ASX energy companies tend to keep a close eye on what’s happening with OPEC+.

The bottom line for S&P/ASX 200 Index (ASX: XJO) companies like Santos Ltd (ASX: STO) and Woodside Petroleum Limited (ASX: WPL), after all, is they are highly dependent on the price of crude.

The powerful Saudi-led oil cartel, which includes Russia, slashed oil output in early 2020, when the pandemic saw the global demand for fuel evaporate. More recently it’s been lifting its members’ production caps as the world began to reopen.

What did OPEC announce?

OPEC+ has agreed to increase its daily crude supply by 400,000 barrels per day (bpd). That’s largely in line with their earlier intentions. And the members agreed to the increase in an unusually brief video conference.

Commenting on the decision in the Australian Financial Review, Bart Melek, head of commodity strategy at TD Securities said, “COVID-19 continues to be a problem and OPEC+ seems quite comfortable injecting supply into this environment.”

Melek added that this “has many market observers worried about previous expectations of a significantly tighter market”.

Speaking on Bloomberg TV, Christyan Malek, head of oil and gas at JPMorgan Chase & Co, said, “OPEC have proven once again that they can meet and do things seamlessly.”

He noted that this harmony will likely come into play to enable the cartel “to respond flexibly” to any global supply and demand changes over the coming year.

With “expectations of a significantly tighter market” not in doubt, ASX energy shares may find their profit margins under increased pressure.

How have these ASX energy shares been performing?

Leading ASX energy share, Woodside Petroleum has seen its share price drop 11% over the past month. Shares remain up 2.5% over the past full year.

The Santos share price is also in the red over the past month, down 5%. The Santos share price is up 12% since this time last year.

Brent crude hit recent highs of US$77.16 on 5 July and has since retraced more than 7% to US$71.59.

Little wonder then that ASX energy shares are watching OPEC’s output forecasts closely.

The post ASX energy shares on watch after OPEC’s latest move appeared first on The Motley Fool Australia.

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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 Bellevue Gold Ltd (ASX: BGL) share price won’t be going anywhere today.

This morning the gold explorer requested a trading halt prior to the market open.

Why is the Bellevue Gold share price in a trading halt?

The Bellevue Gold share price was placed in a trading halt this morning so the company could undertake a material capital raising.

According to the release, Bellevue is aiming to raise $131 million via a placement and share purchase plan. This comprises an underwritten placement to raise $106 million at 85 cents and a share purchase plan to raise up to $25 million at the same price.

The placement price represents a discount of 10.5% to the latest Bellevue Gold share price.

Why is Bellevue Gold raising funds?

The gold explorer is raising funds after completing the Bellevue Gold Project Stage Two feasibility study.

That study reveals that its production estimate has increased by 25% to 200,000 ounces per annum at an all-in sustaining cost (AISC) of $922 per ounce for the first five years.

Management notes that the study puts Bellevue Gold into an exclusive club of global gold projects characterised by a tier-1 location, reserve grade of +5 g/t, and forecast production of +180,000 ounces per annum. It highlights that there are only seven other assets in the world that meet these criteria.

In addition, the company estimates that its annual pre-tax free cashflow will average $270 million per annum in first five years.

Though, it is worth noting that this is based on a gold price of $2,400 per ounce, which is broadly where it trades today. Whether the precious metal will hold up at these levels as rates rise, only time will tell.

What will it cost?

According to the release, the pre-production capital requirement for stage two is estimated at $252 million.

But thanks to its capital raising and an underwritten and credit-approved project loan of $200 million from Macquarie Group Ltd (ASX: MQG), Bellevue Gold is now fully funded to production.

Bellevue Gold’s Managing Director, Steve Parsons, said: “There is one key point of differentiation between this exclusive group of which Bellevue is now a member and other rankings in the industry. That point is superior financial performance.”

“Only seven other assets in the world boast a grade of more than 5 g/t and annual production of +180,000oz in a tier-one location. This study shows Bellevue has Reserves of 1Moz at 6.1 g/t. That underpins annual production of 200,000oz at an AISC of just A$1,014/oz, which in turn generates pre-tax cashflow of A$270M a year.”

Positively, with drilling still underway, Mr Parsons believes there is significant scope to continue growing the production rate and mine life.

“Only 50 per cent of the 3.0Moz Resource sits within the mine plan. And since we completed the current Resource estimate in July, we have announced a number of strong drilling results from outside this inventory. These results demonstrate the potential for further increases in the annual production rate and mine life. With this in mind, we have designed the processing plant so that it can be expanded quickly and in a cost-effective manner,” he added.

