Matalan - comment

Ahead of Monday, we are expecting no further news on the current process until mid-December. However, in line with recent publications, we expect cash and payables to fall, despite combined efforts to contain the outflow. We are struggling to see any positive catalysts on Monday. Also, having discussed the legal process internally and having spoken to advisors we are seeing a D/E swap now more likely than a continued, indefinite A&E effort. So for now we are not in a rush to increase exposure and will be giving our analysis an update following reporting next week.