Mr. Colm Hayes:

The fund is owned by the investors. The relationship with Coillte is that Coillte has a commercial contract with Gresham House to provide certain services, such as acquisition of the land or the management or planting of the forest in some cases. My understanding of how Coillte operates when it does any sort of planting at scale is that it often outsources that to the private forestry sector on a contract basis. It is very much on a case-by-case basis.