The Bellevue Gold share price is expected to return to trade on Monday following the completion of its placement.

The post Why the Bellevue Gold (ASX:BGL) share price is in a trading halt 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 Bruce Jackson.

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The Webjet Limited (ASX: WEB) share price is flying high.

At the time of writing, shares in the online travel agency are trading for $5.68. That’s down 1.05% on the day but it’s up 14% in a month. While the company has had one price-sensitive announcement in that time, it doesn’t fully explain what’s going on.

Let’s take a closer look at what’s going on for the company.

What’s going on with Webjet?

In Webjet’s only price-sensitive announcement of the month, the company revealed its accommodations booking service, WebBed, has returned to profitability. As well, the company said the COVID-19 pandemic is “accelerating the structural shift to online booking”.

The Webjet share price rose 3.5% on this news.

However, the company had upward momentum going into this positive trading announcement. So, what’s going on?

For starters, many of the top ASX travel shares had an incredible rally between 20 August and 26 August. Webjet shares rose 18.2%, Qantas Airways Limited (ASX: QAN) appreciated 18.6%, and the Flight Centre Travel Group Ltd (ASX: FLT) share price rocketed 23.8%.

While it’s hard to know for certain what exactly causes share prices to move as they do, one possible answer may be renewed optimism over vaccines and international travel.

Both the Prime Minister, Scott Morrison, and the NSW Premier, Gladys Berejiklian, have in recent days talked of the prospect of opening international borders once 80% of the population is fully vaccinated. Australia’s inoculation uptake has accelerated at an incredible pace in recent months. For example, 70% of eligible NSW residents will have received their first dose by the end of today.

Not everyone shares this confidence in the Webjet share price, however. In the most recent data, it was revealed Webjet shares are the most-shorted on the ASX. As Motley Fool has reported, concerns remain the highly infectious Delta strain of the coronavirus could delay the full reopening of the travel market.

Webjet share price snapshot

Over the past 12 months, the Webjet share price has soared by 56%. It’s outpaced the S&P/ASX 200 Index (ASX: XJO) by an incredible 34 percentage points. Year-to-date, however, it is up 11% – roughly even with the benchmark index.

Webjet has a market capitalisation of around $2.2 billion.

The post Here’s why the Webjet (ASX:WEB) share price is up 14% in a month appeared first on The Motley Fool Australia.

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Motley Fool contributor Marc Sidarous 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 shares of and has recommended Webjet Ltd. The Motley Fool Australia has recommended Flight Centre Travel Group 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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The AMP Ltd (ASX: AMP) share price has been struggling through 2021 so far. In fact, it’s been struggling for years now. It has slipped a massive 78% since the start of 2018.

Right now, the AMP share price is $1.11. That’s 28% lower than it was at the start of 2021.

Let’s take a look at what’s been weighing on AMP’s stock lately.

A quick refresher

A brief history lesson is needed to get a grasp on why the AMP share price has been so heavy in 2021.

Let’s go back to 2018, when the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry was only just ramping up and AMP’s shares reached their highest close of the last 5 years ($5.47 for those interested).

That was the last time the AMP share price saw such comparatively dizzying heights. AMP was dragged through the coals by the royal commission, during which it admitted to misleading ASIC and charging its customers fees without providing a service.  

As a result of the findings, ASIC began what turned into a 3-year investigation into AMP. The watchdog dropped the hunt in July, declaring that, despite the Royal Commission’s calls for criminal charges, AMP was to get off scot-free.

However, AMP’s stock never quite recovered from the plunge that followed the findings.

2021 for the AMP share price

The AMP share price has weathered a number of additional blows this year.

Early this year, the company looked to enter a joint venture with Ares Management Corp (NYSE: ARES). Ares had offered to buy AMP in 2020 before backing out.

Under the joint venture, Ares and AMP Capital’s private markets would pair up, with AMP receiving a $1.55 billion payday.

However, Ares ghosted AMP, letting the joint venture’s 30-day exclusivity period slide by.

If you’ve never been told not to work with your exes, you have now.

The AMP share price has also potentially been weighed down by its demerger plan. AMP announced its plans to split into AMP Limited, a retail-focused wealth and banking group, and Private Markets, a global investment manager, earlier this year.

Finally, AMP’s new CEO, Alexis George, has been busy warning the market that AMP won’t be undergoing a quick recovery.

