Company Overview - VGP is a pan-European owner, manager, and developer of high-quality logistics and semi-industrial properties, as well as a provider of renewable energy solutions [3] - Founded in 1998 as a family-owned Belgian property developer in the Czech Republic, VGP now operates in 18 European countries with approximately 412 full-time employees [3] - As of June 2025, VGP's Gross Asset Value, including 100% joint ventures, was €8.3 billion, and the company had a Net Asset Value (EPRA NTA) of €2.6 billion [3] Tender Offer Details - The tender offer was announced on 8 January 2026, with a Final Acceptance Amount set at €100,000,000 [2] - The offer pertains to VGP's outstanding EUR 500,000,000 1.625% fixed-rate green bonds due 17 January 2027, of which €320,100,000 remained outstanding at the time of the offer launch [5] - The New Issue Condition has been satisfied, allowing bondholders to access further information through the tender results announcement available on VGP's website [2]

Core Viewpoint - Burford Capital plc has announced the early redemption of its £175,000,000 5.000% guaranteed bonds due 2026, with a repayment date set for January 30, 2026, indicating a strategic financial decision by the issuer [2][3]. Group 1: Bond Redemption Details - The issuer intends to redeem the full outstanding principal amount of the bonds on the specified repayment date [3]. - The redemption price will be the higher of 100% of the principal amount or a calculated amount based on the Gross Redemption Yield as determined by the Financial Adviser [4]. - The Financial Adviser appointed for this redemption is Allia C&C, and accrued but unpaid interest will also be paid on the repayment date [5]. Group 2: Company Overview - Burford Capital is a leading global finance and asset management firm focused on law, involved in litigation finance, risk management, and legal advisory activities [7]. - The company is publicly traded on both the New York Stock Exchange and the London Stock Exchange, indicating its significant presence in the financial markets [7].

Group 1 - The issuer of the bonds is Tryg Forsikring A/S, with an ISIN of DK0030484621 and a new maturity date set for 26 February 2026 [2] - The settlement amount for the bonds is 1,011,106.44 SEK per SEK 1,000,000 nominal amount, which includes any arrears of interest [2] - Tryg Forsikring A/S has announced that it will exercise the Ordinary Call for all outstanding bonds at the Call Price on the Call Date [2][3] Group 2 - On the Call Date, the amount payable per bond will include the principal amount and accrued but unpaid interest, totaling SEK 11,106.44 per SEK 1,000,000 nominal amount [3] - Following the Ordinary Call and its settlement, there will be no bonds outstanding [3]

Company Overview - KNA Capital focuses on small-cap companies with economic moats and strong management teams, particularly those with limited analyst coverage [5][10] - Games Workshop, a UK company known for its Warhammer brand, is highlighted as a small-cap company with a strong niche market and a loyal customer base [16][18] Investment Philosophy - The investment strategy emphasizes identifying small-cap companies with high returns on invested capital, predictable cash flow, and strong management [10][11] - Todd Wenning discusses the importance of management quality in small-cap investments, noting that poor capital allocation can undermine potential growth [11][12] Industry Insights - The trucking industry is experiencing cyclical changes, with Old Dominion Freight Line identified as a strong player due to its network effects and operational efficiency [30][34] - Old Dominion Freight Line is the second-largest less-than-truckload (LTL) freight company in the US, benefiting from a well-established network and high on-time delivery rates [32][34] Market Trends - The podcast discusses the potential recovery in the industrial sector, with signs of improvement in trucking and related industries [46][44] - There are concerns regarding the impact of uninsured drivers on the insurance and salvage markets, particularly affecting companies like Copart [66][67] Financial Performance - Games Workshop is noted for its high profitability and strong cash position, with a focus on maintaining its niche market [27][28] - Copart is currently facing challenges but has a significant cash reserve of $5 billion, raising questions about future management decisions regarding capital allocation [68][70]

