How tight is the king screw (aka, action screw for us Yanks)? It must be tightened fairly heavily, or the rifle will pattern like a shotgun. Does the forend have the reinforcing strap intact nearest the trigger guard? That area, known as "the Draws" in Aussie and Brit lingo, tends to be very important to proper action/forend bedding.
Myself, I used a few dabs of Acraglas gel to tighten up the bedding on the forend of my No5Mk1, but I also made darned sure my king screw was tightened, with Loctite keeping it that way. Here's a good read on getting a No4Mk1 to behave:
I'd pay particular attention to what John Sukey, Vulch, Fianna Fail, and Jay Currah have to say about the gun. I've learned a lot from them as I was getting my own NoIMkIII, No4Mk1, and No5Mk1 rifles to shoot well. ;)
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