Europcar - two weeks notice

All,

Calling the Europcar EGM with only 2 weeks notice should help with voting as shareholders must agree with “only” 2/3 of votes represented. Given the large share of free float in retail hands, the 40% or so of identifiable large investors should be able to see it through.

Bonds, however, remain expensive at 64c/E and we continue to wait in the wings for a better entry point. Clearly, a sanctioning of the Sauvegarde plan would send bonds up, but we are not yet convinced it is time to buy at these prices. We may just be lagging behind the bulls in this market.

We continue to hold our 2% position in the EC Finance bonds.

Wolfgang
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2 Stephen Street
London W1T 1AN
E: wfelix@sarria.co.uk
T: +44 203 744 7003www.sarria.co.uk