Ann: Heyfield Sawmill , page-9

I think you might be misunderstanding what Gambier is saying. Most of the purchase price of the ITC assets is actually inventory. The question is, when they sell the mill for $28m is that just the mill or does that include inventory? I suspect it is just the mill as Gunns has run down $70m of inventory over the past year or so and hence have retrieved most of the investment cost for the ITC purchase. At the end of the day GNS needs cash and to my way of thinking $28m is not a bad price versus a book cost (who knows but perhaps not much more than $28m) for the mill asset.