Takko - comment

Takko are to publish a Capital Markets update next week. Following unconfirmed rumours that Takko had been trying to seek refinancing back in November, we received news from the company in the last reporting that in fact the entire €80m B-tranche will come due in May, which pretty much sets Takko up for a full refi in our view. Clearly now is a terrible time to have to come to market, but next week’s Cap Market release is either just a cleansing statement, a marketing exercise, or - probably - both. Takko have significant E-European exposure. While direct impact from the conflict in the Ukraine should be limited we expect some knock on consumer confidence, especially in that region.

Intralot (Wolfgang) - Controlling shareholder Sokrates Kokkalis has acquired an incremental ~4.8% of shares in Intralot on the Athens Stock Exchange, taking his personal share of ownership from 20.9% to 25.7% for just under €3.5m. We do not know whose stake the founder has bought and therefore also don’t quite understand the rationale. If it was a single stake from a larger shareholder, then we may soon hear of the other side of the trade.

Intralot are in the process of marketing their US division, for which a sale was originally envisioned around this time. State of markets aside, we are viewing this transaction in this context.