A mild positive for creditors. The additional cash is nice to have, more liquidity being better than less, but €60m
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Boparan continues to surprise us on the upside. Strong performance in the Poultry business more than made up for continued weakness in
Read MoreThe produce business has a value of c£600m to an external buyer, but the level of integration with its supermarkets may make this a strategic asset for
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Today’s statement confirms what we have said since we took our position. At year’s end, Synthomer would have been close to its
Read MoreWe have become used to the company announcing asset sales without disclosing the price. That’s unfortunate. But in the wider context, the
Read MoreDisputes over contracts are part of OHLA’s business, and Peru has a long history of cancelling contracts for flimsy reasons. Any settlement
Read MoreWe are supportive of the new appointments. Julien Bares’ background from Ubisoft strikes us as a great hire to lead Creative House 3, the
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The next iteration of Thames Valley and Water's offer for the business is with Ofwat and the company, but still subject to negotiation and
Read MorePreliminary FY25 figures had already been released last month, and this morning’s audited results confirmed that, except for the lower revenue and
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Antolin beat our expectations into year-end. Revenue was almost 10% better, and consequently, Q425 EBITDA margin improved
Read MoreEarlier this month, we commented on the appointment of FTI to advise the banks. Now, we are seeing that this will include an
Read MoreThe changes at SBB reflect its reality; it is now a holding company with interests in three Scandinavian real estate businesses. Currently, the valuations
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A number of you have enquired about the potential sale of Modulaire’s Australian business. Brookfield will be reluctant to sell the Australian business. They will only proceed if
Read MoreMoody’s has revised the outlook on AMS Osram’s B3 rating to positive, reflecting the company’s improving credit profile. The announced asset disposal, together with
Read MoreLawyers and financial advisers are already sharpening their pencils ahead of a restructuring proposal at Cerba. Anyone familiar with our analysis will recognise that
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