Why Read?

• Understand 5 key levers Selecta has to outperform its Restructuring Plan EBITDA and unleveraged FCF forecasts to achieve Potential EBITDA (IAS 17) of €280m
• Understand how we value the restructured package proposed for Selecta’s SSNs and why we believe the restructuring proposal is sound and attractive for a broad base of SSNs holders 
• Understand alternative restructuring scenarios that could achieve higher recoveries for SSNs
• Understand exit routes from the New Holdco PIK Preference Shares envisaged in the restructuring proposal 
• Understand our estimates of the unit economics and IRRs Selecta can achieve on its POS park
• Understand why we believe Selecta’s POS park is adequately invested 
• Understand how intelligent vending machines could represent a major opportunity for Selecta 

What’s New?

• Assessment of Selecta’s restructuring proposal vs alternative restructuring scenarios that allocate post-reorg equity to SSNs
• Assessment of eventual M&A exit routes
• Estimating IRRs on Selecta’s POS park based on our estimated composition of Selecta’s POS park across coffee / hot drinks machines, public combination machines and water dispensers, each further split by manufacturer and model

Questions Answered

• Will CDS trigger if the proposed scheme is implemented, will the New 1st and / or 2nd Lien Opco SSNs be deliverable and what CDS payoff would result?
• If CDS does not trigger, where will it trade?
• Is it better to be long risk through SSNs or CDS?
• To what extent has the Pelican Rouge acquisition undermined Selecta’s financial performance?
• Should SSNs holders seek equity upside in the restructuring or settle for what is on the table currently?