Please find our unchanged analysis here.
Albert Bridge Capital have transferred the shares they controlled up to their fund investors, namely the University of Texas and Boeing Employee Scheme. Given the break-up of

Please find our analysis here.

With the Scheme Meeting scheduled for next week (14th January) all eyes are currently focused on two of the three main shareholders

Please find our unchanged analysis here.

In the absence of any announcement from Albert Bridge, it is highly likely that the B2 Notes will be repaid in January. Following the

This morning’s press (Times and Telegraph) reports that Albert Bridge, a 20% shareholder in the AA, are asking fellow shareholders to block the takeover stating

Please refer to our unchanged analysis here

The AA announced this morning a formal offer for all of the shares of the AA Plc, at 35p a share. Additionally, and more important for our position, the

Please find our unchanged analysis here.

The announcement was made on the back of press speculation over the weekend and confirms that the Board have received a non-binding proposal for the share capital at 35p. The Board have indicated their

Our analysis on the AA remains unchanged here.

Given the evident stability of the business, even if the bid fails we would expect limited downside into the mid 80s. Also, the concentrated shareholder base may

AA Ireland, which was spun out of the AA Plc in 2016 for €157m, is reported in the Irish Press to have been sold to Further Global Capital Management for

Post H1 results we have updated our model here.

We maintain our 5% of NAV position in the Class B2 notes following the release of H1FY21 numbers. However,

Now there are only one. The AA confirmed this morning that TowerBrook and TowerBrook and Warburg Pincus are now working as a consortium. We remain positive on the name and continue to hold

Announced this morning that Centrebridge, who was working in consortium with Towerbrook have confirmed to the Board of the AA that it does

Away from acknowledging the existence of three potential bidders, the announcement last week emphasised the necessity of the AA Group to deleverage its

Our initial take on the news this morning is decidedly positive.

Offers under the UK code need to achieve 90%, which means

There is continued speculation surrounding the refinancing options available to the AA plc for their 2022 maturities. We do not expect any announcement tomorrow (Friday) at their AGM. The Company has some

Over the last couple of weeks, there has been significant movement in the shareholder register of AA Plc. Parvus Capital have reduced their stake steadily from

Please find the updated model here

As numbers were pre-released there is limited update to historic, but we have expanded our model, further integrating

Given the Company released a shorter statement in March with headline numbers, there was nothing new on past performance. Guidance limited