Punch - comment

So Punch management had the nerve to hold an entire FY23 conference call without telling us that they paid a €20m dividend the day after closing the accounts. We understand that the payment was an option per the documentation since acquisition (before), but find the timing and communication unfortunate. It’s not an insignificant amount and we don’t like to see a Super Sr. RCF drawn to pay a dividend at a time when bonds wonder if they’ll get repaid on time.