Tom Glynn-Carney as Aegon II Targaryen in "House of the Dragon" season two.
Ollie Upton/HBO
"House of the Dragon" just teased a major character in its season two premiere.
Hugh is a blacksmith who petitions King Aegon II for a payment advance.
But in "Fire and Blood" he plays a major role — read ahead if you want to be spoiled!
Warning: Major spoilers ahead for the season two premiere of "House of the Dragon" and the book "Fire and Blood."
"House of the Dragon" is already keeping us on our toes in season two — and the premiere briefly introduced an important figure from George R.R. Martin's book.
In the season two premiere, Aegon II Targaryen hears petitions from common folk. Unused to making difficult decisions as ruler, he's generous in granting their wishes — that is, until his Hand Otto Hightower steps in to remind him that his dragons need to eat the sheep he just granted back to a shepherd.
One of these petitioners, however, is more important than the others: Hugh the blacksmith (Kieran Bew), who asks Aegon for an advance on the smiths' payment for weapons.
If you couldn't tell by the lingering, close-up shot of Hugh's face during his introduction, here's your PSA: You should remember his face. Assuming he's the same Hugh from "Fire and Blood," the book on which "House of the Dragon" is based, we'll see much more of him down the line.
In 'Fire and Blood,' Hugh is a dragonrider
During the Dance of the Dragons, as recounted in "Fire and Blood," Rhaenyra's son Jacaerys decides to recruit potential dragonriders from the breadth of Targaryen bastards. He puts out a call for recruits, promising rewards like knighthood, lands, and glory to those who are able to successfully mount a dragon.
Not everyone was able to do so. According to "Fire and Blood," Grand Maester Munkun (one historical source) recounted that 16 men died during the trials, while tens of them were injured. Hugh, a "blacksmith's bastard" with incredible physical strength, mounted the dragon Vermithor. Others also succeeded, mounting the dragons Silverwing, Seasmoke, and Sheepstealer.
Vermithor — we know him, right?
That you do. "House of the Dragons" viewers encountered Vermithor in season one. The previous mount of King Jaehaerys, Viserys' predecessor, and was riderless after his death.
Daemon Targaryen very briefly encounters Vermithor in the season one finale when he seeks him out underneath Dragonstone. Singing a song in High Valyrian, Daemon doesn't seem to get very far with Vermithor — but he doesn't get burnt to a crisp, which is still a net win.
Matt Smith as Daemon Targaryen standing in front of Vermithor.
HBO
Vermithor isn't the biggest dragon that we've seen in "House of the Dragon" — that honor goes to Aemond's big, beautiful girl Vhagar — but he's still pretty big.
Now, if you want potential major spoilers for the show…
What happens to Hugh in the books?
The fictional history of Westeros recounts how Hugh fought in the war as a dragonrider. In one battle, Rhaenyra's forces clashed with a naval fleet from the Triarchy, with whom Otto Hightower had engineered an alliance. During the battle, Hugh and Vermithor fought alongside the dragons Silverwing, Sheepstealer, Seasmoke, their riders, Jacaerys, and his dragon Vermax.
However, Hugh and Ulf White, Silverwing's rider, defected later in the war, though their motivations were disputed in the historical record. Later in the war, he made a play for the throne himself, but was killed during a battle.
"House of the Dragon" season two airs Sundays at 9 p.m. ET on HBO and is streaming on Max.
According to the release, firm commitments have been received for a $25 million equity raise at a weighted average price of approximately $1.00 per share.
Winsome Resources notes that it is taking advantage of Canadian flow through provisions with this equity raising before rules change next week. This essentially allows an exploration company to raise funds at a higher price thanks to favourable tax credits.
So much so, the ASX lithium stock was able to raise $13.2 million at $1.275 per new share. This represents a sizeable 32% premium to Winsome Resources’ last traded price.
However, there are some shares changing hands for a big discount. A share placement has been undertaken alongside the Canadian flow through financing to raise a further $11.8 million at a discount of 85 cents per share.
Why is it raising funds?
Management notes that the funds will be used to advance key project initiatives.
