Ann: 31 December 2016 Results Media Release, page-12

Kero is not interested in fixing the capital structure via a spinoff. I guess that is the whole issue. Why arent the basic strategies to fix this mess being implemented. They are a private equity investor with board seats on both AJL and Cuadrilla - its not like they haven't thought this through.

The only possible way that these loans can make sense is if we expect a 15%+ ROC driven by a cyclical turnaround in the operating business. And how can anyone bet on that? If there is a thesis around that, somebody please explain. Otherwise it just looks like a money pit that will kill us while Cuadrilla falls into the hands of K.