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The Electro Optic Systems (ASX: EOS) share price is on the move today, up by 4.6% to $5.23 per share at the time of writing. These gains come after news of an agreement with the United Arab Emirates (UAE) broke this morning.

While investors appear to be reacting differently, the news that the defence and technology company will produce weapons in the UAE has alarmed human rights advocates.

The latest news from Electro Optic Systems

The ABC reported this morning that Electro Optic signed an agreement with the UAE’s Tawazun Strategic Development Fund to produce a new high-tech weapon in the country last month.

The weapon is to be a chain-driven machine gun, designed to be lighter weight with improved accuracy, lower stoppage, reduced recoil and enhanced logistic support than weapons currently available.

The Australian Defence Department declined the ABC’s requests for comment on whether the deal complies with Australian treaty obligations.

Elaine Pearson, Australia director at Human Rights Watch, was quoted by the ABC:

No Australian company should be transferring weapons to the UAE.

Nor should they be engaging in joint ventures with UAE government agencies to manufacture weapons due to their involvement in laws of war violations in Yemen.

Management commentary

Electro Optic CEO Ben Greene was quoted by UAE’s state-run media publication Emirates News Agency as saying:

EOS’ global role as a systems integrator and technology leader in remotely operated combat systems will strongly support the development in UAE of enhanced defence technology products optimized for future roles in this global market.

EOS has a long history of investment in the UAE, and (this agreement) represents the next step in developing local industry and infrastructure to support next-generation defence and aerospace capabilities.

Electro Optic and the UAE

In 2019, the company was accused of providing weapons to Saudi Arabia and the UAE that were then used in Yemen, a conflict bounded by accusations of atrocities and human rights violations.

Electro Optic has stated that none of its weapons were deployed or used in the Yemen War. Ben Greene was quoted by the ABC in 2019 as saying there was “no end-user of Electro Optic System equipment that is likely to deploy it to Yemen”.

Electro Optic share price snapshot

The Electro Optic share price is currently sitting at $5.23, up nearly 5% on yesterday’s close. It’s down 2.61% over the last 12 months and 11% year to date. 

Electro Optic has a market capitalisation of nearly $768 million, with approximately 149 million shares outstanding. 

More reading

• Here’s why the Electro Optic (ASX:EOS) share price jumped 19% today
• The Electro Optic (ASX:EOS) share price slumps 5% as net profits plummet
• Why the Etherstack (ASX:ESK) share price will be on watch today

The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Electro Optic Systems Holdings Limited. The Motley Fool Australia has recommended Electro Optic Systems Holdings 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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Gold Road Resources Ltd (ASX: GOR) shares are shooting higher today after the company released its 2020 full-year results to the market this morning. At the time of writing, the Gold Road share price has leapt 8.5% to $1.15.

Let’s take a look at how the ASX gold producer has been performing. 

What did the company report?

The Gold Road share price is gaining after the company reported it had paid down all its borrowings over the financial year while generating $105 million in free cash flow.

As at 31 December 2019, Gold Road had $78.5 million in debt, which was fully repaid by 21 July 2020. The company ended the year with $126.4 million in cash and short-term deposits, up from $101.3 million year on year.

Over the course of 2020, Gold Road sold 126,434 ounces of gold, achieving revenue of $294.7 million. That’s up 291% from the $75.4 million in revenue reported for 2019.

The company reported earnings before interest, taxes, depreciation and amortisation (EBITDA) of $170.6 million compared to a $9.8 million EBITDA loss in 2019.

Gold Road reported a consolidated net profit after tax (NPAT) of $80.8 million. In 2019 NPAT was a $4.7 million loss. Earnings per share (EPS) came in at 9.2 cents, while the gold producer achieved free cash flow of $817 per ounce of production for the year.

