Loewen Play

All,

Please find our analysis of Loewen Play here.

We are not taking a position in Loewen Play. While the company has a chance of re-profiling its arcade footprint in time for Summer 2021, much of that yet has to happen - is equity risk. In its current form, the company would be unable to support the bonds if the new laws came into effect.

Despite declining profitability (German regulation), we note the company’s strong performance relative to such players as Codere (business concert ranted on AWPs of course).

The company has only recently granted us access and in the unlikely event that we will profoundly change our mind, we will adapt our analysis.

Wolfgang