Lowell - comment

The company did not execute another portfolio offloading transaction during Q323 but has signalled that it is in the process of negotiating more such transactions. As a result, the leverage target of 3x Cash EBITDA will not be achieved before H124, rather than by year-end. This affects our investment thesis as we should be hearing of this only at the end of August next year, as opposed to April. We will play that by ear.