Rekeep - comment

Rekeep published their Q3 numbers broadly in line with our model.  Q3 is always tough regarding cash flow with a large Working Capital outflow.  The company has drawn modestly on its RCF which is the first time in years this has happened.  It should be noted that the use of recourse and non-recourse factoring has declined, and therefore adjusted borrowings are similar to previous years.  The Company are close to signing a large contract which should bring the YTD contract wins back in line.  

No update on refinancing and/or asset sales with a refinancing still likely next year due to the RCF maturing in May.