Annual Financial Report
02/12/2022 07:00
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RNS Number : 3557I Baronsmead Second Venture Trust PLC 02 December 2022
Baronsmead Second Venture Trust plc
Annual Report and Audited Financial Statements
for the year ended 30 September 2022
The Directors of Baronsmead Second Venture Trust plc are pleased to announce
the Annual Financial Report for the year ended 30 September 2022. The Annual
Report and Financial Statements can be obtained from the following website:
www.baronsmeadvcts.co.uk (http://www.baronsmeadvcts.co.uk)
Financial Highlights
· Net Asset Value ("NAV") per share decreased 19.2 per cent to
68.1p, before the deduction of dividends, for the financial year ended 30
September 2022.
· NAV total return of 328.9p to shareholders for every 100.0p
invested at launch (January 2001).
· Annual tax free dividend yield of 7.1 per cent based on 6.0p
dividends paid (including proposed final dividend of 3.0p) and opening NAV of
84.3p.
· £23.1million of investments made into nine new and eleven
follow-on opportunities during the year.
Our investment objective
Baronsmead Second Venture Trust plc (the "Company") is a tax efficient listed
company which aims to achieve long-term investment returns for private
investors, including tax free dividends.
Investment policy
· To invest primarily in a diverse portfolio of UK growth
businesses, whether unquoted or traded on AIM.
· Investments are made selectively across a range of sectors in
companies that have the potential to grow and enhance their value.
Dividend policy
· The Board will, where possible, seek to pay two dividends to
shareholders in each calendar year, typically an interim dividend in September
and a final dividend following the Annual General Meeting in February/March.
· The Board will use, as a guide, when setting the dividends for a
financial year, a sum representing 7 per cent of the opening net asset value
of that financial year.
Key elements of the business model
Access to an attractive, diverse portfolio
The Company gives shareholders access to a diverse portfolio of growth
businesses.
The Company will make investments in growth businesses, whether unquoted or
traded on AIM, which are substantially based in the UK in accordance with the
prevailing VCT legislation. Investments are made selectively across a range of
sectors.
The Manager's approach to investing
The Manager endeavours to select the best opportunities and applies a
distinctive selection criteria based on:
· Primarily investing in parts of the economy which are
experiencing long-term structural growth.
· Businesses that demonstrate, or have the potential for, market
leadership in their niche.
· Management teams that can develop and deliver profitable and
sustainable growth.
· Companies with the potential to become an attractive asset
appealing to a range of buyers at the appropriate time to sell.
In order to ensure a strong pipeline of opportunities, the Manager invests in
building deep sector knowledge and networks and undertakes significant
proactive marketing to interesting target companies in preferred sectors. This
approach generates a network of potentially suitable businesses with which the
Manager maintains a relationship ahead of possible investment opportunities.
The Manager as an influential shareholder
The Manager is an engaged and supportive shareholder (on behalf of the
Company) in both unquoted and significant quoted investments. For unquoted
investments, representatives of the Manager often join the investee board.
The role of the Manager with investees is to ensure that strategy is clear,
the business plan can be implemented and that the management resources are in
place to deliver profitable growth. The intention is to build on the business
model and grow the company into an attractive target able to be either sold or
potentially floated in the medium term.
A more detailed explanation of how the investment policy and business model
are applied, along with the full text of the investment policy, can be found
in the Annual Report.
STRATEGIC REPORT
CHAIR'S STATEMENT
2022 has seen higher volatility and weakness in the markets, notably in Q3,
with ongoing concerns around inflationary pressures, interest rate rises and
the cost-of-living crisis exacerbated by the ongoing conflict in Ukraine.
Against this backdrop, the Company's NAV per share decreased 19.2 per cent
before dividend payments for the financial year.
Despite the drop in the value of the portfolio over the period, the Board
continues to believe that, in aggregate, the fundamentals of the underlying
portfolio companies remain robust and the growth prospects for the majority of
investee companies continue to be positive.
