Mr. Colm Hayes:

There are a range of factors regarding how and when the timber may come to market. Price is obviously a key factor. As I said, however, we do not make any predictions in terms of when the timber will come to market. It is very likely that timber being harvested at some point this year was licensed two years ago, and it is the same with what we licence now. It may also come to the market in two years' time.

Our focus is entirely on licensed output. It is really up to the licence holder.