The Atlas Arteria Group (ASX: ALX) share price is leaping on news IFM might be lining up a takeover approach.

The IFM Global Infrastructure Fund has snapped up around 15% of the company’s stock and indicated it might submit a takeover bid.

At the time of writing, the Atlas Arteria share price is $8.26, 16.27% higher than its previous close.

Though, that’s down from its intraday – and new 52-week – high of $8.35 – representing a 17.6% gain.

Let’s take a closer look at today’s news from the global toll road operator.

Atlas Arteria flags potential takeover interest

The Atlas Arteria share price is rocketing higher after IFM indicated that it might ask for limited company information to potentially build an acquisition offer.

To kick start the potential takeover process, the fund has acquired a 15% stake in the S&P/ASX 200 Index (ASX: XJO) infrastructure giant.

It paid $8.10 per share after the market closed yesterday for the final piece of that holding. Such a price tag represents a 14% premium on Atlas Arteria’s previous close.  

A full takeover of Atlas Arteria could set IFM back $7.8 billion, the Australian Financial Review reports.

According to a release from the company, IFM indicated that any proposal it might submit would be subject to the completion of due diligence, as well as other conditions.

So far, IFM hasn’t requested more information from Atlas Arteria, nor has it proposed to buy any additional shares.

In fact, the company was clear in saying there’s no guarantee of any takeover bid at this stage. Thus, shareholders don’t need to take any action.

Nevertheless, the potential of a future acquisition offer – as well as IFM’s apparent belief Altas Arteria shares are worth $8.10 apiece – has excited the market this morning.

IFM was the leader of the consortium that snapped up the formerly-ASX listed Sydney Airport in February.

Atlas Arteria share price snapshot

Today’s gains have helped boost the Altas Arteria share price even further into the green.

Right now, the company’s stock is 19.5% higher than it was at the start of 2022. It has also gained 29% since this time last year.

The post Atlas Arteria share price leaps 16% amid takeover speculation appeared first on The Motley Fool Australia.

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Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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The Fonterra Shareholders Fund (ASX: FSF) share price is surging higher, up 4.8% in early trade.

Fonterra shares closed yesterday at $2.75 and are currently trading for $2.88.

This comes as the dual-listed dairy cooperative announces a major share buyback.

What was the share buyback announcement?

Fonterra shares are leaping higher after the company reported it is earmarking up to $50 million for an on-market share buyback program. The buyback is set to start at the end of the month, on 30 June.

The company said the buyback could run for as long as 12 months, with Fonterra buying shares at market price.

During that time Fonterra said it “will continue to assess market conditions, its prevailing share price, available investment opportunities and all other relevant considerations”. Management retains the right to halt or cancel the program at any time.

The company will cancel all the shares its buys back. This will reduce the number of shares on issue, which should offer a tailwind for Fonterra stock.

Regulations limit the maximum number of shares the company can acquire to 5% of Fonterra’s shares that were on issue 12 months ago. That works out to just under 80.7 million shares. That number also includes the $300 million on-market buyback (the ‘Transitional Buyback’) Fonterra announced last year to help the transition to a Flexible Shareholding capital structure. That process is still pending.

Regarding the new program, management believes the stock is undervalued at current prices, driving its decision for the buyback.

“The Co-op considers the prevailing price, particularly since late April, has undervalued Fonterra shares, which is a key reason for announcing this buyback,” Fonterra chair Peter McBride said.

Fonterra share price snapshot

The Fonterra stock has struggled this year, down 19% since the opening bell on 4 January.

That compares to a year-to-date loss of 7% posted by the All Ordinaries Index (ASX: XAO).

At the current price, Fonterra shares pay a 5.8% trailing dividend yield, unfranked.

The post Fonterra share price surges on $50 million share buyback announcement appeared first on The Motley Fool Australia.

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• Why Macquarie still sees ‘material upside’ for ASX lithium shares
• Boral share price charges higher amid controversial CEO appointment

The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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On Wednesday morning, the BrainChip Holdings Ltd (ASX: BRN) share price is pushing higher.

At the time of writing, the artificial intelligence technology company’s shares are up 1% to $1.01.

Based on its shares outstanding, this means that BrainChip’s market capitalisation is now over $1.7 billion.

CEO tips market capitalisation to increase

While a market capitalisation of $1.7 billion for a company with next to no revenue seems ridiculous, particularly in the current environment, BrainChip’s CEO, Sean Hehir, feels it is justified. He also believes it can and should keep increasing.

