AA - Exit in sight

All,

Please find our unchanged analysis here.

In the absence of any announcement from Albert Bridge, it is highly likely that the B2 Notes will be repaid in January. Following the announcement of the Scheme Documents this morning, outlining a firm timeline with the Court Meeting is scheduled for 12th January 2021. With Shareholder approval, the takeover is likely to be approved. This will pave the way for the new issuance out of the BidCo of £280m in New Bidco B3 Notes. These proceeds, plus the new monies of £261m will be used to repay the B2 Notes.

Happy to discuss.

Tomás
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