Despite its recent woes, the AMP share price was boosted last month when the company released strong earnings for financial year 2021. Those interested can find the contents of the company’s full-year report here.

The post The AMP (ASX:AMP) share price is down 28% so far in 2021. Here’s why 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 Bruce Jackson.

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This article is about some ASX dividend shares that could be good ideas to think about in September 2021.

Businesses that are paying relatively high dividend yields may be options to boost the level of investment income from a portfolio.

Not every business has a high dividend yield. Also, just because a business has a high yield doesn’t automatically make it worth owning.

However, these two ASX dividend shares could be options:

Adairs Ltd (ASX: ADH)

Adairs is a leading home furnishings business that has a large store network as well as an impressive (and expanding) online presence with both its Adairs and Mocka brands.

Looking at the dividend, Adairs paid an annual dividend of 23 cents in FY21. That equates to a grossed-up dividend yield of 8.3% at the current Adairs share price.

According to Commsec, in FY23 it’s expected to pay an annual dividend of 26 cents per share, which is a grossed-up dividend yield of 9.4%.

Adairs says that store floor space is a key driver of store sales. Each square metre supposedly adds around $4,000 of store sales. It expects to add 8% of gross lettable area (GLA) in FY22 and then at least 5% per annum for the next five years after that with new and upsized stores.

Its linen lover membership program accounts for more than 80% of sales. Each new member adds around $400 to total sales. It’s aiming to continue to grow its linen lover membership by 10% to 15% per annum.

The number of customers shopping across both online and stores is 25% higher than FY19. Multi-channel customers are between 40% to 110% more valuable than store-only or online-only customers.

According to Commsec, the Adairs share price is valued at 10x FY23’s estimated earnings.

Magellan Financial Group Ltd (ASX: MFG)

Magellan is one of the largest fund managers in Australia. In the latest disclosure, the ASX dividend share said that its funds under management (FUM) was $117 billion.

In FY21, Magellan paid an interim and final dividend per share totalling 199.7 cents – that was an increase of 8.2%. That came after a 9% increase in average FUM to $103.7 billion. FUM growth helped management and service fee revenue grow by 7% to $635.4 million, and profit before tax and performance fees of the funds management business grew 10% to $526.6 million.

However, a drop in performance fees led to the total dividend decreasing by 2% to 211.2 cents per share.

The ASX dividend share has been launching new products and investing in external businesses like Barrenjoey to diversify the business and add more earnings streams.

Magellan is currently rated as a buy by Morgans, with a price target of $54.85. Morgans is expecting Magellan to generate higher profit in FY22 and FY23.

Magellan’s FY21 annual partially franked dividend of 211.2 cents equates to a partially franked dividend yield of 4.85% today. Morgans predicts a FY23 dividend of $2.54 per share, which would be a (presumably partially franked) yield of 5.8%.

According to the broker, the Magellan share price is valued at 16x FY23’s estimated earnings.

The post 2 ASX dividend shares that could be buys in September 2021 appeared first on The Motley Fool Australia.

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Motley Fool contributor Tristan Harrison owns shares of Magellan Financial Group. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended ADAIRS FPO. The Motley Fool Australia owns shares of and has recommended ADAIRS FPO. 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 BHP Group Ltd (ASX: BHP) share price has come under significant pressure on Thursday morning.

In early trade, the mining giant’s shares are down 7% to $41.71.

This means BHP’s shares are now down 21% since this time last month.

Why is the BHP share price sinking today?

There are a couple of reasons why the BHP share price is underperforming today.

One of those is further weakness in the iron ore price after curtailed steel production in China hit demand for the base metal.

According to CommSec, the spot iron ore price fell 5.9% or US$9.05 overnight to US$143.55 a tonne.

It is for this reason that the shares of fellow mining giant Rio Tinto Limited (ASX: RIO) are trading lower today.

What else is weighing on its shares?

But arguably the biggest weight on the BHP share price today is the fact that it is trading ex-dividend this morning.

This means that the company’s shares are now trading without the rights to its upcoming dividend. As a result, new buyers of BHP shares will not be entitled to this dividend and its share price has fallen to reflect this.

Eligible BHP shareholders can look forward to receiving the Big Australian’s record fully franked final dividend of 273.6 cents per share later this month on 21 September.

Is this a buying opportunity?

One leading broker that sees a lot of value in the company’s shares at the current level is Macquarie.

In the middle of last month, the broker retained its outperform rating but trimmed its price target slightly to $58.00.