Commenting on the full-year results, Gold Road CEO Duncan Gibbs said:

The year 2020 was Gold Road’s first full year as a producer… Following 18 months of production experience, in February 2021 we announced our 3 year outlook at Gruyere that sees the operation lifting from 258,173 ounces in 2020 to a sustainable 350,000 ounces by 2023 (100% basis).

Gruyere is a Tier-1 gold mine and we are only beginning to unlock its potential. Gruyere and Gold Road have experienced no material production impacts as a result of the COVID-19 crisis.

The company paid a maiden dividend of 1.5 cents for the half-year through to 31 December, for a half-year yield of 1.4%.

Gold Road share price snapshot

Over the past 12 months, the Gold Road share price has fallen by more than 12%. That compares to a 17% gain on the All Ordinaries Index (ASX: XAO).

With the gold price down 12% so far in 2020, year to date the Gold Road Resources share price is down nearly 18%.

More reading

• ASX 200 Weekly Wrap: ASX finishes higher, despite tech selloff
• These were the worst performing ASX 200 shares last week
• ASX 200 slides lower, A2 Milk surges, Gold Road sinks

Motley Fool contributor Bernd Struben 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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If you feel you missed the ASX mining shares rally, there might be another way for you to find a bargain.

Our big ASX miners have surged over the past year with the Fortescue Metals Group Limited (ASX: FMG) share price jumping 159%.

The BHP Group Ltd (ASX: BHP) share price rallied 79% while the Rio Tinto Limited (ASX: RIO) share price increased by 50% over the same time.

Has the bulk carrier left the jetty?

That’s enough to give anyone the case of the FOMO when the S&P/ASX 200 Index (Index:^AXJO) “only” managed a 17% uplift.

But those who loath chasing rocketing ASX share prices might find this other strategy more appealing.

Goldman Sachs have gone through the latest results from the mining sector and believe that ASX mining contractors are well placed to outperform in 2021.

Picks and shovels

It’s the old saying that the best way to profit from a gold rush is to sell picks and shovels. Many investors aren’t thinking that way given that ASX mining contractors have been left behind in what some believe is a commodities supercycle.

Some interesting takeaways from ASX miners during the profit reporting season include tight labour markets and wage inflation, noted Goldman.

The lead time for sample testing and equipment have also extended, which is putting upward pressure on prices.

These trends bode well for those who supply equipment and services to miners. Miners who are expecting to pay higher wages include Fortescue, Rio Tinto, Western Areas Ltd (ASX: WSA) and Mineral Resources Limited (ASX: MIN).

ASX shares to buy in the commodities supercycle

According to Goldman, ASX engineering and explosive companies that are best placed to benefit are the Emeco Holdings Limited (ASX: EHL), Orica Ltd (ASX: ORI) share price and ALS Ltd (ASX: ALQ) share price.

It’s worth noting that the Emeco share price fell 10% over the past year, while the Orica share price lost nearly a third of its value.

The ALS share price fared better as it gained around 34% over the period, but that’s still well behind the big miners.

Goldman has a “buy” recommendation on all three stocks.

More reading

• Here’s why the Western Areas (ASX:WSA) share price is sinking today
• SciDev (ASX:SDV) share price on watch after winning tender process with Fortescue (ASX:FMG)
• IAG (ASX:IAG) share price could jump with this other ASX share after a broker upgrade
• Macquarie sees upside for Rio (ASX:RIO) and BHP (ASX:BHP) share prices
• Broker tips 30% upside for Mineral Resources (ASX:MIN) share price

Motley Fool contributor Brendon Lau owns shares of BHP Billiton Limited, Emeco Holdings Limited and Rio Tinto Ltd. Connect with me on Twitter @brenlau.

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 Lithium Australia NL (ASX: LIT) share price has been a strong performer on Wednesday morning.

In early trade the lithium company’s shares are up 13% to 13 cents.

Today’s gain means the Lithium Australia share price has now more than doubled in value since the start of the year.

Why is the Lithium Australia share price zooming higher?

Investors have been buying Lithium Australia shares today following the release of a positive announcement.

