The Zip Co Ltd (ASX: Z1P) share price is edging lower today as the company prepares to close its share purchase plan (SPP) tomorrow.

At the time of writing, the buy-now pay-later (BNPL) provider’s shares are travelling 2.93% lower to $1.49.

All the important details regarding the SPP

Earlier this month, Zip announced that it opened its SPP to eligible shareholders after successfully completing a $148.7 million institutional placement.

The SPP offers shareholders who were on the company’s register at the end of 25 February to subscribe for new shares.

Each retail shareholder can apply for up to $30,000 worth of new Zip shares without incurring brokerage or other transaction costs.

The issue price listed under the SPP is almost certain to be a 2% discount to the volume weighted average price for the five trading days up to Friday 1 April 2022.

In contrast, the institutional placement saw institutional, sophisticated and professional investors pick up Zip shares for $1.90 apiece.

The company is seeking to raise an additional $50 million under the SPP to help Zip strengthen its balance sheet.

In addition, management is looking to inject more capital runway to execute on the potential synergies from the upcoming transaction. This relates to the $491 million all-scrip acquisition of Sezzle Inc (ASX: SZL).

Whether the SPP will successfully raise $50 million is anyone’s guess. The company’s shares have continued to decline over the past year, which may scare away shareholders from investing more money.

The SPP has been open from 11 March and will close tomorrow 1 April.

Zip is expected to release the announcement of the results next Wednesday 6 April.

Zip share price summary

It has been a whirlwind year for Zip investors, losing almost 80% in value.

The company’s shares rocketed to a 52-week high of $10.61 in April 2021, before quickly plummeting throughout the year.

When comparing this to the S&P/ASX All Technology Index (ASX: XTX), the index has lost 3% over the same time frame.

Zip commands a market capitalisation of around $1 billion and has more than 669.06 million shares on its registry.

The post The Zip share purchase plan closes tomorrow. Here’s what you need to know appeared first on The Motley Fool Australia.

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• Could the Zip share price turn over a new leaf in April?
• Why is the Zip share price launching 7% on Tuesday?
• Guess how many cents now separate the Zip share price from its market-crash low
• Why Evolution, Fisher & Paykel Healthcare, St Barbara, and Zip shares are falling
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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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On Wednesday, we looked at three ASX shares that brokers have given buy ratings to this week. Unfortunately, not all shares are in favour with brokers right now.

Three ASX shares that have just been given sell ratings by brokers are listed below. Here’s why they are bearish on them:

Commonwealth Bank of Australia (ASX: CBA)

According to a note out of Morgan Stanley, its analysts have retained their underweight rating and $92.00 price target on this banking giant’s shares. Morgan Stanley has been looking at the impact that cash rate rises will have on the sector. Unfortunately, it suspects that any net interest margin boost from hikes may be partly offset by higher funding costs, more intense mortgage competition, and modestly higher loan losses. Outside this, the broker believes CBA’s shares are overvalued at the current level. The CBA share price is trading at $106.40 on Thursday.

IGO Ltd (ASX: IGO)

Another note out of Morgan Stanley reveals that its analysts have retained their underweight rating but lifted their price target on this battery materials focused miner’s shares to $11.35. While the broker has lifted its earnings and dividend estimates to reflect stronger commodity prices, it isn’t enough for a change of rating due to its current valuation. The IGO share price is fetching $14.04 on Thursday afternoon.

Vicinity Centres (ASX: VCX)

A final note out of Morgan Stanley shows that its analysts have retained their underweight rating and $1.82 price target on this shopping centre operator’s shares. Morgan Stanley fears that it could take some time for Vicinity Centres’ earnings to bounce back. It suspects that even if temporary COVID-19 impacts on income were to stop now, its funds from operations would still be 12% to 14% lower than pre-COVID levels. The Vicinity Centres share price is trading at $1.87 today.

The post Top brokers name 3 ASX shares to sell today appeared first on The Motley Fool Australia.

More reading

• Why has the CBA share price outperformed its big four peers in March?
• How did ASX 200 bank shares perform today?
• The CBA dividend is being paid today. Here’s what you need to know
• 5 things to watch on the ASX 200 on Wednesday
• Buy or sell? ASX experts rate the CBA share price for April

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 Bruce Jackson.

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ASX 200 energy shares are in the red today on the back of falling oil prices.

The S&P/ASX 200 Energy Index (ASX: XEJ) is down 0.68% at the time of writing. Meanwhile, the benchmark S&P/ASX 200 Index (ASX: XJO) is up 0.26%.

