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  "presentationDate": "2020-09-01 00:00:00",
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  "notes": "The table shows a progression of leverage and interest cover covenants from 2020 to 2023.",
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      "text": "New banking terms unanimously agreed with the lending bank syndicate for the full length of the facilities. These changes afford increased levels of headroom to allow for the uncertain trading environment today. Waivers negotiated for EBITDA to net debt (leverage) covenant for December 2020 and June 2021 with full re-sets beyond June 2021. Sensible interest cover covenants negotiated to December 2022. Returning to normal levels of covenants by 2023.",
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      "text": "Strong cash management in the period increased the headroom on the committed banking facility to c.£1.175 billion, excluding over £300 million of cash in hand",
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      "text": "Banking covenants for future periods",
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      "text": "1. The leverage covenant is subject to downward adjustments upon certain material disposals",
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