Based on the latest BHP share price, this implies potential upside of 39% over the next 12 months. Macquarie is also forecasting generous dividends in FY 2022 and FY 2023.

The post Here’s why the BHP (ASX:BHP) share price is down 7% today 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 Bruce Jackson.

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The Australia and New Zealand Banking Group Ltd (ASX: ANZ) share price has faced some headwinds over the past week.

Whereas the S&P/ASX 200 index (ASX: XJO) has slipped 0.5% in the red over the past week, ANZ shares are down 1.3% over this time.

However, in early trade today, ANZ shares are up 0.43% to $28.10.

What’s been happening with ANZ lately?

In a positive for the ANZ share price, the company finished the month well. This came after it reported its half-year results back in May, where it recognised a 45% year-over-year (YoY) gain in statutory profit after tax.

ANZ also increased its interim dividend from 35 cents to 70 cents per share over the year. Despite this, the group’s underlying profit decreased 4% YoY to $4.9 billion.

Another factor that could weigh in on the ANZ share price is the company’s intention to repurchase up to $1.5 billion of its own shares from investors in its capital budgeting plan.

ANZ’s decision to do so is in line with the posture of other banks such as Commonwealth Bank of Australia (ASX: CBA)’s intention for a $6 billion off-market buyback.

Leading brokers also hold a positive sentiment on ANZ shares. For instance, a recent note out of Morgans reveals the firm has a belief the ANZ share price is attractive “on a valuation basis”.

As such, it has assigned a price target of $35.50 on the company’s shares, and forecasts a dividend of $1.65 per share in FY22.

Despite this apparent sentiment, ANZ shares have struggled lately, and are just over 1% in the green over the month, having come off a high of $29.53 on 13 August. That’s a 4.8% dip to this morning’s price of $28.10.

ANZ share price snapshot

The ANZ share price has posted a year-to-date return of 23%. It is also up 55% over the past 12 months.

These results have outpaced the broad index’s return of around 25% over the past year.

The post It hasn’t been a great week so far for the ANZ (ASX:ANZ) share price appeared first on The Motley Fool Australia.

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The author Zach Bristow has no positions 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 Flight Centre Travel Group Ltd (ASX: FLT) share price is edging lower on Thursday morning.

At the time of writing, the travel agent’s shares are down 1% to $16.75.

Why is the Flight Centre share price edging lower?

Investors have been selling down the Flight Centre share price despite the release of a positive announcement. This may be due to broad market weakness today.

In respect to the announcement, Flight Centre has revealed plans to launch its leading FCM travel management business in Japan via a joint venture (JV) with Tokyo-based NSF Engagement Corporation.

Given that the Japanese market is the world’s fourth largest corporate travel market, this is a sizeable opportunity for the company. It also means the FCM network now stretches to 97 counties.

Flight Centre’s Managing Director, Graham Turner, believes the expansion into Japan is significant.

He said: “Japan is a key corporate market because of its size and importance within the global economy as a business hub for multi-national companies. By securing an equity position in this crucial market, we will enhance our ability to win new local, regional and multi-national accounts, while also gaining greater control over and enhancing the service we provide to our existing customers with operations in Japan.”

“We believe this will become a very significant business and a valuable addition to our Asian network, which also includes businesses in China including SAR Hong Kong, India Singapore and Malaysia,” he added.

The joint venture

The release explains that FCM Japan will operate from January 2022 and will be headed by general manager Kenichi Shiraishi. He is currently the leader of NSF Engagement’s corporate travel business.

NSF Engagement Corporation’s CEO and President, Shigeru Hiromatsu, commented: “We see considerable synergy between NSF Engagement Corporation and FCM.

“FCM’s unconventional, innovative and flexible DNA resonates deeply with NSF Engagement Corporation’s belief that it is possible to use New Standards for Engagement to break through conventional concepts through technological capabilities while building a strong business with sustainable growth.”

“We are excited to partner with FCM to leverage the business’s technology and global expertise to facilitate expansion and penetrate the high potential Japanese business travel sector,” he added.

The Flight Centre share price is up 35% over the last 12 months.

The post Flight Centre (ASX:FLT) share price falls despite expansion news 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 Flight Centre Travel Group 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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August marked a V-shape recovery for the Qantas Airways Limited (ASX: QAN) share price.

Shares in the Aussie airline staged an almost vertical recovery after sliding to a 10-month low of $4.24 by 20 August.

The Qantas share price surged in the lead up to its FY21 results on 26 August and continued to rally despite posting major losses for the year ended 30 June 2021.

