The Charter Hall Long WALE REIT (ASX: CLW) share price remained unchanged today despite announcing the extension of its debt maturity profile.

At the closing bell, the real estate investment trust (REIT) share finished the day at $4.91.

Charter Hall Long extends debt maturity profile

Investors appear unmoved by the company’s latest update, sending Charter Hall Long shares nowhere.

According to its release, Charter Hall Long announced it has secured $200 million of Australian dollar medium term notes. The notes were originally priced at a fixed coupon rate of 2.66% before being swapped to a floating exposure. This provides Charter Hall Long with a weighted average cost of debt of 1.3% per annum.

The notes are expected to settle next Thursday 17 June, increasing the company’s investment capacity to $330 million. In turn, this allows Charter Hall Long to shore up its balance sheet and have significant flexibility in pursuing growth investment opportunities.

Once issued, the notes will have an 8.5-year duration attached, maturing in December 2029.

The weighted average debt maturity profile for the company will be extended to 5.6 years.

Charter Hall Long WALE REIT fund manager, Avi Anger commented:

We are very pleased that CLW was able to complete a repeat issuance in the Australian dollar medium term note market and further extend our debt maturity profile at a competitive funding cost.

CLW’s sector leading long WALE of 13.8 years together with the maturity profile and diversity of our debt are important features that contribute to the investment proposition that CLW offers. The additional investment capacity provides scope for further accretive deployment to drive earnings growth.

The company has staggered maturities arising from FY24 through to FY31.

Charter Hall share price review

The Charter Hall Long share price has moved in circles for the past 12 months, up 10% over the period. The company’s shares reached a high of $5.26 in October last year, before moving sideways.

Based on valuation grounds, Charter Hall Long presides a market capitalisation of roughly $3 billion, with approximately 628 million shares outstanding.

The post Charter Hall REIT (ASX:CLW) share price flat on notes issuance 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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Centuria Capital Group (ASX: CNI) has had a busy day today, having announced that its takeover of Primewest Group Ltd (ASX: PWG) is now unconditional and its unlisted fund is undertaking Australia’s largest single asset capital raise in 15 years.

At the time of writing, the Centuria share price is $2.73 ­– 1.49% higher than yesterday’s close.

Let’s take a closer look at today’s news out of the real estate funds management company.

Primewest takeover bid

Centuria launched an off-market takeover bid for fellow real estate funds management company Primewest on 19 April.

Today, it announced that the takeover is now wholly unconditional and the merger process will begin later this month, having been pushed back by a week.

The takeover will see Primewest shareholders receiving $1.51 per share, made up of 20 cents in cash and 0.473 Centuria shares. The value of the shares is based on the Centuria share price as of 16 April.

Australia’s largest single asset capital raise in 15 years

In other news from Centuria today, the company’s unlisted Centuria Government Income Property Fund (CGIPF) is undertaking a $133 million capital raise.

The cash will go towards the purchase of a high rise building in Melbourne’s Footscray.

The fund will spend a total of $224 million for the 14-storey office building.

The entire building is currently leased, mostly to Victorian Government departments and agencies.

Centuria’s joint CEO Jason Huljich commented on the CGIPF’s capital raise:

Centuria has a 22-year track record for delivering successful fixed-term unlisted funds. This will be our largest capital raise to date for a single asset unlisted fund with a target of approximately $133 million.  

With rising white-collar employment and workforces increasingly returning to the office, we believe office asset investments will increasingly deliver strong results. Already within the past few months, we’ve witnessed several large office transactions in the domestic market.

Centuria share price snapshot

Today’s gains have given the Centuria share price a boost.

Currently, the Centuria share price is up 5.4% in 2021. It has also gained 35.1% since this time last year.

The company has a market capitalisation of about $2 billion, which will soon increase when it merges with Primewest, which is valued at around $590 million.

Centuria has approximately 740 million shares on issue.  

The post Here’s why the Centuria (ASX:CNI) share price is gaining 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 MedAdvisor Ltd (ASX: MDR) share price is on the rise today after the company announced a US business update.

The medication management platform provider’s shares are currently up 12% to 32.5 cents.

Why did the MedAdvisor share price push higher?

MedAdvisor has provided a business update 6 months after its acquisition of US-based patient management solutions platform, Adheris.

In today’s statement, MedAdvisor advised that its revenue had growth 40% on a like-for-like basis for the 9 months year-to-date for FY21.

MedAdvisor is leveraging Adheris’ extensive network of approximately 25,000 pharmacies and 2.2 billion scripts annual to bring additional scale to its digital capabilities.

