The Petratherm Ltd (ASX: PTR) share price is storming ahead today on a major discovery.

The ASX miner’s shares are currently swapping hands at 16 cents, a 146% gain. In earlier trade, the company’s shares shot 192% higher to 19 cents. In contrast, the  S&P/ASX 200 Index (ASX: XJO) is up 0.34% at the time of writing.

Let’s take a look at what this company discovered.

Rare earth discovery

Drilling at Petratherm’s Comet Project led to a “major high value rare earth discovery”.

The project is located on a 1,885km landholding at the Northern Gawler Craton in South Australia.

The company uncovered “significant rare earth element (REE) mineralised clay intersections” from drilling at 44 holes. Petratherm said the REE intercepts in clays can be compared to similar rare earth deposits in China.

Out of these 44 holes, 23 returned Total Rare Earth Oxides (TREO) of more than 1,000 parts per million (ppm).

Petratherm said a further 111 drill holes contain evidence of elevated REEs. These are now undergoing further analysis.

Commenting on the results, exploration manager Peter Reid said:

The results provide strong evidence that the Northern Gawler Craton of South Australia is fertile for ionic clay hosted rare earth mineralisation.

The company is planning a 10,000-metre rotary air blast (RAB) drilling program in three weeks to test for the extent of mineralisation. Within six months, the company hopes to define the JORC resource.

Co-funding from a South Australian government Accelerated Discovery Initiative grant helped support this project.

Petratherm snapshot

The Petratherm share price has ascended 83% in the past 12 months and is up 263% this year to date.

In contrast, the benchmark ASX index has returned about 8% in the past year.

This ASX miner has a market capitalisation of about $31.8 million.

The post This ASX miner just made a major rare earths discovery, and its share price is surging 146% appeared first on The Motley Fool Australia.

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• Nearmap share price falters following record quarter

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 Bruce Jackson.

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After posting a small gain yesterday, the Zip Co Ltd (ASX: Z1P) share price is back in negative territory.

This follows eight consecutive market days in the red from 5 April to 14 April, shedding around 21%.

At the time of writing, the buy now, pay later (BNPL) company’s shares are trading at $1.22, down 2.8%.

Below, we look at what could be weighing down the company’s share price.

What’s going on with the Zip share price?

Zip shares have been in the spotlight in recent times as pressure continues to mount on the BNPL market.

Despite the company recording impressive figures across its global operations, investors have focused on its bottom line.

In its half-year results, Zip registered a loss of $153.6 million compared to the $139.8 million in H1 FY21.

The company acknowledged a shift in the external environment, arguably quicker and more severe than first forecasted. In response, management refined its strategy but it is still too early to tell if this will pay off.

Not helping matters is the fall of the S&P/ASX All Technology Index (ASX: XTX), which has sunk 17% year to date.

However, today’s delisting of BNPL rival Zebit Inc (ASX: ZBT) could be the reason why investors are offloading Zip shares.

With Zebit falling victim to the overcrowded BNPL market on the ASX, it appears investors may be concerned about Zip.

Recently, the Reserve Bank of Australia signalled two rate hikes this year to slow down the rising price of goods.

What this means is that consumers are less likely to spend on discretionary items when interest rates are picking up.

The cost of debt – such as credit cards and personal loans – will require extra payments, affecting consumer spending habits.

What are the brokers saying?

After reporting its financial scorecard, a couple of brokers rated the company with varying price points.

Analysts at UBS downgraded Zip shares to a sell rating, and cut its 12-month price target by a massive 81% to $1. Based on the broker’s assessment, this implies a downside of around 20%.

Following suit, the team at Ord Minnett also reduced its stance on Zip shares by 33%, but with a price target of $4. Regardless of the diminished outlook, this implies a potential upside of 220% from where it trades today.

About the Zip share price

Over the past 12 months, the Zip share price is down 86%. Year to date Zip shares are down more than 70%.

It’s worth noting that the company’s shares reached an all-time high of $14.53 in mid-February 2021, before plummeting to multi-year low levels.

Based on the current Zip share price, the company has a market capitalisation of $856.57 million.

The post Why is the Zip share price underperforming today? 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. owns and has recommended ZIPCOLTD FPO. 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 Bruce Jackson.

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The APA Group (ASX: APA) share price has been climbing to reach another 52-week high. It’s currently up 1%.

Over the last month, the APA share price has risen by more than 10%. In the last six months, the business has gone up by 33%.

