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The Mesoblast limited (ASX: MSB) share price has returned from its brief pause and is crashing lower on Tuesday.

In morning trade, the allogeneic cellular medicines developer’s shares are down 21% to a 52-week low of $1.34.

Why is the Mesoblast share price crashing lower?

Investors have been selling off the Mesoblast share price today after it was dealt a massive but not entirely unexpected blow.

According to the release, biotech giant Novartis has chosen to terminate the agreement with Mesoblast relating to using remestemcel-L to treat acute respiratory distress syndrome (ARDS) due to COVID-19.

What happened?

This shouldn’t be a huge surprise to investors given how poorly its trial went last year.

Almost a year to the day, Mesoblast’s trial of remestemcel-L in ventilator-dependent patients with moderate to severe ARDS due to COVID-19 infection was ended early after the Data Safety Monitoring Board concluded that the trial was unlikely to meet the 30-day mortality reduction endpoint at the planned 300 patient enrolment.

This led to the Mesoblast share price crashing 45% on the news. Unfortunately, it has been on a downwards trajectory ever since and its isn’t hard to see why.

Given the state of the company’s balance sheet, this agreement would have been a huge boost.

In November last year, Mesoblast revealed that it could receive a total of US$505 million from Novartis pending achievement of pre-commercialisation milestones for ARDS indications. Furthermore, the company stood to earn additional payments post-commercialisation of up to US$750 million. This was based on achieving certain sales milestones and tiered double-digit royalties on product sales.

That’s ~US$1.2 billion of potential earnings lost with the termination of this agreement.

What now?

Mesoblast advised that it remains highly focused on executing its short term objective to bring remestemcel-L to market for patients with ARDS due to COVID-19.

It notes that the observed mortality reduction with remestemcel-L in patients aged under 65 in the completed COVID ARDS trial, despite having missed the primary endpoint, is considered by Mesoblast to be a sufficiently strong signal to support pursuing an emergency use authorisation (EUA). This is the most direct path to market.

As a result, Mesoblast is preparing to initiate a pivotal Phase 3 trial that may support a COVID ARDS EUA.

The post Mesoblast (ASX:MSB) share price crashes 21% after Novartis terminates agreement appeared first on The Motley Fool Australia.

More reading

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• Standouts: 3 ASX biotech shares that outperformed in November
• Why is the Mesoblast (ASX:MSB) share price blasting 10% higher today?

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Mineral Resources Ltd (ASX: MIN) share price was jumping between red and green in early morning trade. It now looks to have found some direction.

At time of writing, shares in the S&P/ASX 200 Index (ASX: XJO) miner are up 1.47%.

The broader ASX 200 is under pressure today, down 0.22%, following a selloff in US markets over renewed fear of the Omicron COVID variant, along with a dash of inflation angst.

Below, we take a look at the lithium development partnership that looks to drawing ASX investor interest in Mineral Resources shares.

What lithium development partnership was announced?

The Mineral Resources share price is in the green after gold miners Pantoro Ltd (ASX: PNR) and Tulla Resources PLC (ASX: TUL) – its 50% Norseman Gold Project joint venture (JV) partner – reported on a binding agreement with Mineral Resources to seek and develop lithium deposits in a joint venture across their project.

According to the agreement, Mineral Resources will spend a half million dollars within the first 6 months and another $2.5 million inside the next 18 months, taking its expenditure to at least $3 million within the first 2 years.

The company will also conduct a feasibility study including definition of a JORC compliant resource in those 2 years. That will see Mineral Resources earn 25% of the lithium rights within the Norseman Gold Project tenure. It can earn another 40% of the lithium rights, bringing its ownership to 65%, by funding the project until first production.

Commenting on the partnership with Mineral Resources, Pantoro’s managing director Paul Cmrlec said:

This new partnership is an outstanding outcome for Pantoro to maximise the value of a key mineral asset at Norseman. The agreement allows us to progress without any distraction from our core business of gold development and mining, while maximising value for our shareholders.

Mineral Resources is a development and production focussed company with an excellent track record and reputation. Pantoro has every confidence that Mineral Resources will ensure the successful development of the lithium assets. We look forward to rapidly generating drilling results from the highly prospective Buldania tenements.

Mineral Resources will be the manager of the new JV and be responsible for all expenses until first production begins.

The companies said drilling will start as soon as possible.

Mineral Resources share price snapshot

The Mineral Resources share price has gained 31% this year, outpacing the roughly 10% year-to-date gains posted by the ASX 200.

