Questions Answered

• What are recoveries on OHL’s Senior Unsecured Notes (SUNs) under proposed restructuring Alternatives 1 and 2? Base case, base case “plus” and potential recoveries under Alternative 2
• Is the business plan achievable and what does it imply for valuation of the construction business (excluding potential asset disposals / litigation claims)?
• Why do we see upside to potential disposal proceeds from OHL’s equity and sub debt investment in Canalejas vs our previous analysis?
• How do we view execution risk on OHL’s proposed restructuring?
• What did we learn that was new from OHL’s Cleansing Presentation (dated 21/1/21)?
• How do OHL’s business plan projections compare with our previous base case projections?
• How do liquidity, capitalisation and leverage look pro forma for the planned restructuring, rights issue and private placement?