Mr. John Field:

I know now the transaction proceeded to the executive committee the following week. I said in the memo the matter should not be progressed to the executive committee because I was aware from the previous day that was the intention. It was progressed. The presentations to the executive committee and the finance committee the following week were on the basis that due diligence was ongoing. It was not presented as a final proposal at either of those meetings, just to clarify that point. It was presented as a proposal subject to due diligence.

After it went to the finance committee, I received an email from the chief corporate officer attaching one valuation. He suggested in the email the matter had been approved by the executive committee to be proposed further, that he was attaching the valuation and that he would call a meeting of the group of us who were assisting with the due diligence to discuss the project and further due diligence. That meeting was held on 23 March-----