Over the past month, shares in Mineral Resources are up 23%.

The post Mineral Resources (ASX:MIN) share price gains on new lithium partnership 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 Polynovo Ltd (ASX: PNV) share price is racing ahead today following a positive business update from the company.

At the time of writing, the medical device company’s shares are fetching for $1.53, up 12.50%. This means that its shares have clawed back the consecutive losses registered in the past week.

What did Polynovo announce?

In a statement to the ASX, Polynovo advised that its United States segment has experienced a strong start to the second quarter.

Sales for October and November have recorded a 133% increase to $4.66 million over the prior corresponding period ($1.99 million). The business noted that last month was particularly solid, equalling the record month of sales in July 2021.

The United States portfolio added 11 additional accounts since 30 September, bringing to the total to 146 accounts.

Across the United Kingdom, Ireland and Europe, Polynovo acknowledged the region has underperformed to expectations. A number of initiatives are being undertaken to improve the sales base along with its distributor network.

In Australia and New Zealand, the segment remains on track despite a temporary blip in the reduction of burn cases. Polynovo highlighted that more than 40% of all BTM use is now outside of burns.

Furthermore, an undisclosed number of large corporations have expressed their interest in bringing BTM to their retrospective markets. Polynovo stated that it is working to establish these relationships for FY22.

The company has also stepped up its recruitment drive as well as its international search for a new CEO. The board is confident of filling the position sometime within the first quarter of 2022.

Polynovo chair, David Williams commented:

There has been a significant uplift in intensity in all areas of the business in the last month. We are adding immediately significant scale to our US salesforce and some important new hires in the UK and other parts of the business.

Polynovo share price snapshot

Over the past 12 months, the Polynovo share price has continued its downward trend to post a 65% loss.

In comparison, the S&P/ASX 200 Healthcare (ASX: XHJ) sector has gained around 7.3% in the same time frame.

It’s worth noting that Polynovo shares hit a multi-year low of $1.35 yesterday. This is a huge difference from when its shares were trading above the $4 mark in December 2020.

Based on today’s price, Polynovo presides a market capitalisation of about $912.72 million and has approximately 661.39 million shares outstanding.

The post Here’s why the Polynovo (ASX:PNV) share price is rocketing 12% 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. owns and has recommended POLYNOVO FPO. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Virtus Health Ltd (ASX: VRT) share price is soaring. It’s up 30% after the fertility, diagnostic and day hospital business announced it had received a takeover bid.

Virtus Health share price jumps on takeover approach

The fertility company said it has received an unsolicited, non-binding indication of interest from the private equity group BGH Capital to buy the business.

BGH Capital’s proposed cash value is $7.10 per Virtus Health share, which would be reduced by any dividends declared or paid after today’s date.

The private equity outfit has been busy accumulating shares in the ASX share. BGH Capital told Virtus that it has already acquired 8.5 million shares, representing a 9.99% interest in Virtus at $7.10 per share.

BGH Capital has also entered into a ‘total return swap’ with UBS regarding 7.5 million shares, that hasn’t yet settled, representing a 10% interest in Virtus. This total return swap provides BGH with an option to “elect physical settlement of that 10.00%” subject to takeover laws and regulations.

What price would other shareholders get?

BGH has stated the Virtus share price offer will be $7.10 per share for all Virtus shareholders entirely in cash and that it also proposes a cash and scrip/share alternative to major fertility specialist shareholders and other certain affiliated shareholders to enable them to continue their investment in Virtus.

The offer is only conditional

Implementing the takeover is subject to a number of conditions including:

• Satisfactory completion of due diligence
• Virtus not selling or agreeing to sell any material assets
• No material changes to Virtus or financial markets
• Finalising debt for a binding proposal
• Approval by BGH’s investment committee
• Unanimous recommendation by the Virtus board of directors to vote in favour of the offer (in the absence of a superior proposal and subject to an independent expert concluding that the proposal is in the best interest of Virtus shareholders.)

Virtus board response

The Virtus board said it had commenced an assessment of BGH’s proposal.

However, the board noted that shareholders don’t need to take any action regarding the proposal at this stage. There is no certainty that the proposal will result in a transaction.

It has appointed Jefferies as financial advisor and Gilbert and Tobin as the legal advisor.

Virtus Health share price snapshot

With the Virtus Health share price reaching $6.76, it’s up 24% over the last year.

However, the offer is below where Virtus shares were trading in August 2021.

