Update from INTU management - wider restructuring pending

All,

Perhaps an acknowledgement to the realities fo the situation, INTU have appointed David Hargrave as Chief Restructuring Officer. David has previously been a partner at PwC and EY.  

Separately, the Company has updated on the collection of rents for Q2 which was due on 25th March.  As of the 26th March, INTU 29% of rent was paid.  For the same period last year, they had received 77% at the same time.  As at 30th April, 40% of the quarterly rent had paid.  

In relation to the RCF and the interest rate swaps which had a mandatory break clause on 30th April, the banks have agreed a waiver until 26th June.  This refers to the unsecured portion of debt at INTU corporate but the appointment of a CRO does indicate a wider restructuring including the secured debt. 

We continue to monitor the situation, our last piece here, but a restructuring involving some of the trapped equity value in the secured assets (i.e. Trafford Centre mainly) is required.  

Happy to discuss.

Tomas