In addition to this, the Board believes that the changes to the Manager's
senior leadership of the investment team have enhanced the Manager's ability
to identify and manage attractive early-stage unquoted investments.
Results
Pence per ordinary share
NAV as at 1 October 2021 (after final dividend) 84.3
Valuation decrease (-19.2 per cent) (16.2)
NAV as at 30 September 2022 before dividends 68.1
Less: (3.0)
Interim dividend paid on 9 September 2022
Proposed final dividend of 3.0p payable, after shareholder approval, on 3 (3.0)
March 2023
Illustrative NAV as at 30 September 2022 after proposed dividend 62.1
Portfolio review
At 30 September 2022, the Company's investment portfolio was valued at £128
million and comprised direct investments in a total of 85 companies of which
39 are unquoted and 46 are quoted companies. The Company's investments in the
LF Gresham House UK Micro Cap Fund ("Micro Cap"), LF Gresham House UK Multi
Cap Income Fund ("Multi Cap") and in the LF Gresham House UK Smaller Companies
Fund ("Small Cap") were valued at £43 million at 30 September. These
investments provide further diversity, giving investment exposure to an
additional 75 AIM-traded and fully listed companies and thus spreading
investment risk across some 160 portfolio companies.
During the 12 months to 30 September 2022, the underlying value of the
unquoted portfolio decreased by 19 per cent and the portfolio of directly held
AIM investments decreased by 20 per cent reflecting the difficult conditions
experienced in the wider market. Both portfolio returns, whilst disappointing,
compare favourably to the FTSE AIM All Share Index which decreased by 35 per
cent for the period.
Our Micro Cap fund delivered a return of -32 per cent, and our Small Cap fund
declined 18 per cent, compared to the IA UK Smaller Companies Sector which
declined by 32 per cent. The Multi Cap fund declined by 9 per cent compared
with the IA UK Equity Income Sector that declined by 8 per cent for the 12
months to 30 September 2022.
Investments and divestments
The Board is pleased to report that the Company has continued to make new
investments during the year and has invested a total of £13 million in nine
companies over the year. Further details of the new investments made are
included in the Manager's review. The new investments in earlier stage
opportunities may result in greater volatility in returns from the Company
over time. However, the more mature, established portfolio of existing
investments should assist in sustaining returns and dividends for shareholders
as the new portfolio develops and grows. In addition to the number of
holdings, the portfolio is well diversified by sector, with a tilt towards
technology, healthcare, and to recurring revenue business models.
There have been several realisations in both the unquoted and quoted portfolio
during the year, reflecting the Manager's continued focus on driving liquidity
in the portfolio to create realised capital profits to fund current and future
dividends for shareholders. For example, the sale of Carousel, in the unquoted
portfolio, delivered total proceeds of £9.3 million for a gross money
multiple of 5.0x cost.
The Manager also realised its investment in Ideagen, in the quoted portfolio,
which delivered proceeds of £9.4 million for a total gross money multiple of
13.5x. The Investment Manager has once again made a select number of
profitable partial realisations of Cerillion plc during the year, resulting in
the receipt of proceeds of £1.5 million at an aggregate of 11.4x original
invested cost in this listed company.
Sunset Clause
When State Aid approval of the UK's VCT and EIS schemes was given in 2015 a
"sunset clause" was introduced for the schemes which means if the legislation
is not renewed investors will no longer be able to claim initial tax relief on
investments made after 5 April 2025 ("the Sunset Clause").
On Friday 23 September 2022 the Government announced as part of
a "mini-budget" that "the government remains supportive of the Enterprise
Investment Scheme (EIS) and Venture Capital Trusts (VCT) and sees the value of
extending them in the future". Additionally, on 7 November 2022, as part of
its Autumn Statement, the Government said "the Government remains supportive
of the Enterprise Investment Scheme and Venture Capital Trusts and sees the
value of extending them in the future". Given these statements, the general
consensus in the VCT industry is that the Government will extend the
provisions of the Sunset Clause. However, no further details have been
provided as yet on the length of that extension, or any conditions or
variations to the current VCT scheme that may be attached to any such
extension.
