Good morning, it's Paul here with Monday's SCVR.
Today's report is now finished.
I'm writing this just past midnight on Sunday evening/Monday morning, because my sleep cycle has gone haywire again, and I know readers like having something to get stuck into first thing. Plus there's been so much interesting press coverage over the weekend, that it's good to comment on it before the deluge of morning RNSs start.
Berkshire Hathaway AGM
This was held on Saturday, as a virtual meeting, rather than physical, due to lockdown. Warren Buffett looking very old now, he's 90 in August. Charlie Munger didn't want to travel to the meeting, which is understandable given the Covid risk at his age.
I've not watched the full report yet, just some summaries online. The key points seem to be;
- Sold airline stakes, in 4 largest US airlines - saying it was a mistake to have bought them, and the aviation industry has changed due to Covid-19
- Berkshire now has lots of cash, but can't find a good home for it - clearly suggesting they find equities over-priced now
- America is unstoppable long term - usual message
I watch CNBC in the afternoons quite a lot at the moment, to keep informed of various peoples' views (there are some excellent commentators & interviewees on it). I like to spread my net wide and absorb lots of views & information, to then process myself. For some weeks, they have been querying where is Warren? He usually talks up US stocks in a crisis, but was strangely quiet this time. That did make me wonder if he was selling things before speaking out? Therefore this news about ditching his airline stakes is not entirely unexpected.
This has triggered a drop in the futures, which were about 35 points down for the Dow before Buffett spoke, and are now (Sunday night) down over 300. In this not at all alarmist article CNN is predicting a Monday morning market crash - or "Monday Massacre". CNN deserves praise for its excellent pun re airline stocks;
So, expect a little buffeting on Monday’s flight.
Phased lifting of restrictions
The weekend press is full of articles about the beginning of lockdown rules being eased in various countries, and of course what might happen next in the UK. Our Government seems to be trying to ride 2 horses at the same time. Telling us to stay at home, whilst simultaneously publishing & working on plans to get people back to work.
The agenda is now largely about getting the economy moving, with some social distancing in the workplace (but clearly won't be possible on public transport). This is one of the reasons that shares have been recovering in April. Although I agree with practically everyone else, in that prices seem to have overshot upwards in the short term, and another correction is needed to reset some valuations back to levels that more accurately reflect the massive damage to companies' balance sheets from heavy losses likely to be incurred in (at least) Q2 and Q3.
It seems to me that the UK Govt bends with the wind, rather than having any proper strategy. Its main challenge is now to explain why it's now safe for people to go to work. The obvious answer is to follow Spain, and require face masks on public transport. Hence I think we're likely to see a climb down from the "Oh they don't help" narrative which was really about trying to restrict supplies just for hospitals, etc, to saying actually they do help. Of course they help somewhat, it's bleedin' obvious that they help.
With the narrative now being all about how we get the economy going again, then I see lots of potential opportunities in the stock market, from overlooked sectors that haven't bounced much yet, e.g....
Housing transactions
Disclosure: I am long of Foxtons (LON:FOXT) since it refinanced recently. It also revealed that it is continuing with viewings, and dealing with potential customers, using technology, such as virtual viewings. My feeling is that many Londoners may want to move out of the city, and work from home either in the commuter belt, or further afield. Much better for people with children too - who on earth would want to bring up kids in London?
Therefore, even if prices drop, why would it matter to estate agents who want volume above all else? Sellers moving prices down, to make them affordable, is a good thing. Better than a stagnant market with unrealistic asking prices. I imagine that recovery actions by Govt might include something on reducing, or even waiving Stamp Duty (excessive for higher value properties, and a big policy mistake by George Osborne). That would be a nice catalyst for a re-rating of FOXT shares.
ThisIsMoney published this article, saying that the Govt is drawing up a blueprint to kick start the house moving sector, including sellers going into the garden whilst viewings occur, and viewers not being allowed to touch anything when inside - hence e.g. all lights must be switched on beforehand, and all internal doors opened.
Who would buy a house in this environment, many people ask? The answer is, plenty of people, who want a home office, and have realised from lockdown how inappropriate their existing home is. Who could afford to, and get a mortgage? Again, plenty of people. You don't need the entire population to be feeling affluent, given that only a small percentage of the total housing stock actually changes hands each year. I'm not suggesting that things are likely to get back to normal overnight, but in my view transactions could start up again, and a recovery begin. Share prices would probably then respond, where they haven't already. As always though, I think we have to look at every share, and make sure we're not over-paying for recovery potential, given that a lot has already been baked in.
