News: SFH Specialty Fashion Group updates on non-binding change of control proposal from Al Alfia..., page-9

Re debt facility: need to keep in mind seasonality of business and intra year cashflow needs e.g. Early in second half significant stock creditors are settled yet softest sales months of the year, company dips into facility during these months. Over the last few years a second half ebit/ebitda loss is generated, key will be whether it repeats or turns to profit this year, particularly given Rivers turnaround.