APA says that it has 15,000 kilometres of natural gas pipelines that connect sources of supply and markets across mainland Australia. It operates and maintains networks connecting 1.4 million Australian homes and businesses to natural gas. The business owns or has interests in, gas storage facilities, gas-fired power stations and renewable energy generation (wind and solar farms).

What has happened recently with APA?

Earlier this week, APA and Cooper Energy Ltd. (ASX: COE) announced that a transition agreement in relation to the Orbost gas processing plant has been extended to 30 June 2022. The two businesses are advancing discussions regarding long-term commercial arrangements.

A couple of months ago, APA said that it achieved “solid” financial results in the first half of FY22, with revenue up 4.3%. Every operating segment contributed to this growth. Underlying earnings before interest, tax, depreciation and amortisation (EBITDA) rose 4.5% and free cash flow went up 22.6%.

The first half distribution was increased by 4.2% to 25 cents per security. The FY22 distribution guidance of 53 cents per security has been retained – this will represent a 3.9% increase on FY21.

APA pointed to a positive outlook. It notes that it’s favourably exposed to rising inflation with almost 100% of contracted revenue linked to inflation indices. This could be helpful for the APA share price. It is being widely reported that inflation is rising in Australia.

The post The APA share price just powered to a 52-week high 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 no position in any of the stocks mentioned. The Motley Fool Australia owns and has recommended APA Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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At lunch on Wednesday, the S&P/ASX 200 Index (ASX: XJO) is on course to record another decent gain. The benchmark index is currently up 0.35% to 7,591.5 points.

Here’s what is happening on the ASX 200 today:

Ramsay Health Care shares rocket on takeover offer

The Ramsay Health Care Limited (ASX: RHC) share price is rocketing higher today after the private hospital operator received a takeover approach. A consortium led by KKR has tabled a non-binding $88 cash per share offer to acquire the company. This will be reduced by any dividends paid. Ramsay has granted the consortium with due diligence.

Rio Tinto Q1 update disappoints

The Rio Tinto Limited (ASX: RIO) share price is trading lower today after the mining giant’s first quarter update disappointed. Rio Tinto reported production declines across the majority of its operations. Nevertheless, management is confident that things will improve and has reiterated its full year production and cost guidance.

Santos buyback

The Santos Ltd (ASX: STO) share price is in the red today after falling oil prices offset the release of a positive announcement. The latter reveals that the energy giant will be buying back up to US$250 million (A$330 million) through an on-market buyback. The company also unveiled its updated capital framework.

Best and worst ASX 200 performers

The best performer on the ASX 200 today by some distance has been the Ramsay share price with a gain of 25%. This follows the aforementioned receipt of a takeover offer from the KKR consortium. The worst performer has been the AGL Energy Limited (ASX: AGL) share price with a 6% decline after revealing that it has suffered from a generator fault.

The post ASX 200 midday update: Ramsay rockets and Rio Tinto disappoints 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 recommended Ramsay Health Care Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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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.

Shiba Inu (CRYPTO: SHIB) investors have been hit with big losses over the last six months. While the meme token is still up 45,000,000% since hitting a low in November 2020, it has fallen 70% from its high in October 2021. Despite that setback, Shiba Inu still boasts over a million holders, and many investors are hoping that burn projects and other catalysts can reenergize its price.

While anything is possible, the meme token currently lacks a competitive edge, and burning some of the tokens to make the remaining tokens more valuable is not an indefinite solution or a good investment thesis. For that reason, I think crypto investors should consider other assets.

Bitcoin (CRYPTO: BTC) is a great place to start. Here’s why.

The investment thesis

The bull case for Bitcoin is straightforward: It was the first widely adopted cryptocurrency, and it remains the most popular by a wide margin. In fact, with a market cap of $765 billion, Bitcoin accounts for 41% of the value of all cryptocurrencies. Additionally, Bitcoin is limited to 21 million tokens, and any economics textbook will tell you that scarcity makes an asset valuable. More to the point, when demand for a scarce asset rises, the price of that asset will rise as well.

So how high could Bitcoin’s price go? That depends entirely on demand. But Ark Invest believes Bitcoin will achieve a market cap of $28.5 trillion by 2030. If that happens, each individual Bitcoin would be worth about $1.36 million, implying 33-fold gains from its current price of $41,000.

