Wow, these guys musta really got up your bum, eh? You must be really short in this issue or maybe you worked there once and got fired or something. Anyway, truly sorry for all your anguish. But it will make you feel better if you re-read page 94 of AR2008, or page 95/96 of AR2009. The 2005 bonus doesn't repeat, it just doesn't have to be repaid after 5 years. Thank God there isn't a second one, right? You must be relieved!

I know you're hoping it tanks, but I have doubled my money on these guys in just nine months and expect it will double again in another 12 months time. The operating leverage is high going into an upcycle and they are likely to reduce the refinancing risk going forward. that alone should shift enterprise value towards the shares in a pretty major way.

good luck to you.