Ann: Full Year Results - Investor Presentation, page-20

Think you're pretty spot on with the above. The only point I'd make is that I've had 2 group briefings with them in the last year and they strongly believe that their fleet age supports very minimal capex requirements for at least the next 2-3 years ( $15m), further flagged asset sales coupled with minimal capex results in ND/EBITDA sub 2x (Given their positive working capital requirements, there will admittedly be a slight cash drag as the top line expands). Once below 2.5x within 12 months BOL said they'll be buying back aggressively (managements EPS LTI supports this too). Buyback will be highly value accretive given they are trading well below NTA but will be more powerful for sentiment given it will underscore BOL's movement out of financial distress.