A $1 million price target

In a detailed report, Ark explains the driving forces behind that $1 million price target. Specifically, by 2030, the firm believes Bitcoin will represent 5% of the balance sheet cash of S&P 500 companies, 2.5% of institutional assets, and 1% of total nation-state reserves. While those specific numbers are subject to guesswork, the underlying trends are already in progress.

A recent study from Fidelity suggests that 71% of institutional investors plan to diversify into crypto in the future, up from 59% last year. Better yet, 37% already own Bitcoin, making it the most popular cryptocurrency among institutions. Similarly, Tesla and MicroStrategy have billions of dollars in Bitcoin on their balance sheets, and a handful of countries have already invested in Bitcoin too.

However, those aren’t the only catalysts at work. By 2030, Ark believes that high-net-worth individuals and other retail traders will invest nearly $10 trillion in Bitcoin, and that more emerging markets will adopt Bitcoin as a currency, allowing it to take market share in global settlement and remittance volumes. Again, a lot of guesswork goes into the specific figures, but the underlying trends are already in progress.

A growing number of fintech companies offer digital wallets with support for Bitcoin trading, including PayPal, Block, and MercadoLibre. Additionally, several crypto exchanges offer debit cards that allow investors to spend cryptocurrency in stores and online. The Visa-backed Coinbase card is a great example. Collectively, those tools make it easy for people to invest in (and fund purchases with) Bitcoin. In turn, Bitcoin settlement volume totalled $13.1 trillion in 2021, surpassing the $10.9 trillion in payment volume powered by Visa, the world’s largest payments network.

The big picture

There is always some level of risk when investing money in any asset, and that’s especially true with cryptocurrencies. The crypto market has been very volatile since its inception, and it has fallen by more than 50% on several occasions in the last few years.

However, Bitcoin is probably the safest cryptocurrency out there. Its first-mover’s status and tremendous popularity give it an edge over other digital assets. And Ark Invest has laid out a compelling case for why demand will rise in the future. From that perspective, Bitcoin looks like a smart long-term investment for any risk-tolerant investor.

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

The post Missed out on Shiba Inu? This crypto could hit $1 million by 2030 appeared first on The Motley Fool Australia.

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Trevor Jennewine owns Block, Inc., MercadoLibre, PayPal Holdings, Tesla, and Visa. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns and has recommended Bitcoin, Block, Inc., Coinbase Global, Inc., MercadoLibre, PayPal Holdings, and Tesla. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended MicroStrategy. The Motley Fool Australia owns and has recommended Bitcoin. The Motley Fool Australia has recommended PayPal Holdings. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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

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The Nearmap Ltd (ASX: NEA) share price is slipping after revealing record results in the third quarter.

In the early hours of trading, shares in the aerial imagery technology company are down 0.72% to $1.38. As a result, the Nearmap share price is now 29% above its 52-week low of $1.065.

North America provides strong growth

Today’s announcement is giving shareholders of the mapping company something to rave about. According to the release, the third quarter of FY22 has proven to be lucrative for Nearmap — specifically, the North America government sector.

In dollar terms, Nearmap generated US$2 million in incremental annual contract value (ACV) from the North America government sector. This was spread across customers located in 31 US states and two provinces in Canada, indicating a widespread base.

Furthermore, the ASX-listed company informed shareholders that its technology is now being used in 42 of the 50 US states where it is offered. However, the Nearmap share price has failed to gain traction today amid the news.

Importantly, the record quarter builds upon previous milestones in the North America region. In December 2021, Nearmap announced that its ACV in the US had hurtled past US$50 million. This marked the eclipse of Australian and New Zealand ACV for the first time.

Management commentary

Accompanying the update were comments from managing director and CEO Dr Rob Newman:

Nearmap is attracting new business in North America at a record pace. With momentum already strong across our core verticals, the ability to exceed our target for the government sector in Q3 FY22 by adding more than $2 million in incremental annual contract value shows the underlying strength of our business and proposition.

Positively, the company has also reaffirmed its expectation for ACV to be towards the upper bound of $150 million to $160 million by the end of FY22. This would be in comparison to Nearmap’s $128.2 million in ACV at the end of FY21.

Nearmap share price snapshot

Firstly, the technology sector as a whole has performed poorly from the outset of 2022. For instance, the S&P/ASX All Technology Index (ASX: XTX) is down nearly 20% year to date.

Fortunately, the pain is not as severe for the Nearmap share price. Since the beginning of the year, shares in the company have fallen nearly 10%.

