Atos - comment

Our main concern with the restructuring proposal which Atos is progressing through the courts is the business remains over-leveraged.  We keep an eye on the Company but see limited investment opportunities as the new money has been allocated.  The news this morning that Atos have sold Worldgrid to Alten for €270m is another step in the restructuring.  However, Atos remains over-leveraged and the operational turnaround will take time.  We are not currently spending much time on the name, but let us know if you think we should.