Following the Cell C fallout, BLU management have decided to refocus the business on the distribution of electronic services and working capital management to support margin growth. The full impairment of Cell C, the disposals of some of the businesses acquired to create an ecosystem around Cell C and the remaining obligations related to the operation should see BLU resembling its pre-Cell C acquisition structure. Based on our estimates, BLU should have enough cash to meet its 1-year obligations even if the proposed disposals of BLU mobile and 3G distribution aren’t concluded. Should Cell C be deemed to not be a going concern, then this will impact on BLU’s FY19 reported numbers. We remain negative of the potential of BLU Mexico to become a sustainably profitable contributor to the Group.