Unfortunately, Toll did not apply the same standards

Toll have effectively negotiated with themselves a transaction which is not in line with the board approval that was given,

Originally Toll wanted to buy that through Pacific National,

If you look at Toll as a business, it's a primarily a road-based, freight forwarding business,

Toll can pay more, Richard Branson can pay more and the Virgin Blue in specie distribution can be monetised.

The Toll bid was ill-conceived from the outset. It has been a failure of both strategy and execution.