This includes the Adina Lithium and Renard project studies, which are on track for completion in the third quarter of 2024, and exploration and resource growth drilling to expand the current mineral resource estimate of 77.9Mt @ 1.15%.
It also notes that the equity raising means that the ASX lithium stock is in a strong financial position to continue its transition from lithium explorer to project developer.
Winsome Resources’ managing director, Chris Evans, said:
Winsome Resources is firmly committed to developing the Adina Lithium Project and is pleased to see the high level of interest from high conviction investors who believe in Winsome’s vision of integrating into the North American EV supply chain.
The flow through financing provisions under Canadian tax law mean we are again able to raise funds at a significant premium to the current share price and therefore at a lower cost of capital. The additional funds put Winsome in an enviable position, with one of the largest and growing lithium deposits in North America, an exclusive option to acquire the billion-dollar Renard operation and associated infrastructure and a clearly defined pathway to production.
Following today’s decline, this ASX lithium stock is down more than 50% over the last 12 months.
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The All Ordinaries Index (ASX: XAO) is down 0.5% on Monday morning, but this ASX All Ords share isn’t making any moves just yet.
Shares in the New Zealand based company infrastructure investment company entered a trading halt before the opening bell this morning at the company’s request.
This came on the heels of a major AI related capital raise announcement earlier this morning.
Any guesses?
If you said Infratil Ltd (ASX: IFT), go to the head of the virtual class.
Here’s what’s happening.
ASX All Ords share tips hat for $1.1 billion
Infratil said it intends to raise NZ$1.15 billion (approximately AU$1.1 billion) to fund data centre operator CDC’s accelerating growth. The new funds will also be used to provide more flexibility for growth across the ASX All Ords shares’ global portfolio.
The equity raising comprises an underwritten1 NZ$1.0 billion placement of new IFT shares and a NZ$150 million non-underwritten retail offer of new IFT shares.
New shares will be issued for NZ$10.15 apiece. That’s 6.8% below Friday’s closing price.
“CDC continues to see a surge in demand for data centre capacity,” Infratil CEO Jason Boyes said. “Demand continues to accelerate on the back of cloud adoption and significant investments in generative AI.”
He noted that CDC has been one of Infratil’s top investments. The ASX All Ords share’s stake in CDC is valued at NZ$4.42 billion. That’s 10 times what the company first invested in 2016.
According to Boyes:
This rapid increase in demand has seen CDC enter advanced negotiations with customers for over 400MW of capacity at multiple sites across the CDC footprint with this capacity expected to come online over the next four to five years.
CDC expects at least 200MW of capacity to commence construction over the next 12 months. And Infratil said it expects to commit equity funding of around AU$600 million to the data centre developer over the next two years.
“CDC’s growth has accelerated considerably recently, driven by rapid growth in AI-driven data demand,” Boyes said.
CDC CEO Greg Boorer added:
We are seeing an unprecedented increase in the number of customer discussions, many of which are tied to AI-related workloads. CDC has been AI-ready for more than 15 years and is well positioned to capture strong share of AI-driven demand.
Infratil said there was no change to its FY 2025 guidance.
Infratril share price snapshot
If you look back at the chart up top, you’ll notice a remarkably stable long-term uptrend in the Infratil share price.
Over the past 12 months, the ASX All Ords share has gained 14.3%.
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The market may be edging lower on Monday but that hasn’t stopped one ASX All Ords stock from rocketing.
In morning trade, the Capitol Health Ltd (ASX: CAJ) share price is up 20% to 29.5 cents.
Why is this ASX All Ords stock rocketing?
Investors have been scrambling to buy the diagnostic imaging modalities provider’s shares this morning after it accepted a merger offer from rival Integral Diagnostics Ltd (ASX: IDX).
According to the release, the two parties have entered into a process and exclusivity deed that will see Integral Diagnostics acquire 100% of Capitol Health via a scheme of arrangement.
The offer that was tabled was an implied exchange ratio of 0.12849 Integral Diagnostics shares for every Capitol Health share. Based on Friday’s close prices, this equates to an offer of 32.6 cents per share, which represents a 33% premium.