The post Virtus Health (ASX:VRT) share price soars 30% on takeover bid 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. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Virtus Health 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 HUB24 Ltd (ASX: HUB) share price is in the red this morning after changes were made to an acquisition proposition posed to Class Ltd (ASX: CL1).

Following discussions between the companies, HUB24 has upped its cash offer and given Class shareholders access to its first-half dividend.

At the time of writing, the HUB24 share price is $28.61, 0.49% lower than its previous close.

At the same time, the Class share price is $2.635, 0.96% higher.

For context, the S&P/ASX 200 Index (ASX: XJO) is currently down 0.34%.

Let’s take a closer look at the changes made to HUB24’s takeover offer.

HUB24 share price struggles on new acquisition terms

The share price of both HUB24 and Class are on the move this morning, albeit in different directions, following changes to the takeover offer posed to software developer Class by fintech company HUB24.

Originally, HUB24 offered Class shareholders 10 cents cash per share, as well as 1 HUB24 share for every 11 Class shares held.

Now, HUB24 will provide Class investors with 12.5 cents per share, with the issued scrip to include any dividends — and resulting franking credits — it might pay for the first half of financial year 2022.

However, there’s a downside for Class shareholders. Class has agreed not to pay any dividends, including any ordinary dividend of up to 2.5 cents for financial year 2022.

The Class board has recommended the company’s shareholders vote in favour of the transaction.

A scheme booklet further detailing the proposed transaction is expected to be made available tomorrow.

According to HUB24, the acquisition will likely accelerate its plan to be a leading provider of integrated platforms, technology, and data solutions for the financial sector.

It’s also expected to create competitive advantages and diversify both companies’ revenues.

When the proposed acquisition was first announced on 18 October, the Class share price shot up a massive 61.3%.

That same day, the HUB24 share price fell 0.88%.

The post HUB24 (ASX:HUB) share price slumps on upped takeover terms 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. owns and has recommended Hub24 Ltd. The Motley Fool Australia owns and has recommended Class Limited. The Motley Fool Australia has recommended Hub24 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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The Altium Limited (ASX: ALU) share price has come under pressure this morning.

In early trade, the electronic design software company’s shares are down 2% to $42.74.

Why is the Altium share price falling?

While there is broad weakness in the tech sector today, the main driver of the Altium share price decline appears to be a broker note out of Bell Potter.

According to the note, the broker has downgraded the company’s shares to a hold rating but with an improved price target of $45.00.

Based on the current Altium share price, this implies potential upside of approximately 5% over the next 12 months.

Why did Bell Potter downgrade its shares?

The note reveals that Bell Potter made the move on valuation grounds after a strong gain over the last couple of months.

For example, prior to today, the Altium share price was up 29% since this time in October and trading within a fraction of its record high.

The broker explained: “At our updated PT of $45.00 the total expected return is only 4% so we downgrade our recommendation from BUY to HOLD. The key risks to our downgrade are, firstly, the company does upgrade its FY22 guidance at the result in February but we believe this is already partly reflected in the share price.”

“Secondly, an increased takeover offer from Autodesk and while we believe there is a reasonable chance of this occurring we do not believe there is a high probability. And thirdly a transformative and material acquisition but, as highlighted with Supplyframe, such opportunities are rare and difficult to close so again we do not attach a high probability to such a deal occurring,” it added.

What is the broker expecting in FY 2022?

Bell Potter continues to forecast revenue and EBITDA of US$218 million and US$80 million, respectively, in FY 2022. It notes that this is “at the top end or slightly higher than the guidance ranges of US$209-217m and US$72-80m.”

However, a potential positive for the Altium share price is that Bell Potter’s analysts “also continue to see some prospect of an upgrade to the guidance at the release of the 1HFY22 result in February especially after the company said at the AGM that it is confident that it is not likely to be at the low end of the guidance range.”

The post Altium (ASX:ALU) share price falls amid broker downgrade appeared first on The Motley Fool Australia.

More reading

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns and has recommended Altium. 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 AdBlue crisis doesn’t seem to be abating even as new supplies are set to hit our shores and, as with any crisis, there will be ASX winners and losers.

The clock is ticking as Australia is due to run out of the fluid that limits noxious diesel exhaust within weeks. This could cripple the country’s supply chains as trucks and other heavy machinery might not be able to operate without the additive.

ASX shares getting a sales boost

Panic buying is driving sales of AdBlue with Super Retail Group Ltd (ASX: SUL) and Bapcor Ltd (ASX: BAP) surging.

