Ann: Operations Update, page-39

I now expect the standard $2M/month repayments on the loan this quarter (there was mention of a re-negotiation of the loan and hedge with Macquarie, but this no longer seems necessary). They could make an accelerated payment I suppose, but whether or not they chose to do so will depend on cash-flow projections. Given the uncertainties I would expect them to hang on to the cash for the moment.

Hard to say on the hedge. It seems to be different each quarter. I'm not sure if this is do to some lumpiness in the forward contract amounts, or if they are paying down the hedge at an accelerated rate when able. Perhaps someone else here knows the answer to this.

Something I forgot to mention in my last post is that we can expect some one-off costs and other non-recurring items this quarter, relating to deals, and now the fire. Any insurance claim on the fire will fall into H2.

All IMO.