In a recent interview with CommSec, Mr Hehir was asked about the company’s profitability and lofty market capitalisation.

He responded:

Do I think the market cap is fair? Or they say are you topped out? I think it is not even close.

The reason I say that is the [AI] market itself. The market is very, very big. And so we have got a lot of room to grow. So, I think the market cap is not even close to where it can and should be over time.

Mr Hehir did, however, shy away somewhat from the question about profitability. He instead focused on the company’s partnerships and said the company intends to establish more and make them “much deeper, more operational every single day to drive a lot of value.”

What about the long term?

Looking longer term, BrainChip’s CEO revealed that his aim is to build the company into the “de facto standard for edge AI for the entire world.”

Questioned on how the company can achieve this given the big budgets of its tech giant rivals, Mr Hehir said that he believes BrainChip’s small size means it is nimble and can react quickly. He also feels that its patent portfolio is strong and “very defensible.”

Time will ultimately tell if BrainChip is the real deal or just another tech wannabe that gets left behind by its big budgeted rivals. But with a market capitalisation approaching $2 billion and no sales to demonstrate that there’s a market for its Akida technology, the market certainly has high hopes.

The next 12 months are likely to be incredibly pivotal now it is in the commercialisation stage. If meaningful sales don’t materialise, the BrainChip share price could easily fall from grace. This makes it a very high risk option for investors and too spicy for my tastes.

The post BrainChip market cap is ‘not even close to where it can and should be’: CEO appeared first on The Motley Fool Australia.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

Since coming on the scene, cryptocurrencies have become a huge part of the investing discussion, on both ends of the spectrum. There are enthusiasts who swear by the assets’ utility and potential, and then there are skeptics who wouldn’t touch crypto with a 50-foot pole. The one undeniable thing, though, is the increase in crypto’s popularity across the globe.

Here are two reasons you should invest in crypto and one reason you absolutely should not.

1. You can benefit from more diversification

Diversification is one of the key pillars of investing. You never want your portfolio to depend too much on too few single investments. You should aim to have diversification in industries, company size, and growth potential, as well as asset classes. While questionable at first, the growth of cryptos as an asset class has become so prevalent that the Securities and Exchange Commission (SEC) is now building out a 50-person Crypto Assets and Cyber Unit team to protect investors in the niche.

Although crypto should be a small part of your portfolio, if you’re looking to add some diversification to it, look no further. Ideally, you don’t want more than 5% of your portfolio in crypto. Your portfolio should be able to survive if you lose 5% for whatever reason. Losses bigger than that can affect you too much, especially given the extreme volatility of cryptocurrencies.

2. There’s a chance for hypergrowth

Crypto as a whole is still in its early stages. Bitcoin (CRYPTO: BTC) — the first and by far the most valuable crypto by market cap — was launched in January 2009. Since then, its value has soared. Should you expect to receive similar returns from investing in that token or others? Absolutely not. But, what you can expect is a chance at hypergrowth on your investments simply by the nature of how young the crypto space is.

The global crypto market was valued at over $1.78 trillion in 2021 and, a report published early this year by Research and Markets forecasts that it will reach over $32.4 trillion by 2027, experiencing a compound annual growth rate (CAGR) of 58.4% along the way. For perspective, the S&P 500’s CAGR has historically been around 10%.

By no means is that to say crypto makes for a better investment than the S&P 500 — it doesn’t — or that the two options are even comparable. Moreover, the projection could turn out to be incorrect. However, it does point out how much growth potential there is for crypto over a relatively short period. You can only benefit from that potential if you give yourself a chance. High risk, high reward.

Be aware of the risks if you’re nearing retirement

One situation in which you may want to avoid investing in cryptos is if you’re close to retirement. Most financial advisors suggest that people should begin shifting away from riskier investments and become more conservative about their portfolios at that point in their lives. The focus should be more on preserving the money you’ve made through the years than taking on risks to try and grow it. Unfortunately, risk and crypto go hand in hand.

Imagine having a large fraction of your portfolio in a cryptocurrency — one that plunges in value by more than half in a matter of months, as Bitcoin has since November 2021. If you’re a long way from retirement, that decline may not matter as much to you, because you have time on your side. You can wait for years for the asset’s value to recover. However, there’s no telling how long it might take to recover. If you’ll be retiring soon and will need to start drawing down on your portfolio to cover your living expenses, a big plunge in its overall value could be a problem. 