The Board has engaged external legal advice to provide a strategic review on
possible outcomes and will continue to monitor and report on any further
Government announcements in future reports.
Dividends
The Board is pleased to declare a final dividend of 3.0p per share for the
year to 30 September 2022, payable on 3 March 2023. This is in addition to the
3.0p interim dividend paid in September and means that the total dividends for
the year are 6.0p. This is a 7.1 per cent yield based on the opening NAV of
84.3p and meets the target policy of 7 per cent of the NAV at the start of the
year.
The Company has good levels of realised reserves to fund future dividends and
the Manager continues to focus on selling investments and generating realised
profits across the portfolio, which help to sustain the payment of dividends.
Environmental, Social & Governance ("ESG") matters
Environmental, social and governance analysis is embedded into the Company's
investment processes by the Investment Manager in order to build and protect
long-term value for investors. A framework based on 10 key ESG themes is used
to structure analysis, monitor and report on ESG risks and opportunities
across the lifecycle of investments. Further information in relation to the
Investment Manager's integration of ESG factors in management of the Company's
portfolio is set out in the full Strategic Report. Your Board is particularly
pleased to note the focus of the Manager in this area.
Fundraising
In August 2022, the Board announced its intention to raise new funds to
enhance the Company's resources available for new and follow-on investments
over the next two to three years. The Company expects to launch the offer for
subscription in January 2023.
Annual General Meeting ("AGM")
We look forward to holding our next AGM in person at 10.30 am on 1 February
2023 at Saddlers' Hall, 40 Gutter Lane, London, EC2V 6BR. As usual I will
present my own review of the year and will then be joined by the Manager. We
would be delighted if you would join us for light refreshments afterwards.
For any shareholders that do not wish to attend in person, we will be live
streaming the AGM and Manager's presentation. Registration details for the
live stream will be included in the Notice of AGM and on the Baronsmead
website. In order to cover as many questions as possible, we encourage
shareholders to submit any questions to the Board in advance of the meeting.
Outlook
The macroeconomic and equity market outlook continue to exhibit elevated
levels of uncertainty as we appear to be at a paradigm shift from low
inflation and low interest rates to higher inflation and higher interest rates
and unwinding of Government stimulus as well as an equity rotation from growth
to value that is well underway.
We anticipate this uncertainty will continue to drive periods of
sentiment-driven volatility in equity markets well into next year. While we
view this outlook with suitable caution, we also expect heightened volatility
to drive attractive long-term investment opportunities and we remain vigilant
for evidence of mispricing.
Despite the continuing potential economic headwinds, the Board continues to
believe it is a good time to be investing in earlier stage, innovative and
high-growth potential businesses looking to take advantage of changes in
consumer behaviour and the disruption of traditional supply chains being
catalysed by technology. The level of interesting investment opportunities
being reviewed by the Investment Manager continues to be strong and the Board
remains confident that the Investment Manager is suitably positioned to
provide the necessary levels of support to the unquoted company portfolio
through these difficult times. Despite the current economic outlook, where
some portfolio companies are likely to face more difficulties than others,
there continues to be an increase in existing high potential portfolio
companies looking for follow on capital to support future growth.
Sarah Fromson
Chair
1 December 2022
MANAGER'S REVIEW
This year has seen a prolonged period of weakness in the public and private
equity markets brought about by macroeconomic uncertainty and global events.
Against this backdrop, the portfolio, whilst well diversified, with exposure
to 160 quoted and unquoted companies, has delivered a decrease in net asset
value total return of 19.2 per cent over the year.
