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The Air New Zealand Limited (ASX: AIZ) share price is nosediving on Thursday after the company announced a NZ$1.2 billion (A$1.1 billion) rights offer.

The offer is part of a NZ$2.2 billion ($A2.04 billion) ‘recapitalisation package’ announced to the market after yesterday’s close.

The Air New Zealand share price was put on ice yesterday as whispers of the raise spread through the market.

The airline’s stock was defrosted this morning. At the time of writing, it’s trading for $1.18, having plunged 7.42%.

However, that’s an improvement on the stock’s early morning performance. The Air New Zealand share price plunged to a 52-week low of $1.09 just after the ASX opened, representing a 15.6% fall.

Let’s take a closer look at the news weighing on the Kiwi airline’s stock today.

Why is the Air New Zealand share price tumbling?

The Air New Zealand share price is plummeting on news of a major capital raise. The raise will see new shares offered for 49 Australian cents apiece – a discount of approximately 62% on the company’s previous close as part of a rights offer.

Approximately 2.2 billion new shares will be issued under the offer, representing around 200% of the company’s outstanding shares.

Eligible shareholders will have the opportunity to purchase two new shares in the airline for every share they already own.

Additionally, around NZ$600 million (A$557.4 million) worth of new shares will be issued to the Crown to maintain its 51% stake in the company.

That’s on top of a NZ$400 million (A$371.6 million) four-year Crown loan secured by the company. Though, it’s not intending to draw on that debt facility.

NZ$850 million (A$789.64 million) of the cash raised will be used to repay an existing Crown loan.

Another NZ$950 million (A$882.54 million), minus transaction costs, will boost the airline’s balance sheet, improve its liquidity, and position it for recovery.

Air New Zealand chair Dame Therese Walsh said:

While there will still be bumpy skies ahead over the next few years, the moment is right for Air New Zealand to raise equity, recapitalise its balance sheet, and repay the loan it received from the Crown during the COVID crisis. This is an important step in refuelling for our recovery.

Financial year 2022 guidance upgrade

The airline has also released news that might be helping the Air New Zealand share price today.

It has upgraded its financial year 2022 guidance.

Previously, Air New Zealand told ASX investors that it was expecting to report a loss before tax and significant items of more than NZ$800 million (A$743.19 million) in FY22.

Now, after the New Zealand Government announced its plan to open the nation’s borders, the airline expects a pre-tax loss of less than NZ$800 million.

However, it predicts losses will continue beyond this financial year.

Air New Zealand share price snapshot

The Air New Zealand share price has had a rough trot in 2022 so far.

As of its previous close, it had tumbled nearly 10% year to date. Today’s drop included, it’s fallen 17% this year.

It’s also nearly 25% lower than it was at this time last year.

The post Air New Zealand (ASX:AIZ) share price plummets on confirmation of NZ$2.2b ‘recovery’ cap raise appeared first on The Motley Fool Australia.

More reading

• Air New Zealand (ASX:AIZ) share price drops then stops amid NZ$1.2bn cap raise rumblings
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• Air New Zealand (ASX: AIZ) share price plummets 16% in a month

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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The Siren Gold Ltd (ASX: SNG) share price is rocketing higher on Thursday.

At one stage today, the gold explorer’s shares were up as much as 49% to a 52-week high of 52 cents.

The Siren Gold share price has pulled back a touch since then but remains up 27% to 44.5 cents currently.

Why is the Siren Gold share price rocketing higher?

Investors have been bidding the Siren Gold share price higher today following the release of an update on exploration activities.

According to the release, diamond drillhole AX84 intersected significant visible gold in the deepest hole drilled to date at its Alexander River project. This “spectacular” strike extends the McVicar West shoot to ~ 500m down plunge and the shoot remains open at depth.

How good is this drilling result?

The release notes that RSC Consulting tracks drillhole intersections for companies listed on the Australian Stock Exchange.

RSC has advised that drillhole AX84 would rank just outside the top 10 for ASX listed companies in 2021 when all metals are considered but would rank in the top 10 for gold. In 2022 year to date, AX84 currently ranks as the third best gold intersection.

Siren’s Managing Director, Brian Rodan, was very pleased with the news and believes it demonstrates the potential of the Alexander River project. He said:

“It is certainly very gratifying for the Company and the Siren Gold Site Team to achieve a spectacular bonanza hit in AX84, as it is not often that you see a 2.5m @ 11.5 oz / t intersection in the modern era.