The rollout of MedAdvisor’s digital solutions through the Adheris network is well underway. In June, 17% of the Adheris pharmacy network was scheduled to be digital, and a further 13% is expected in the September quarter.

Pleasingly, this will bring the company’s profile of digitally contactable patients in the US to approximately 42 million, or 20 times its present digital reach in Australia.

Additionally, MedAdvisor has rolled out 7 digital programs for pharmaceutical companies in the US. The company says that on average, patients who join the digital program demonstrate an improved adherence of up to 30%, leading to 1–2 extra script fills per year. The company says this results in improved health outcomes for the patients and more consistent revenue for the pharmacy.

Management commentary

MedAdvisor US President, John Ciccio comments on the company’s achievements in the US:

We’ve invested in providing the sales and marketing team with the resources required to go deeper with existing clients and expand our customer base. We’ve added new customers and brands to our network in the past 6 months and we’re selling more multi-tactic programs that include digital.

By expanding its digital offering, MedAdvisor is able to significantly boost the attractiveness of its product suite to its client base. As an example, one top ten pharmaceutical client who has averaged USD$125k p.a. with Adheris over the last 2 years has now signed a multi-channel deal for USD$1 million for CY21.

The post Why the MedAdvisor (ASX:MDR) share price jumped 12% today appeared first on The Motley Fool Australia.

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Kerry Sun has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended MedAdvisor. The Motley Fool Australia has recommended MedAdvisor. 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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It’s been a long road back for IDP Education Ltd (ASX: IEL) after the education provider was hit hard by COVID-19 last year.

IDP provides international student placement services and English language testing services.  Although the company has been starved of its staple — international students — the IDP Education share price has climbed almost 33% in the past 12 months.  

One school of thought among analysts says that the longer the pandemic drags out, the stronger the IDP Education market position will be at the end of it. This is because many smaller competitors will fail to survive the crisis. Commentators are confident that the industry will rebound for those with strong balance sheets.

Foundations there to take advantage of a rebound

Although down on most performance metrics, IDP Education’s half-yearly report said that English language testing volumes were broadly in line with those experienced in the final month of 2019 before the pandemic. In fact, International English Language Testing System (IELTS) volumes rebounded from April/May lows to record a 49% increase.

The company told the recent Macquarie Australia Conference presentation that IELTS performance was an indicator for the health of the industry.

IDP Education also noted that a strong balance sheet of $299m and undrawn working capital facilities provided the foundations for further investment. The company is also planning to expand staff and increase marketing spend to drive future performance.

IDP Education stated that: 

With unmatched services, global footprint and data insights, our teams are ready to lead the industry rebound.

Brokers back IDP Education

Morgans is expecting IDP Education to grow its market share meaningfully once the pandemic passes. The broker remains positive for the company, placing an add rating and $28.48 price target on its shares.

Goldman Sachs also believes that IDP Education will be in a strong position when conditions return to normal thanks to its strong balance sheet and access to capital markets.

IDP Education share price snapshot

It’s been a long road back for IDP Education shares after the price crashed to $11.56 in March last year. The IDP Education share price peaked at $28.41 in February 2021 and is trading at $22.81 at the time of writing.

Despite the optimism for a rebound, IDP Education currently has a price to earnings (PE) ratio of 86.43, which means that the share is priced at an optimum. The Australian Consumer Services industry average PE ratio is 22.

The post Why has IDP Education (ASX:IEL) share price risen 33% in the last 12 months? appeared first on The Motley Fool Australia.

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With populations around the world ageing and technologies and treatments improving, demand for healthcare services is expected to grow strongly over the next few decades. In light of this, the healthcare sector could be a good place to consider investing with a long term view.

But which ASX healthcare shares should you buy? Two that are rated as buys right now are listed below. Here’s what you need to know about them:

Nanosonics Ltd (ASX: NAN)

Nanosonics could be a good option for investors in the healthcare sector. It is a leading infection control specialist which provides the industry-leading trophon EPR disinfection system for ultrasound probes.

If demand for healthcare services increases, there’s a likelihood that ultrasound usage will increase in line with this. This, combined with further market share gains, would bode well for Nanosonics’ growth over the next decade and beyond.

At present, management estimates that 80,000 patients are protected from the risk of cross contamination every day because the ultrasound probe has been high-level disinfected with trophon. This is driving strong recurring revenue growth from the consumable products the system requires.

Positively, management isn’t resting on its laurels and is aiming to launch several new technologies that are targeting unmet needs. These are believed to have similar addressable markets to the trophon product. If successful, this could provide Nanosonics with a significant runway for growth, especially in a post-pandemic world heavily focused on infection prevention.

