Cobas AM: Nueva Gestora de Francisco García Paramés

Amit Mehrotra

I talk really about the ATM. I mean you've tapped the ATM very slightly. It's not a big deal. Just talk about that ATM and like how you think about new equity or the needs for new equity if there is any or not?

Robert Bugbee

Sure. Well, I'll ask David to expand on that in a second, but there's not a need for new equity. We've -- a lot of time has passed, and a lot of things have happened to the good since a few months ago. The company has derisked going forward. But you're not swapping -- it's not like you're taking debt. There's a huge spread between the cost of debt and the maturity of debt. You have, for example, the converts trading at double digits to maturity, and that maturity is pretty short. If you are taking on debt, for example, at much less interest cost and the maturity of that debt is then way down the line, that itself is a pretty good swap and a pretty good strengthening of the balance sheet because in the [Indiscernible]. The direct question on the ATM, I think, David, I'd like you to answer that, if you may, please.

David Morant

Yes. No problem, Robert. I hope my line is clear. And Amit, look, thanks for the question. And giving us a chance to tackle this point head on because obviously, it's there in the release. I think the best thing I can say about this is, look, in the teeth of the COVID crisis with liquidity drying up in the general market and looking at things we should do responsibly for the company, we have access to that. The Board of Directors would expect us to use it. And clearly, we took a decision. I think what I can say in the defense of it is we took the decision. We reversed engines pretty quickly, particularly as it looked as if our market and their markets were rebounding. I think we could say, look, if history repeats it, it's probably not something we do. But I think on top of that, the thing I would add, as Robert mentioned, at least from a shareholder value and NAV perspective, we feel we've -- albeit a very small print now, but we've managed to neutralize that with the transactions we've taken in the convertible bond. So I think, Amit, to be frank, we'll hold our hands up to it. It's not a big number, as you pointed out. And I think I'd like you to see that decision in the context of the time in which it was taken. But we've all got things we could do differently if we went -- look back in history.