Ann: Australian Government Debt Funding Support, page-122

You are confusing me with someone else - I have never made reference to Kerry Packer. As I have come to expect of Spinks, he has failed to communicate to the market how he hopes the finance for stage 1 and 2 will work. Stage 1 (5,000 tpa) will in my opinion be financed first at cost circa AUD $30 million, half of which will be debt which equates to $15 million. What were you saying about apples and oranges?

In your table you describe Austin Engineering as "generating strong income ". I would hope that Ecograf Kwinana with a payback of 3.3 years on USD$ 50 million of CAPEX also will generate strong income.