Super Retail owns the Supercheap Auto chain while Bapcor runs Autobarn. Some stores have reportedly run out of stock. Those that still have supplies have imposed customer limits.

Thankfully there have been no reported punch-ups in the aisle like those we saw at Woolworths Group Ltd (ASX: WOW) during the Great Toilet Paper Run – at least not yet.

Running on empty

Australia’s largest supplier of AdBlue, DGL Group Ltd (ASX: DGL), has only around six weeks of stock left.

Australia will get a new supply of AdBlue from Indonesia and has approached several Middle Eastern countries to source urea, AdBlue’s principal ingredient.

However, the disruption to shipping lines caused by the global pandemic is complicating the picture. Even if Australia can find supply, it may take a while before it gets to our shores.

What is AdBlue and urea?

China, one of the top five largest exporters of urea, has effectively stopped its export to control surging domestic prices.

AdBlue is made by mixing organic compound urea and deionised water. It is essential to cut harmful emissions from diesel engines as it converts nitrogen oxides into nitrogen and water.

The chemical is contained in a separate tank on diesel vehicles. Motorists can fill up on AdBlue at petrol stations like those run by Ampol Ltd (ASX: ALD) and Viva Energy Group Ltd (ASX: VEA). This, of course, assumes that you can find stock as petrol stations are also struggling to find supply.

Other impacts that ASX investors should be wary of

Urea is also used as fertiliser and shortages can impact food security. This is why China is so keen on keeping as much of it as it can to put downward pressure on prices.

At this stage, no one is thinking of the impact on food prices as the AdBlue emergency is stealing the limelight. But perhaps we could soon start hearing about this, especially as inflation fears continue to grip markets — unless demand and supply are brought back into balance.

Experts blame soft commodity prices for the larger than expected demand for urea. Farmers around the world are planting crops to capitalise on higher agricultural prices.

It seems Australia isn’t the only country scrambling to find alternative supplies either. This means the price of urea is likely to stay elevated for longer, even though there are alternative fertilisers that farmers could use.

The post ASX shares that could be impacted by AdBlue shortage appeared first on The Motley Fool Australia.

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Motley Fool contributor Brendon Lau has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns and has recommended Super Retail Group Limited. The Motley Fool Australia owns and has recommended Super Retail Group Limited. The Motley Fool Australia has recommended Bapcor. 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 IGO Ltd (ASX: IGO) share price has gained 57% in 2021 and opened this morning at $10.58 per share.

The Allkem Ltd (ASX: AKE) is up 102% year-to-date, opening at $9.16 per share this morning.

You may be more familiar with Allkem’s previous name, Orocobre. Following a shareholder vote on 30 November, the company officially began trading under its new name, Allkem, last Monday 6 December.

Both S&P/ASX 200 Index (ASX: XJO) miners are well-exposed to the global push to electrification, with world-class lithium assets, alongside other metals like copper that are in high demand amid rapid EV growth.

But at the current Allkem and IGO share prices, which company offers ASX 200 investors better value?

Is the IGO share price a better buy than Allkem?

For the answer to that question, we defer to Joseph Koh, a portfolio manager in Schroders’ Australian equities team.

When asked which lithium focused ASX shares he held “to capitalise on the shift to EVs”, Koh said (quoted by the Australian Financial Review):

IGO; its Greenbushes asset is one of the lowest cost, highest grade hard rock lithium resources in the world. And the largest. It also has a lithium hydroxide refinery, with the potential to quadruple capacity with additional trains to cope with increasing throughput needs in the future.

Koh noted that IGO’s assets go well beyond its Greenbushes lithium project:

IGO also produces nickel, another key component of lithium-ion batteries, from its Nova mine. Production volumes have been at or above target, while costs have been well managed, which compares favourably against other miners who have struggled with these two metrics due to COVID-19 restrictions on labour movement and other cost pressures.

So how does the IGO share price stack up against Allkem (formerly Orocobre)?

According to Koh, “We did hold Orocobre in the past, but as its valuation got increasingly stretched, we consolidated our exposure to IGO.”

How has IGO been performing?

As mentioned up top, the IGO share price is up 57% since 4 January this year. Over the past 12 months shares have gained 69%, and they’re up 5% since this time last month.

The post Is the IGO (ASX:IGO) share price a better buy than Allkem? 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 CSL Limited (ASX: CSL) share price is frozen in time amid a highly anticipated announcement.