According to the release, the company’s wholly owned subsidiary VSPC has had its Australian patent for its proprietary cathode material manufacturing process accepted.

VSPC’s method of synthesising lithium metal phosphates was confirmed to be novel and inventive by IP Australia.

This provides the company with 20 years of intellectual property protection within Australia. In addition, filing of the Australian patent application also sets a worldwide priority date for the invention.

What is the process?

The release explains that VSPC has simplified a process for the production of lithium metal phosphate cathode powders. This enables the use of a broader range of raw materials as feed.

The company notes that this has significantly reduced the cost of manufacturing lithium ferro phosphate (FP) and other lithium metal phosphate materials. This includes lithium manganese iron phosphate (LMFP).

Lithium Australia’s Managing Director, Adrian Griffin, was pleased with the development.

He said: “Acceptance of the patent application for the production of phosphate-based cathode materials for LIBs is a great step forward for the Company. Lithium Australia/VSPC can now provide practical solutions for electric vehicle manufacturers seeking cobalt-free batteries.”

“Further, the Company’s recent development of LMFP demonstrates the potential for phosphate-based, nickel- and cobalt-free batteries to achieve high energy densities, an ideal combination in terms of e-mobility applications. Patent protection will provide us with a significant cost advantage in the production cycle of what is currently the most rapidly expanding sector of the battery industry.”

More reading

• Lithium Australia (ASX:LIT) share price lower despite LieNA update

Motley Fool contributor James Mickleboro 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 Australian economy is prepping for a 28 March 2021 axe of the federal government’s JobKeeper payment scheme. 

The JobKeeper scheme has been a critical tool in battling the economic effects of the coronavirus.

Following the approval of US President Joe Biden’s stimulus package, many Australians are wondering what comes after JobKeeper, and what its cessation means for the economy.

Economist predicts dramatic job losses

Today’s The Australian features Commonwealth Bank of Australia (ASX: CBA) economist Nicholas Guesnon discussing his opinion about JobKeeper payments coming to an end.

Guesnon believes that up to 110,000 employees working in sectors still vulnerable to the economic impacts of coronavirus, like travel, are at risk of losing work. He estimates up to 25% of employees presently receiving the benefit could lose their job.

Guesnon further mentioned that he thinks the transport, arts and recreation, accommodation and food services sectors will suffer a blow in the coming weeks. This is due to these industries’ association with and reliance on international travel, an important part of the economy that’s been ravaged by the pandemic.

NSW Treasurer says JobKeeper payments must end

New South Wales Treasurer Dominic Perrottet supports the winding up of the JobKeeper scheme.

According to the Sydney Morning Herald, Perottet said:

We cannot continue to make decisions today that impact generations to come to pay back the depth of the circumstance we find ourselves in… 

We need a proportionate and measured response.

Perrottet’s guess at which sectors of the economy would feel the biggest hit from JobKeeper payments disappearing include construction, manufacturing, administration and tourism.

Foolish takeaway

Some economists, such as Su-Lin Ong at RBC Markets, aren’t expecting anything too crazy to happen once JobKeeper payments end.

The Australian notes that she expects a short-lived disruption to the economy when unemployment numbers rise before they fall again.

But considering the stimulus packages that continue to be dished out around the world, the Australian Government may still be considering its next move after JobKeeper.

More reading

• Here’s why the Western Areas (ASX:WSA) share price is sinking today
• SciDev (ASX:SDV) share price on watch after winning tender process with Fortescue (ASX:FMG)
• Why the Vulcan Energy (ASX:VUL) share price is jumping 12% today
• Here’s why the Afterpay (ASX:APT) share price is surging 9% higher today
• The WiseTech (ASX:WTC) share price is 24% off its 52-week high

Motley Fool contributor Gretchen Kennedy 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 Western Areas Ltd (ASX: WSA) share price has returned from its trading halt and is sinking on Wednesday.

At the time of writing, the nickel producer’s shares are down 13% to $2.03.