Capitol Health’s chair, Andrew Demetriou, commented:
The Indicative Proposal reflects attractive value for Capitol shareholders and the Board has determined that it is in the best interests of shareholders to engage with Integral.
Capitol Health advised that that each director intends to recommend shareholders to vote in favour of the proposed transaction. This is subject to entry into the implementation deed, the absence of a superior proposal, and the independent expert’s report.
Not the first offer
The release notes that this indicative proposal was not the first. It follows an unsolicited approach from Integral Diagnostics in late March regarding a potential combination.
However, while that was not accepted, the ASX All Ords stock’s board decided that it was in the best interests of shareholders to engage with Integral Diagnostics and provide non-public information on a confidential and non-exclusive basis to conduct a two-way value based due diligence process.
Following the conclusion of the process, Integral Diagnostics submitted the improved indicative proposal, which has now been accepted.
The ASX All Ords stock’s managing director, Justin Walter, commented:
Today’s proposed merger announcement with Integral, represents an exciting opportunity for all our valued radiologists, technicians, and staff to be part of Australia’s largest pure-play publicly listed imaging company.
This opportunity is a result of their dedicated hard work, particularly over the last five years. The merger will create further value for our shareholders by realising significant benefits through scale, enhanced internal capability, and organic growth.
All underpinned by market leading clinical standards and service to our referrers and their patients.
As things stand, Capitol Health shareholders do not need to take any action regarding the proposal. However, the company warned that it cannot be certain that the proposal will result in a binding transaction.
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BHP Group Ltd (ASX: BHP) shares and Wesfarmers Ltd (ASX: WES) shares are some of the most well-known and widely-held stocks on the ASX. They are two of Australia’s leading ASX blue-chip shares.
They are known for their strong market positions in the respective sectors of mining and retail.
Wesfarmers owns the retailers Bunnings, Kmart, Officeworks, Target, Priceline and Catch. It also has a chemicals, energy and fertiliser business called WesCEF, a healthcare division (including Clear Skincare Clinics and Silk Laser Australia), and an industrial division (Blackwoods, Coregas and Workwear).
BHP is a huge iron ore miner, produces copper and metallurgical coal, and owns projects related to potash and nickel.
I’m going to compare the businesses on some of the main factors that would help me decide between the two.
Large businesses tend to have a more generous dividend payout ratio because there are fewer places for them to invest, so they can send more of the profit generated to shareholders.
The estimate on Commsec suggests that owners of BHP shares could get an annual dividend per share of $2.27 in FY24 and $2.13 in FY26, translating into forward grossed-up dividend yields of 7.5% and 7%, respectively.
The forecast on Commsec suggests owners of Wesfarmers shares could receive an annual dividend per share of $1.95 in FY24 and $2.35 In FY26, translating into forward grossed-up dividend yields of 4.1% and 5%, respectively.
BHP’s yield looks more appealing in the shorter term, but Wesfarmers’ dividend is growing in the right direction.
Growth prospects
Wesfarmers has several impressive businesses that have steadily grown their profits over the years. Kmart and Bunnings are well situated to succeed in the current environment because they can provide customers with a strong value offering.
The retail giant is making good moves to expand its presence in long-term growth industries such as healthcare, a sector where Wesfarmers can utilise its scale and capabilities in numerous ways.
According to Commsec, Wesfarmers is expected to generate earnings per share (EPS) of $2.23 in FY24, which could grow by 21% to $2.70 in FY26.
BHP is working on growing its iron ore production with improved efficiency and infrastructure in Australia. In recent times, the business has endeavoured to grow its exposure to copper, first with the acquisition of Oz Minerals and then the recent failed attempt at Anglo American. It’s clear the business wants to increase its exposure to future-facing commodities.
BHP’s potash project in Canada, Jansen, could also be a compelling earnings generator once operational.
The forecast for BHP EPS is $4.19 in FY24 and $3.82 in FY26, a reduction of 9%.
Is this a good time to invest?
Of the two businesses, I prefer Wesfarmers because of its track record of compounding earnings and its underlying value over time.