The Company believes this intersection provides additional credence to our long-held belief that the deeper we drill at Alexander River the more visible gold we will intersect and the same holds true for our Big River, St George, and Lyell projects.

Siren Gold is currently progressing a significant amount of work at its Reefton gold project and with the commencement of our third rig at Big River the company certainly looks forward to exciting times ahead on our virtually untouched Reefton Goldfield tenement package.”

The post ‘Spectacular strike’: Why this ASX gold share is rocketing 49% higher 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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Investors are expecting significant dividends in 2022 from two particular ASX dividend shares.

Companies have the ability to declare large dividends for shareholders. Dividends are paid from previous profits generated, so they can provide cash returns in periods of market volatility.

These two ASX dividend shares are expected to pay large dividend yields in FY22, according to experts:

New Hope Corporation Limited (ASX: NHC)

New Hope is one of the largest coal miners in Australia. It’s currently benefiting from high coal prices.

It’s currently rated as a buy by the broker Morgans, with a price target of $3.40. Morgans was impressed by the recent FY22 half-year result, which included a much bigger-than-expected dividend.

The broker thinks the high coal prices will help the cash flow and the dividend in the second half.

In that half-year result, this ASX dividend share said the realised price for its coal was 147% higher. Operating cash flow was 626% higher to $453 million and underlying earnings before interest, tax, depreciation, and amortisation (EBITDA) rose 583% to $554 million.

New Hope grew its interim dividend by 325% to 17 cents per share and also declared a special dividend of 13 cents per share.

Morgans thinks the New Hope share price offers a grossed-up dividend yield of 21% in FY22 and then 17% in FY23.

At the time of writing, the New Hope share price is up 2.09% at $3.42.

Adairs Ltd (ASX: ADH)

Adairs is one of the country’s largest retailers of homewares and furniture. It operates three different businesses: Adairs, Mocka, and Focus on Furniture.

In the first half of FY22, Adairs suffered from the COVID-19 impacts of closed stores. Despite that setback, this ASX dividend share still managed to achieve growth in a number of non-financial areas that could help profit grow into the long-term.

Adairs said that growing store floor space through new and up-sized stores will continue to drive store sales. In the 12 months to December 2021, Adairs store floorspace increased 8.6%.

Management also explained that Linen Lover membership growth is a key driver of sales. Linen Lover members account for more than 80% of total Adairs sales and spend around 1.5x more than non-members with each transaction. Each new member reportedly adds around $400 of total sales. It aims to grow memberships by at least 10% per annum. In the 12 months to December 2021, the membership total rose 10% and it’s getting close to one million members.

The ASX dividend share also recently acquired Focus on Furniture and its national distribution centre is now operational.

It’s currently rated as a buy by Morgans, with a price target of $3.50. Morgans thinks the business has good potential.

Morgans thinks Adairs is going to pay a grossed-up dividend yield of 9% in FY22 and 12.3% in FY23.

In morning trading today, the Adairs share price is down 0.5% at $2.995.

The post 2 ASX dividend shares expected to have BIG yields in 2022 appeared first on The Motley Fool Australia.

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Motley Fool contributor Tristan Harrison has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns and has recommended ADAIRS FPO. The Motley Fool Australia owns 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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Harvey Norman Holdings Ltd (ASX: HVN) shareholders might be wondering why the share price has fallen 5.08% to $5.42 today.

Not to worry, the shares have simply gone ex-dividend. That means any ASX investor who buys them today or in the future won’t be eligible to receive the upcoming interim dividend.

Historically, when a company reaches its ex-dividend day, its shares tend to fall in proportion to the dividend paid out. This is because some investors sell off their shares after securing the dividend.

Shareholders set eyes on Harvey Norman’s interim dividend

The multinational retailer released its half-year results on 25 February, reporting mixed numbers across key financial metrics.

Nonetheless, the board opted to maintain its interim dividend at the same level as last year.

When can shareholders expect to be paid?

For those eligible for Harvey Norman’s interim dividend, shareholders will receive a payment of 20 cents per share on 2 May.

The dividend is fully franked at a tax rate of 30%, which means investors can expect to receive tax credits.

Harvey Norman share price summary

Since the beginning of 2022, Harvey Norman shares have gained almost 10% on the back of positive investor sentiment.

The S&P/ASX 200 Index (ASX: XJO) is up around 1.4% over the same timeframe.

Harvey Norman shares reached a 52-week low of $4.57 in late January, before zooming upwards in the months following.