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

The post 2 reasons to invest in crypto — and 1 reason to steer clear appeared first on The Motley Fool Australia.

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• 2 beaten down ASX tech shares that analysts rate as buys

Stefon Walters has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Bitcoin. The Motley Fool Australia owns and has recommended Bitcoin. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips. 

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

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It’s getting closer to the end of the 2022 financial year. Experts are considering whether some previous ASX share market darlings are compelling investments after all of the volatility this year.

Lower share prices mean that investors can now buy slices of businesses for a cheaper price.

While current uncertainty is weighing on the market, with things like supply chain difficulties and the flow-on effects of the Russian invasion of Ukraine, experts have identified some businesses that look like opportunities.

Audinate Group Ltd (ASX: AD8)

Audinate is one of the ASX shares that is well-liked by brokers. Broker UBS rates the business as a buy, with a price target of $9.85. That implies a possible rise of more than 35% over the next year.

The business developed Dante, an IP (internet protocol) networking solution that replaces traditional analogue cables with a single ethernet cable. It’s used by sectors like professional live sound, commercial installation, broadcast, public address, and recording industries.

The business has seen its share price crumble in 2022, dropping by around 20%.

However, the company’s recent trading update spoke of positive signs.

At the end of April 2022 it reported that demand for Dante products remained strong. So much so, it expects sales orders to be fulfilled throughout the rest of FY22 and FY23. The total backlog of sales orders has increased. And the company’s ability to fulfil orders is improving due to an increase in the supply of key chips.

Audinate recently said that trading conditions experienced in March and April (mentioned above) had continued in May. The ASX share was expecting revenue for FY22 to exceed US$30 million. However, it continues to manage a challenging supply chain environment.

Pinnacle Investment Management Group Ltd (ASX: PNI)

Pinnacle is a business that invests in funds management businesses. It helps them grow by allowing the fund manager to focus on the investing side of things.

The ASX share provides services like seed funds under management (FUM) and working capital, distribution and client services, compliance, finance, legal, technology and other business infrastructure.

The Pinnacle share price has dropped by over 50% since the start of 2022. Brokers believe this valuation represents good value for investors, including UBS with a price target of $12.65. That suggests a possible rise of more than 60%.

The broker thinks that despite the challenges facing the investment industry, the business looks attractive over the long term.

Its latest quarterly update for the three months to 31 March 2022 showed FUM of $91.4 billion. That’s an increase of 2.2% from $89.4 billion.

The ASX share is looking to add new asset classes and investment strategies to its portfolio, diversifying sources of revenue and helping further growth.

Pinnacle said that it’s prepared for, and seeking, further expansion opportunities. It’s committed to taking advantage of the “significant” offshore opportunity to evolve into a global multi-affiliate by exporting its model.

According to UBS, the Pinnacle share price is valued at 19x FY22’s estimated earnings.

The post Are these 2 compelling ASX shares buys in June 2022? appeared first on The Motley Fool Australia.

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Motley Fool contributor Tristan Harrison has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended AUDINATEGL FPO and PINNACLE FPO. The Motley Fool Australia has positions in and has recommended AUDINATEGL FPO and PINNACLE FPO. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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Turbulent is a good word to describe how ASX lithium shares have been tracking over the last week.

Producers of the ‘white gold’ material – a necessity for the decarbonisation movement – tumbled last Wednesday.

But despite recent despair, Macquarie Group Ltd (ASX: MQG) Equities is still hopeful. There’s still a “material upside to lithium miners”, the broker said, courtesy of The Australian.

Let’s take a closer look at what the financial giant likes about ASX lithium shares following the sell-off.

Macquarie still backing ASX lithium shares

Today marks a week since ASX lithium shares spectacularly nosedived amid a bearish note out of Goldman Sachs, expectations a major Chinese electric vehicle (EV) manufacturer was taking its lithium needs into its own hands, and Argentina’s new reference price for lithium exports.

Liontown Resources Limited (ASX: LTR), Core Lithium Ltd (ASX: CXO), and Pilbara Minerals Ltd (ASX: PLS) were hardest hit. Their share prices plunged 18%, 20%, 22% respectively last Wednesday and haven’t fully rebounded yet.  

Other lithium shares Allkem Ltd (ASX: AKE), IGO Ltd (ASX: IGO), Mineral Resources Limited (ASX: MIN), and Sayona Mining Ltd (ASX: SYA) were similarly impacted. They slipped between 8% and 18% last Wednesday.