Why is the Western Areas share price sinking today?

The Western Areas share price has come under pressure today after it announced the successful completion of its institutional placement.

According to the release, the company has raised $85 million via a fully underwritten placement at $2.15 per share. This represents an 8.1% discount to its last close price.

But despite receiving strong support from existing and new investors, including high-quality domestic and offshore institutions, the placement was undertaken at the floor price.

This will also be the same price that shareholders are offered shares via a non-underwritten share purchase plan to raise a further $15 million. Though, with the Western Areas share price trading below this level, unless there’s a big improvement, demand may not be strong for its share purchase plan.

Why is Western Areas raising funds?

Proceeds from the placement and share purchase plan will be used to complete the Odysseus development, advance organic growth projects at Forrestania and Cosmos, and continue exploration activities.

In respect to Odysseus, management notes that the equity raising provides funding for mine development capital expenditure, with development progressing on schedule and first concentrate production targeted in mid FY 2023.

This operation will be a big boost to its production output once it is in steady state production. Management expects Odysseus to deliver 14,600 tonnes of nickel in concentrate per annum.

This compares to its FY 2021 production guidance of 16,000 to 17,000 tonnes of nickel in concentrate.

Western Areas’s Managing Director, Dan Lougher, commented: “The Placement has been overwhelmingly supported by a range of domestic and international institutional investors which we see as vindication of the bright prospects for Western Areas. We are looking forward to advancing the development of the long-life, low cost Odysseus underground mine towards scheduled production in mid FY23 and believe our landholdings provide significant brownfield exploration potential.”

More reading

• Why the Western Areas (ASX:WSA) share price is in a trading halt
• These are the 10 most shorted shares on the ASX
• Why the Western Areas (ASX:WSA) share price is crashing 10% lower
• These are the 10 most shorted shares on the ASX
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Motley Fool contributor James Mickleboro 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 SciDev Ltd (ASX: SDV) share price will be one to watch today. The chemical engineering company announced a partnership with Fortescue Metals Group Limited (ASX: FMG).

Yesterday, the share price closed up 0.7% to finish at 68 cents. In comparison, the S&P/ASX All Ordinaries Index finished 0.4% higher.

Let’s take a closer look at what’s in the new deal.

The SciDev/Fortescue deal

In a statement to the ASX, SciDev announced it would “participate in a commercial trial” with Fortescue Metals. The trial will last one week and be conducted at the Fortescue Solomon Hub in the Pilbara region, Western Australia.

SciDev won the contract through a competitive tender process. Fortescue will pay the company $60,000 for its time.

Fortescue will be trialling SciDev’s MaxiFloat technology. According to SciDev’s website, MaxiFloat is a range of products intended for the treatment of wastewater in the mining, and oil and gas industries.

Commenting on the deal, SciDev Managing Director and CEO, Lewis Utting said:

The agreement with Fortescue further extends the presence of SciDev chemistry and services across major mining projects in Australia. With water being a premium commodity in the Pilbara, SciDev’s technology can add real benefit to our customers as well as reduce their environmental footprint. The continued growth of SciDev and our ability to work with and service major mining companies such as Fortescue highlights the caliber of the SciDev team in executing the technical and commercial evaluations with our customers.

What is mining wastewater and why does it need to be treated?

According to the Commonwealth Scientific and Industrial Research Organisation (CSIRO), mining is very water-intensive. Some the ways water is used in the industry include:

• transportation of ore and waste in slurries
• separation of materials with chemical agents, and
• suppression of dust during processing and transportation.

Water is a scarce resource in Australia. Governments and the industry at large strongly encourage water recycling when possible. Through the mining process, however, water will become polluted. This is why it needs to be contained and treated before it can be recycled back into the environment.

SciDev and Fortescue share price snapshots

At its current level of 68 cents, SciDev’s share price is on an upward path. This time last year, shares in the company were selling at 57 cents. In the general panic of COVID-19 the share price reached a low of 25 cents.

