AA - Potential roadblock to deal removed

All,

Please find our unchanged analysis here.
Albert Bridge Capital have transferred the shares they controlled up to their fund investors, namely the University of Texas and Boeing Employee Scheme. Given the break-up of this position, it is unlikely there will be any push-back to the offer price and the deal is to be done at 35p. The Scheme meeting is set for the 14th January, and baring any movement from Cleveland Capital, the deal will be approved. Some in the market had hoped for a raised offer to entice Albert Bridge Capital to vote in favour.

As previously stated, the bidco, (TowerBrook and Warburg Pincus) have released the Commitment letters on Christmas Eve, outlining, the arrangements with various banks for the Senior Term, Working Capital, Liquidity and High Yield Bridge Facilities, including the fees payable.

We expect a HY bond issuance on the name by the end of this week or next week.

We continue to hold our position in the B-notes and are happy to discuss.

Tomás

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