I think it's a continuation of buying since their better-than-expected results so that's looking very solid at the moment.

If they can hop out of that there's I suppose another possible return of capital, special dividends and such like.

Investors are saying 2006 is going to be a very difficult year for retail.

I think Christchurch City Holdings will have to pay a premium to gain control of a strategic asset in the Canterbury region.

If you take Telecom out of the equation, the next highest volume would be Sky City, which is coming in for some pretty strong demand at the moment.

From our point of view and from the market's point of view, I think $2.10 is not sufficient in order for them to get to that 90 per cent threshold they need.