PORTFOLIO REVIEW
Overview
The net assets of £213 million were invested as follows:
Asset class NAV % of Number of investees** % return in the year***
(£m) NAV*
Unquoted 53 25 39 (19)
AIM-traded companies 75 35 46 (20)
LF Gresham House UK Micro Cap Fund 23 11 50 (32)
LF Gresham House UK Multi Cap Income Fund 14 7 41 (9)
LF Gresham House UK Smaller Companies Fund 6 3 38 (18)
Liquid assets(♯) 42 19 N/A -
Totals 213 100 214
* By value as at 30 September 2022.
** Includes investee companies with holdings by more than one fund. Total
number of individual companies held is 160.
*** Return includes interest received on unquoted realisations during the
year.
# Represents cash, OEICs and net current assets
The tables below show the breakdown of new investments and realisations over
the course of the year and below is a commentary on some of the key highlights
in both the unquoted and quoted portfolios.
Investment activity - unquoted and quoted
The Company's investment strategy is primarily focused on companies operating
in parts of the economy that we believe are benefiting from long-term
structural growth trends and in sectors where we have deep expertise and
network. The amount of capital invested in each business is matched to the
scale, maturity and underlying risk profile of the company seeking investment.
During the year, £23.1 million was invested into 19 companies including nine
new additions to the portfolio and eleven follow on investments in ten
existing portfolio companies.
Six new unquoted investments were completed during the year into Popsa
Holdings Ltd, Proximity Insight Holdings Ltd, Bidnamic, Fu3e Ltd, Focal Point
Positioning Ltd and Orri Ltd. Below are descriptions of the new investments
made:
· Popsa is a photobook mobile app which utilises proprietary
machine learning ("ML") algorithms to dramatically shorten the time of
creation
· Proximity Insight provides a cloud-based app for retail sales
associates to engage and transact with customers in-store or online
· Bidnamic is a Google Shopping bid optimisation platform
· Fu3e is a collaborative project management and real time
reporting platform focused for real estate professionals
· Focal Point utilises proprietary ML algorithms to significantly
improve satellite-based location sensitivity
· Orri is a clinically-led provider of eating disorder services.
Three new AIM quoted investments were made during the year into Skillcast,
Aptamer Group and Oberon Investments:
· Skillcast is a vendor of financial risk and compliance software
· Aptamer is a developer of a platform technology with applications
in the therapeutic and diagnostic areas of healthcare
· Oberon Investments is a wealth management and financial advisory
firm
The Company made additional investments in ten existing portfolio companies,
one quoted and nine unquoted, across the year. This is consistent with the
investment strategy of continuing to back our high potential assets with
further capital to support future growth. We anticipate the level of follow-on
investment will continue to grow as the earlier stage portfolio continues to
mature.
Unquoted portfolio
Performance
The unquoted portfolio decreased in value by 19 per cent during the year.
Our portfolio companies have faced a challenging macroeconomic environment,
including rising levels of inflation and interest rates and continued supply
chain disruption relating to both the ongoing effects of the COVID-19 pandemic
and the impact of conflict in Ukraine. In particular, this has started to
impact the consumer facing businesses in the portfolio. However, we have seen
robust performance from many of our technology, healthcare and services
companies which continue to grow recurring or contracted revenues, albeit, in
general, at a slower pace than has been forecast.
As Investment Manager we remain highly engaged with the management teams
within the portfolio, sharing insight and best practice to help them manage
both risk and spot opportunities in a quickly changing environment. We have
continued to invest in our portfolio and in-house talent teams, which
alongside our extensive network of earlier stage, high growth company experts,
ensure we are well positioned to help the companies we invest in to navigate
the challenges they face, whilst also continuing to develop and scale.
Divestments
The Company successfully realised its investment in Carousel Logistics in
February 2022, delivering £9.3 million in proceeds and an initial investment
return of 5.0x. Carousel is a pan-European logistics specialist, delivering
high-value parts and products for performance and life-critical industries.
