Intralot - State of play
All,
Please refer to our unchanged analysis here.
Intralot sent us a very Greek / Oracle message today reading in short: By way of update, we have no update. But when we will have an update we will update you. The update is that we will be paying interest.
Negotiations:
That the company be paying interest was widely expected, as various legal teams are still locked in negotiations over the deal for the 21s. We understand that an agreement on valuation could not be reached and that it’s all down to the legal battle and ultimately the view Kokkalis decides to take.
So while the fundamentals are giving cause for some hope, we are sceptical that the threat of litigation will bring material improvements to the 24s.
Happy to discuss,
Wolfgang
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