Selecta - comment

So we missed the subtitles the other day. The restructuring is agreed. As far as we interpret the cryptic note, substantially all bonds will equitise via an enforcement, probably in the Netherlands. Arithmetically, that should hand the SSNs some 67% of the shares and the SUNs perhaps 33%, but we are speculating. The RCF and possibly some of the structurally sr. Liabilities will be replaced with a new €330m Super Senior funding and some unspecified "remaining securities" will be termed out to 2030, which could potentially include the €50m fresh cash injected in January - but again, we are speculating. We are on call-back from every advisor in Frankfurt, but expect Selecta to come with more information first.