The business grew significantly during the investment period, including
expanding their international footprint both organically and through
acquisition. In addition, the Company also successfully realised its
investment in Happy Days in July 2022, delivering £3.2 million in proceeds
and an initial investment return of 0.8x. Also, during the year, the Company
fully divested its holding in Rainbird Technologies for no return on
investment.
Quoted portfolio (AIM-traded investments)
Performance
The quoted portfolio decreased in value by 20 per cent during the year, giving
up some of the strong gains made for shareholders in the prior year. This
performance, should be viewed in the context of a challenging equity market
environment globally, driven by macroeconomic and geopolitical uncertainty and
headwinds which have resulted in losses across most asset classes. For
reference the AIM market in the UK fell 35 per cent over the same period.
Despite the adverse share price performances from many of the portfolio
companies, the majority of the AIM portfolio remains in good financial health
and is exposed to structural growth areas, providing some insulation from the
deteriorating economic conditions.
The best performing investments all sit in the software sector with two
benefitting from the elevated level of takeover activity in the UK public
markets for much of the financial year. Cerillion, a provider of billing and
charging software to the telecoms industry continued to deliver strong revenue
and profit growth and upgraded expectations on the back of strong contract win
momentum. Ideagen, a governance, risk and compliance software provider saw its
share price increase by 10% over the year mainly due to a takeover approach
from a vehicle backed by private equity firm Hg Capital, at a substantial
premium. The takeover resulted in a full exit for Baronsmead funds at a
multiple of 13.5 times original cost. Cloudcall, an internet telephony
software company, also received a takeover approach from US private equity
firm Xplorer Capital Management LLC resulting in a strong recovery in value
following a period of operational underperformance, realising a return of 0.9
times original cost.
The largest detractors from performance were Netcall, a provider of cloud
contact centre and business process automation software which was derated
despite strong growth in revenue and profit during the period; TPXImpact which
again was derated during the period although we note the business has
subsequently downgraded its market estimates resulting in the CEO stepping
down post year end; and Inspired, an energy procurement and optimisation
consultancy which de-rated during the year despite delivering results in line
with expectations and seeing strong increased demand for its services
resulting from elevated energy prices following the conflict in Ukraine.
We closely monitor our AIM portfolio with a rolling programme of independent
reviews of top AIM holdings and broadly continue to be positive on the
long-term investment prospects of these companies. Many of the larger quoted
investments have been long--term holdings. These companies are typically
profitable, cash generative businesses with low levels of financial gearing
and continue to have attractive long-term growth prospects.
Divestments
Proceeds totalled £13.7 million during the year following three full and one
partial realisation. Ideagen was fully realised following a takeover by
private equity firm Hg Capital, returning 13.5x cost in July 2022. The
Company's investment in Cloudcall Group was also fully realised returning 0.9x
cost. The opportunity to crystallise some more profits was taken for Cerillion
plc; over the course of the year proceeds of £1.5 million were realised at
11.4x cost.
Collective Investment Vehicles
The Manager believes that the Company's investments in the LF Gresham House UK
Micro Cap Fund ("Micro Cap"), LF Gresham House UK Multi Cap Income Fund
("Multi Cap"), and LF Gresham House UK Smaller Companies Fund ("Small Cap")
are a core component of the Company's portfolio construction. These
investments provide shareholders with additional diversification through
exposure to an additional 75 underlying companies, as well as access to the
potential returns available from a larger and more established group of
companies that fall within the Manager's core area of expertise.
Over the year Micro Cap delivered a return of -32 per cent, Multi Cap
delivered a return of -9 per cent and the Small Cap fund delivered -18 per
cent.
Micro Cap and Multi Cap continue to be both highly rated by independent
ratings agencies. Micro Cap's cumulative performance is currently top quartile
within the IA UK Smaller Companies sector and is the fourth best performing
fund over the past 10 years. Multi Cap's cumulative performance has been the
top performing within the IA UK Equity Income sector over three years, five
years and since launch in June 2017. Small Cap has also achieved top quartile
cumulative performance since launch in 2019 and is the fourth best performing
fund over the past three years and second best since launch.
