Vivion - comment

The reduced leverage of €200m on the UK assets is welcome but begs the question if this reflects lower value in those assets and if bonds only got primed by £72m. Anyhow, if we are so sceptical, at least it provides another goalpost for valuing the UK arm. By contrast, we are very encouraged to see that Aggregate seem to have paid €161m of the €212m commitment they owe Vivion from the settlement of the 2024 bonds. Again, however, we note that the statement avoided the word “cash”…