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ACB [O-PF +11.5%] - Confident strides not seen since 2011 - Update

Most confident 1H result in 4 years, though not completely in the full-swing 2010/11 vein yet. Wholehearted support to be granted to ACB when these two events fall in place: 1) total resolution of debts of six companies associated with former Chairman in an “appetisable” manner and 2) movement on FOL for banks. ACB is guiding for 1) to happen towards the end of this year and we think 2) might follow the pattern of legal reform this year by appearing without notice