Mr. Sean Mulryan:

Well, I suppose, we used to ... we were comparing Dublin land prices to London land prices at the same time because we're very active in London. So we had a direct comparison but we bid for many sites and we were a long way off. The one you mentioned, the Glass Bottle site ... well, we were invited to joint venture with the DDDA on the Glass Bottle site and they would have come to London and looked at our operation and would have liked what they saw and would have asked us to join ... would we be their partners in that particular site and we were very happy to do so. So we started the process of doing the due diligence and doing our appraisals on that particular one. And our deal with the docklands authorities was 25% that they were taking into equity and we'd be taking 75%.

Now, on that particular site, we spent a lot of time on that but we couldn't get past €140 million so we talked to the team and the DDDA and we put our first appraisal through at that cost and the asking price was much higher, way, way higher, so we agreed to do another two weeks' due diligence and on that particular, we just pushed it a little bit more but we were a long way off what the asking price and the anticipation was. So six weeks before the ... the bids, we withdrew and to give them a chance to go and negotiate with other people.