AGO should have hedging in place well into the second half of the year by now.
The March forecast (included in the IER but excluded from the valuation scenario) had AGO passing the covenant in June and the IO price is now looking more favourable than that forecast.
Shareholders deserve to see an updated cash flow forecast, including the amount already locked in through forward hedges, before voting on the recap.
Heading to $70, page-11
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