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With so many shares to choose from on the ASX, it can be hard to decide which ones to buy.

The good news is that brokers across the country are doing a lot of the hard work for you.

Three top shares that leading brokers have named as buys this week are listed below. Here’s why they are bullish on them:

Accent Group Ltd (ASX: AX1)

According to a note out of Citi, its analysts have upgraded this retailer’s shares to a buy rating with an improved price target of $2.09. Citi was impressed with Accent’s recent trading update and particularly its store expansion progress. In addition to this, as a footwear retailer, it believes Accent is well-placed to benefit from consumers going out more now restrictions are easing. It also sees opportunities in high-margin accessories. The Accent share price is up 4% to $1.97 this afternoon.

Lendlease Group (ASX: LLC)

A note out of Goldman Sachs reveals that its analysts have retained their conviction buy rating but trimmed the price target on this global property company’s shares slightly to $16.65. This follows the release of an update at its annual general meeting last week. Goldman notes that Lendlease is targeting over A$10 billion in project commencements over the next 18 months. This is in line with its expectations and expected to underpin solid earnings growth over the coming years. The Lendlease share price is changing hands for $14.37 on Monday.

Serko Ltd (ASX: SKO)

Analysts at Ord Minnett have retained their buy rating and lifted the price target on this travel booking technology company’s shares to $6.55. The broker made the move after the release of a slightly better than expected first half result from Serko last week. Ord Minnett remains positive on the company’s future and notes that its deal with travel giant Booking.com has the potential to be a key driver of growth and share price gains. The Serko share price is fetching $5.29 this afternoon.

More reading

• Why ASX shares are in awesome shape vs overseas markets
• Revealed: Shares that’ll shoot up with a COVID-19 recovery
• 5 things to watch on the ASX 200 on Monday
• Why Accent, Mesoblast, Redbubble, & Regis Healthcare shares are charging higher
• Landlease (ASX:LLC) share price falls on subdued earnings

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 Serko Ltd. The Motley Fool Australia has recommended Accent Group and Serko Ltd. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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A second stock market crash could be ahead. Risks such as political uncertainty in Europe and the US, coronavirus and an uncertain economic outlook may mean that investor sentiment weakens to some extent over the coming months.

This may cause paper losses for many investors. However, on a long-term view, it could prove to be a buying opportunity. Cheaper stock prices plus the recovery prospects for equity markets may mean that buying shares in a market downturn could prove to be a profitable move in the coming years.

Recovering from a stock market crash

The 2020 stock market crash was not the first time that indexes such as the FTSE 100 Index (INDEXFTSE: UKX) and S&P 500 Index (INDEXSP: .INX) had experienced a sudden downturn. In fact, their past performances have included many periods of sharp declines that were impossible to accurately predict prior to their occurrence.

Despite their previous declines, both indexes and the global stock market have always recovered to post new record highs in the aftermath of past bear markets. As such, investors who are able to look beyond short-term challenges and falling stock prices can access low valuations ahead of a likely stock market recovery.

How long it takes share prices to recover after a market crash is clearly a known unknown. However, past bear markets have taken from weeks to years to transition into sustained bull markets that produce new record highs. Therefore, taking a long-term view means that there is a higher chance of ultimately benefitting from a likely return to positive economic growth and a rising stock market.

Managing a portfolio in a downturn

Clearly, managing a portfolio during a stock market crash is not an easy task. Investor sentiment can quickly change towards even the most stable of businesses.

However, assessing the financial strength of a company could be a logical starting point. Companies with low debt levels and solid balance sheets may be better placed to overcome challenging operating conditions. In turn, this may increase their chances of benefitting from a long-term stock market recovery.

Similarly, spreading risk across multiple shares and sectors could be a sound move during a market crash. It may lessen an investor’s exposure to specific stocks or industries that may be harder hit by a market decline. This could reduce an investor’s dependency on a small number of businesses and industries for their returns. Over the long run, this may improve their capital return potential.

Reacting to market movements

As mentioned, it is extremely difficult to foresee a market crash. Often, they come unannounced and take place over a relatively short time period. However, investors can control how they react to such events. By viewing them as a long-term buying opportunity, it may be possible to benefit from them through using lower stock prices to build a larger portfolio over the coming years as the stock market recovers.