But the tumble isn’t the end of a green era for lithium shares, according to Macquarie.

It reportedly believes Argentina’s reference price of US$53,000 per tonne of lithium carbonate equivalent wasn’t a price cap. Instead, the broker understands it to be a way for the nation’s government to understand lithium prices and contract pricing

Meanwhile, Macquarie reportedly expects Chinese EV giant BYD’s proposed African lithium projects to face logistical challenges, slowing down their journey to production.

Finally, the broker reportedly said its favourite ASX lithium share – Pilbara Minerals – is factoring in realised lithium prices of approximately US$13,000 per tonne.

“This is 80% below current spot lithium carbonate prices in China”, Macquarie said, as quoted by Livewire. “[it’s also] equivalent to a flat spodumene … of US$950 [per tonne], 85% below the last BMX spot sale.”

The post Why Macquarie still sees ‘material upside’ for ASX lithium shares appeared first on The Motley Fool Australia.

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Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Macquarie Group Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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The Boral Limited (ASX: BLD) share price is charging higher on Wednesday morning.

At the time of writing, the building products company’s shares are up 6% to $3.03..

Why is the Boral share price rising?

The Boral share price is lifting today after the company announced the appointment of its new CEO.

According to the release, Boral has made the controversial decision to name Vik Bansal as its new leader, effective on or before 5 December.

Last year, Mr Bansal stepped down from the role of CEO of waste management company Cleanaway Waste Management Ltd (ASX: CWY) amid a scandal which saw him accused of creating a culture of workplace bullying. This overshadowed an otherwise highly successful six years at Cleanaway.

Zlatko Todorcevski will remain in the CEO role until transition to Mr Bansal is completed.

‘The right leader’

Boral’s Chairman, Ryan Stokes, was pleased with the appointment of Mr Bansal. He said:

Vik is a seasoned leader with extensive experience, and has a track record of instilling discipline and efficiency in complex businesses to create value for all stakeholders. “He is the right leader to guide the Company into a new era. Vik has the passion, commitment and strategic leadership skills required to drive a performance orientated culture with a focus on productivity, stakeholders and leveraging Boral’s competitive advantages.

Mr Bansal said he was delighted to be appointed the leader of an “iconic” company. He commented:

Boral is an iconic and compelling business with great assets and a well-respected and motivated workforce. I am excited to be part of Boral’s next phase of creating value for all its stakeholders through a culture of safety, and focus on service, sustainability and simplification.

The post Boral share price charges higher amid controversial CEO appointment appeared first on The Motley Fool Australia.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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It is fair to say that it has been a very disappointing year for the tech sector. But every cloud has a silver lining. On this occasion, that silver lining is the attractive levels that some tech shares have been dragged down to.

For example, the two ASX tech shares listed below have been hammered this year despite continuing their strong growth. Here’s why analysts think this could be a buying opportunity for investors:

TechnologyOne Ltd (ASX: TNE)

TechnologyOne is an enterprise software provider servicing the government, financial services, health and community services, education, and utilities and managed services markets. Its shares are down 19% year to date.

This is despite TechnologyOne releasing its half year results last month and reporting a 19% increase in total revenue to $172.5 million and a 23% jump in annual recurring revenue (ARR) to $288.5 million.

Pleasingly, management also reiterated its confidence that it will grow its ARR to $500 million by FY 2026. This is being underpinned by its transition to a software-as-a-service (SaaS) business model and its growing UK business.

The latter more than doubled its profit during the first half and still has a huge runway for growth in a market many times larger than the ANZ market.

Analysts at Goldman Sachs suspect that TechnologyOne could even outperform its ARR target, noting that the risks “are skewed to the upside.”

Goldman has a buy rating and $13.30 price target on the company’s shares.

Xero Limited (ASX: XRO)

Xero is a cloud-based accounting solution platform provider to small and medium sized businesses globally. Its shares are down 45% since the start of the year.

This is despite Xero recently releasing its FY 2022 results and revealing a 28% jump in annualised monthly recurring revenue (AMRR) to NZ$1.2 billion thanks partly to a 19% increase in total subscribers to 3.3 million.

Furthermore, the company’s long term growth prospects remain as positive as ever. For example, Goldman Sachs is forecasting a 26.5% increase in revenue to NZ$1.387.1 billion in FY 2023. After which, it expects Xero’s revenue to increase to almost NZ$2 billion by FY 2025.

Beyond that, Goldman has previously stated its belief that Xero has the potential to deliver strong multi-decade growth.