Summary of Rongtai Health Conference Call Company Overview - **Company**: Rongtai Health - **Industry**: Health and Wellness Equipment Key Points Financial Performance and Outlook - In Q3 2025, Rongtai Health's overall revenue remained stable compared to the previous year, but net profit decreased [3] - Domestic market performance was strong, driven by national subsidy policies, with an expected annual growth of 20% to 30% in domestic sales [3] - Overseas revenue is projected to decline slightly in double digits due to tariffs and consumer downgrading in the U.S. and Russia [3] - For 2026, the company aims for significant revenue and profit growth through product structure adjustments and enhanced overseas cooperation, targeting double-digit growth [2][20] Product Development and New Initiatives - The single-arm therapy robot project in collaboration with Meituan is in pilot testing in Shanghai, with the first store expected to operate by the end of 2025 [2][4] - The automotive seat business launched in early November 2025, with current monthly shipments around 10,000 units, expected to ramp up gradually [2][7] - The new massage chair model RT909,000 is planned for launch in the U.S. market in 2026, with a phased introduction in the domestic market [2][9] Market Strategy - The company plans to maintain a balance of high-end and mid-to-low-end products to compete effectively on e-commerce platforms [10] - Focus on the main brand while maintaining the current scale of the sub-brand "Meme Da," which has seen a decline in revenue [12] - The company is exploring partnerships and potential joint ventures to enhance market presence and operational efficiency [4][5] Investment and Financial Strategy - Rongtai Health has completed the conversion of its convertible bonds, resulting in a strong cash position without interest payment obligations [14] - The company is pursuing small equity investments and acquisitions, particularly in hard technology and domestic alternatives, to find a second growth curve [15][16] - Significant investments are planned for 2026, including the wood project and ongoing R&D for robotics and automotive seats [18] Challenges and Risks - The potential impact of the withdrawal of national subsidies on sales and competition dynamics is acknowledged, but the company remains optimistic about maintaining growth [13] - The company faces pressure to reduce costs from automotive manufacturers, which may affect profit margins as order volumes increase [8] Future Goals - Rongtai Health aims for double-digit growth in both revenue and profit in 2026, driven by new business segments and improved performance in core operations [20]

Core Viewpoint - BPCE has experienced a Rating Methodology Event due to a change in S&P's interpretation of its hybrid methodology, resulting in no equity content being assigned to the Notes [4]. Group 1: Notes Issuance - BPCE issued EUR 900 million Contingent Tier 2 Capital Subordinated Fixed Rate Resettable Notes due January 2042 and EUR 850 million Notes due October 2046 [2][3]. - The issuance was approved by the Autorité des marchés financiers with a prospectus dated 11 October 2021 [3]. Group 2: Impact of Rating Methodology Event - Following the Rating Methodology Event, the Fixed Rate for the 2042 Notes will be reduced by 25 basis points from 1.500% to 1.250% starting from the Interest Payment Date on 13 January 2026 [5]. - The Margin for the 2042 Notes will also be reduced by 25 basis points from 1.750% to 1.500% [5]. - For the 2046 Notes, the Fixed Rate will decrease by 25 basis points from 2.125% to 1.875% starting from the Interest Payment Date on 13 October 2026 [5]. - The Margin for the 2046 Notes will be reduced by 25 basis points from 2.050% to 1.800% [5]. Group 3: Conditions and Definitions - The occurrence of a Rating Methodology Event has been formally notified by BPCE to the noteholders, affecting the terms and conditions of both the 2042 and 2046 Notes [4][6]. - A Trigger Event in relation to the Notes will not occur for the purposes of the write-down condition prior to the First Reset Date [6].

