Rallye - Calling all exchangeable

All,

Further to our position in the exchangeable 5.25% 2022s:

These bonds have filed for a claim of approx 2x par, given their exchangeability into a cash amount equivalent to a certain number of Casino shares. The court will likely turn that down, but on the off chance it may be a battle worth fighting. 

=> Ashurst claim to have identified some 30% of these bonds and are looking for more holders to potentially get something underway. Please let us know if you are interested.

In any event, the option (at maturity - in 10 years…) of receiving more than par survives Sauvegarde and may become critical if Naouri does manage to de-lever Casino. 

Wolfgang