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  "documentTitle": "FirstGroup plc (FGP)",
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      "text": "The value of the interest savings is large, which we believe would more than offset the upfront cost",
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      "text": "The value of the interest savings is large, which we believe would more than offset the upfront cost\nThe make-whole premium is substantial\nHowever, the value of the interest savings is also substantial",
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      "text": "Source: Company filings, broker research, Sandell estimates, Bloomberg. (1) Sandell estimates. (2) Company filings and public disclosures. (3) Sandell estimates. (4) 10% discount rate used for illustrative purposes only.",
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      "text": "Value lost to Make-Whole Premium (1) Total Debt Retired £1,022 Total Cash Spent £1,242 Value Leakage £220 % Leakage 17.7%",
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      "text": "Interest Rate Savings (1) Bonds Due Interest Rate Balance Annual Interest Balance Annual Interest Interest Savings NPV of Savings at 10% NPV of Savings at 15%",
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      "text": "FirstGroup existing debt considerations (cont'd)",
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