Based on today’s price, Harvey Norman commands a market capitalisation of roughly $6.75 billion. It has a trailing dividend yield of 6.46%.

The post Here’s why the Harvey Norman (ASX:HVN) share price is slipping today appeared first on The Motley Fool Australia.

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• 5 things to watch on the ASX 200 on Thursday
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Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns and has recommended Harvey Norman Holdings Ltd. The Motley Fool Australia owns and has recommended Harvey Norman Holdings 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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This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

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

What happened

Today’s price action in the overall cryptocurrency market is generally bearish. Ethereum (CRYPTO: ETH) and Dogecoin (CRYPTO: DOGE) have dropped 2.1% and 3.2%, respectively, over the past 24 hours as of 11 a.m. ET. These moves appear to be driven by the high-profile hack of Ethereum sidechain Ronin, a significant development in both the size and scale of this heist. Dogecoin is doing what it does best, providing a high-volatility vehicle for investors to trade short-term market movements. 

Convex Finance (CRYPTO: CVX) has seen a larger drop of 4.4% over the same time frame, driven by what appears to be profit taking, following a rather dramatic rise over the past couple weeks. Convex Finance has seen its CVX tokens approximately double since mid-March on bullish expectations around this network’s ability to boost staking returns on Curve Finance pools, as well as new incentives for veCRV holders. 

So what

It’s important to keep these recent 24-hour moves for these tokens in the context of some rather impressive upside moves over the past couple of weeks. Most investors would agree that some profit taking is healthy for these tokens to resume their long-term march higher. Accordingly, perhaps there’s nothing to see here, at least for investors with a perspective that’s longer than 24 hours.

That said, this significant hack of an Ethereum sidechain may cause investors some concern. Security issues remain a key talking point for crypto bears, who are likely emboldened by this news today.

Now what

It remains to be seen whether the crypto market will brush off this hack, as it has done with the previous $320 million hack of the Solana Wormhole bridge in February. 

However, investors looking at the crypto sector as a safe place to park funds for the long term are being reminded today of some of the (potentially expensive) growing pains that can impact investor portfolios in the near term. 

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

The post Why Ethereum and Dogecoin are dropping today appeared first on The Motley Fool Australia.

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Chris MacDonald owns Ethereum and Solana. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns and has recommended Ethereum and Solana. The Motley Fool Australia owns and has recommended Ethereum. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson. 

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

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Shares in Pilbara Minerals Ltd (ASX: PLS) are lifting today following the release of a company announcement.

At the time of writing, the Pilbara Minerals share price is trading at $3.24 after spiking 18% in the last month of trade.

Next rung on the ‘mid-stream’ ladder?

Pilbara advised it has completed a scoping study as part of its “mid-stream value-added lithium growth strategy” alongside Calix Limited (ASX: CXL).

Lycopodium Minerals Ltd (ASX: LYL) actually conducted the study, that Pilbara says will give support to technical aspects of its Pilgangoora Operation in WA.

The study’s findings confirm the technical capability of Pilbara’s flowsheet, capable of producing lithium phosphate salt using flotation spodumene concentrate from Pilgangoora.

“The Scoping Study is the first economic evaluation of the Mid-Stream Project which has been prepared to an accuracy level of +/-40% (for Capital costs) and +/-30% (for Operating costs),” it remarked.

“It represents a preliminary study of the potential technical and economic viability of the proposed process path and demonstration scale facility development”.

The release also stated that all progress will move ahead as apart of a proposed joint venture with Calix, with more definitive studies to start that journey.

What’s next?

The company expects to complete a number of milestones by the end of 2022, particularly around joint-venture development and cost optimisation, it says.

This should take place in the form of more definitive and engineering studies, Pilbara notes, “to further assess the operating and capital costs for the Demonstration Plant.”

Each of these moves will guide both Pilbara and Calix to a final investment decision on the site, aiming to commercialise its mid-stream technology across the global industry.

If all goes according to plan, the plant’s construction could start as early as 2023, with completion penciled for Q1 CY2024, Pilbara says.

“Following completion of construction and commissioning, a period of process optimisation
would follow”.

In the last 12 months the Pilbara Minerals share price has soared over 209% and is now trading 4% higher for the week.

The post Here’s why the Pilbara Minerals (ASX:PLS) share price is spiking today appeared first on The Motley Fool Australia.

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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 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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It’s a good day to be a Coles Group Ltd (ASX: COL) shareholder. Not just because this S&P/ASX 200 Index (ASX: XJO) grocery giant is currently up by 0.33% at $18.02 a share. But because today is the day that shareholders will receive Coles’ latest dividend payment.