Let’s take a look at what is impacting ASX 200 energy shares today.

ASX 200 energy shares down

Oil prices are plunging again today, and so are the big ASX 200 energy shares. The Santos Ltd (ASX: STO) share price is down 1.21%, while Woodside Petroleum Ltd (ASX: WPL) is slipping 1.41%. Meanwhile, Beach Energy Ltd (ASX: BPT) shares have descended 1.45%.

The WTI crude oil price has fallen by 5.63% to US$101.75 a barrel. Brent crude oil has dropped 4.82% to US$107.98 a barrel, Bloomberg data shows. Natural gas prices are also slipping by 1.61%.

The value of oil is diving amid a plan by US President Joe Biden to release supply. The Biden administration is considering releasing one million barrels of oil per day from strategic reserves for several months, Reuters reports.

The Biden team is expected to provide more details on the plan on Thursday in the United States. The aim is to calm gasoline prices, which have surged since the Russian invasion of Ukraine on 24 February.

The Brent crude oil price has soared 15% since this date, Trading Economics data shows. On 8 March, Brent crude oil hit a high of US$127.98 a barrel.

Commenting on the potential oil release, SPI Asset management managing partner Stephen Innes said:

It’s a sentiment shock, but if recent history suggests anything the reserve release will only be a temporary fix and akin to putting a band-aid on a broken leg.

Which ASX energy giant has gained the most in 2022?

The S&P/ASX 200 Energy Index (ASX: XEJ) index has surged by 20% in the year to date. For perspective, the benchmark S&P/ASX 200 Index (ASX: XJO) is down 0.73% over the same timeframe.

Of the major ASX 200 energy shares, Woodside has enjoyed the strongest gains in 2022. The Woodside share price is up 41.6% year to date.

The post What’s dragging on ASX 200 energy shares today? appeared first on The Motley Fool Australia.

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• Woodside share price dips despite ‘significant achievement’. Here’s why
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• 2 ‘very interesting’ ASX shares to buy now as ASX 200 roars back
• 5 things to watch on the ASX 200 on Thursday
• Hoping to bag the next Vanguard Australian Shares Index ETF (ASX:VAS) dividend? Read this

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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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to continue its winning run. At the time of writing, the benchmark index is up 0.25% to 7,534.3 points.

Four ASX shares that are climbing more than most today are listed below. Here’s why they are racing higher:

BHP Group Ltd (ASX: BHP)

The BHP share price is up almost 3% to $51.93. Investors have been buying BHP and other mining shares today following a rise in base metal and oil prices overnight. This has helped drive the S&P/ASX 200 Resources index 1.6% this afternoon.

Core Lithium Ltd (ASX: CXO)

The Core Lithium share price is up 9% to $1.38. Investors have been buying this lithium developer’s shares following the release of drilling results from the Bilatos prospect at its Finniss Lithium Project. According to the release, most holes intersected significant lithium grades and consistent thicknesses of pegmatite in the first drilling.

Tabcorp Holdings Limited (ASX: TAH)

The Tabcorp share price is up 3% to $5.37. This follows the release of a demerger update by the gambling company. Tabcorp intends to spin off its lotteries business with a separate share market listing. Shareholders will be given one new share in the lotteries business for every Tabcorp share they own. The board determined that the demerger is the most certain and timely path to maximise value for shareholders.

Talga Group Ltd (ASX: TLG)

The Talga share price has jumped 19% to $1.70. This morning the battery technology company announced that it has successfully commissioned its electric vehicle anode qualification plant located in Northern Sweden. This is considered to be Europe’s first ultra-low emission battery anode production facility.

The post Why BHP, Core Lithium, Tabcorp, and Talga shares are racing higher appeared first on The Motley Fool Australia.

More reading

• Talga (ASX:TLG) share price rockets 17% on EV battery news
• ASX 200 (ASX:XJO) midday update: Tabcorp demerger update, BHP higher, Block tumbles
• Are these ASX 200 mining shares in trouble?
• The BHP share price is up 4% and close to a record high
• Why is the Core Lithium (ASX:CXO) share price up 6% to a record high?

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 Bruce Jackson.

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The Vanguard MSCI Index International Shares ETF (ASX: VGS) might not be the most popular exchange-traded fund (ETF) on the ASX. That honour goes to the Vanguard Australian Shares Index ETF (ASX: VAS). But it is still one of the most popular funds that track shares listed outside Australia.

