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  "authorName": "Melrose",
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      "text": "Capital allocation\nBusiness requirements\nSome working capital and capital expenditure to fund sales growth, per Aerospace guidance\nRestructuring to be substantially complete within 12 months\nNet debt leverage for Melrose is expected to end 2023 at just over 1x EBITDA, but is comfortable up to 2.5x",
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      "text": "For shareholders\nThis will create significant surplus capital for shareholders to enjoy\nThis capital will initially come from leveraging the fast increase in profits and then from long-term future cash generation\nA progressive annual dividend to be paid\nMelrose is well placed to buy back 5% to 10% of its market capitalisation each year from 2024 onwards",
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      "text": "Melrose strategy\nMelrose to continue as a pure play Aerospace business. No general industrial business will be acquired into Melrose\nNo material Aerospace acquisition to be made in the near-term",
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