Such a 'flu shot' is now widely expected and would be unlikely to unsettle investors beyond a transitory period,

We're looking at a transitory period in which things are a little bit tense, but if we get through this, we'll be in a much better place. I believe there is a role for private oil companies here, and that the government believes there is a role for us here.

Investors believe it is simply not acceptable to be environmentally irresponsible.

It's been widely expected that they would come in with a poor trading statement, and so it proved. The stock has become detached from the rest of the sector over the past 4-6 months. Its valuation attractions have managed to hold the shares today.

We are coming into a period where the bird flu will be highly transmissible. As the weather warms up, more wild birds will be migrating and it will be easier for the bird flu to be transmitted to a wider area.

We think the multiple paid is unlikely to produce much cheer for newspaper investors.