Analysts at UBS are positive on the company. They currently have a buy rating and $7.20 price target on its shares.

Pro Medicus Limited (ASX: PME)

Another healthcare share to consider is Pro Medicus. It is a healthcare technology company that provides healthcare organisations with radiology information systems, picture archiving and communication systems, and advanced visualisation solutions.

Pro Medicus has been a positive performer again in FY 2021 despite the pandemic. In February, the company reported a 7.8% increase in revenue to $31.6 million and a 25.9% jump in underlying profit before tax to $18.76 million.

Since then, the company has won a number of lucrative long term contracts with major healthcare institutions. In addition to this, it still has a large pipeline of sales opportunities that could be converted in the near future.

And thanks to the quality of the company’s technology and the structural shift away from legacy systems, Pro Medicus appears very well positioned for growth over the long term. This could be bolstered by its recent collaboration with healthcare giant Mayo Clinic.

That agreement will serve as the framework for collaboration between the two parties to facilitate development and commercialisation in the field of artificial intelligence (AI), leveraging the company’s Visage AI Accelerator platform.

In response to the news, Goldman Sachs retained its buy rating and $53.80 price target on the company’s shares. It commented: “We believe the strategy of partnering with the leading academics helps to maximise the value and competitive advantage of PME’s technology proposition.”

The post 2 quality healthcare options for ASX investors appeared first on The Motley Fool Australia.

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James Mickleboro does not own any shares mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Nanosonics Limited and Pro Medicus Ltd. The Motley Fool Australia owns shares of and has recommended Nanosonics Limited and Pro Medicus 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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There are some ASX dividend shares out there that have been growing their dividends for several years in a row.

The business with the longest dividend growth streak record is currently Washington H. Soul Pattinson and Co. Ltd (ASX: SOL) that started in 2000.

But these two ASX retail shares started growing their dividend several years ago:

Nick Scali Limited (ASX: NCK)

Nick Scali is one of the largest furniture retailers in Australia with a national store footprint that is steadily growing.

Citi currently rates the business as a buy with a price target of $12.05 on the business. The broker points to continuing strength of Nick Scali sales with a good order book.

Nick Scali has a high gross profit margin and relatively fixed cost base leading to significant operating leverage on the back of sales growth.

The company points out that minimal growth capital expenditure is required for a showroom roll-out, allowing the company to grow whilst maintaining adequate liquidity for capital initiatives such as property purchases.

Those property purchases lead to reduced occupancy costs and increased the ‘defensibility’ of the store network in strategically important locations, according to management.

Nick Scali’s business model reportedly generates a leading retail industry operating cashflow margin, achieving average earnings before interest, tax, depreciation and amortisation (EBITDA) to cashflow conversion of over 100%.

The ASX dividend share says that the cashflow profile allows the company to maintain a high dividend payout ratio which has averaged 80% through time.

It has grown its dividend each year since 2013 and it currently has a trailing grossed-up dividend yield of 8.1%.

JB Hi-Fi Limited (ASX: JBH)

JB Hi-Fi is another retail business that has experienced a large increase in sales and profit during FY21 with all of the COVID-19 impacts.

The broker Credit Suisse has rated JB Hi-Fi shares as a buy with a price target of $57.39. That suggests a potential increase of the JB Hi-Fi share price of around 20% over the next 12 months.

JB Hi-Fi controls two major Australian retail brands. JB Hi-Fi is a leading retailer of technology and consumer electronics. The Good Guys is a leading retailer of home appliances and consumer electronics.

There are five unique competitive advantages that JB Hi-Fi believes it has: scale, a low cost operating model, quality store locations, supplier partnerships and its multichannel retail capability.

JB Hi-Fi says that it has the lowest cost of doing business of major Australian listed retailers and international consumer electronics retailers. It says that it has a productive floor space with high sales per square meter. JB Hi-Fi has a continued focus on productivity and minimising unnecessary expenditure. This allows it to offer consistently low prices and compete with all competitors, old and new. 

The ASX dividend share has grown its dividend each year since 2013. It currently has a trailing grossed-up dividend yield of 8%.

The post 2 ASX dividend shares with large yields that have paid consistent payouts appeared first on The Motley Fool Australia.

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Motley Fool contributor Tristan Harrison owns shares of Washington H. Soul Pattinson and Company Limited. 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 Washington H. Soul Pattinson and Company 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 Field Solutions Holdings Ltd (ASX: FSG) share price is rising during late afternoon trade. This comes after the regional telco carrier announced it’s received additional funding from the federal government.