Commercial property & aircraft leases
I've been discussing property leases for the hospitality sector, with my sector expert over the weekend. He runs a number of successful and conservatively financed restaurants & bars, a micro brewery, etc.. Things are tough, but his businesses will survive, and he's excited about the opportunities to open new sites on amazing property deals, once restaurants are allowed to trade again.
This got me thinking that you'd have to be crazy to sign a conventional property lease. New leases would need to include a virus clause, such that rents go to zero whenever the Govt requires them to cease trading. The landlord would have to seek insurance (if they can get it) for this risk. Or self-insure, and have less gearing.
A similar sort of thing will be necessary for the airline & cruise industries. Someone has to shoulder the risk of another shutdown, and I can understand completely why Warren Buffett does't want to be owning any airline shares. Would it really matter if airlines go bust? Painful yes. But the aircraft would, at some point, be operated again by some other (perhaps new) airline, with a better operating model - i.e. using new aircraft leases that become rent-free for the lessee once a pandemic occurs.
Most commentators seem to think that airlines could take 2 years to resume normal business. That sounds about right to me, as it's roughly how long it takes holidaymakers to forget about terrorist attacks in particular countries. Although I would not under-estimate the UK public (especially otherwise healthy people at low risk from Covid-19, under 65), and our desire to have a holiday. From talking to my circle of friends, I think pent-up demand could surprise many pundits. Hence why I'm hoping to see a buying opportunity again in strongly financed Dart (LON:DTG) this week, from Uncle Warren's remarks.
Once of my old Uni friends told me last weekend that he's booked a summer holiday (August 2020) for his family (including young daughter) because he reckons the prices could be much higher by then (fewer people allowed on each plane, etc). In a similar vein I can't wait to have a holiday, and really like the idea of a river cruise in Europe, once restrictions have been lifted somewhat. My situation is not typical though, as I've almost certainly had Covid-19 already, fully recovered now, hence my body is likely to have antibodies. I'd like to get that confirmed though, hence widespread availability of testing is so key to us getting back to some semblance of normality.
You don't have to agree with any or all of this by the way, it's just my personal opinion.
Future outbreaks?
Some experts are saying that there are likely to be future outbreaks of Covid-19. That makes sense to me, as a non-expert, hence I'll include it in my decision-making, risk assessment for each share I buy or hold. However, one thing that occurs to me, is that we're seeing Govts putting in place systems & processes to deal with this issue. That takes time, and is frustrating, and tragic, that people are dying as a result of previous failures to prepare properly.
However, that won't necessarily be the case in future. Second time around, the authorities should have a much better idea of how to deal with it, and have the systems in place to lessen the impact somewhat (assuming it doesn't mutate into something worse - but experts tell us that viruses tend to mutate into weaker forms usually).
Is a full shutdown likely to happen again then? I think the risk of that is quite low. More likely that social distancing rules could be re-imposed, and that most companies could continue operating. Hence less economic damage second time around, seems likely to me (but as with all predictions, nobody can be sure, it's just about probabilities).
Hence wave 2 of Covid-19 is worrying me less now, than it was, say a week ago.
Testing & contact tracing seem absolutely key. If testing becomes freely available, then if anyone thinks they might have come into contact with someone who reports Covid-19 symptoms, then an app could flag up a "get tested immediately" warning. If that could be done same day, right across the country, then it's possible that the vital R could be moved below 1. i.e nipping the problem in the bud, at local level, in future. I've no idea of the timescales of getting to that point, but it should be a lot quicker than waiting for a vaccine, or other effective treatments.
Apparently the Isle of Wight is where the NHS is going to be testing its contact tracing app, very shortly (today, I believe).
Contact tracing app - for hospitality sector?
This looks a very interesting subject. I was listening to a fascinating TV interview with a lady professor, who says she's an expert in contact tracing. She made many great points - and said these things are better handled at a local level, not centralised. I bow to her expertise.
However, this got me thinking about how the hospitality sector might re-start. I've put 2 large long positions in this sector, in Revolution Bars (LON:RBG) and Bigdish (LON:DISH) . Have I gone mad? Hopefully not, although lockdown hasn't helped in that regard. My thinking is this - yes there's a risk of a 100% loss, if things go badly, for both shares. However, the upside is possibly a 5-bagger if things go reasonably well.
