Kieran O'Donnell (Limerick City, Fine Gael) | Oireachtas source

This is a point. Aer Lingus has €400 million net cash on its balance sheet at the minute. Based on what we are hearing, the slots are worth at least €400 million plus, and could be worth a lot more. The planes, we are hearing, are worth roughly €650 million. That is approximately €1.45 million. I also suspect the company has a significant property portfolio. To the ordinary person looking in, the breakup value of Aer Lingus is clearly higher than the €2.55 a share that is being offered. Rather than giving a general answer, Mr. Kavanagh needs to address this and be a little more specific. Ultimately, he is representing the shareholders of Aer Lingus. We represent the ordinary people whose taxpayers' money is involved in the 25.1% stake in Aer Lingus. Mr. Kavanagh might give a little more detail in regard to how the valuation was reached. He might make reference to the valuation I have just put forward.