Our mezzanine portfolio continues to perform well. The last quarter of 2011 saw a very low level of activity in the European private equity industry due to the uncertain economic outlook and, above all, to the absence of senior debt financing. We are seeing evidence that European banks are further retrenching from LBO financing. As a result, private equity sponsors are now focussing on the refinancing risk of their portfolio companies and we have seen a material pick up in the pipeline of potential new investments in capital restructurings of solid companies.No major insight went into my purchase of this share last year - the company had highlighted its opportunities some time ago, and it was cheap. Sometimes it pays just to keep things simple and do the obvious.
Shares up 3.3%, although the market is up 1.2%.