How on earth could a (mainly) late night bar chain like Revs start trading again? I've been thinking that through, and I think there are plausible upside scenarios;
A realisation amongst the public that 18-25 year olds with no underlying health issues, and of normal weight, are statistically at negligible risk of death from Covid-19. Therefore shutting down their normal life is just not appropriate or sensible. Life contains some risk of death at any point, for all of us. We cannot eliminate all risks. Therefore I think we should change the messaging from everyone stay at home, unless you have to go to work, to a more targeted message of, "If you live or work with someone vulnerable, then don't potentially expose them to the virus". If you're healthy & young, live on your own, or with other non-vulnerable people, then actually it's OK to go clubbing or pubbing.
Given the way the Govt is looking for ways for other sectors to open, then given the vast number of people employed, hospitality is bound to be on the agenda (for maybe phase 2 or 3 of the lockdown easing). How about these suggestions (I'm just bouncing ideas around, not saying I have all the answers!);
- Door policy to put hand sanitiser on all customers' hands as they walk in (done in some countries abroad at e.g. airports)
- All customers to show they are running a contact tracing app on their smartphone. If they can't, or refuse, then they don't come in. If anyone reports symptoms, then you're sent a "Get a test now" message. This would only work with extensively available testing, as mentioned above.
- Temperature checks on foreheads, with handheld electronic devices, as done abroad extensively
- Reverse age checks, so anyone over say 65 is only allowed entry if they sign a waiver, saying they have had the risk explained to them, but have decided to proceed - listening to views from many older people, some are saying, we've got life experience, let us make that decision ourselves - fair enough in my view - whilst also recognising that some people get angry about people putting themselves possibly at higher risk, which then requires health professionals to look after them if they do get sick - both opinions have merit in my view
Things are moving fast, and I think it's possible that hospitality businesses could possibly re-start in some way, over the summer. If they do, then share prices on the most bombed out could snap back very nicely. This sector has not had much of a bounce at all, so far. There could be bargains around, for more risk-tolerant investors. Or it could be a minefield. You decide!
Rent furlough?
This could be positive for retail & hospitality shares in the coming week, if the market doesn't crash.
Several articles e.g. this one in the Telegraph over the weekend, reveal that Ministers are "seriously considering" copying a successful scheme in Denmark to help landlords and tenants of commercial properties that have been shut down by Covid-19.
Commercial property owners risk losing billions of pounds at the next key payment date in June. The space furlough scheme under discussion is modelled on a similar plan introduced successfully in Denmark.
Tenants would contribute some rent, landlords would agree to a reduction in payments and the Treasury would contribute money to help fill the gap.
The partnership approach could focus on the hardest hit sectors, such as retail and leisure, and be a “sliding scale” of support, sources said.
What a great idea! This could be a significant lifeline for pubs, enabling them to survive until restrictions are eventually lifted, whenever that is. A problem might emerge, in that pubcos which own a lot of freeholds, would argue that they should not be disadvantaged by competitors which lease their sites getting subsidies. Hence as with all these schemes, I imagine a hastily drawn up scheme would probably be full of holes, and be expensive, but could save millions of jobs.
Combine a rent furlough with the existing wages furlough, and suspension of business rates, and that's covered practically all the costs for bars which have to remain closed. Hence most should survive.
If this goes ahead, I think it could be really positive for hospitality & retail sector shares. And for commercial landlord shares of course. I'm regretting having dumped my Hammerson (LON:HMSO) shares, and might buy them back. I'll stick with my reduced-sized position in Newriver Reit (LON:NRR), and might use any market falls as an opportunity to increase it actually.
Dividends
I've been thinking about this a bit more, after mentioning it in last week's SCVRs.
Obviously we all know that divis are being suspended, left right & centre. The trouble is, that many companies are not likely to want to resume divis any time soon, because they've suddenly realised they're over-geared, and that everything has changed. I.e. we now know that entire sectors can just be shut down for potentially quite long periods, and then emerge only with social distancing rules that could make re-opening unprofitable.
