Ann: Change in substantial holding, page-5

I'm not assuming that the Toll deal will fail.

However, I am assuming that a few things will happen:

- Average revenues will continue to fall. Both falling dayrates and less utilisation.
- More asset write downs to come. At some point the value of the debt may exceed the value of the boats.

So.. it's not the most comfortable position to be in.

And I suspect that Black Crane will be agitating at some stage, or involved at some stage with a re structure.