Mr. Bill Stanley:

No. Perhaps I should clarify. Of those 60, only a handful - it might be four or five - had already reached the point where their premium payments had expired. We have now rectified that. The balance had not reached the point where their premium payments had expired. We have recognised the issue and committed to ensuring the payment happens a year earlier. It would not be correct to say that the 60 have had a gap year.

The review of payments is designed to happen every five years because that term is the typical thinning cycle. The annuity review essentially happens every year after someone has completed a full thinning. At that stage, a landowner can take into account the actual recorded profit. There is a full audit trail up to the weighbridge at the customer's facility. We must have this paper trail for our certification purposes. We need to be able to show the full chain of custody for the timber from where it grows to where it gets processed, as do our customers if they are to sell the material into their end markets. We reflect the actual profits every five years and the annuity may adjust to reflect that. By the time a landowner reaches the point of clearfelling, the annuity payment should be taking into account all of the actual thinning profits rather than just forecasted thinning profits.