Intu SGS

The refinancing and debt reduction plans continue for INTU SGS with the Practice Statement Letter circulated on Friday. The proposed Scheme of Arrangement court hearing is arranged for the 29th of January, where the proposal of partial debt repayment via a new money facility and debt write-down will be implemented. Although we have the Practice Statement Letter, we have not seen the accompanying presentation. 

We reiterate that the timing of this transaction puzzles us, notwithstanding the upcoming stated maturity in March 2024. We are likely to exit our position in the coming weeks post the lock-up agreement.