I think there is a difference between what happened with OPC and...

I think there is a difference between what happened with OPC and what is happening here.

The Boards of UWL and OPC had actually signed a Scheme Deed - the deal was done. Scheme Deeds usually do have break fees if the target gets a better offer. That is pretty standard on my understanding.

The difference with the Morrisons deal is that the "agreed fee" has been agreed just for due diligence - long before getting to the point of an agreed Scheme. That is what I am saying I haven't seen before.

Don't get me wrong. I hope UWL gets a ripping overbid and the $5m just feels like chump change. It just seemed a bit unusual to me at the DD stage.