With miners, I think it’s better to invest when there’s a cyclical opportunity to do so. With the iron ore price above US$105 per tonne, I don’t think it’s in ‘weak’ territory yet.
I believe Wesfarmers is more likely to be able to keep growing its earnings over the rest of the decade â it does not rely on a positive commodity price change.
Wesfarmers shares are not cheap either, but I like its long-term prospects, particularly as it invests in long-term growth industries.
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Motley Fool contributor Tristan Harrison has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Wesfarmers. The Motley Fool Australia has positions in and has recommended Wesfarmers. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
Tabcorp Holdings Ltd (ASX: TAH) shares are on the slide on Monday.
In morning trade, the gambling company’s shares are down 4% to 63 cents.
Why are Tabcorp shares falling?
Investors have been selling the company’s shares on Monday after appearing to respond negatively to the announcement of its new leader.
According to the release, Tabcorp has appointed ex-AFL boss Gillon McLachlan as its new managing director and CEO.
McLachlan will join Tabcorp on 5 August and assume the role upon receipt of all necessary regulatory approvals. In the interim, he will act in an observer capacity with Bruce Akhurst continuing to act as executive chairman.
The company appears optimistic that McLachlan could repeat his AFL success with Tabcorp.
The release notes that during his decade leading the AFL, McLachlan more than doubled revenues from $502 million in 2013 to $1,063 million in 2023. This includes securing the largest sports broadcasting rights deal in Australian history.
Tabcorp also highlights that its new CEO has proven success in managing complex stakeholder environments and working productively with all levels of government. He also has extensive racing knowledge as a thoroughbred owner and breeder.
‘One of Australia’s leading CEOs’
Commenting on the appointment, Tabcorp’s executive chair said:
Gill needs no introduction – he is recognised as one of Australia’s leading CEOs and securing Gill is a great vote of confidence for Tabcorp’s future. We’ve laid strong foundations and Gill brings a growth mindset and the capability to capitalise on the opportunities ahead of us.
Gill has a deep understanding of sport, racing and wagering, combined with significant commercial acumen which was highlighted in the substantial growth of AFL revenues under his leadership.
Importantly for us, Gill brings an added dimension of having been responsible for some of the most significant media rights deals in Australian sports history and we’re excited about the potential growth opportunities for our wagering and media business under his leadership.
The company’s incoming CEO revealed that he would be focused on accelerating the growth of Tabcorp:
Tabcorp is a wagering, broadcast and integrity services business and the challenges of growing it are appealing. It’s about creating entertainment for our customers in a safe way and providing a unique customer omni-channel entertainment offering across digital, retail and the media business.
There are enormous opportunities ahead and I’m looking forward to driving the sport category among other things. Tabcorp is part way through its transformation journey and I’m looking forward to working with the leadership team to accelerate and deliver on the growth opportunities.
Tabcorp shares are down approximately 25% in 2024.
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If you’re on the hunt for a top-notch ASX healthcare stock, thinking long-term is the right strategy.
Australia is home to some wonderful health and medical companies â many with terrific prospects over decades to come.
One ASX healthcare company that analysts are bullish on long-term is ResMed Inc (ASX: RMD). Its stock has increased a hefty $10.33 per share since October 22 last year and opens the session today at $31.93. That’s a 47% gain.
Analysts believe it has even more potential. According to CommSec, 19 brokers rate it a buy, six hold, and one sell. Here’s what the experts say.
Why ResMed is a top ASX healthcare stock
ResMed has been a standout performer in the ASX healthcare sector this year. Its share price has surged 25% this year to date.
Lachlan Hughes, a portfolio manager at Swell Asset Management, reckons ResMed is a well-run business with significant growth potential.
He highlights its vast market presence with around 22.5 million customers in a market of 1 billion people. Hughes believes ResMed has “decades of growth ahead as the penetration is low and it’s the number one player in its market”, according tothe Australian Financial Review.
The price is off as people said the GLP-1 (weight loss) drugs will negatively impact demand, but we take the opposite view and believe demand for these devices continues to thrive.