Summary of Puyuan Precision Electric Conference Call Company Overview - **Company**: Puyuan Precision Electric - **Industry**: Electronic Measurement Instruments Key Points Financial Performance - Revenue for the first three quarters of 2025 decreased by 32.38% year-on-year, but Q3 net profit increased by 121.86% quarter-on-quarter, indicating a significant recovery in profitability [2][3] - Q3 2025 revenue reached 240 million yuan, a quarter-on-quarter increase of 29.52% [3] - Overall gross margin was 55%, down 3.44% year-on-year, primarily due to changes in manufacturing costs at the Malaysia production base, shipping costs, tariffs, and market competition [3][11] Core Technology and Product Sales - Sales revenue from the self-developed core technology platform increased by 21.26% year-on-year, accounting for 46.49% of total revenue [2][4] - The proportion of self-developed digital oscilloscopes rose to 86.15%, with high-resolution digital oscilloscopes seeing a 25.75% year-on-year revenue increase [5] - High-end digital oscilloscopes accounted for 29.84% of total sales, with the DS80,000 series revenue growing by 104% year-on-year [6] New Product Launches and Market Strategy - Five new products were launched from July to October 2025, including digital oscilloscopes and microwave RF instruments, which are expected to positively impact future performance [7] - The ISA 6,000 real-time spectrum analyzer, utilizing self-developed core technology, has strong market competitiveness and has secured significant orders, positively impacting gross margin and revenue [9] IPO and Fundraising Plans - The company has submitted a prospectus to the Hong Kong Stock Exchange, planning to issue no less than 10% of the total share capital post-issue, with funds aimed at overseas R&D, acquisitions, supply chain development, and global marketing [2][8] Market Demand and Growth Potential - Demand is primarily concentrated in the communication, semiconductor, and renewable energy sectors, with strong growth expected in high-end products and solutions [22] - The company anticipates significant growth in the microwave RF product line, contributing substantially to Q4 revenue [14] Future Outlook and Strategic Planning - The company aims to enhance its international presence and product offerings, focusing on high-end and differentiated solutions to improve overall gross margin [28] - The strategic plan includes leveraging global innovation resources and talent to achieve long-term development goals [28] Competitive Landscape - The competitive landscape in the Chinese electronic measurement instrument market is intensifying, but the company maintains a unique technological path to avoid homogenization and low-end competition [21][27] - The company is confident in achieving its stock incentive trigger value for the year, with expectations for improved gross margins in Q4 [23] R&D and Profitability - Significant investments in R&D have been made, with three new R&D centers established, impacting profits but expected to stabilize as revenue increases [13] - The company projects that gross margins will remain stable throughout the year, with potential for significant improvement driven by high-end products in 2026 [12] Conclusion - Puyuan Precision Electric is positioned for recovery and growth, with a strong focus on high-end products, international expansion, and leveraging its self-developed technology to maintain competitive advantages in the electronic measurement instrument industry.

Group 1 - The Issuer, MAXIMA GRUPE, UAB, has €240,000,000 6.250 per cent. Notes due 2027 [1] - The early redemption of the Notes is scheduled for 27 October 2025 at the Make Whole Redemption Price, with interest accrued until that date [2] - ING Bank N.V., London Branch has been appointed as the Determination Agent to calculate the Make Whole Redemption Price, which is determined to be EUR 1,064.06 per Calculation Amount based on a Reference Dealer Rate of 1.867 per cent. [3] Group 2 - The Issuer will request the cancellation of the listing of all Notes on the Irish Stock Exchange and Nasdaq Vilnius Stock Exchange following the redemption [4] - This announcement may qualify as inside information under the Market Abuse Regulation (EU) 596/2014 [5] - The Legal Entity Identifier (LEI) for the Issuer is 259400Z5DFISQ00QN727 [6]

Group 1 - The issuer, Maxima Grupe, UAB, has elected to redeem all €240,000,000 6.250 per cent. Notes due 2027 on 27 October 2025 at the Make Whole Redemption Price [3] - The redemption will include interest accrued up to, but excluding, the Make Whole Optional Redemption Date [3] - ING Bank N.V., London Branch has been appointed as the Determination Agent to calculate the Make Whole Redemption Price [4] Group 2 - Following the redemption, the issuer will request the cancellation of the listing of all Notes on the Irish Stock Exchange and Nasdaq Vilnius Stock Exchange [5] - This announcement may qualify as inside information under the Market Abuse Regulation (EU) 596/2014 [6] - The Chief Financial Officer, Lauryna Šaltinė, is responsible for making this announcement [6]

Core Points - Kvika Banki hf. announced the results of its tender offer for SEK 566 million and NOK 750 million Senior Unsecured FRNs [1][2] - The tender offer expired on 9 October 2025, with a total nominal amount of SEK 756 million validly tendered [2][3] - All validly tendered notes will be repurchased, leaving outstanding amounts of SEK 227 million and NOK 333 million [3] Summary by Sections - **Tender Offer Details** - The tender offer was for a combined total nominal amount of 750 million at a purchase price of 102.150%, plus accrued and unpaid interest [1] - The settlement of the tender offer is expected to occur on 16 October 2025 [3] - **Dealer Manager Information** - Nordea Bank Abp was mandated as the dealer manager for the tender offer [4] - **Regulatory Disclosure** - The announcement is a disclosure of inside information per EU regulation on market abuse [5]