This got me thinking that companies with sustainable divis are likely to be in much greater demand from investors who need income for retirement. Supermarkets spring to mind as one possibility, although I don't like their wafer-thin margins. I wouldn't go near banks or insurance companies at the moment either, as banks in particular are likely to see horrible bad debts emerge, in my view, over time. Can readers suggest any sectors for me to look at, with sustainable dividend paying capacity? Housebuilders are one such area, and I've already bought 3 of the largest housebuilders for my trading account. For me the key things are;
- Strong cashflow generation, even in a depressed market, and
- Bulletproof balance sheets.
I think housebuilders meet those criteria, but I could be wrong if there's a major downturn in the housing market.
Time for bed now, see you probably mid-morning. Sorry for any typos, I'll edit it in the morning.
Monday morning: I've spotted 5 company announcements of interest, please see the header.
Estimated time of completion - should be by the 1pm official finish time, and email out time.
Edit at 13:04: Let's amend that to 3pm finish. I've had lunch, and am starting to write up the next few sections. Thank you for your patience. Judging by the thumbs ups, subscribers seemed to like my early macro roundup, so I'll try to do more of that in future.
Edit at 15:14 - today's report is now finished.
Hotel Chocolat (LON:HOTC)
Share price: 332p (up 0.7% today, at 10:20)
No. shares: 125.5m
Market cap: £416.7m
Hotel Chocolat, the premium British chocolatier, provides an update on its financial position and Easter trading Performance.
Its year end is 30 June 2020.
Liquidity increased - I hadn't spotted that HOTC had already done an equity raise. Now the bank facilities are enlarged too;
Hotel Chocolat today confirms the successful completion of an increase to its banking facilities, in the form of a new £35m revolving credit facility ('RCF') with Lloyds Bank plc, which replaces an existing £10m overdraft facility.
This follows the Group's recent equity placing, announced on 20 March 2020, from which the Group raised gross proceeds of £22 million to fund growth capital investment and to provide operational headroom.
Things are not quite as they seem though, with the next paragraph making clear that Lloyds is actually reducing its exposure to HOTC in Dec 2020. So not quite as positive as it appeared in the first paragraph. My experience of Lloyds is extremely negative - they're not a supportive bank at all, very much best avoided in my view.
The RCF is comprised of two separate tranches; £25m expires in December 2021 and is provided by Lloyds Bank under the terms of the Government CLBILS loan guarantee scheme, and a £10m facility provided on normal commercial terms expiring at the end of December 2020.
For as long as the £25m facility remains in place, the Group will be restricted from paying Dividends. The Group retains the option to cancel all or part of this RCF at any time by repaying the monies drawn.
The Group has modelled a scenario with business disruption continuing throughout 2020, and these facilities are intended to provide more than sufficient liquidity in this event.
It's good to see the last sentence above. I think it's essential that companies clearly state they have sufficient liquidity, otherwise how can investors have confidence that our equity investment is safe?
Trading update - it's becoming increasingly obvious that retailers must develop their online offering, or die. HOTC doesn't give any figures, but the tone of the paragraph below suggests it has managed to shift some sales online, onto an already decent online presence;
Easter is the second largest seasonal peak for the business. As anticipated, closing all retail stores from 23 March 2020 has had a material impact on trading. However, the Group has been able to rapidly leverage its direct-to-consumer multi-channel model to redirect demand to online, and to modify the working methods of its distribution warehouse to operate safely, with a temporarily reduced product range.
Whilst not fully mitigating the total retail sales loss in the key three-week Easter period, the Group is encouraged by the agility and resilience of the business model and continues to explore further avenues for online growth whilst working safely.
Directorspeak is strong, I like this -
"Our market leadership in digital and subscription chocolate is more valuable than ever and we will accelerate the planned innovations and investments behind these models. Plans are in progress to re-open our physical locations when appropriate, with adjustments in place to make shopping with us safe and pleasurable again.
"Every day at Easter the online demand exceeded the quantity of orders we could accept, due to the requirements to ensure safe working, combined with the short adjustment period. With the plans we are putting in place over the next months, we aim to be able to switch the vast majority of demand to online should the need arise in the future."
This is encouraging, as it means the business would be well prepared for a second wave of Covid-19, should it occur.
My opinion - this seems an encouraging update, but without any figures, there's nothing much I can do with it.
