So the issue is—and what has been raised—whether the letter is the appropriate instrument to adopt. The Minister was very clear to say that "as a minority shareholder I can do what I like," and he made the point that many State-owned enterprises (SOEs) receive letters of expectation from the Minister. I would say to you that that is correct—if you are on the board of KiwiRail you get a letter of expectation from the Minister—but the difference with this one is that this a listed company. All the others SOEs, other than the electricity companies, are not listed. And in the sense that they're not listed and don't have to operate under the stock exchange rules, then issuing a letter of expectation is perfectly appropriate and takes place regularly. 