Currently, the aerial imaging business is valued at approximately 5.5 times price-to-sales. ASX-listed Nearmap remains unprofitable on the bottom line.

The post Nearmap share price falters following record quarter appeared first on The Motley Fool Australia.

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Motley Fool contributor Mitchell Lawler has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns and has recommended Nearmap Ltd. The Motley Fool Australia owns and has recommended Nearmap Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Santos Ltd (ASX: STO) share price is edging lower in mid-morning trade on Wednesday.

This comes despite the company releasing an announcement regarding a new capital management framework including an initial on-market share buyback.

At the time of writing, the energy giant’s shares are swapping hands for $8.27 each, down 0.6%.

Santos shakes up its capital management framework

In today’s statement, Santos outlined its new capital management framework and the on-market share buy-back of up to US$250 million (A$330 million).

Management noted that the company strategy involves maintaining a disciplined, low-cost operating model that can deliver strong cash flows.

As such, the new capital management framework looks to support the business in enabling a balanced allocation of capital. This includes investments in the company, strategic growth and clean energy projects, and sustainable returns to shareholders at higher commodity prices.

The new capital management framework is outlined below:

• A dividend policy of 10% to 30% payout of free cash flow (excluding major growth) generated per annum at an average Brent oil price up to US$65 per barrel.

• Additional shareholder returns of at least 40% of the incremental free cash flow (excluding major growth) in the form of additional dividends and/or share buybacks at the board’s discretion at Brent oil price outcomes above US$65 per barrel.

• A target gearing range of 15% to 25%.

In addition, given the strong free cash flow being generated at current oil prices, Santos intends to conduct an on-market share buyback.

This is expected to commence next month and run throughout the remainder of 2022.

However, the exact timing and number of shares purchased under the buyback will depend on a number of things. This revolves around prevailing market conditions, the share price, and other relevant factors.

Santos managing director and CEO Kevin Gallagher briefly commented:

We are now in a position to target higher shareholder returns through our new capital management framework and are pleased to announce an initial on-market share buyback of up to US$250 million because we believe the current share price undervalues the company.

Santos share price snapshot

It’s been a solid 2022 for Santos shares, registering gains of 31% following a surge in oil and gas prices.

When looking at the same time last year, the company’s share price is up almost 20%.

Santos commands a market capitalisation of about $28 billion as one of the premier energy companies on the ASX.

The post Santos share price dips amid $330m share buyback 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 Bruce Jackson.

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The Whitehaven Coal Ltd (ASX: WHC) share price is soaring this morning, opening at $4.94 — a new multi-year high — following the release of the coal producer’s March 2022 quarterly production report.

The opening price represented a 6% jump for Whitehaven shares on yesterday’s closing price of $4.66. They haven’t traded at this level since 2018. However, the share price made a quick retreat in the first hour of trading to $4.72 at the time of writing — up 1.29%.

Record average coal price lifts Whitehaven share price

Whitehaven revealed a record average coal price for the quarter at $315 per tonne, up from $101 in the prior corresponding period (pcp) and $204 over the first half of 2022. Rising commodity prices — largely the result of the Russia-Ukraine conflict — have led to a cash bonanza for Whitehaven.

Even after paying out $80 million in dividends and spending $67 million on share buybacks during the March quarter, the coal producer reported a net cash position of $161 million as of 19 April.

The company says it is on track to deliver its FY22 production guidance. Other highlights include:

• Run-of-mine (ROM) production of 5.2Mt, up 62% on the December quarter and down 5% on pcp
• Saleable coal production of 4.5Mt, up 50% on the December quarter and up 5% on pcp
• Sales of produced coal of 4.4Mt, up 5% on pcp
• Equity sales of produced coal of 3.5Mt, up 3% on pcp
• Managed coal stocks of 2.1Mt at 31 March, in line with 2.1Mt at 31 December 2022.

The strong production results came despite COVID-19 continuing to cause labour shortages. The company noted that rising case numbers during the quarter meant more workers had to self-isolate.

What did management say?

In its statement, Whitehaven said it expected to increase its June quarter ROM production to between 5.4Mt and 6.9Mt (relative to 5.4Mt in the June 2021 quarter and 5.2Mt in the March 2022 quarter). It said the Maules Creek and Narrabri mines should contribute significantly to the lift in ROM production.