More reading

• Why BlueScope, Home Consortium, IAG, & Kogan shares are dropping lower
• Village Roadshow (ASX:VRL) share price soars 16% on renewed takeover bid
• Why Ampol, Cann, Fortescue, & Mesoblast shares are surging higher
• Osteopore (ASX:OSX) share price moving higher on distribution deal
• Why the Fortescue (ASX:FMG) share price is shooting up more than 5% today

Motley Fool contributor Peter Stephens has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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The S&P/ASX 200 Index (ASX: XJO) is on course to record a solid gain on Monday. In early afternoon trade the benchmark index is up 0.5% to 6,572.1 points.

Four shares that have failed to follow the market higher today are listed below. Here’s why they are dropping lower:

BlueScope Steel Limited (ASX: BSL)

The BlueScope Steel share price is down 2.5% to $16.80. This is despite there being rumours that the steel producer could be a takeover target. There is speculation that private equity firms could be willing to pay as much as $25.00 per share to acquire the company.

Home Consortium Ltd (ASX: HMC)

The Home Consortium share price is sinking 8.5% lower to $3.87. This morning the property company announced that it has entered into a binding contract to acquire Marsden Park Shopping Centre. Home Consortium has agreed to pay $48 million for the Queensland-based convenience focused asset. This represents a cap rate of 6.75%.

Insurance Australia Group Ltd (ASX: IAG)

The IAG share price has sunk 5.5% lower to $5.15 following the completion of its institutional placement. The insurance giant has raised $650 million through the issue of approximately 128.7 million new shares to institutional investors at a 7.5% discount of $5.05 per new share. It will now seek to raise a further $100 million via a share purchase plan. The company launched the equity raising last week in order to strengthen its balance sheet following an $865 million business interruption claims provision.

Kogan.com Ltd (ASX: KGN)

The Kogan share price has dropped 3.5% to $16.88. This may have been driven by a broker note out of UBS this morning. Although the broker has retained its neutral rating, it has reduced its price target from $22.00 to $18.00. While Kogan delivered a strong trading update at its annual general meeting, its growth fell a touch short of the broker’s expectations. UBS also has concerns that recent gross margin strength is unsustainable.  

More reading

• Why the IAG (ASX:IAG) share price is sinking lower today
• ASX 200 up 0.7%; Zip trading update, Ampol buyback, IAG sinks
• BlueScope (ASX:BSL) share price on watch as takeover rumours swirl
• Revealed: Shares that’ll shoot up with a COVID-19 recovery
• Profit up 270% in FY21 YTD, is the Kogan.com share price a buy?

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 Kogan.com ltd. The Motley Fool Australia has recommended Kogan.com ltd. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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The Village Roadshow Ltd (ASX: VRL) share price is soaring today after providing an update on its takeover offer from BGH Capital. At the time of writing, the Village Roadshow share price is almost 16% at $2.84.

What’s in the new offer

Village Roadshow advised it has received an amended cash consideration to acquire control of the company from BGH Capital. The revised offer consists of either of a ‘Structure A Scheme’ of $3.00 per share or ‘Structure B Scheme’ of $2.95 per share.

Following the announcement, Village Roadshow revealed that major shareholder Spheria, will vote in favour of either arrangement. The backflip comes after the latter expressed its intentions to vote against the original format earlier this month. BGH Capital previously offered $2.32 for Structure Scheme A and $2.22 for Structure Scheme B.

Spheria currently holds 6.88% of Village Roadshow shares, with another 0.91% of shares that are represented by the company. In total, 7.8% Village Roadshow shares are expected to approve either scheme.

Board recommendation

Further to the release, the independent directors have unanimously recommended that shareholders vote in favour of each alternative scheme. The directors believe that the BGH transaction is in the best interest of all parties involved. This comes as the company is operating in an uncertain environment marred possible lockdowns should new COVID-19 waves occur.

At the request of the directors, independent expert Grant Samuel & Associates put the new proposed takeover above the value range. The opinion of the latter, estimates Village Roadshow shares to be anywhere between $2.03 and $2.80 per share.

What’s next?

Village Roadshow will engage with ASIC and the court on further steps to be taken as a result of the increased consideration. Details regarding the supplementary disclosure materials are anticipated to be released to the ASX within the coming days. Subject to court approval, Village Roadshow will hold the scheme meeting on 7 December.

Update on debt, cash flow and liquidity

In the period ending 31 October, Village Roadshow generated a positive operating cash flow of approximately $5 million. Considering the government’s JobKeeper program and other benefits, the company recorded a negative cash flow on a post-capital expenditure basis.

Net debt stood at approximately $311 million, comprising of $370 million of gross debt and $59 million cash in hand.

Undrawn debt facilities totalled around $50 million out of total group debt facilities of $420 million.