Vanguard’s VGS ETF is massive in scope. It tracks the MSCI World ex-Australia Index (AUD), which is an index that aims to provide exposure to the stock markets of most of the advanced economies of the world. The fund covers more than 20 countries. These range from the United States, Singapore and Japan to Canada, the United Kingdom and Hong Kong. It also covers most countries in Europe.

As such, the VGS ETF holds an extraordinarily large number of companies within its underlying portfolio – close to 1,500. 

But despite this sheer number of holdings, it’s the US tech giants that still dominate this ETF. Between them, Apple Inc (NASDAQ: AAPL), Microsoft Corporation (NASDAQ: MSFT), Amazon.com Inc (NASDAQ: AMZN), Alphabet Inc (NASDAQ: GOOG)(NASDAQ: GOOGL) and Tesla Inc (NASDAQ: TSLA) make up approximately 15.24% of this ETF’s weighting, despite being five shares out of almost 1,500.

With an ETF of this size, scale and scope, many investors might be wondering if they can expect dividend payments? 

What kind of dividend distributions does the VGS ETF pay out?

Well, let’s take a look at the Vanguard MSCI Index International Shares ETF’s income potential.

So as an ETF, VGS is obliged to pass on any dividends it receives from its holdings straight to investors through dividend distributions. And amongst its near-1,500 holdings, there are more than a few dividend payers, including both Apple and Microsoft.

As such, VGS does indeed pay dividend distributions. In fact, it forks these out four times a year. Its latest announced payment will be sent to investors on 20 April. This payment will be worth 40.84 cents per unit.

VGS’s previous three dividend distributions were worth 43.12 cents, 34.26 cents and 81.3 cents per unit.

That comes to a (as of 20 April) trailing annual amount of 199.52 cents, or just under $2, per unit.

VGS units are presently trading at a price of $98.93, up 0.25% for the day so far. That gives this ETF a trailing yield of 2.02% right now. Since none of VGS’s shares are ASX shares, there are no franking credits that come with these distributions. 

So that’s the kind of dividend income an ASX investor can expect from the Vanguard MSCI Index International Shares ETF. 

The post Does the Vanguard MSCI Index International Shares ETF (ASX:VGS) pay dividends? appeared first on The Motley Fool Australia.

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• Here are 2 top ETFs for ASX investors next week
• How is the Vanguard International Shares ETF (ASX:VGS) performing in the 2022 volatility?
• 3 highly rated ETFs for ASX investors to check out this week
• 3 exciting ETFs for ASX investors in March

John Mackey, CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool’s board of directors. Motley Fool contributor Sebastian Bowen owns Alphabet (A shares), Amazon, Apple, Microsoft, and Tesla. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns and has recommended Alphabet (A shares), Amazon, Apple, Microsoft, Tesla, and Vanguard MSCI Index International Shares ETF. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended Alphabet (C shares) and has recommended the following options: long March 2023 $120 calls on Apple and short March 2023 $130 calls on Apple. The Motley Fool Australia has recommended Alphabet (A shares), Alphabet (C shares), Amazon, Apple, and Vanguard MSCI Index International Shares ETF. 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 Commonwealth Bank of Australia (ASX: CBA) share price blew those of its competitors out of the water in March.

At the time of writing, it’s trading at $106.49, around 14% higher than it was at the end of February.

For context, the S&P/ASX 200 Index (ASX: XJO) has gained 7% over the same time frame.

So, what’s been sending the CBA share price higher in March, and by how much has it outperformed its big banking buddies? Let’s take a look.

What’s been driving the CBA share price in March?

The month started off with a bang for the CBA share price when it gained 1.46% on the back of an estimated $1.8 billion divestment.

The biggest Aussie bank announced it had agreed to sell a 10% stake in Chinese counterpart, Bank of Hangzhou, on 1 March.

It will continue to own an approximate 5.6% stake in the bank until 2025 at the earliest.

CBA CEO Matt Comyn noted the sale will allow the ASX-listed bank to “focus on [its] core banking business in Australia and New Zealand.”

Speaking of Comyn, he raised some eyebrows and, perhaps, some concerns this month when he offloaded a sizeable chunk of CBA shares on-market.  

The CEO sold 13,520 shares in the bank for a total of approximately $1.4 million on 15 March.

That left Comyn with a direct holding of a little over 50,000 CBA shares, an indirect holding of slightly more than 34,000 shares, and a healthy collection of rights.

