Casino/Rallye - comments

Rallye released its Annual Report late last night with little new information to the market. We are a little surprised that there is only €15m available under the facility with Fimalac our numbers show there to be c. €36m in availability. Reminder, this facility was used to fund the tender of the unsecured bonds in early 2021, but wasn’t fully utilised.

Separately, in LATAM businesses, the CEO of GPA resigned yesterday. Sometimes management changes, but the fact that he has resigned with immediate effect is of concern. We haven’t seen any press reports highlighting a reason for this resignation.