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      "text": "High fixed interest rate payments risk incentivising Management to bid uneconomically for short-term cash flow at significant long-term risk to shareholders, especially since Management owns very little stock",
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      "text": "Source: Company filings, broker research, Sandell estimates (as included in slide 36), Bloomberg.",
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      "text": "Debt Repayment Costs | What are the costs of exercising the option to redeem or repurchase the existing bonds? Can these costs be justified? | Current market conditions have led to a significant reduction in the spread between FirstGroup's bonds and its relevant reference gilts, reducing the upfront cost required to redeem or repurchase bonds. We believe interest expense savings would more than offset the additional upfront costs of redeeming or repurchasing the existing bonds. High fixed interest rate payments risk incentivising Management to bid uneconomically for short-term cash flow at significant long-term risk to shareholders, especially since Management owns very little stock. Please see slides 41-42 and 48-52 in this White Paper for further details",
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