Orpea - comment

Orpea released its FY22 revenue numbers as part of a wider statement this morning, which is inline with the guidance previously given. In addition to the revenue number, Orpea management highlighted the restructuring is massively diluting the existing shareholders.

More importantly, the Company highlighted their liquidity position and, with some deferral in CAPEX payments and the drawdown of an additional €200m of Tranche A4, the liquidity squeeze is postponed until the end of Q2 (from the end of Q1). This gives the Company more time to conclude the financial restructuring and although a term sheet was agreed on 1st February, discussions continue with the Lock-up Agreement not yet signed.