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  "documentTitle": "FirstGroup plc (FGP)",
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  "authorName": "Sandell Asset Management",
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  "presentationDate": "2014-01-15 00:00:00",
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  "notes": "The chart shows a dual-axis representation of bond yields and the resulting spread over time.",
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      "text": "Chart showing Spread, FGPLN 6.125 01/18/2019 Corp, and UKT 8 06/07/2021 Govt yields from 2004 to 2014",
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      "text": "We believe it is an opportune time to redeem or repurchase the debt, as the spread between FirstGroup’s bonds and gilt yields (which determines the price including the make-whole premium) has returned to reasonable levels after nearly 2 years of being elevated",
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      "kind": "source-note",
      "text": "Source: Bloomberg. Note: We have highlighted the 2019 bond here due to its extended trading history. A similar picture exists for all the other outstanding FirstGroup bonds.",
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      "text": "FirstGroup existing debt considerations (cont'd)",
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