Sepura confirmed adjusted EBITDA in the year to Mar 2016 will be €17m. Net debt is expected to be €119m and discussions with the banks are ongoing. The group commenced discussions with major shareholders regarding an equity capital raise of up to £50m. Our forecasts are currently under review and we expect to issue revised forecasts shortly as we waited for confirmation of the year end position of the group. The market backdrop and fundamental market position of the company remain attractive and we believe its growth prospects, particularly in the US, the largest PMR market, are exciting. However, there is a pressing need to secure the appropriate capital structure to give it the financial flexibility to convert its opportunities.
