29 Oct 2020
Private contact with the Concert
The current deterioration in the public health context has increased the probability of a recap in our view. A private conversation with Aermont (the Concert) didn’t change our opinion that substantial dilution will occur in 2020… or later by tranche in 2021-24 (through a scrip dividend, i.e. progressive dilutive cash recap). The key message from the Concert being that it is “pretty confident” in its ability to prevent the 2020 recap.
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Private contact with the Concert
- Published:
29 Oct 2020 -
Author:
Christian Auzanneau -
Pages:
5
The current deterioration in the public health context has increased the probability of a recap in our view. A private conversation with Aermont (the Concert) didn’t change our opinion that substantial dilution will occur in 2020… or later by tranche in 2021-24 (through a scrip dividend, i.e. progressive dilutive cash recap). The key message from the Concert being that it is “pretty confident” in its ability to prevent the 2020 recap.