If I am understanding this correctly one of the concerns we have with the changes made in Feb is that deals such as the Etihad and Esilat would be classed as associated deals and as such would be reviewed by the PL and could have their valuation down graded, they could also go back three years with this valuation.
Again, if I understand this correctly, lets say they reduce the value by £15 million per year that would mean a negative adjustment of £45 million. Given the PSR rules allow for a loss of £105 million it could make things very difficult for us.
If this is the case then no wonder we are challenging it.