Heading towards market close, the Field Solutions share price is up 6.67% to an intraday high of 16 cents.

What did Field Solutions update the ASX with?

Investors are buying Field Solutions shares following the company’s latest release.

In a statement to the ASX, Field Solutions advised it has received $4.1 million from the federal government’s Regional Connectivity Program Fund (RCP).

The Regional Connectivity Program Round 2 (RCP2) is a $106 million investment initiative to develop telecommunications infrastructure projects outside major cities. It’s targeted at partnering with companies such as Field Solutions to provide connectivity for rural, regional and remote areas.

According to its statement, Field Solutions has been awarded further funding to build network infrastructure across four local government areas. They include regional towns Bourke, Carrathool, and Leeton in New South Wales, as well as Mareeba in Queensland.

Construction is scheduled to begin in September 2021, with revenue generated from the networks expected from H2 FY22 onwards. Field Solutions estimates revenue of roughly $11 million over the 7-year period through its build, own and operate agreements.

Pleasingly, the company noted it’s been successful in 90% of its RCP applications and has been awarded a quarter of the total funding pool. This includes the previous Regional Connectivity Program Round 1 (RCP1), which saw $83 million handed out to deliver next-generation regional connectivity.

Field Solutions CEO Andrew Roberts commented:

These new networks will be the catalyst for FSG to deliver the next generation of rural connectivity, enabling 5G, mobility and IoT specifically for agribusiness and rural, regional and remote Australia.

We look forward to working with many underserviced local communities as part of RCP2.

Field Solutions share price summary

Field Solutions shares have accelerated by more than 370% during the last 12 months, and are up by 260% year-to-date. The company’s share price reached a multi-year high of 21 cents last month, before some profit taking took place.

Based on current valuation, Field Solutions has a market capitalisation of about $89 million.

The post Why the Field Solutions (ASX:FSG) share price is up 6% 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. 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 Noxopharm Ltd (ASX: NOX) share price is falling this afternoon. This comes after the company released an update about its DARRT-2 clinical trial.

At the time of writing, Noxopharm shares are swapping hands for 69 cents apiece, down 1.43%

What did Noxopharm announce?

Investors are selling Noxopharm shares after digesting the clinical-stage drug development company’s latest release.

According to Noxopharm, it is on track to undertake a multi-national study for its flagship cancer-fighting drug, Veyonda. The drug is used in conjunction with radiotherapy.

Titled DARRT-2 (Direct and Abscopal Response to RadioTherapy), the phase 2 trial aims to treat late-stage prostate, breast and lung cancer patients for whom traditional treatment options such as chemotherapy and radiotherapy have failed.

The trial seeks to generate the phenomenon of the abscopal response in cancer patients. This is when a low dose of radiation not only shrinks a targeted tumour, but triggers an immune response that results in other tumours melting away. Noxopharm hopes the cancer cells could be eradicated within a matter of weeks.

The phase 2 trial is seeking to recruit 100 participants across 15 sites in Australia, the United States, France, and Hungary. International contract research organisation Parexel has been appointed to oversee the study.

Management commentary

Noxopharm CEO and managing director Dr Graham Kelly said:

The abscopal response is a highly attractive cancer treatment goal because it provides the opportunity for a major anti-cancer outcome from a generally safe and minimally invasive treatment. The challenge is that it is a very rare phenomenon that to date has proven difficult to reproduce on a consistent basis.

Recent research has pointed to a reason for this being the need to block a certain type of repair process called autophagy of mitochondrial DNA damaged by the radiation. Other research points to idronoxil, the active ingredient in Veyonda, blocking autophagy. It is the combination of that effect and the drug’s known immuno-stimulatory effects, together with the earlier DARRT-1 trial data, that provides the confidence that we might have the ability to achieve consistently higher response rates to make DARRT a practical treatment option.

Noxopharm share price summary

Despite today’s dip, Noxopharm shares have surged by more than 250% over the past 12 months. The company’s share price reached a 52-week high of 99 cents in February, before treading lower from profit taking.

On valuation grounds, Noxopharm has a market capitalisation of roughly $201 million, with approximately 288 million shares outstanding.

The post Noxopharm (ASX:NOX) share price edges lower after clinical trial update 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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After gaining 5% this week, the Dexus Property Group (ASX: DXS) share price is at its highest point of the last 12 months. At the time of writing, Dexus shares are swapping hands for $10.96 – 3% more than yesterday’s closing price.

Let’s take a look at what the real estate group has been up to lately.