Village Roadshow predicts operating cash flow between the November and June period to be at a loss of $5 million to $15 million. In addition, the group projects to spend $55 million of capital expenditure prior to the end of the 2020 financial year. Consequently, net debt is projected to be in the range of $370 million to $380 million.

More reading

• Why the Village Roadshow (ASX:VRL) share price is on the rise today

Motley Fool contributor Aaron Teboneras owns shares of Village Roadshow Limited. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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In afternoon trade the S&P/ASX 200 Index (ASX: XJO) is defying Friday’s weakness on Wall Street and is pushing higher. At the time of writing, the benchmark index is up 0.5% to 6,573.3 points.

Four shares that are climbing more than most today are listed below. Here’s why they are surging higher:

Ampol Ltd (ASX: ALD)

The Ampol share price is jumping higher after announcing an off-market share buyback worth $300 million. The fuel retailer announced the surprise buyback after completing the sale of its convenience retail properties. Originally, the company, which was formerly known as Caltex, was going to use the funds to reduce its debt leverage. But due to improving trading conditions, management has opted to use the proceeds to buy back shares as well.

Cann Group Ltd (ASX: CAN)

The Cann share price is up 3% to 35 cents after announcing a new bank facility. According to the release, the cannabis company has received credit approval from National Australia Bank Ltd (ASX: NAB) for a $50 million secured debt facility. The company expects to complete the execution of documentation with the banking giant within the next month.

Fortescue Metals Group Limited (ASX: FMG)

The Fortescue share price has stormed 5% higher to $17.79. This is despite there being no news out of the iron ore producer. However, a number of resources shares are on the rise today and are playing a key role in driving the ASX 200 higher. The S&P/ASX 200 Resources index is up 2.1% at the time of writing.

Mesoblast limited (ASX: MSB)

The Mesoblast share price has continued its positive run and is up a further 6.5% to $3.88. Investors have been buying the biotech company’s shares after it announced a major deal with pharma giant Novartis at the end of last week. The two companies have signed an exclusive worldwide license and collaboration agreement for the development, manufacture, and commercialisation of Mesoblast’s mesenchymal stromal cell (MSC) product remestemcel-L. Novartis will pay US$50 million upfront and could then pay over US$1.25 billion in milestone payments to Mesoblast.

More reading

• Why the Fortescue (ASX:FMG) share price is shooting up more than 5% today
• Why ASX shares are in awesome shape vs overseas markets
• ASX 200 up 0.7%; Zip trading update, Ampol buyback, IAG sinks
• Why the Ampol (ASX:ALD) share price is racing 8% higher
• ASX 200 Weekly Wrap: ASX continues to climb, despite outage

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. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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The Osteopore Ltd (ASX: OSX) share price is edging higher today on news of a distribution deal. Osteopore notified the ASX just after market open that it has landed a deal to begin distributing its products into Germany and Austria. The Osteopore share price lifted by as much as 3.6% in earlier trading, however, has since partially retreated. At the time of writing, the Osteopore share price is trading 2.63% higher at 58.5 cents.

What’s drving the Osteopore share price?

The Osteopore share price is marching higher after the company advised it has signed an exclusive distribution agreement. The deal was struck with MTG Medizintechnik Göhl (MTG) to promote and sell Osteopore products to German and Austrian markets.

Under the terms of the agreement, MTG will market Osteopore’s range of products for craniofacial procedures and implants. Osteoplug, Osteoplug-C and Osteomesh products already have European regulatory approval so MTG can immediately commence with marketing the products. MTG has indicated that immediate discussions with hospitals and doctors are on the table, with no red tape standing in the way.

The distribution deal does not include minimum sales KPIs (key performance indicators) and therefore the company has not provided any guidance on sales forcasts. It’s a 2-year agreement with standard termination provisions. Osteopore has stated that it will work closely with MTG to drive successful outcomes. Ultimately, this includes helping MTG to provide sales training and support sales reps on an ongoing basis. The goal is to promote Osteopore products to surgeons across Germany and Austria. Additionally, MTG already has a national sales market and is recognised for its expertise in the promotion of current and previous Osteopore products. 

Osteopore as a brand has previously been exposed to the German market in the research and clinical development fields. Additional partnerships were developed in the past as a result of the Osteopore technology. Of most note was the company’s first paediatric, patient-specific skull reconstruction in a 11-year-old patient in 2008 at the Munich University Hospital.

About Osteopore

Osteopore is an Australian medical services and biotechnology company. Although based in Australia, most of the company’s research and development (R&D) is actually conducted out of Singapore. Osteopore’s manufacturing also takes place in Singapore.

