Absolutely.
First, I'd like to point out that airports have already been privatized. What we're talking about is the opening of capital to airports. Indeed, we are 100% financed by the debt. We could eventually open up the capital. In this way, we could have shareholders and change our status as an NPO. I don't want to talk in overly technical terms, but that's what we're talking about.
So we are totally independent and privatized. And we are very proud of our status.
It's very clear to us at ADM: if the opening of capital allows us to improve our services and reduce our costs, we will be in favour of this change. However, I admit that it hasn't yet been demonstrated that services would be improved or costs would be reduced.
We know what paying for equity costs. Investors will demand a significantly higher return on investment than current debt holders. At present, our interest rates for financing are less than 4%. But private investors would ask us for a rate of 7% or 8%. Since interest rates are low in Canada at this time, it would not be appropriate to finance them with equity.
The times are changing. At ADM, we must think about profitability. There are other things that are dragging on in our region. We would like to reopen our agreement with Transport Canada on rent, so that adjustments can be made. For example, we pay the same rent for our industrial park in Mirabel as for the Montréal-Trudeau airport, where there is—