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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": "Why does the Board think FirstGroup's stock has consistently underperformed its peers?",
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      "text": "Why does the Board think FirstGroup's stock has consistently underperformed its peers? Given the operational and financial benefits of the Sandell Plan, why does the Board feel the Proposals could not be implemented in conjunction with a sound turnaround plan? Why would the Company not spin-off the North American businesses when these have different characteristics and can support a different capital structure compared to the Company's UK businesses? How does the Company plan to deal with the £1.5bn of high interest bonds over the near and medium term? Should the Company take advantage of the current strong market conditions to reduce its interest burden? Has the Board considered simplifying the Company's structure to improve operating performance? What is the Company's back up plan should the Company fail to deliver on its turnaround in the timeframe outlined? What does the Board regard as a reasonable price to sell Greyhound? Given the significant opportunity at its UK businesses, does the Board believe Greyhound, as a comparatively small non-core business, is worth the management distraction? During the bidding for the West Coast rail franchise, was the Company's significant interest burden a factor in determining the level or the structure of the Company's bid?",
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