As you might expect from an ASX blue chip with a mature business model, Coles is a strong dividend payer. During its last earnings report that was delivered in February, Coles announced its results for the six months ending 31 December. 

This report card was something of a mixed bag. Coles reported a 1% increase in revenues, but higher costs ate into its earnings and profits, which fell by 4.4% and 2% respectively. However, the company also announced its interim dividend for the 2022 financial year.

This was a fully franked dividend worth 33 cents per share. That was flat on last year’s interim dividend of the same value. The shares went ex-dividend for this payment on 3 March, meaning any investor who opened a Coles position on or after this date misses out on this dividend when it hits bank accounts today.

Even though today’s dividend is flat on last year’s interim payment, it does represent an increase on Coles’ last final and fully franked dividend of 28 cents per share.

Together, these give Coles shares a trailing yield of 3.3% on current pricing. That’s 4.85% grossed-up with that full franking.

Will Coles raise its dividend next year?

Since its float back in 2018, Coles has built a solid reputation as an ASX dividend share. This latest payout is actually the first time Coles hasn’t delivered a year-on-year interim dividend increase. But perhaps dividend investors shouldn’t despair just yet.

As we covered earlier this month, ASX broker Citi is still forecasting Coles will raise its final dividend for FY22 to 32 cents per share, which, at an FY22 total of 65 cents per share, would still mean Coles’ annual dividends will keep rising. It’s also pencilling in 72 cents per share in dividends in FY23, complete with a buy rating and a 12-month share price target of $19.30. That implies a share price upside of around 7.5% over the next year.

At the current Coles share price, this ASX 200 consumer staples share has a market capitalisation of $23.98 billion.

The post The Coles (ASX:COL) dividend is being paid today. Here’s what you need to know appeared first on The Motley Fool Australia.

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Motley Fool contributor Sebastian Bowen has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia owns and has recommended COLESGROUP DEF SET. 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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S&P/ASX 200 Index (ASX: XJO) mining shares have widely outperformed the benchmark over the past six months.

The reason, as you’re likely aware, is soaring commodity prices.

That’s helped propel the S&P/ASX 300 Metals & Mining Index (ASX: XMM) – which includes some smaller miners outside the ASX 200 – to a 31.82% gain over the past six months.

Over those same six months, the S&P/ASX 200 Index (ASX: XJO) gained 2.95%.

So, how did the big ASX 200 mining shares fare?

Miners make hay as iron ore rebounds

With iron ore rebounding from US$93 per tonne in early November to US$158 per tonne today, the Fortescue Metals Group Ltd (ASX: FMG) share price has gained 37.2% over six months.

Meanwhile, Rio Tinto Ltd (ASX: RIO) shares are up 19.8%, and BHP Group Ltd (ASX: BHP) has gained 39.5%. All since 1 October.

While the ASX 200 mining shares have revenue sources outside of iron ore (some more than others), the price of the industrial metal they dig from the ground does have a major impact on their share prices.

Which brings us to…

Are these ASX 200 mining shares in trouble?

Andreas Lundberg is the joint portfolio manager of The Montgomery Fund.

He’s concerned about the unravelling of China’s property development sector. This could usher in some serious headwinds for ASX 200 mining shares.

“[Property] sales in China are down close to 50% year-on-year in January and February. This does not bode well for demand for iron ore,” Lundberg points out. “And that’s bad news for our iron ore miners, as property construction accounts for about 42% of Chinese steel demand.”

Addressing the worsening financial woes of China Evergrande Group (HKG: 3333), Lundberg says, “Things are going from bad to worse for China’s second-largest property developer.”.

He continues:

Evergrande Group requested a trading halt and subsequently said they will not be able to produce an annual report before the deadline of 31 March as their auditors have imposed a lot of ‘additional audit procedures’ due to the deteriorating trading situation.

In his eyes, that means “auditors are not at all comfortable signing off the accounts as a going concern”.

And the troubles aren’t limited to China’s number two property developer.

“Evergrande’s woes are not an isolated case,” he says. “Signs of distress are starting to emerge at other Chinese developers too.”

According to Lundberg:

We are seeing more signs of distress in the Chinese property development sector. For example, last week Sunac China Holdings Ltd (HKG: 1918) proposed a delay in their upcoming Rmb 4.0 billion maturing bond repayment indicating they are also suffering cash flow issues.

