DIC Asset - comment
DIC's challenges have not changed in the quarter. There is no clear route to improving the balance sheet to refinance the VIB bridge, which threatens the 2026 bonds. Management is still at the looking at options stage. The plan for asset sales to reduce LTV to <50% will be heavily back-ended in 2023 and assume a 2nd half improvement in sentiment. DIC ended the quarter with €497m of cash of which the majority still seems to sit at VIB and intends to redeem the €150m 2023 bonds from cash resources.