Ann: Revised Appendix 4C clarification, page-156

Remember if you look at their notes and announcements that they have publicly stated that their debt is financed at 6% (which is benchmark rates, BTW, so another question mark).

Why is so much paid out SUDDENLY in the last quarter? There are several theories. If I need to put a bullish stance on it, I can say that these are lump sum facility fees, or that the loan is fixed interest with penalty for early repayments, or this is a rollover fee, or interest prepaid in advance for next year. Each of this explanation has a gaping hole in it, and I will just wait to see what they select before blowing it up.

The bear theory is much simpler, but let's leave that for another day.