Pepco today announced it had begun to narrow the negative LfL trend and curtailed CapEx. The company is signalling price investment - in line with

Pepco this morning alluded to data suggesting Central and Eastern European shoppers will rebound over the next year. Management has sensibly scaled back it

Pepco are holding their corporate marketing event today. The outline appears to be in line with our previous comments, in that store roll-out will be

Exactly how the LfL calculations work in a given period is always hard to tell. The sales/store data does deviate somewhat from the LfL published this morning. Let’s say it’s flat.  But the real cracker will

Following the sudden departure of Pepsi’s CEO, the company is announcing a profit warning for the year, along with sweeping changes in Pepsi’s

Trevor Masters has resigned out of the blue and with immediate effect. We know of no reason for the move yet and stunned as we are by the rocky move, we are

Poundland had a better Q3 than we expected with +9% LfL growth. Pepco, meanwhile, came in right on target with €831m of revenue, down -1.2%. The market seemed

Tis done. The restructuring is complete - all the way to the next restructuring. Our analysis and model already reflect the new reality. The CVRs have been

Yesterday was Restructuring Effective Day as the Amsterdam District Court homologated the plan in spite of objections raised by a

Pepco are launching a €300m bond to repay their term A facility of equal size. It is interesting to see the bond market out in front of the private lenders on such a

Pepco’s H123 underlying EBITDA came in slightly low at €211m vs our expected €230m. “The Group remains confident…” in its EBITDA guidance for the year

The restructuring plan was accepted by all classes except the SIHL equity. The plan is therefore set to be accepted. This morning Pepkor have

Tempus Sealy have agreed to acquire all outstanding shares in Mattress Firm at a valuation of $4bn, almost precisely the value in our model (sheer luck). The consideration will

Tomorrow is voting record date, kicking off a two-week voting period for the plan. Simultaneously, the company (Stichting Steinhoff Recovery Foundation) will

Following the end of the consultation period, Steinhoff have settled to award 20% of future equity in the form of contingent value rights to its current shareholders,

Pepco Poundland have put forward another strong quarter of growth, even as LfL at constant currency its Pepco stores generated only 31% growth, vs.

Steinhoff have extended their Consultation Period to April 17th. There will certainly be challenges coming in from the German union for small shareholders as well as

Creditors are taking full control of Steinhoff, following shareholder rejection of about everything at the AGM. The company has initiated its alternative

Shareholders representing over 40% of the total have resoundingly rejected every single agenda item up for vote at Steinhoff’s AGM. The company will

Turkeys are voting for Christmas today. It’s AGM in Amsterdam and

Steinhoff have sent their Q1 sales update through December. We’ve had some of the subsidiary updates already but in total, Pepco continues to

Late, but stronger than we thought. The Seifert settlement reached by the company of €202m is bigger than what we thought it would be and at least in nominal

Turkeys to vote for Christmas. Unsurprisingly of course E&Y have given their fairness opinion on the Dutch restructuring plan, a required

The company is placing another 7.2% of Pepkor shares to retain only 43.8% thereafter. Not knowing the legal specifics, we think that breaking

The company received the green light from SA to call its AGM, which is now “to be held on Wednesday, 22 March 2023, at 13:00 CET at Muziekgebouw aan ‘t IJ, Piet Heinkade 1, 1019 BR Amsterdam, the Netherlands, and which will

We’ve heard back on the reason for Steinhoff’s delay of its AGM. Apparently, the Johannesburg Stock Exchange has not yet given Sign Off for the

The company announced a delay in preparing for its AGM today without mentioning the cause. As a result, the AGM will have to be moved. On the