Europcar - Position

All,

Please refer to our analysis on Europcar here.

Eurazeo have published a statement (attached) implying that "as a minority shareholder of Europcar Mobility Group since 2015, Eurazeo has undertaken to participate in a comprehensive support plan, alongside the French State and a bank consortium.” (See page 2). Recent press speculation had the amount of this facility at E223m - 90% backed by the French State.

Thus it appears that this central capstone situation has been resolved - presumably in time for the Australian facility and other negotiations to conclude successfully. 

We are therefore going long the 24s for 4% of NAV. We are seeing indications around 53c/E, although assume they will have risen as a result. 

Wolfgang