At this stage, it seems more likely that we will only get the...

At this stage, it seems more likely that we will only get the usual operational update, at some point by the end of this month. If the GLE negotiations are still alive, and there is an expectation of a deal getting finalised by yearend or so, it will be good enough news for me.

Let’s not forget that, at the 2016 AGM, Management’s expected timing for the completion of the GLE restructure was late 2017 (see slide 33 of the AGM presentation); I was personally very surprised that, less than two months later, they were expecting to get a deal done by the end of March 2017.

I may be completely off here, but I have been wondering whether the filing for bankruptcy of Westinghouse Electric Co on March 29th, and their expected completion of a business restructuring plan by July 27th (see for instance http://www.reuters.com/article/us-toshiba-accounting-westinghouse-idUSKBN18J2M2), might also have had something to do with the choice of dates for the GLE termsheet extensions.

Anyway, if the negotiations were dead, or if a deal were not within reach anytime soon, I guess we would have had an update by now; I, perhaps optimistically, am inclined to see this delay as a sign that negotiations are still ongoing and Management want to be able to provide as up-to-date information as possible by the end of this month.

We will soon find out.