Ann: FAR update, page-43

I actually think not having the exorbitantly expensive debt finance in place will be a positive for any company looking at bidding for FAR when they market turns.

Having debt locked in at ~10% is a poison pill and would be a negative for a larger company with a low gearing position.

When the cycle turns in a few months as Covid-19 infection rates reduce and oil producers realise no one makes money at $25 a barrel, FAR will be a sitting duck for takeover at or around the last equity raising price.

It’s not pretty but it’s how the cycle works.