Ann: Heyfield Sawmill , page-5

Pear tree, to be fair, the announced ITC purchase price was $100m in late August 2009. It also wouldn't be fair to compare $28m with the original $100m.

The original proposal included 2 saw milling businesses in Victoria (of which Heyfield was one, 2 in Tasmania, as well as ITC's 50% of SmartFibre in Tassie. The ACCC blocked the SmartFibre transaction so that was removed from the deal and purchase price dropped around $10m.

The deal included $72 of inventory of which GNS said they would immediately reduce by $30m.

Therefore, $28m for Heyfield doesn't look so bad if Hermal can front up with the cash on settlement day.