CBA also paid out its interim dividend yesterday.

Shareholders received a full franked $1.75 dividend for every share they owned as of 16 February.

By how much has CBA outperformed its peers in March?

The CBA share price has been the best performing big bank stock in March.

However, it’s been closely trailed by the National Australia Bank Ltd (ASX: NAB) share price. It has gained 12% this month.

Meanwhile, the share prices of Australia and New Zealand Banking Group Ltd (ASX: ANZ) and Westpac Banking Corp (ASX: WBC) have each gained around 7%.

The post Why has the CBA share price outperformed its big four peers in March? appeared first on The Motley Fool Australia.

More reading

• How did ASX 200 bank shares perform today?
• The CBA dividend is being paid today. Here’s what you need to know
• 5 things to watch on the ASX 200 on Wednesday
• Buy or sell? ASX experts rate the CBA share price for April
• 2 ASX shares to guide you through a turbulent 2022: expert

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 Westpac Banking Corporation. 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 Talga Group Ltd (ASX: TLG) share price is accelerating today following a positive update from the technology minerals company.

At the time of writing, Talga shares are surging 17.48% to $1.68 apiece.

Talga brings Europe’s first Li-ion battery anode plant online

In today’s statement, Talga advised it has successfully commissioned its electric vehicle anode qualification plant located in Northern Sweden.

This is considered to be Europe’s first ultra-low emission battery anode production facility.

Pleasingly, the now operational plant was commissioned on time and within budget.

Talga will now produce large scale commercial samples of its coated active anode material, Talnode-C for battery customer qualification. The process includes using graphite concentrate from the company’s wholly-owned Vittangi Graphite Project.

Talga highlighted that more than 20 battery manufacturers and automotive customers are engaged to receive Talnode-C samples. This is for large-scale EV battery qualification and procurement processes.

Large scale commercial testing is a critical stage in the EV customer procurement process for active anode material.

Talga managing director, Mark Thompson commented:

With demand for clean graphite anode rising, Talga’s Electric Vehicle Anode plant is an important step in the journey for the establishment of a European EV and battery supply chain. We look forward to start delivering large scale samples to engaged EV battery customers.

Talga share price summary

Since the beginning of the year, Talga shares have moved mostly sideways, posting a 3% gain for the period.

However, when looking at the last 12 months, its share price is up around 36%.

Based on today’s price, Talga commands a market capitalisation of roughly $511.9 million.

The post Talga (ASX:TLG) share price rockets 17% on EV battery news appeared first on The Motley Fool Australia.

More reading

• Novonix (ASX:NVX) share price shoots up 20% this month amid tech snapback
• Here’s a look at some ASX shares with ex-dividend dates coming up in April
• This ASX blue-chip share has notched up 9 52-week highs this month
• What’s driving the Mineral Resources (ASX:MIN) share price higher today?
• What exactly is vanadium and which ASX shares have exposure?

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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Shares in Novonix Ltd (ASX: NVX) are surging 8% higher to now sit at $6.11 apiece in afternoon trade on Thursday.

Investors are rallying behind Novonix today on a volume of 69% of the 4-week average, extending gains for the past month to 20%.

Lumpy set of returns in 2022

Even still, the stock remains 33% in the red since trading resumed in January, all whilst the ASX tech sector has slipped just 15%.

This kind of trend has been the norm for Novonix shares since late 2021, in that with each move to the downside or upside in the tech index, Novonix tends to jump a few points on top of that.

Since November last year, shares have netted a loss of 25%, whereas the index is down just 20% in the same time.

Much of the pressure has stemmed from shifting yields on long-dated bonds, hurting the valuations of shares like Novonix.

Consequently, tech and growth shares alike have been compressed in 2022, with many names suffering deep losses until the time of writing.

As The Motley Fool reported earlier in March, “with a downturn in the wider sector, this appears to have spilled over into downward pressure on Novonix as well.”

Aside from that, the company saw earnings downgrades from several brokers on the back of its much larger expenditure base in the first half.

In the last 12 months, the Novonix share price has spiked more than 183% and is also surging 4% in the previous week of trade.

The post Novonix (ASX:NVX) share price shoots up 20% this month amid tech snapback appeared first on The Motley Fool Australia.

More reading

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• Why is the Novonix (ASX:NVX) share price down 44% YTD?
• Here are the top 10 ASX shares today
• ASX tech shares take a hammering on Friday
• Why is the Novonix (ASX:NVX) share price down 22% in a month?