The sleep disorder treatment market, where ResMed operates, also presents a massive growth opportunity, according to analysts at Bell Potter. The broker recently noted that more than a billion people worldwide suffered from obstructive sleep apnoea (OSA), with many remaining undiagnosed. This could be bullish for ResMed, it says.
Bell Potter rates ResMed a buy with a price target of $36.00, also citing the ongoing recall of competitor Philips’ respiratory devices as a tailwind.
Moreover, ECP Asset Management finds ResMed’s valuation “very appealing,” despite market concerns about the impact of GLP-1 weight loss drugs.
Regarding the ASX healthcare stock’s selloff from $33.99 in July 2023 to $21.44 per share by September, the broker said that ResMed was “derated due to the frenzy” around these drugs but could still be undervalued.
ResMed’s market position
Investment firm Wilsons’ analysis further supports ResMed’s strong market position. According to my colleague James, Wilsons recently noted that, despite a “solid earnings-driven share price recovery”, ResMed trades at a significant discount to its historical price-to-earnings (P/E) multiples.
It expects the ASX healthcare stock to rise as concerns about GLP-1 weight loss drugs ease, which could allow the market to focus on ResMed’s fundamentals instead.
“We expect RMD’s valuation to re-rate higher as GLP-1 concerns progressively abate and the market shifts its focus to the strong fundamental outlook of the business”, Wilsons said.
In its Q3 FY 2024 update, the company booked a 7% growth in revenues to US $1.2 billion and a 2.6% increase in gross margins to 58%. Growth was underscored by performance in all regions, including an 8% year-over-year increase in sales for its software-as-a-service business.
Management remains “laser-focused” on continuing its innovative solutions in respiratory medicine going forward.
Foolish takeaway
According to many experts, ResMed could be a compelling investment in the ASX healthcare sector.
The ResMed share price has lifted more than 25% this year to date but is flat over the past year.
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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 positions in and has recommended ResMed. The Motley Fool Australia has positions in and has recommended ResMed. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
Australia’s rental market is in a frenzy, with skyrocketing prices and tight supply leaving many scrambling for solutions. As housing affordability issues continue to plague the housing market, the rental crisis has become a significant concern for tenants.
But for savvy investors, this crisis may present a golden opportunity.
Aspen Group Limited (ASX: APZ) is one ASX small-cap stock that might benefit from the ongoing housing crisis. Let’s explore.
Focus on affordable housing sector
Aspen Group specialises in affordable housing and accommodation solutions. The company owns more than 5,000 approved dwellings and land sites across Australia.
It offers affordable living options such as rental properties, retirement villages, and holiday parks, making housing accessible to a wide range of people. The company explains its business model:
Our core customer base is the approximate 40% of Australian households that can afford to pay no more than about $400 per week to rent or $400,000 to purchase their housing needs.
The shortage of accommodation at our end of the market has become even more acute over recent years with the proportion of rentals offered nationally at less than $400 per week collapsing from 42% in 2020 to only 16% in 2023.
Aspen Group generates revenue from two main sources: rental income and property development and sales. Its underlying net operating income (NOI) from these sources grew significantly, increasing from $5 million in FY19 to $21 million in the last 12 months to December 2023.
These NOI figures are different to the statutory net profits after tax (NPAT), which reached $50.8 million in the last 12 months. The higher NPAT is primarily due to revaluation gains on properties, estimated at around $47 million, reflecting the market value increase of these properties, which can vary each year.
According to Aspen’s 1H FY24 report, the rental market remains strong. Aspen’s total portfolio rent rose 13% year-over-year to $314 per week per dwelling. Notably, residential rent jumped 18% to $342 per week per dwelling, surpassing the market average growth of 16%.
Another important axis of growth is strategic acquisitions. The company continuously looks for acquisition opportunities to expand its portfolio and enhance its revenue potential. By acquiring properties that fit its affordable housing model, Aspen can scale its business and increase market reach.
Most recently, Aspen Group tried to acquire Eureka Group Holdings Ltd (ASX: EGH). Although its takeover offer wasn’t successful, Aspen still owns a strategic stake of 36% in Eureka Group. The value of this stake represents approximately 8% of Aspen’s total assets.