Well done to Liberum, for putting out a sensible note today, with revised forecasts, reflecting their "best guess" about what the future holds. This is one of the first broker notes I've seen that attempts to make prudent assumptions. Why have other brokers been so slow to reflect reality in their coverage of other companies?
The new figures are interesting, and confirm my view that a lot of investors are in for a nasty shock - that profits at many companies are collapsing, and could take several years to recover. In many cases, share prices look considerably out of kilter with the new reality. In this case, look at the PER for HOTC, based on today's new forecast;
FY 06/2020: PER 191.4
FY 06/2021: PER 81.3
FY 06/2022: PER 47.8
Either the broker is being far too pessimistic (I think his assumptions actually look sensible), or this stock is very considerably over-priced. My view is the latter. It's far too expensive, and I wouldn't buy this share even if it halved in price from here.
The bull case presumably rests on a view that online growth could considerably exceed forecast levels.
I'm probably a bit biased here, as I find HOTC's product unpleasant tasting, and wildly over-priced. Hence possibly a fad?
In valuation terms, the share price has recovered back to where it was last summer. Does that make sense, given that its retail estate could now be a millstone, and is certainly heavily loss-making in the short term. Yes online growth has partly offset this, but I don't see the large bounce in share price recently as being rational. Shareholders had better hope that the new Liberum forecast is thrashed, otherwise this share looks set for another big fall, in my view. Very significantly over-valued, in my opinion.
.
Zoo Digital (LON:ZOO)
Share price: 77p (up 3% at 13:06)
No. shares: 74.5m
Market cap: £57.4m
ZOO Digital Group plc, a world-leading provider of cloud-based localisation and digital distribution services to the global entertainment industry, today provides a further update with regards to its trading for the financial year ended 31 March 2020.
FY 03/2020 results - remember these figures are historic, and would have minimal impact from Covid-19;
The Group reiterates guidance given in its update of 23 March 2020 with revenue expected to be approximately $30m and EBITDA of not less than $2.2m. Cash collection has been much stronger than forecast and cash at the year-end was $0.7m.
This looks unimpressive to me, although it's not new news. Bear in mind this sluggish progression in revenues;
FY 03/2018: $28.6m
FY 03/2019: $28.8m
FY 03/2020: c.$30m
Does that justify a £57m valuation? Given that it doesn't make any meaningful profit at this level of revenue, doesn't pay divis, and has a weak balance sheet, then so far I'm feeling sceptical. Investors must believe the outlook is good. Given lockdown, then perhaps demand might increase? ZOO hasn't lived up to expectations in the past though.
Outlook - this is where it improves!
Trading in the first weeks of the 2021 financial year has been encouraging and we have built a pipeline of new business. Following the temporary softening of sales experienced as customers implemented business continuity plans and halted production on new originals titles, as outlined on 23 March 2020, the Group has since experienced a reassuring resumption in demand.
More detail is given. To summarise;
- Majority of orders are for subtitling
- ZOOdubs platform enables cloud-based voice dubbing, etc, to continue during lockdown
- Industry change is being accelerated by Covid-19
- Investments made in prior years mean well-placed
.
My opinion - I'm sceptical about ZOO at such an elevated valuation for a company with no track record of profitability or cash generation. There must be a huge number of companies that can do subtitling and voice dubbing, at low cost, and using the internet. Does ZOO really have anything unique? Possibly, but the figures tell me probably not. Setting up a company in this space must be one of the cheapest, simplest things to do. No need for an office, just recruit some contractors to do the work over the internet, as it comes in, and undercut the bigger players to win business.
Maybe ZOO does things better, but if so, where's the profit & cashflow?
I can buy shares in companies with proven cashflows at reduced prices right now. So why would I want to pay heavily, up-front for jam tomorrow from ZOO? It needs to perform strongly to justify the current valuation. Where's the upside going to come from?
Northbridge Industrial Services (LON:NBI)
Share price: 78p (up 8% today, at 13:54)
No. shares: 27.9m
Market cap: £21.8m
Northbridge, the industrial services and rental company, today issues a further trading statement in relation to COVID-19, this is in follow up to the statement issued on 26th March 2020 and the outlook comments in our results announcement on 7th April 2020, and gives some further clarity on the immediate outlook for the Group.
It's good to see this company updating the market frequently, I like that in a time of crisis.
Although looking at its historical performance, I'm not going to spend long on this section! With the share price up 8% today, I ought to look at it, as obviously something positive has generated some buying interest. It has a 31 Dec 2020 year end.
