Mr. David Gunning:

In respect of the gross margin, we have three divisions, all of them operating in different areas. I do not know how many products are in our log sales and panels businesses. We do not operate an overall gross margin figure as one of the metrics for the business. We are looking for an overall return from each of the operating units. It is not one of the things on which we focused, other than wanting to increase the overall gross margin, and we know how we are going to do that. This is a relatively tough year. We are not seeing the growth predictions that were talked about towards the end of last year right across our target market. So it is proving to be very competitive and prices are somewhat depressed. We are in reasonably good shape in terms of our target and budget but it is no bonanza. We will be able to give members more information on that in three months' time.

In respect of the valuation, it is standard practice in a mergers and acquisitions position to use professional advisers to give guidance to the company and the board in respect of what the company is worth. Certainly, the company knows from its cashflow, five-year numbers and ten-year projections what we see. That is an internal consideration. However, it would be unusual for a board to proceed in this situation without relying on the good advice of experts in a particular area.