In light of this, it will come as no surprise to learn that its analysts have a buy rating and $118.00 price target on its shares.

The post 2 beaten down ASX tech shares that analysts rate as buys appeared first on The Motley Fool Australia.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Xero. The Motley Fool Australia has positions in and has recommended Xero. The Motley Fool Australia has recommended TechnologyOne Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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A popular question among investors is when the Zip Co Ltd (ASX: ZIP) share price will finally bottom?

The buy-now pay-later (BNPL) company’s shares have continued to tumble to new multi-year lows not seen since early 2018.

For context, Zip shares closed at 65.5 cents, down a massive 14.38% at yesterday’s market close. This represents their ninth multi-year low in just a month.

Can the Zip share price rebound in June?

Amid all the selling pressure on the ASX over the last few weeks, the Zip share price has felt the wrath of investors.

The company delivered its third quarter results in late April, acknowledging a shift in external factors.

As such, management adjusted its strategy and doubled down on its efforts on strong unit economics and fast-tracking profitability.

However, it’s worth noting that Zip is experiencing credit losses outside its target range, around 2.6% of total transaction volume.

And with interest rates rising in the current environment, particularly yesterday’s 0.5% increase, this won’t bode well for Zip customers.

Furthermore, United States tech giant Apple Inc (NASDAQ: AAPL) recently announced its inclusion to the BNPL space.

Called “Apple Pay Later”, the service offering won’t charge any interest or late payment fees to its customers.

This is yet another company that has joined the trend away from the traditional credit cards.

A number of major Australian banks such as Commonwealth Bank of Australia (ASX: CBA) have also promoted their own offering.

With the above factors taken into consideration, signs are pointing to another difficult month for Zip shareholders.

What do the brokers think?

One broker put out its thoughts on the Zip share price.

According to ANZ share investing, Macquarie cut its 12-month price target on the BNPL’s shares by 43% to $1.05.

Despite the steep reduction, the broker noted that it thinks it’s unlikely that the industry has reached maturity.

It further said that it doesn’t believe that this will lead to a rapid share market loss for Zip.

Based on today’s price, Macquarie’s estimate implies an upside of approximately 60%.

Zip share price summary

An unfavourable climate has led the Zip share price to lose 90% within the last 12 months.

This means you’d need its shares to climb 900% to break even.

No doubt, the company’s shares are a long way from ever nearing its all-time high of $14.53 in February 2021.

Zip commands a market capitalisation of roughly $526.27 million.

The post Is there light at the end of the tunnel for the Zip share price in June? appeared first on The Motley Fool Australia.

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Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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The Accent Group Ltd (ASX: AX1) share price has been well and truly out of form in 2022.

Since the start of the year, the footwear-focused retailer’s shares have fallen 46% to $1.32.

Is the Accent share price good value now?

The good news for investors is that one leading broker believes the weakness in the Accent share price has dragged it down to a very attractive level.

According to a note out of Bell Potter, the broker has reiterated its buy rating and $2.20 price target on the company’s shares.

Based on the current Accent share price, this implies potential upside of 67% for investors.

But it gets even better as Accent traditionally shares a good portion of its profits with shareholders. Bell Potter doesn’t expect this to change and is forecasting payout ratios of ~80% for FY 2022 and FY 2023.

This is expected to lead to fully franked dividends per share of 5.8 cents in FY 2022 and then 10.7 cents in FY 2023. This implies potential yields of 4.4% and 8.1%.

Why does Bell Potter rate it as a buy?

Bell Potter notes that Accent’s shares are trading at a lowly 9.8x estimated FY 2023 earnings. It believes this is too cheap considering the company’s dominant market position in the Australian footwear market (~30% market share) and its significant opportunity in athleisure. It explained:

AX1 is currently trading on 9.8x FY23e P/E (BPe) which we think looks conservative given its dominant market share in the Australian footwear retailing industry and growth outlook in the youth focused sports apparel vertical.

We think AX1 has a long runway ahead in terms of the athleisure market opportunity and is well placed to gain share given its accelerated vertical sales strategy. We sit ~6% ahead of consensus NPAT expectations for FY24e primarily driven by higher store based revenues & vertical sales assisted by the Glue Store roll out which in our view should see overall margin expansion through the medium term.

The post Top analyst says Accent share price has almost 70% upside appeared first on The Motley Fool Australia.

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• Something’s afoot! Why is the Accent share price leaping 6% today?

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Accent Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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