Douglas - rotating

Douglas:

- The German-headquartered retailer reported robust Q1 (Christmas) figures, even as online growth only just remained flat on Q121. With Q1 behind us, we don’t anticipate any significant news for another 11 months.

- The bonds yield over 10% PIK to 2026 and on continued performance (Germany dropped 2G rule and half the year has been earned in Q1) should have upside to approx. par.

- We are buying 5% of NAV.