Thank you, Chair.
Gentlemen, I'd like to follow my colleague's questions with regard to the letter we received from the Canadian Bar Association. I'd like to come back to a better understanding of the de facto control issues, so I'm clear.
The question that was raised was:
Notwithstanding the lower monetary threshold applicable to SOE investors, because of the way those thresholds are calculated (“enterprise value” for non-SOE WTO investors and “book value” for SOE WTO investors), an SOE investor could fall under the threshold for “net benefit” review while a non-SOE WTO investor could be subject to a review for the same proposed transaction. The CBA Section does not believe this to be the Government's intention.
I wonder if you could clarify that for us.