Leading International Investment Research

Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

Leading International Investment Research, Edison Investment Research

Equity Bottom-Up

<p>The latest filings show an improved H117 and a strengthened balance sheet. Liquid funds of &euro;175k in late September stand against target monthly fixed costs of &euro;35k due to be reached in November 2017. The key driver for the share price will be the outcome of refinancing talks, described as being at an advanced stage. Given the scale of the difficulties mic encountered, we see potential for large-scale dilution of existing holders&rsquo; interests.</p>

The latest filings show an improved H117 and a strengthened balance sheet. Liquid funds of &euro;175k in late September stand against target monthly fixed costs of &euro;35k due to be reached in November 2017. The key driver for the share price will be the outcome of refinancing talks, described as being at an advanced stage. Given the scale of the difficulties mic encountered, we see potential for large-scale dilution of existing holders&rsquo; interests.

mic AG

Clean-up continues