Ann: Half Yearly Report and Accounts, page-62

What happens in the case of voluntary administration to their franchises? Are they let loose, or do they owe something to creditors?

I guess what I'm getting at is, are the franchisees motivated more or less by the prospect of RFG voluntary administration for RFG?

If the answer is yes, then perhaps there is a chance that they'll increase their EBITDA to the 90mil required by the covenant. Some franchisees might try to sell up, but I think their hopes are pretty slim at the moment. The way I see it, if franchisees and RFG are both bound in a shared destiny to increase profits, then perhaps we'll see them hit the covenant targets.