Whitehaven managing director and CEO Paul Flynn said:

Coal prices increased to record levels during the March quarter and remain very well supported in an environment of strong demand and constrained supply. As the developed world re-focuses on the critical importance of energy security, Whitehaven presents a compelling investment thesis.

What else is happening at Whitehaven?

Also this morning, Whitehaven released an update on its Winchester South Coal project in central Queensland’s Bowen Basin.

Whitehaven says there is more coal at the site than originally thought, with JORC Reserves upgraded from 350Mt to 380Mt and JORC Proved Reserves upgraded from 140Mt to 270Mt.

The open cut mine is expected to have 20 years or more of life. The company has a ROM production target of 15 million tonnes per annum. It is 100% owned by Whitehaven.

Whitehaven said the mine “continues to progress through the Queensland Government’s Coordinated Project approval process”.

Whitehaven share price snapshot

The Whitehaven share price has soared by 76% in the year to date. It is up 237% over the past 12 months.

The post Coal hard cash: Here’s why the Whitehaven share price just hit a multi-year high appeared first on The Motley Fool Australia.

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Motley Fool contributor Bronwyn Allen 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 Bruce Jackson.

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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.

What happened

Finding itself among the many tokens that are rising today, The Sandbox (CRYPTO: SAND), a popular metaverse cryptocurrency, is also soaring today. But why are investors so eager to scoop up this token in particular? Apparently, the company is looking to raise funds, so investors may be speculating that the company has growth plans on the horizon.

As of 1:50 p.m. ET, The Sandbox’s token has risen 9.3% over the previous 24-hour period.

So what

According to Bloomberg, The Sandbox, whose majority owner is blockchain game developer Animoca Brands, is interested in raising $400 million from current as well as new investors at a valuation of $4 billion. At the moment, The Sandbox has a market cap — the market value of its circulating supply — of $3.35 billion. 

Citing people familiar with the matter, Bloomberg is reporting that the size of the funding and the valuation are both flexible, predicated on market sentiment and investor demand. The company didn’t respond to a request for comment.

Previously, The Sandbox had raised $93 million in Series B funding from SoftBank in November. In the related press release, The Sandbox stated that the funds it had raised would be used to:

[S]cale the platform’s growth as a prime entertainment destination where brands, IPs, and celebrities can engage with their fans through virtual experiences, including games, live performances, and social experiences.

Presumably, the funding that it’s currently seeking will be used for similar purposes. 

Now what

Among the companies seeking to flourish in the metaverse, The Sandbox is one of the more familiar names and its early foray into the space will likely prove advantageous as others are seeking to gain ground. For crypto-curious investors, this name is one to watch closely.

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

The post Why The Sandbox cryptocurrency is soaring today appeared first on The Motley Fool Australia.

More reading

• Should you buy Metaverse real estate?

Scott Levine 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 Bruce Jackson.

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

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It has been a stunning day for the Ramsay Health Care Limited (ASX: RHC) share price on Wednesday.

In morning trade, the private hospital operator’s shares have rocketed 28% higher to $82.50.

Why is the Ramsay share price rocketing higher?

Investors have been bidding the Ramsay Health Care share price higher today after the company confirmed speculation that it has received a takeover offer.

Ramsay Health Care revealed that it has received a conditional, non-binding, indicative proposal from a consortium led by private equity giant KKR.

According to the release, the KKR consortium has tabled an $88.00 cash per share offer to acquire Ramsay, less any dividends. This includes the recently paid interim dividend for FY 2022.

This offer represents a premium of 36.7% to the Ramsay Health Care share price at the close of play on Tuesday.

Ramsay will also be allowed to pay shareholders a fully franked special dividend, which would reduce the offer price accordingly. This is so the healthcare giant can distribute all available franking credits to shareholders. Prior to its most recent dividend, Ramsay’s franking account balance was a sizeable $823 million.

Potential spanner in the works

While Ramsay has granted the KKR consortium with due diligence, it highlights that the offer was made on the condition that it remained confidential.

Now that the proposal has leaked, the KKR consortium can walk away from talks without penalty.

This adds an element of risk that could explain why the Ramsay share price isn’t trading even higher and a touch closer to the offer price today.

In addition, the proposal is subject to a number of conditions such as regulatory approvals. This includes FIRB approval.

Ramsay intends to keep the market informed as things develop.

The post Ramsay Health Care share price rockets 28% higher on takeover bid 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 recommended Ramsay Health Care Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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