Adler - comment

Even though we felt comfortable with Adler’s financial statements throughout the entire episode - never mind some of the (legal) abuse of standards) - we are slightly amazed this morning to learn that there has been no restatement at all. It’s almost spooky. But the group has of course been under intense scrutiny throughout the period and we have never seen any evidence that the numbers weren’t within the confines of IFRS - we still adjust them heavily for ourselves. So we don’t mind that the audit has been performed by a collection of smaller firms, some of whom have recognisable names nonetheless. And while the news was long announced and required for the restructuring and while they won’t drive security values on the day, we find it to be a milestone for Adler.