Mr. Owen Keegan:

There was a question about whether we had secured a current valuation. I do not have a current valuation. I accept that the sites were generally acquired at the height of the market. I believe they were acquired either on foot of a compulsory purchase order which is a separate statutory process or on the basis of a negotiated agreement. The purchase price would have been recommended by the chief valuer as representing value for money. Clearly, land prices have collapsed and I have no doubt that the value today is significantly lower than what we paid.