Qantas share price rallies despite posting $1.7bn loss

The Qantas share price managed to close out the month of August 10.89% higher to a 4-month high of $5.09.

This is despite its FY21 results revealing a statutory loss after tax of $1.72 billion.

Qantas flagged that total revenue loss from COVID-19 amounted to $16 billion as “the full year impact of minimal international travel and multiple waves of domestic border restrictions continued to hit travel demand”.

Encouragingly, the company said that the periods of open domestic borders in the second half saw significant cash generation by Qantas and Jetstar. Perhaps signalling that there is a light at the end of the tunnel for the Qantas share price.

The Group’s domestic capacity steadily recovered to a peak of 92% of pre-COVID levels in May 2021, until outbreaks of the Delta variant triggered a series of lockdowns across major cities.

Any positive takeaways?

Qantas Group CEO Alan Joyce was optimistic about the outlook in the tourism industry, saying that the company is “geared to recover quickly, in-line with a national vaccine rollout that is speeding up.”

“Despite the uncertainty that’s still in front of us, we’re in a far better position to manage it than this time last year. We’re able to move quickly when borders open and close. We’re a leaner and more efficient organisation.”

“When Australia reaches those critical vaccination targets later this year and the likelihood of future lockdowns and border closures reduces, we expect to see a surge in domestic travel demand and a gradual return of international travel,” Joyce said.

Joyce’s optimistic outlook might have taken the spotlight away from the company’s $1.72 billion loss. Surprisingly, the Qantas share price rallied 3.49% on the day of its full year results announcement.

Looking ahead, Qantas expects vaccination rates to reach 70% of the eligible population by November, enabling domestic knockdowns and border restrictions to be steadily eased.

The company’s key assumptions for FY22 include a strong uplift in Group domestic capacity, from 38% of pre-COVID figures in the first quarter of 2022 to 53% in the second quarter of 2022, as well as a rise to 110% in the second half of FY22.

The post Here’s why the Qantas (ASX:QAN) share price rallied 10% in August appeared first on The Motley Fool Australia.

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Motley Fool contributor Kerry Sun 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 past week has not been kind to the Insurance Australia Group Ltd (ASX: IAG) share price.

Shares in the insurer have sunk more than 3% from an opening price of $5.46 on 25 August to $5.29 at the closing bell yesterday.

Let’s take a look at why the IAG share price has taken a tumble.

What’s weighing down the IAG share price?

There are several catalysts that could explain why IAG shares have struggled this past week.

Since the company hasn’t released any price-sensitive news during this period, it’s important to consider the overall price action.

Leading into the past week, shares in IAG had surged more than 12% for the month of August. As a result, it could be assumed that investors might be cashing in their profits.

In addition, the IAG share price could be under pressure after its competitor Steadfast Group Ltd (ASX: SDF) raised $200 million to expand its presence.

Investors could also be re-rating the IAG share price following its full-year results.  

How did IAG perform in FY21?

For the year ending 30 June 2021, IAG reported a statutory loss of $427 million for the full year.

Other notables from the insurer’s full-year report included:

• Gross written premium (GWP) increased 3.8% to $12,135 million
• Insurance profit up 35.9% to $1,007 million
• Underlying insurance margin down 130 basis points to 14.7%
• Reported insurance margin up 340 basis points to 13.5%
• Cash earnings up 170% to $747 million
• Full-year dividend doubled to 20 cents per share.

IAG highlighted a 35.9% increase in its reported insurance profit of $1,007 million. The insurer cited lower natural perils costs, positive credit spreads and lower motor claims for the improved margins.

However, IAG noted that significant one-off corporate expenses had resulted in the company reporting a net loss for the year.

Snapshot of the IAG share price

Despite struggling this past week, shares in IAG have enjoyed a strong year thus far. Since the start of 2021, shares in the insurer are trading about 12% higher.

However, shares in IAG are lagging far behind the broader S&P/ASX 200 Financials Index (ASX: XFJ), which is up more than 21% year to date.

Following a disastrous 2020, several catalysts have made it tough for the IAG share price to recover.

Of note, IAG was on the receiving end of an unsuccessful court case in New South Wales last year. The landmark court case sought to exclude pandemic lockdowns from business interruption policies.

The post Here’s why the IAG (ASX:IAG) share price is down 3% in a week appeared first on The Motley Fool Australia.

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Motley Fool contributor Nikhil Gangaram 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 shares of and has recommended Insurance Australia Group Limited. The Motley Fool Australia has recommended Steadfast Group 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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