Kem One - comment

Management's approach during yesterday's call came across as somewhat defensive, as they maintained the position that the discussion was solely focused on Q1 results. With EBITDA for the quarter at just €4 million, the relevance of the Q1 figures is limited. We didn’t get to ask them if they felt comfortable with their liquidity, given that we can foresee them running out of cash before the market recovers. 

We will update the numbers, but our thesis hasn’t changed. The Company will require additional liquidity if current market conditions persist.