CSL, the nation’s largest biotechnology company, is expected to reveal the verdict on a $US12bn (A$16.74bn) deal to acquire Swiss firm Vifor Pharma today. The potential acquisition target is a specialist in iron deficiency treatments, pulling in ~A$2.66 billion in revenue during the trailing 12-month period.

This follows nearly two weeks of rumours regarding a potential transaction stemming from 2 December. However, both biotechnology companies confirmed they were in talks yesterday.

What is on the table?

Investors are awaiting the release of an announcement from CSL today to discover the details of a potential deal with Vifor. Now that the CSL share price has entered a trading halt, it seems we are on the brink of knowing exactly how it would look.

Yesterday, reports indicated there was no certainty of a transaction. As reported by The Australian, a spokesperson for CSL suggested that there was no hard-set decision on if and when a transaction would eventuate.

Meanwhile, sources privy to the discussions said that the Australian biotech would look to raise ~US$4 billion to make the deal. If the company goes ahead with acquiring Vifor, it would mark CSL’s first acquisition in more than 10 years.

Despite the magnitude of a possible acquisition, some analysts are hazy on the strategic rationale behind such an addition. For instance, Macquarie analysts David Bailey and Rachael Harwood said:

[There is] limited obvious product alignment. As such, the potential strategic rationale for the transaction is not immediately apparent.

Shareholders will be hoping an acquisition gives rise to a renewed rally in the CSL share price. In the past, the biotech giant has delivered phenomenal returns. However, since the beginning of this year, the company’s shares have gained an underperforming 4.3%.

What’s next for the CSL share price?

According to the announcement, the CSL share price will remain frozen until the company publishes its announcement regarding a potential material acquisition and associated capital raising. Either that or shares will recommence trading on 16 December 2021 — whichever comes first.

Currently, Australia’s second-largest listed company holds a market capitalisation of $135.9 billion.

In terms of free cash, CSL reported US$1.814 billion of cash and cash equivalents at the end of June. Additionally, the biotech has ~US$4.6 billion of debt on its books.

The post CSL (ASX:CSL) share price enters halt as $16.7b Vifor deal expected to be announced appeared first on The Motley Fool Australia.

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Motley Fool contributor Mitchell Lawler has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns and has recommended CSL Ltd. 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 Woolworths Group Ltd (ASX: WOW) share price is under pressure on Tuesday.

At the time of writing, the retail giant’s shares are down 7% to $37.60.

Why is the Woolworths share price sinking?

Investors have been selling down the Woolworths share price this morning after the retail conglomerate released an update on its performance during the first half of FY 2022. That update revealed that Woolworths has had a challenging six months.

The Australian Food business reported sales growth of 2% during the second quarter. This compares to first quarter growth of 3.9%, bringing its first half sales growth to 3% year to date.

Management notes that since the easing of lockdowns in NSW and Victoria during October, sales in Australian Food have moderated as customers return to more normal shopping habits. In addition, sales have been impacted by inclement weather and the ongoing decline in tobacco sales.

Unfortunately, as well as its softening sales, the segment has incurred significant costs relating to COVID-19. As a result of these direct and indirect costs, Australian Food EBIT is expected to be $1,190 million to $1,220 million during the first half. This compares to FY 2021 first half (27 weeks) Australian Food EBIT of $1,329 million.

Elsewhere, the BIG W business delivered an improved performance during the second quarter. However, its sales were still down 3.3% over the prior corresponding period. In light of this, BIG W EBIT is expected to be just $20 million to $30 million for the half, down from $133 million a year earlier.

Finally, the New Zealand Food business has been the star performer. Management advised that its sales growth has been strong in first half, benefitting from extended lockdowns and higher inflation in the country.

“One of the most challenging halves”

Woolworths Group CEO, Brad Banducci, revealed that the first half was an extremely challenging period.

He explained: “The first half of F22 has been one of the most challenging halves we have experienced in recent memory due to the far-reaching impacts of the COVID Delta strain and its impact on our end-to-end stock flow and operating rhythm. We have continued to put the health, safety and wellbeing of our customers and team first in the context of this challenging and volatile operating environment.”

“The ongoing material costs of operating in a COVID environment has impacted our expected earnings in H1. COVID has had a significant impact on costs, even more so than last year due to the combination of both direct COVID-related costs, together with the indirect impacts from disruption caused by COVID. This includes the significant disruptions we have seen across the end-to-end supply chain, and the material inefficiency this causes in our stores, distribution centres and transportation,” he added.

The post Woolworths (ASX:WOW) share price sinks 7% amid “one of the most challenging halves” 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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