Cerba - comment

Cerba has lost its CEO, Emmanuel Ligner, who left immediately on March 14th.  Mr Ligner was only appointed in March 2024, and this announcement, coupled with the rumours and denials surrounding the potential appointment of Houlihan Lokey, the bonds remain under pressure.  We are maintaining our shorts across the structure, but with no maturities until 2027, we may adjust our position prior to the Q4 results, due to be released on Tuesday, 28th April.