FY25 profit guidance upgrade
Aspen remains upbeat about the future.
Recently, the company increased its underlying earnings forecast for FY24 to 13.5 cents per security (cps), the upper limit of its previous guidance. Additionally, it issued profit guidance for FY25, projecting underlying earnings to be between 14.5 cps and 15 cps, representing a 9% growth from FY24 at the midpoint.
The residential market is in short supply, especially for affordable housing, which management expects to continue. The company noted:
Aspen’s residential and lifestyle portfolios are essentially full and 3-month forward bookings for our parks portfolio are 18% ahead of the same time last year.
Rents are growing strongly yet remain affordable and competitive at an average of about $365 per week for residential dwellings and $190 per week for lifestyle land sites. We enjoy a high-quality tenant base and negligible arrears.
How cheap are Aspen Group shares compared to peers?
Aspen Group shares are trading at 12 times FY25’s estimated earnings. Comparing Aspen Group to other similar companies in the real estate sector based on earnings estimates provided by S&P Capital IQ:
Ingenia Communities Group (ASX: INA) share price is valued at 19x FY25 estimated earnings
Lifestyle Communities Ltd (ASX: LIC) share price is valued at 16x FY25 estimated earnings
Eureka Group share price is valued at 16x FY25 estimated earnings
Aspen Group shares offer a distribution yield of 4.7% based on trailing 12 months’ payments. The company anticipates paying out 9.5 cps as distribution in FY25, representing a 5.3% yield at the current security price.
Foolish takeaway
I think Aspen Group shares offer an interesting opportunity to benefit from rental shortages in Australia.
At $1.79, the Aspen Group share price has moved sideways, trading 0.5% lower than it was 12 months ago but up 6.5% in the year to date.
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Motley Fool contributor Kate Lee has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Aspen Group. The Motley Fool Australia has recommended Aspen Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
Guillermo Söhnlein, left, co-founded OceanGate with the late Stockton Rush, right, in 2009.
Guillermo Söhnlein, Bill Sikes/AP
OceanGate's Titan imploded nearly a year ago, killing all 5 passengers including the company's CEO.
The company's co-founder, Guillermo Söhnlein, told BI he thinks about the incident daily.
The fatal implosion motivates him to continue with his exploration ventures, Söhnlein said.
OceanGate's co-founder said he thinks about the fatal Titan submersible voyage every day, and the incident pushes him to continue pursuing his vision of accessible deep-sea exploration.
Nearly one year ago, on June 18, 2023, the Titan made its final plunge in the Atlantic, where five passengers — including OceanGate's CEO Stockton Rush — ventured to the site of the Titanic wreckage.
US Coast Guard officials said the vessel experienced a "catastrophic implosion," instantly killing all passengers.
"Few of us ever have a fatal flaw, and Rush did," Arnie Weissmann, the editor-in-chief of Travel Weekly, told Business Insider last year. "He thought he was right or he wouldn't have gotten in [the submersible] and piloted it, but that was a fatal flaw."
But for Guillermo Söhnlein, who co-founded OceanGate with Rush in 2009, death is an unfortunate element of innovation that explorers can only hope to avoid.
"We always know that setbacks are almost just part of the exploration experience. It's almost in the definition of exploration," he told BI in a recent interview. "You're gonna have setbacks, and you hope that the setbacks don't include fatalities, but you know that's a possibility."
And when death does become a "setback," Söhnlein said, that's when you should push harder.
"I think in a paradoxical kind of way, that drive to keep going is amplified," he said. "And I think in large part, it's because you want to make sure that your colleagues, who lost their lives, didn't lose their lives in vain. You want their death to mean something, and you want their legacies to live on."
This sentiment is part of why Söhnlein hasn't stopped thinking about OceanGate and Rush in the year since the Titan catastrophe.
"If anything I probably think about him and the company and everything 10 times more than I did before the incident," he said.
Advances in human transportation systems
During the interview, Söhnlein did not mention regrets in those thoughts but rather a desire to achieve OceanGate's early vision to "open the oceans up to humanity."