To summarise today's update;
- Q1 (Jan-Feb) in line, but weaker near the end
- "Largely" able to maintain factory production under lockdown
- Record level of sales orders, for backup power supply testing equipment
- Sales will help mitigate reduced rental income
- Cashflow benefits from customer deposits & invoice financing
- Usual measures taken to improve cashflow (see excerpt below)
- Rental business seeing reduced activity, not clear if this will bounce back when lockdown eased
- Exposed to oil & gas sector downturn, unclear outlook
Liquidity has improved since the year end, with additional funds being drawn against facilities where available. In addition, all senior salaried staff, including Board members, have accepted a voluntary 20% pay reduction for a 3 month period from 1st April and a small number of staff are furloughed in the UK, and funds have been received from overseas job retention schemes. The amount of cash released from this action, together with other savings in variable costs in this quarter alone, is expected to be around £0.5 million. All other discretionary spending including Capex has also been significantly reduced.
.
Directorspeak;
There is no doubt that trading will be adversely affected for some time due to the economic fallout of the pandemic. However, the benefit of the Group's strong positive cash flows, proactive cost control and experienced management team have been well evidenced in past downturns and we expect this to continue to be the case.
My opinion - not a bad update by the sounds of it.
With such a poor track record, no dividends since 2014, why get involved now that Covid-19 is an additional headache?
Why does this tiny company have a stock market listing? It looks completely pointless to me. Of all the tens of thousands of shares we could buy in the UK, USA, or Europe, and beyond, why on earth would anyone decide to buy this one?
Science (LON:SAG)
Share price: 180p (down 6.5% today, at 14:34)
No. shares: 41.7m
Market cap: £75.1m
Ventilator Programme, Trading & Financial Update
The update on its ventilator programme is not explained very well. It doesn't give any financial details, and I'm in the dark as to what the financial impact is, of this programme apparently not proceeding.
Let's see if the trading update bit makes more sense?
Trading update - most companies are saying that Q1 was OK, but April saw a deterioration. So it's pleasing to see this company bucking that trend in a positive way;
As reported on 31 March, in aggregate, trading in Q1 of 2020 was broadly in line with the Board's expectations. This performance has continued through April and provides a good foundation for the year.
Liquidity - this sounds sensible, and gives headroom;
At 30 April 2020, Group gross cash was £17.5 million and net cash was £1.5 million, excluding client-held funds. The bank loan is secured on the Group's substantial freehold property assets and is not subject to operating covenants unless the net debt level exceeds £10 million, providing substantial headroom for the Group. Furthermore, the Board has decided to take the prudent action to top-up the bank loan back to the maximum level of £17.5 million on similar terms. When completed, this will provide additional gross cash of around £1.5 million.
That's the first time I've heard maxing out a borrowing facility described as "prudent"!
Summary from the company;
In summary, while the future impact of Covid-19 on the world economy remains uncertain, Science Group has to date sustained its business performance and retains a very strong balance sheet. The Board remains cautious in the short term but confident in the long term prospects of Science Group.
My opinion - no view. I'm not interested in researching it from scratch. Today's update sounds reasonably reassuring though.
Pendragon (LON:PDG)
Share price: 7.7p (down 6% today)
No. shares: 1,396.9m
Market cap: £107.6m
This car dealership group confirms today that it has explored merger talks with Lookers (LON:LOOK) but these have now ceased. The wording seems to suggest that LOOK were not interested.
I don't like the use of the word "stakeholders" in the Directorspeak today;
Pendragon remains well-positioned having already taken significant steps to reshape the business and to cut costs both in advance, and as a result, of the recent events which have temporarily curtailed business activity. And, as previously announced, Pendragon continues to benefit from the support of its stakeholders during the current disruption.
That's often a signal that debt providers are more important than equity holders, in a situation that might be getting distressed.
Both Lookers and Pendragon seem to be subject to an FCA mis-selling investigation. I've not been following how that is going, am just flagging it.
My sector favourite (I'm long) is Vertu Motors (LON:VTU) . Interestingly, that has risen about 8% today, on no news. Maybe the whiff of competitors being potentially in trouble, or not going ahead with a merger, might have helped it?
That's it for today. Thanks for the positive feedback, much appreciated.
Regards, Paul.
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