D69, XLComplete,
I seriously think this IS the GRAND PLAN. Let's say the hedge was an honest, complete cluster f..K mistake. Induldge me. Just 1 minute. What better timing could you ask that "the sky is falling, we screwed up, times are tough, we all need to dig deep, if not now then it's game over in the bigger picture, etc "?
The only legitimate argument from MPOV from Mr.Hogg is that yield is decreasing (from a Group Point, and apparently only in EY from latest reports). However, isn't there an unofficial official Notice To THE WORLD that Swire is pulling the pin around 2025 or earlier? If so.......... What an amazing opportunity to cut costs, show to the New Owners (Mutha Russia, oooops I mean Air China) that the path to efficiency & cost cutting and and and and and was made in the late 20teens.
Food for thought.