He told BI that he sees an issue with how the only people who seem to be able to plunge into the ocean's depths are billionaires with resources to build a submersible or researchers and government agencies that have access to deep-sea vessels.
"When Stockton and I sat down and looked at the state of the world in 2009, we thought, 'That is a tragedy,'" he said. "The most important ecosystem in the entire planet is one that we can only access if we are a national government or a billionaire. And that's ridiculous."
The Titan implosion continues to be investigated today. A recent Wired report revealed more insights into Rush's push to build a low-cost submersible and how he ignored warnings from his colleagues.
Söhnlein said he read the Wired report but didn't want to comment because he felt he would be speculating on its contents.
He also told BI that he doesn't consider how many tests are suitable for a deep-sea submersible "because it is different for every sub, depending on the level of innovation."
When asked if he would have said anything differently to Rush before the implosion, Söhnlein again told BI that he would be speculating.
"I don't know. I'd be speculating since I wasn't at the company and I only spoke to Stockton occasionally," he said. "I didn't have access to all the information. I wasn't there day to day. I didn't see the sub being built."
A communications firm representing OceanGate wrote in a brief email to BI that "OceanGate has suspended all exploration and commercial operations."
Last year, Söhnlein told BI of his grand vision to send 1,000 people to a floating colony on Venus. He also founded Blue Marble Exploration, which he described as an "exploration-focused media company," after he left OceanGate.
In his recent interview with BI, he said that one takeaway from the Titan implosion, which he would apply to his ongoing exploration ventures, goes beyond submersibles and is relevant to the current advancements in the "human transportation system," from self-driving cars to suborbital flight.
"At some point in the technology development cycle, you have to put humans in the loop," Söhnlein said. "But if you're going to start putting humans in that transportation system, you've got to have the right level of comfort with the viability of the technology to do it as safely as possible. And I think that's just kind of a lesson learned for everybody."
That year, Lombok, a neighboring island, experienced a 6.9-magnitude earthquake that could be felt even in Bali, which was 40 minutes away by plane.
"We couldn't travel much to the other islands because the boats weren't working, so we rented motorbikes, and we did road trips to see all the different parts of the main island," Lucie, 35, told Business Insider.
Tanguy and Lucie Yu, with their baby.
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The couple, who was living in Paris at the time, was blown away by the simplicity of life on the island and the generosity of the people they met.
"Farmers whose houses were damaged by the earthquake still invited us over for coffee. They had a smile on their faces and were just happy to be alive," Lucie said. "It was a sign that this place had some magic."
A year later, in September 2019, the couple packed up their lives and moved across the globe to Bali.
Finding land
The exterior of the couple's home in Bali.
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Initially, they planned to use Bali as a base to travel around Asia. But six months later, the pandemic hit and derailed their plans.
Around then, Tanguy cofounded Astungkara Way, a regenerative travel company. That spurred the couple's decision to put down more permanent roots in Bali, so they started looking for land to build on.
During their first year in Bali, the couple lived in Kerobokan, an area sandwiched between the bustling, tourist-filled neighborhoods of Canggu and Seminyak.
A pathway leading to the front door of the house. There's a garden inside the house.
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"It was very busy, very loud, and a lot of traffic," Lucie said.
They knew they wanted to be somewhere quieter, and a friend introduced them to the property 10 miles north in Kediri, where they now live.
The only criterion they had was that the land couldn't be a rice paddy since part of the travelcompany's mission is to protect rice paddies.
"We thought that it was too far from things likehospitals and shops. But when he took us here, and we stepped on this land, we felt this was the place we wanted to be," Lucie said.
One of the couple's dogs lounging in the living room.
Amanda Goh/Business Insider
They had viewed three other plots of land before they found this.
"The land was basically the village dump and the soil was full of trash. It took us two weeks to clean everything up," Lucie said.
She added that back in 2020, there was only one local village in the area, although things have changed since.
The garden creeps into the living area.
