Haya - comment

Haya has reached another milestone on its path through restructuring, with 84.44% of bondholders having signed the lock-up agreement. Note, the Adhoc committee accounts for over 60%. This enables Haya to pursue an English Scheme of Arrangement in line with expectations. The only change since the announcement of the Lock-up and proposed restructuring is confirmation that Haya's Sareb contract will terminate in June. We never expected this announcement to derail the restructuring given the 60%+ acceptance from the Adhoc Committee.