If the interest rate is not on a reducing balance method, then Craig needs to get the hell out.
Paying a 12.5% coupon on the principal value for the full 18 months, whilst having a cash sweep to return their cash would be just about the worst deal he could have signed.
BTW, where the hell does he live overseas that he needs a $400k overseas living allowance on top of his already high salary. Just FYI, I'll be rejecting their remuneration report at the AGM and I'd encourage as many others to do so as well. It won't make a difference as its non-binding (hence they will still pay themselves) but it will show that SH's are not happy with the value we are getting from their astronomical salaries.
Ann: Bondholders Support Confirmed, page-33
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