Orpea - comment

Orpea announced the conclusion and approval of conciliation protocol with its banking Group. This enables the drawdown of an additional €250m facility. However, in return for its approval, the Banks have effectively taken security over any proceeds from the disposal of real estate assets. We have remained on the sidelines in this name following the various allegations against the Company in relation to the mistreatment of patients and misuse of public monies. Please let us know if you would like us to take up this name.