Whether you call it "free carry" or not, the bottom line is you are taking your initial stake out. That means that even if the rest goes to 0, you are no worse off for having invested in the company. So you feel more comfortable from a risk management/capital preservation perspective - that doesn't mean you shouldn't be vigilant and treat the remaining position the same way you would before you free-carried.
Ann: September Quarterly Report and Appendix 4C, page-48
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