Naviera Armas - soon

All,


Please refer to our updated analysis here.

It’s taken some time, but the update on Naviera Armas is finally here. The situation is fluid and intense negotiations are underway to inject fresh cash before year-end.

Fundamentally, we don’t believe that island traffic or Naviera’s long-term prospects therefore are impaired. However, the Spanish jurisdiction combined with the weak documentation is likely to leak significant value to the family.

We would not buy before an immediate filing is averted, but ultimately see good upside in a variety of scenarios if it can. We should know soon.

Wolfgang
________________
E: wfelix@sarria.co.uk
T: +44 203 744 7003

www.sarria.co.uk

Wolfgang FelixNAVIERA