Douglas - comment

German press is beginning to speculate on the IPO of the company in Calendar Q1 of this year. CVC have missed the boat twice and so even if this is not a great equity market environment, perhaps it’s a good time for the sponsor. Calendar Q1 generally sounds correct, because that’s when the company is seasonally at its strongest, but we don’t think the new CEO is keen to exit yet. The plan has been to grow the company to €5bn and the desk view is that CVC will hold on. But it’s perhaps worth exploring the event.