[Zinman]

We may have cash in the bank now, but this will be used up in running costs by the end of the year. In very simple terms, we probably broke even last year, this year’s revenue will be about 50m lower and this year’s costs will be about 50m lower. In cash terms, one-off receipts (Periera, Field, Harper etc) will match one-off payments (VI, Grant, loan fees) so I would expect a similar break even this year. We certainly don’t have a large cash surplus just sitting there.