreThe balance sheet restructuring of Victoria Plc is painfully slow, but another milestone was completed today. The RCF, which had traded away from
Read MoreJosé Elías failed to get any traction in opposing the Amodio brothers at the AGM. What Elías does now is unclear, but we
Read MoreThe ownership and operation of Natgasoline will be a priority for Consolidated Energy and Methanex, but not immediately. We expect the
Read MoreIt’s a little earlier than we thought. Adler are already receiving banking pitches to sell its remaining ADO portfolio. If we were Adler
Read MoreThe sale should see gross proceeds of around €70m. Assuming 90% ownership and a bank LTV of 20% => additional liquidity of
Read MoreGetting €45m of cash from Qatar (relating to the Metro contract) is a significant boost to liquidity. The Sidra has not yet been
Read MoreAston has resumed exporting cars to the US, indicating that pre-tariff inventory is now exhausted. Our forecasts already have
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Please find our initiation on BioGroup here.
Many of you have asked us to look at BioGroup following our detailed analysis on Cerba. Although BioGroup operate and is subject to
Read MoreThe Canalejas mediation will cost OHLA €6m rather than the €40m claimed by Mohari; we had seen the result of the mediation, but now we
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