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Consol
Consol is the largest manufacturer of glass packaging on the African continent
Brait’s effective stake in Consol is 3% (held through Brait Fund IV)
Group was performing in line with budget for the first eight-months to February 2020 (pre-Coronavirus), with EBITDA 4.5% ahead of the prior year
However, many of Consol’s customers were non-operational during the Coronavirus lockdown, negatively impacting full-year FY2020 performance
   
The New Look SSNs were equitised on 9-Nov-20 pursuant to the completion of New Look’s recapitalisation transaction
Post Brait’s £7.3m pro-rata share of the £40m new money injection, Brait’s resulting 18.3% holding of the shareholder loans / PIK Facility and 17.4% of New Look’s equity (valued post dilution for management’s incentive plan) have been valued at reporting date using an earnings multiple basis, with the resulting carrying value included in the Other Investments portfolio