Galapagos, Astaldi, Thomas Cook, On The Beach, Vallourec, ITALY
All:
Some thoughts in the evening:
- Galapagos: We understand that he company is hiring advisors. This may still only be a rumour.
- Astaldi: A deal appears to be forthcoming between Salini and Astaldi. A letter of intent appears to include E300m equity from Salini, but other terms have not yet been seen. There seems to be a lot of work left to do between now and the 14th. Rumours we have heard range from a straight haircut by 75% - as the alternative is an extraordinary administration, to a term-out on a low coupon and an unspecified share of the equity. We are awaiting the plan by the 14th. Bonds traded off today. Meanwhile the company and its partners are trying to sell the Turkish highway.
- Thomas Cook: RNS expected at 7:00 am tomorrow morning. Not an important quarter for Thomas Cook, and note they only report detail numbers on a semi-annual basis. But comparisons will be difficult - Q1 2018 was a positive start to the year last year. Press will be looking for a commentary on Brexit, but focus should be on guidance on level of bookings and liquidity. Call to follow at 9am. https://www.thomascookgroup.com/investors/financial_calendar
- On The Beach: Listed online peer to Thomas Cook are holding their AGM tomorrow - which will be accompanied by a trading statement. Don’t expect any numbers in the statement but should give some guidance to the overall market. https://www.onthebeachgroupplc.com/investor-centre/reports-and-presentations/2018
- Vallourec: Dead cat bounce?
- Italy: 30y bond auction is 5x oversubscribed. The times they are a changing...
Wolfgang