Amanda Goh/Business Insider
"We were like the last point before the rice paddies started and we were promised that it would stay that way," Lucie said. But two months later, a new 160-home development broke ground on the land just beyond their property.
Building a low-impact house
In local measurements, their land spans 15 are — about 16,145 square feet.
The couple says they paid 4.5 million Indonesian rupiah per are each year for a 25-year lease, which amounts to about 1.687 billion Indonesian rupiah in total, or about $103,500 in today's currency.
One of the couple's dogs lounging in the living room.
Amanda Goh/Business Insider
Building the home took about four months, and they estimate they spent about $70,000 on the build.
The couple's house is surrounded by their lush outdoor garden. A dirt pathway with an overhead trellis covered in creepers leads from the gate at the edge of their property to the couple's front door.
The entire front section of the house is shielded by a giant insect net — meant for greenhouses — to prevent mosquitoes from entering.
The kitchen island doubles as a dining table.
Amanda Goh/Business Insider
"You get sun, you get wind, you get rain in the house as well, which is really nice, but you don't get bugs," Tanguy, 40, told BI.
There's even a garden inside the house, which helps keep their home cool even without a cooling system.
The couple's home was designed and built by the late architect Tony Gwilliam, a close family friend. The inspiration behind its design was another similar building prototype that Gwilliam had constructed in the Bloo Lagoon Eco Village, a resort located along the east coast of Bali.
The kitchen.
Amanda Goh/Business Insider
"We went for a road trip during our first week in Bali, and we stopped by the Bloo Lagoon Eco Village because we wanted to see their permaculture garden. In the middle of the garden was the first prototype of our house, and we just fell in love with its concept," Lucie said.
It was a six-meter cube made from steel, and the couple liked the idea of incorporating that material into their build.
"If you're using steel, you can have very small foundational elements," Tanguy said.
The bathroom.
Amanda Goh/Business Insider
For instance, the couple's house is supported by six steel pillars and made from local brick. Because it's light, the house can also be taken down and fit in a container to be moved if required.
"It doesn't take much space, and it doesn't require many materials," Tanguy added.
As he explained, Gwilliam and the couple were inspired by architect R. Buckminster Fuller's ideas about the weight of a house, which is related to its environmental impact.
The bedroom.
Amanda Goh/Business Insider
"How much material was extracted from the ground, transported, and transformed? When you have a big concrete villa, the impact of those is colossal," Tanguy said.
Even the home's interiors are fairly minimal, with each piece of furniture designed by the couple and made by local craftsmen.
"Maybe we're getting older, we're less attached — and this is also what the idea of coming here was about, to be less attached to material things and more attached to how we feel, how we live, how we are as a couple, as parents, and just focusing more on life," he said.
Now, even with an infant son in tow, they have a slower pace of life.
Every day, they spend time as a family and walk their three dogsalong the beach, which is less than 10 minutes away on foot. The couple also has two cats, and they rear chickens and grow their own produce in the garden.
A little play area for the baby.
Amanda Goh/Business Insider
"The only thing that we didn't think about when we were creating the house was that we were going to have a baby, so it's not very baby-proof," Lucie added.
That said, the layout can be easily adjusted because of the house's design and materials.
"If we want to add two more rooms, we can still do it within the space," she said. "We can improve it as we grow according to our needs."
Be part of the solution, not the problem
Tanguy acknowledges that mass tourism has greatly impacted Bali and its natural ecosystems. He points to the island's ongoing water crisis and the destruction of Bali's natural landscapes for materials as examples.
The garden.
Amanda Goh/Business Insider
"I think people should move here if they want to contribute, but if they are here to just extract value from the people, from unregulated resource management, then they should reconsider," Tanguy said. "It's a pretty fragile part of the world."
He added that there are plenty of eco-tourism alternatives that are now available on the island.
"There are a lot of hotels that are trying to do better, who are growing their own food, doing wastewater treatment or sourcing their food locally," Tanguy said. "If you come to Bali, go there and support. The same thing for restaurants."
"Make sure to be part of the solution," he added.
Have you recently built or renovated your dream home? If you've got a story to share, get in touch with me at agoh@businessinsider.com.