So, are these ASX 200 mining shares in trouble?

“All in all, there is bad news for the Chinese property sector and by extension the seaborn iron ore market,” he says.

ASX 200 mining shares open strongly

For the time being, it’s looking like another positive day for ASX 200 mining shares. At the time of writing, the S&P/ASX 300 Metals & Mining Index is up 2.69%.

The post Are these ASX 200 mining shares in trouble? 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 BHP Group Ltd (ASX: BHP) share price is having a strong day on Thursday.

In morning trade, the mining giant’s shares are up 4% to $52.61.

This means the BHP share price is now up 24% since the start of the year and trading within sight of its record high of $54.55.

Why is the BHP share price rising on Thursday?

There appears to have been a couple of catalysts for the rise in the BHP share price today.

The first is a positive session for commodity prices overnight on Wednesday. Oil prices rose amid supply concerns and base metal prices pushed higher after the US dollar weakened.

In respect to the latter, according to CommSec, the aluminium price rose 3.5%, the nickel price climbed 3.7%, and the iron ore price rose slightly and sits at a lofty US$150.88 a tonne.

This has helped drive the S&P/ASX 200 Resources index 2.5% higher this morning.

What else?

In other news, this morning a broker note out of Macquarie reveals that its analysts have retained their outperform rating and $61.00 price target. This implies potential upside of 16% even after today’s strong gain.

But it doesn’t stop there. Macquarie expects a dividend yield of 10% in FY 2022 and 6.9% in FY 2023, making the total potential return on offer even more attractive for investors.

Macquarie believes that sky high iron ore and coal prices will underpin strong earnings, cash flow, and dividends in the coming years.

The post The BHP share price is up 4% and close to a record high appeared first on The Motley Fool Australia.

More reading

• What was the highest ever BHP share price?
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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 Macquarie 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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Shares in Insurance Australia Group Ltd (ASX: IAG) have compressed this past month and are 8% down over that period, now trading at $4.41.

While most other ASX financials have been roaring, IAG has been left behind. This is illustrated by a comparison with the S&P/ASX 200 Financials Index (ASX: XFJ) which has almost broken even these past five years (after consistent gains from April 2020). In contrast, the IAG share price has erased around half its value from a closing high of $8.62 in the same time.

This year to date, the index is climbing nearly 5% higher, whilst IAG has just scraped past a 350 basis points gain. On all other major time frames, it sits in the red.

So, what’s the outlook for IAG shares in April?

Despite an extended period of downside, you may be surprised to find that analyst sentiment is actually quite positive on the insurer.

More than 58% of analysts covering the stock rate it as a buy right now, with the consensus price target sitting at $5.10 per share, according to Bloomberg data.

JP Morgan is constructive on IAG, rating it a buy with a $5.50 valuation, slightly ahead of consensus. In a recent note, it said:

AG has a strong position in the Australian and NZ personal lines market, but has suffered in recent times from concerns around COVID-19 Business Interruption losses and concerns on market share losses in personal line.

Short- to medium-term margin pressures have proved challenging for IAG, including higher reinsurance costs, lower yields, higher natural perils and reducing reserve releases.

Nonetheless, the broker is certainly optimistic about IAG’s prospects, but retains a heavy undertone of caution in its forecasts, adding:

Our PT [price target] is $5.50… We maintain an element of caution in setting our price target, reflecting uncertainty as to how personal lines insurers may trade coming as economies emerge from COVID-19 induced lockdowns, and mobility increases.

Meanwhile, analysts at Fitch Ratings said that Australian insurers were set to face net losses from extreme weather in February.

Companies like IAG will feel the effect at the earnings level instead of their capital base, the ratings agency added.

It said in a recent note that “higher modelled catastrophe losses and rising reinsurance costs in the face of increasingly frequent extreme weather events, coupled with reduced appetite from global reinsurers, pose risks to insurers’ credit profiles over the medium term”.

Fitch estimates the gross loss to be lower than the Insurance Council of Australia’s call of $2.5 billion, but that uncertainties remain as the La-Nina weather cycle is set to drench the nation further.

It notes that IAG is likely to be heavily affected versus other Australian insurers.

IAG shares have slipped 6% into the red during the last 12 months and are trading 3% down over the previous week of trade.

The post Owns IAG (ASX:IAG) shares? Here’s your outlook for April appeared first on The Motley Fool Australia.

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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 no position in any of the stocks mentioned. The Motley Fool Australia owns and has recommended Insurance Australia 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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