Motley Fool contributor Zach Bristow 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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A lot of money has been paid into shareholder pockets via dividends this month and this trend is set to continue in April.

But in order to be eligible to receive these dividends, you’ll need to be on a company’s share register prior to the ex-dividend date.

With that in mind, listed below are some popular ASX shares that are due to go ex-dividend in April. Here’s what you need to know:

ARB Corporation Limited (ASX: ARB)

This 4×4 parts manufacturer’s shares will be trading ex-dividend for its fully franked 39 cents per share interim dividend on 7 April. ARB will then be paying eligible shareholders this dividend a couple of weeks later on 22 April.

Brickworks Limited (ASX: BKW)

This building products company is rewarding its shareholders with a fully franked 22 cents per share dividend. To be eligible for the 3 May payment, you’ll need to own its shares before they trade ex-dividend on 11 April.

New Hope Corporation Limited (ASX: NHC)

Earlier this month, this coal miner released its half year results and announced a fully franked interim dividend of 17 cents and a special dividend of 13 cents per share. New Hope’s shares will trade ex-dividend for these on 14 April. Eligible shareholders will then be paid these dividends on 4 May.

Seven Group Holdings Ltd (ASX: SVW)

This investment company’s shares will trade ex-dividend on 12 April for its fully franked 23 cents per share dividend. This will then be paid around three and a half weeks later on 6 May.

Sigma Healthcare Ltd (ASX: SIG)

Sigma Healthcare, the operator of Amcal and other pharmacy brands, will be paying its shareholders a fully franked 1 cent per share dividend on 22 April. To be eligible for this, you’ll need to own its shares before they go ex-dividend on 4 April.

Washington H. Soul Pattinson and Co. Ltd (ASX: SOL)

Finally, this investment company declared a fully franked 29 cents per share dividend earlier this month with its half year results. Soul Patts’ shares will trade ex-dividend for it on 20 April, before making the payment the following month on 13 May.

The post Here’s a look at some ASX shares with ex-dividend dates coming up in April 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. owns and has recommended Brickworks and Washington H. Soul Pattinson and Company Limited. The Motley Fool Australia owns and has recommended Brickworks and Washington H. Soul Pattinson and Company Limited. The Motley Fool Australia has recommended ARB Corporation 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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March has been a good month for many of the market’s biggest names, and one ASX blue-chip share is making the most of it.

The National Australia Bank Ltd. (ASX: NAB) share price has surpassed its own 12-month record high 9 times this month, often on consecutive days.

In fact, it’s beaten it once again today, gaining 0.5% to trade at $32.56 at its intraday – and new 52-week – high point.

Let’s take a look back at each time the ASX blue-chip share has bested its own milestone this month.

ASX blue-chip share hits 9 52-week highs in March

Today is another good day for the NAB share price ­– it’s in the green once more, pushing past its previous 52-week high yet again.

And it’s perhaps not surprising given the bank stock’s performance over the month of March. It has gained nearly 12% since the end of February.

Interestingly, its share price has only outperformed the broader ASX blue-chip market by around 5% in that time.

The S&P/ASX 100 Index (ASX: XTO) has gained 7% this month, as has the S&P/ASX 50 Index (ASX: XFL).

Prior to March, the NAB share price’s 52-week high was $30.98. It reached that point in mid-February 2022.

Then, on 17 March, it traded as high as $31.27.

That 12-month high didn’t last long. On 21 March, the ASX blue-chip share surpassed it to reach $31.47 – but its new 52-week high was beaten only days later when it hit $31.74 on 23 March.

Since then, it has reached a new 52-week high during every single trading session, culminating in today’s $32.56 high point.

As many readers have likely already assumed, the NAB share price has been performing well this year.

It’s bested the S&P/ASX 200 Index (ASX: XJO)’s performance by nearly 11% over 2022 so far.

It has also gained 24.5% over the last 12 months. Over that same period, the benchmark index has risen by 11%.

The post This ASX blue-chip share has notched up 9 52-week highs this month appeared first on The Motley Fool Australia.

More reading

• How did ASX 200 bank shares perform today?
• What’s the outlook for the NAB (ASX:NAB) share price in April?
• Worried about how the federal budget might impact your ASX shares? Here’s what Goldman says
• Why has the NAB share price surged 10% in the past month?
• Here are 2 ASX 50 dividend shares analysts rate as buys

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 Bruce Jackson.

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