Lowell

All,

With its opacity and limited news flow Lowell has become very high Beta.

We continue to believe that the company can turn itself around, but the anticipated revenue synergies to be visible from H2 this year are becoming a do or die moment for the capital structure and out confidence in management is running as low as ever.

So with Trump on his best behaviour, Boris flirting with the UK electorate, giant trade deals being struck and Fed rate cuts a matter of time, we are looking for just a few more points in our 8.5%, hoping not to overcook it. Then we’ll likely be out.

Pending Q3 unveiling of said revenue synergies and inevitably a tightening of the cost base, in particular around the 3PC / DACH business we may be looking to pick up at a lower point again - if we can conclude that there is method to the madness...

Wolfgang