Fortescue’s share price, similarly, is also trending in the right direction. Just 12 months ago, shares in the miner cost an investor $8.58 each. As of yesterday, the share price was $22.18. That’s an impressive 142.1% gain over 52 weeks.

The respective market capitalisations of SciDev and Fortescue Metals are $104.2 million and $68.3 billion.

More reading

• The 3 highest paying ASX 200 dividend shares
• Why the Fortescue (ASX: FMG) share price could go higher
• The worst performing ASX 200 shares last week
• ASX 200 Weekly Wrap: ASX finishes higher, despite tech selloff
• Morgan Stanley reveals some investment trends to watch in 2021

Motley Fool contributor Marc Sidarous 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 Vulcan Energy Resources Ltd (ASX: VUL) share price is charging higher on Wednesday morning.

At the time of writing, the lithium-focused mineral exploration company’s shares are up 12% to $6.25.

This latest gain means the Vulcan share price is now up 125% since the start of the year.

Why is the Vulcan share price charging higher?

Investors have been buying Vulcan shares this morning following the release of the results from its 2021 Upper Rhine Valley bulk brine sampling.

According to the release, Vulcan collected a bulk (10,000 litre) brine sample from a recently drilled geothermal well in the Upper Rhine Valley. This is within 6km of the company’s Ortenau Resource and license area.

The bulk brine sample returned a high grade of 214 mg/L Li and will be used in Direct Lithium Extraction (DLE) piloting test work.

This means that Vulcan now has brine data stretching back to 1980 which shows very consistent lithium values in Upper Rhine Valley brine.

These results bode well for its Vulcan Zero Carbon Lithium project, which will be the largest lithium resource in Europe.

Management commentary

Vulcan’s Managing Director, Dr. Francis Wedin, was pleased with the results of the samples.

He commented: “It is encouraging to observe high grade lithium, with exceptionally low impurities, in geothermal brine analysis such as this from our sampling efforts in the URVP. The low impurities are important as this increases the effectiveness of our DLE techniques.”

“Results of this nature will be combined with seismic and historical drilling data, which will be used by our expert in-house geological team for production study work towards the Definitive Feasibility Study. This data collection and analysis is an important part of our strategy to become a major supplier of our unique Zero Carbon Lithium to the European battery electric vehicle market.”

More reading

• The Vulcan Energy (ASX:VUL) share price has fallen 17% in 2 weeks
• Vulcan (ASX:VUL) share price slumps despite new partnership
• Why the Vulcan Energy (ASX:VUL) share price is charging higher again

Motley Fool contributor James Mickleboro 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 Afterpay Ltd (ASX: APT) share price has returned to form on Wednesday.

In morning trade, the payments company’s shares are up 9% to $116.74.

Why is the Afterpay share price charging higher?

There have been a couple of catalysts for the strong gain by the Afterpay share price on Wednesday.

The first is a very strong performance by US tech stocks overnight after bond yields pulled back.

This led to the tech-heavy Nasdaq index having its best day in four months. It recorded a sizeable 3.6% gain after investors took advantage of recent weakness to snap up tech giants such as Amazon, Apple, and Tesla. In addition to this, rival buy now pay later provider Affirm saw its shares jump 7% overnight.

What else is supporting Afterpay’s shares?

Also giving the Afterpay share price a lift today was an update on its European expansion.

According to the release, the company has completed its acquisition of Pagantis SAU and PMT Technology.

With the acquisitions now complete, Afterpay advised that it will progress with the launch of its Clearpay services in Europe.

The first countries that Afterpay plans to go live with are Spain, France, and Italy. These countries combined have an addressable ecommerce market that exceeds 150 billion euros.

Commenting on the expansion into Europe last year, Co-CEO Anthony Eisen was very positive on the company’s prospects in the region.

