Pizza Express SSNs for 2% of NAV

All,

We have taken 2% of NAV of Pizza Express SSNs at 85p/£. We are thinking of this as a first toe dipping in a phased build of a position.

While we are fundamentally convinced of the company’s EV covering the SSNs in virtually any scenario. However there may well be more volatility ahead, depending on which one plays out.

Please find the new analysis and model here.

Wolfgang