Yesterday’s news

Yesterday, Dexus announced it has established a relationship with Australian Unity, in particular the Australian Unity Healthcare Property Trust (AUHPT).

The relationship has seen Dexus make a $180 million investment in the Trust’s capital raising. Each unit in AUHPT will cost $2.60. Dexus’ investment represents around 7% of AUHPT’s equity.

The company will now have the opportunity to invest in parts of Australian Unity’s healthcare development pipeline. This represents around $1 billion of proposed greenfield and brownfield developments.

Dexus’ CEO Darren Steinberg commented on the new relationship:

We are confident in the outlook for healthcare real estate and the investment in AUHPT provides us with an efficient way to increase our exposure to this attractive asset class at an appealing price.

What else has Dexus been up to?

The first time we heard from the company this year was in February when it released its results for the first half of the 2021 financial year.

Despite a small lift in revenue, it recorded a 55.5% decrease in net profit after tax compared to the previous corresponding period – caused by net revaluation gains of investment properties.

The results saw its share price end that day 3.5% lower than it had the previous session.

In March, Dexus announced it had made an agreement to merge its $10 million Dexus Wholesale Property Fund (DWPF) with a $5 million AMP Capital Diversified Property Fund (ADPF).

The news spurred the Dexus share price 2.8% higher than on the previous day’s trade.

Finally, on 6 April, the Dexus share price dropped 0.9% on news the company had sold its office tower at 10 Eagle Street in Brisbane to Marquette Properties. 

The sale brought in $285 million, which Dexus is using to repay its outstanding debt.

Dexus share price snapshot

It’s been a good year so far on the ASX for the Dexus share price, which is currently 16.5% higher than it was at the start of the year.

It has also gained almost 11% since this time last year.

The company has a market capitalisation of around $11.7 billion, with approximately 1 billion shares outstanding.

The post The Dexus (ASX:DXS) share price has hit a new 52-week high 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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Brokers believe Wilson Asset Management (WAM) has been adding Magellan High Conviction Trust (ASX: MHH) to its latest listed investment company while it readies its initial public offering (IPO).

In yet another listed investment company, commonly referred to as a LIC, WAM is bringing WAR to the ASX boards. Don’t worry, not literally war… WAM Strategic Value will be the latest LIC to hit the ASX, trading with the ticker ‘WAR’.

Looking for an ASX bargain in Magellan’s MHH?

WAM’s Strategic Value LIC is the asset management company’s latest investment opportunity. The focus of WAR will be on identifying, investing in and closing discounted asset opportunities. In Wilson’s words, “Essentially, we are focused on identifying and investing in $1 of assets for 80 cents.”

To find such investments, the company will be looking at securities that are trading at discounts to assets or net tangible assets (NTA), corporate transactions, and dividend yield arbitrages with franking credit benefits.

According to brokers, Magellan High Conviction Trust might be making an appearance as one of the company’s holdings. The exchange-traded trust fits the discounted criteria.

On Friday last week, the trust held a net asset value of $1.658. However, the Magellan High Conviction trust closed the day at $1.455 – representing a 12.2% discount.

The trust managed by Hamish Douglass holds investments in some of the world’s largest companies, including Alphabet Inc (NASDAQ: GOOGL) (NASDAQ: GOOG), Facebook Inc (NASDAQ: FB), and Microsoft Corporation (NASDAQ: MSFT).

Despite holding some US tech stock titans, the ASX-listed MHH trust has returned a meagre 4.86% in the past 12 months.

Where to next for WAM’s WAR?

WAR is wrapping its offer up this afternoon at 5 pm. According to the prospectus, if all goes to plan the investment company will list on the ASX on Friday 25 June 2021.

Furthermore, the offer was capped at $225 million with 13.2 million shares on offer. Therefore, when the company lists, the benchmark price would be $1.25.

Once listed, investors will likely find out whether or not Magellan High Conviction Trust was added.

The post Is WAM going ham on Magellan High Conviction Trust (ASX:MHH)? appeared first on The Motley Fool Australia.

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Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool’s board of directors. Teresa Kersten, an employee of LinkedIn, a Microsoft subsidiary, is a member of The Motley Fool’s board of directors. Randi Zuckerberg, a former director of market development and spokeswoman for Facebook and sister to its CEO, Mark Zuckerberg, is a member of The Motley Fool’s board of directors. Motley Fool contributor Mitchell Lawler owns shares of Facebook. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Alphabet (A shares), Alphabet (C shares), Facebook, and Microsoft. The Motley Fool Australia has recommended Alphabet (A shares), Alphabet (C shares), and Facebook. 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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