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  "documentTitle": "FirstGroup plc (FGP)",
  "authorId": "08_Sandell",
  "authorName": "Sandell Asset Management",
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  "presentationDate": "2014-01-15 00:00:00",
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      "text": "Board - the Board of Directors of FirstGroup plc; Capex - Capital expenditures; CF - Cash flow; CY - Calendar Year; Company - FirstGroup plc; DBO - Defined benefit obligation; FGP LN - FirstGroup plc; FirstGroup US - First Student and First Transit following spin-off from FirstGroup under Sandell Plan, as outlined on slide 12; FX - Foreign exchange; FY - Fiscal year; GBP - British Pound; GOG LN - Go-Ahead Group plc; Laidlaw - Laidlaw International, Inc., and predecessor companies; LFY - Last fiscal year; LTM - Last twelve months",
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      "text": "Make-whole premium - premium payable on redemption or repurchase of debt; Management - the executive members of the Board; NEX LN - National Express Group plc; New FirstGroup - UK Bus and UK Rail following spin-off of FirstGroup US under Sandell Plan, as outlined on slide 12; NOL - Net Operating Loss; NPV - Net present value; PF - Pro Forma; Proposals - Steps 1 to 3 outlined on slide 12; Sandell - Sandell Asset Management Corp.; Sandell Comps Index - a Sandell-constructed index of FirstGroup comps, comprising GOG LN, SGC LN, NEX LN and STB CN; Sandell Plan - Steps 1 to 3 outlined on slide 12; SGC LN - Stagecoach Group plc; STB - Student Transportation Inc.; STB CN - Student Transportation Inc.",
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