Mr. Brendan McDonagh:

PIMCO had a look at the top 55 assets in the preliminary data room, to which it had access for the purposes of proof of concept. We thought they were worth approximately £900 but PIMCO came back with an indicative value of some £950 million. That is like a person saying they will buy a car from someone at €5,000 but not committing to do so. Once they get an NCT or a check-up from a mechanic, they might offer €4,500. The first offer is an indicative offer and it is only once a person makes a binding bid, as Cerberus did in April 2014, that one gets a commitment that they will pay what one wants for a portfolio.