The company specialises in the manufacture of innovative regenerative implants on a commercial scale. It combines ‘biomimetic tissue’ science with proprietary 3D printing and materials technology. Using these processes, Osteopore produces medical implants designed for both tissue and bone reconstruction and restoration.

Known as ‘bioresorbable implants’, these products provide a ‘scaffold’ for bone regeneration, dissolving over time to leave only natural bone tissue behind.  Osteopore states that it manufactures these implants to address “unmet clinical needs and improve patient outcomes”. 

What did management say?

Osteopore CEO, Khoon Seng Goh, made this statement:

We are pleased that after over 12 years of clinical cooperation with German surgeons and researchers, we can now provide Osteopore products for wider use in German hospitals and treat German patients.

More on the Osteopore share price

Osteopore listed on the ASX in September 2019 at a price of 62.5 cents. Today, the Osteopore share price is trading at 58.5 cents.

The last 12 months or so have been highly volatile for Osteopore shares. At its all-time high, the Osteopore share price rose to $1.49 late last year before plummeting to a 52-week low of 28 cents in March this year. This low did, however, coincide with the broader market crash associated with the onset of the coronavirus pandemic. 

Investors have been bullish on the company’s shares in November, with the Osteopore share price rising a little more than 10% so far this month including today’s gains. It will be interesting to watch how the company’s sales and share price perform as this latest distribution deal kicks into play.

More reading

• Why the Fortescue (ASX:FMG) share price is shooting up more than 5% today
• Think Childcare (ASX:TNK) share price jumps 26% after another buyout offer
• Why the IAG (ASX:IAG) share price is sinking lower today
• MedAdvisor (ASX:MDR) share price shoots up 8% today. Here’s why.
• Why ASX shares are in awesome shape vs overseas markets

Motley Fool contributor glennleese has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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Fortescue Metals Group Limited (ASX: FMG) has seen a lot of positive news recently. Chief among these has been a multi-billion dollar export deal with China. In addition, it declared the  intention to become a world leader in renewable technologies, and there is evidence of more progress at its Iron Bridge project. At the time of writing, the Fortescue share price is trading up 5.78% at $17.93. 

Fortescue CEO Andrew Forrest has a long track record of delivering on what he sets out to achieve. Not only that, but he has also shown a talent for picking up on Future trends. His nickel mine, Murrin-Murrin, remains profitable as the world turns more to battery metals like nickel. Moreover, iron ore has proven resilient in the face of a global pandemic, and is one of the few areas where China/Australia trade tensions have not surfaced.

The green tailwinds for the Fortescue share price

At the company’s AGM, Mr Forrest announced a new vision for the company in renewable energy. If he achieves his vision, Andrew Forrest would see Fortescue grow into an energy giant comparable with Chevron Corporation (NYSE: CVX) and Total SE (EPA: FP). 

“Consider perhaps that this first target of 235 gigawatts of energy already would make Fortescue one of the largest energy companies in the world but will be financed conservatively and away from our balance sheet,” he said.

Delivering on its promises rapidly, the company announced the start of drilling in a Tasmanian green ammonia project, fully energised by renewable energy. The company believes Fortescue will lead a stampede of resource companies into renewables.

A mountain of cash

Fortescue’s revenue per tonne increased by 31% compared with the June quarter. Meanwhile, the average benchmark price increased 27% over the same period. Moreover, the company secured 12 new agreements with Chinese steel mill. The 12 memoranda of understanding (MoU) are valued at around $US3-4 billion ($4.1-$5.5 billion). This had little impact on the Fortescue share price when it occurred.

Lastly, ABB Ltd. (SWX: ABBN) has won a contract for $35 million to provide variable speed drives and motors at its Iron Bridge project in Western Australia. In addition, both Iron Bridge and Eliwana remain on time and on budget.

Foolish takeaway

Fortescue Metals Group has proven itself to be a capable operator by delivering quarter after quarter of strong results. This, coupled with its aggressive push into green renewables energy sources, and the progress of major projects; show that the company has the wind at its back. The Fortescue share price has risen by more than 7% in the past 5 days trading. 

More reading

• ASX 200 up 0.7%; Zip trading update, Ampol buyback, IAG sinks
• ASX 200 events this week that could move the market
• 2 ASX dividend shares with huge yields
• Origin (ASX:ORG) share price rising on vaccine and green exports news
• Why Fortescue, Nearmap, Saracen, & Westpac shares are dropping lower

Motley Fool contributor Daryl Mather owns shares of Fortescue Metals Group Limited. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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Think Childcare Group (ASX: TNK) shares have jumped by almost 26% today, after the company advised the ASX it has received a buyout proposal from Busy Bees Early Learning Australia for all its stapled securities. 

