Thank you very much, Mr. Chair.
It is wonderful to be here. I certainly enjoyed the drive in, but I am looking forward to a tour of the harbour facilities this afternoon.
I want to thank you for your hospitality, but we're engaged in a very important study, so I want to get right to the heart of the matter.
You mentioned that you had entered into a divestiture agreement. The agreement, I understand, and correct me if I'm wrong, was contingent on the expenditure of $15 million over a period of I am not sure how long--perhaps you would make notes and you can answer that. I will kind of clew up where I'm going and then we'll get into a back and forth. So it was an expenditure of $15 million over a certain period of time, and then you would assume ownership of the real property asset, the water lot and all upland developments related to the pier.
Is that a binding contractual agreement, or is it a sort of general understanding without any legal context attached to it?