He said: “Our momentum to date has given us the confidence to expedite our expansion into new global regions. Entering into such internationally relevant markets like the US and the UK and seeing our growth outpace what we experienced in our more mature Australian market, validates the appeal of our product on a global scale.”

“Acquiring Pagantis provides us with the necessary regulatory licencing, resourcing and infrastructure to expedite the launch of Afterpay into key countries in Southern Europe and beyond. The new markets we will be entering will provide our global retailers with the opportunity to offer Afterpay in more regions and for us to provide a whole new customer base with access to our differentiated and customer centric model.”

More reading

• PayPal BNPL product to take on Afterpay and Zip in Australia
• ASX 200 tech shares set to rebound as bond yields fall
• 5 things to watch on the ASX 200 on Wednesday
• ASX 200 rises, Afterpay sinks, Vocus jumps
• ASX tech correction? 10 of the worst-hit shares

James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of AFTERPAY T 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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It has been another interesting year for shareholders of tech company WiseTech Global Limited (ASX:WTC). The former market darling’s shares were savaged during the COVID-19 market crash a year ago, falling from nearly $40 per share to under $10 in a matter of months.

But, as the dust began to settle on the pandemic, the WiseTech share price recovered, and by late January the company’s shares had climbed to a new 52-week high of $34.42. However, another global mini-tech sell-off, combined with a lukewarm market response to the company’s first-half FY21 results announcement, has seen the WiseTech share price tumble almost 25% to $26.16 as at the time of writing.

What does WiseTech do?

For those needing a refresher on what WiseTech actually does, it is a logistics software company. Its flagship product is the CargoWise platform, which aims to provide a centralised global trade management solution. Users are able to access the platform from anywhere in the world, in multiple languages and currencies, and it can provide up-to-date, live inventory tracking information.

The software also helps users manage the complexities of global logistics, allowing them to better understand the implications that changes in international tariffs and taxes will have on their business.

How has the company been performing?

WiseTech reported total revenues of $238.7 million for the first half of FY21, a 16% increase over the same period last year.  Earnings before interest, tax, depreciation and amortisation expenses (EBITDA) jumped 43% to $89.2 million, while underlying net profit after tax soared by 61% to $43.6 million. The Wisetech share price did jump 9% at the time the company’s results were released.

Despite WiseTech’s fondness for driving growth through acquisitions (the company has made a whopping 39 acquisitions since its initial public offering (IPO) back in 2016), much of the revenue uplift was organic. CargoWise accounted for $150 million of the company’s first-half revenue (an increase of 19% over the first half FY20), while acquisition revenue made up the remaining $88.7 million – a more modest year-on-year increase of 12%.

What was more pleasing to see were the cost synergies that these acquisitions had delivered – particularly during a period when many companies have been experiencing serious market headwinds from the COVID-19 pandemic.

Cost efficiency measures and acquisition synergies delivered $6.1 million in benefits over the first half, boosting EBITDA margin by an impressive 7 percentage points to 37%.

WiseTech also ended the half with a healthy cash position of $251.4 million and significant undrawn debt facilities, making it unlikely the company will need to raise additional funding via an equity capital raise any time soon.

Outlook for FY21

In its results announcement, WiseTech actually upgraded its revenue guidance for FY21. It stated it still expected revenues to be in the range of $470 million to $510 million (an increase of between 9% to 19%). However, it updated its EBITDA target, reflecting the continuing benefit that acquisition synergies and cost efficiency strategies are expected to deliver to the company’s bottom line over the second half of this financial year.

WiseTech now anticipates EBITDA to be in the range of $165 million to $190 million, an uplift of between 30% to 50% over FY20.

More reading

• Why ASX 200 tech shares could be in for another wild session
• Why is everyone talking about bond yields?
• What you need to know about the WiseTech (ASX:WTC) dividend
• 5 things to watch on the ASX 200 on Friday
• ASX 200 sinks, Xero reveals acquisition, ARB driven higher

Rhys Brock owns shares of WiseTech Global. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of WiseTech Global. 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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