Graham, from the perspective of an ordinary shareholder in PPX I...

Graham, from the perspective of an ordinary shareholder in PPX I believe the idea of buying back the hybrids at a discount has merit. Where I would disagree with Brad is in the timing. I believe our immediate focus should be in returning PPX to profitability and only then consider buying back PXUPAs. The primary objective for PPX holders is to ensure the company survives. Once that is achieved then PXU buybacks make sense. At the moment I am more interested in whether Toby can deliver what he promised or whether he should be replaced by Andrew.

What Brad suggests is one way of doing it. Another simpler way would be togradually buy back on market from cashflow.