It may be a case of moving the deckchairs around on the Titanic, but Cnova have appointed a new CFO, with immediate effect. Yves Trézières, previously at

Please find our unchanged analysis of Rallye/Casino here and an updated addendum for Cnova here.

Unlike the African prince, who used to urgently need our money to open up a bank account, promising in return to share his outlandish inheritance,

Please find our unchanged analysis on Casino/Rallye here.

The announcement this morning that Cnova was postponing/canceling their capital raising was a surprise to us, given just last week

lease find our unchanged analysis of Cnova here.

Cnova released press statement this morning outlining their plans to raise c.€300m in a primary offering this year. Although we