At the time of writing, the Think Childcare share price is trading for $1.65 per share.

What was in the buyout offer

Think Childcare says that it has received an indicative, all-cash offer of $1.75 per security from Busy Bees. This price represents a premium of approximately 51% to the 10-trading day volume weighted average of $1.16 up to 13 November 2020.

The company says it is considering this offer in conjunction with another offer it received last week from Alceon Private Equity. That offer was for an indicative price of $1.351, and was proposed as an all-cash, or a combination of cash and unlisted shares in a newly incorporated holding company. At that time, Think Childcare said that it had granted Alceon a period of exclusivity until 18 December 2020 to complete its due diligence process.

Today’s offer from Busy Bees is subject to a number of conditions, including the termination of the process deed with Alceon. Think Childcare advised its shareholders not to take any action in relation to either the Alceon proposal or the latest one, as there is no assurance that either proposal will result in a transaction.

What is Think Childcare and why does it want to sell its business?

Think Childcare owns and operates childcare facilities in Australia. It focuses on operating its 30 long day childcare facilities for children between the ages of 6 months and 6 years old.

The company has faced difficulties this year as coronavirus lockdown restrictions also closed down many of its childcare centres. As a result, the company is under pressure to service its debts. The latest balance sheet data for 30 June 2020 shows that Think Childcare has $35.8 million in liabilities that are due within a year, and $211.9 million in the year following.

Although Think Childcare holds $11.8 million in cash and has $8.48 million of receivables due within 12 months, the much larger liabilities figure is casting a towering shadow over its liquidity and current market cap of just $76 million.

How has the Think Childcare share price performed in 2020?

As mentioned, childcare centres were among the first casualties when the pandemic struck. The Think Childare share price went from $1.41 at the start of 2020 to 60 cents by the end of March, at the height of the restrictions.

The Think Childcare share price has since regained much of its value, trading for $1.65 per share at the time of writing.

More reading

• Think Childcare (ASX:TNK) share price lifts 4% on buyout offer

Motley Fool contributor Eddy Sunarto has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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The Insurance Australia Group Ltd (ASX: IAG) share price has been the worst performer on the S&P/ASX 200 Index (ASX: XJO) on Monday.

In early afternoon trade the insurance giant’s shares are down 5.5% to $5.15.

Why is the IAG share price sinking lower?

Investors have been selling the company’s shares this morning after they returned from a trading halt following the completion of an institutional placement.

Insurance Australia Group raised a total of $650 million through the issue of approximately 128.7 million new shares to institutional investors at a 7.5% discount of $5.05 per new share.

According to the release, the company received significant interest from both domestic and offshore institutional investors.

Management revealed that it was pleased with the strong support shown for the equity raising from its shareholders. It feels the success of the raise is an endorsement of its decisive action to maintain balance sheet strength. This, it feels, positions the company well to execute on its strategic plan.

The insurer will now push ahead with its non-underwritten share purchase plan (SPP), which is aiming to raise up to $100 million.

These funds will be raised at the lower of the placement price or a 2% discount to the five-day volume weighted average price of its shares up to and including the closing date of the SPP.

Why is Insurance Australia Group raising funds?

As mentioned above, the company launched the capital raising in order to strengthen its balance sheet.

This was necessary after courts ruled that insurance companies would have to pay out business interruption claims relating to the COVID-19 pandemic.

For Insurance Australia Group, this means an $865 million business interruption claims provision.

Based on its accounts at the end of October, this provision would reduce the company’s CET1 ratio to approximately 0.84 times the Prescribed Capital Amount (PCA). This would place it approximately $140 million below the lower end of its targeted benchmark range.

And while the company could still appeal the court ruling, management believes that maintaining its capital position above the upper end of its CET1 target range was the prudent thing to do.

The SPP is due to close on 18 December.

More reading

• ASX 200 up 0.7%; Zip trading update, Ampol buyback, IAG sinks
• Revealed: Shares that’ll shoot up with a COVID-19 recovery
• IAG (ASX:IAG) shares halt trading after court rules COVID-19 claims valid

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. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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• 2 ASX small cap healthcare shares growing quickly
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Eddy Sunarto has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of MedAdvisor. The Motley Fool Australia has recommended MedAdvisor. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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