Liquid assets (cash and near cash)
The Company had cash and liquidity OEICs of approximately £42 million at the
year-end. This asset class is conservatively managed to take minimal or no
capital risk.
ESG highlights
During the year we have conducted our second ESG survey of our unquoted
portfolio companies, to identify how these companies think about ESG and which
ESG data is already being reported and monitored. Further details on our ESG
approach and policies can be found in the strategic report.
Outlook
Despite the current macroeconomic headwinds, the opportunity to invest and
support growth in entrepreneurial earlier-stage businesses remains strong. Our
focus on investing in parts of the economy which are experiencing structural
growth and in sectors where we have extensive talent networks and domain
expertise continues to identify attractive investment opportunities. With our
support and guidance, many of our portfolio management teams continue to
innovate to take advantage of the disruption in the market as a result of the
economic downturn. We anticipate the rate of follow-on investment to increase
across the portfolio as we support our successful companies to trade through
the cycle and to continue to scale.
Several parts of the portfolio have faced challenges due to the macroeconomic
environment, most notably our investments in companies that rely on consumer
sentiment. Our investee companies are having to navigate the impact of wage
inflation, rising energy prices and supply chain disruption. However, the
portfolio continues to be highly diversified, and overall, is defensively
positioned.
The Gresham House team, which consists of 21 investment professionals is well
placed to take advantage of the opportunities that an uncertain economic
environment will present. Our experienced portfolio and in-house talent teams
continue to add value to our portfolio companies post investment. We remain
confident in the ability of more agile, fast moving earlier stage companies to
perform well in the current economic environment and in our ability to invest
capital and deliver attractive long-term returns for the Company.
Gresham House Asset Management Ltd
Investment Manager
1 December 2022
Investments in the year
Company Location Sector Activity Book cost
£'000
Unquoted investments
New
Popsa Holdings Ltd Surrey Technology Mobile-first photobook app provider 3,379
Fu3e Ltd Sussex Technology Real-estate development project management platform 1,819
Proximity Insight Holdings Ltd London Technology Platform for front-line sales associates of omni-channel retailers to engage 1,152
with customers
Bidnamic Yorkshire Technology Google shopping bid-optimisation software 921
Focal Point Positioning Ltd Cambridgeshire Technology Research and development focused technology business focusing on global 908
navigation and satellite systems
Orri Ltd London Healthcare & Education Provider of intensive day care treatments for eating disorders 794
Follow-on
Panthera Biopartners Ltd Yorkshire Healthcare & Education Recruitment services for clinical trials 2,598
Airfinity Ltd London Healthcare & Education Provides real time life science intelligence as a subscription service 1,352
eConsult Health Ltd Surrey Healthcare & Education Online consultation provider used by GP practices and hospitals 1,300
Yappy Ltd Lancashire Consumer Markets Supplier of customisable pet products 1,059
Patchworks Integration Ltd Nottinghamshire Technology Leading integration platform for fast-growing retail and ecommerce businesses 780
RevLifter Ltd London Technology AI platform using advanced behavioural analytics to deliver tailored 779
promotions to users
Custom Materials Ltd London Technology Retailer of customisable products 655
Glisser Ltd London Business Services Audience response software 330
Tribe Digital Holdings Pty Ltd London Technology Influencer marketing platform 284
Total unquoted investments 18,110
AIM-traded investments
New
Aptamer Group plc Yorkshire Healthcare & Education Platform providing antibody alternatives to the pharma industry 2,390
Skillcast Group plc London Healthcare & Education Compliance e-learning and regulatory technology services 817
Oberon Investments Group plc London Business Services Corporate advisory business 742
Follow-on
Crossword Cybersecurity plc London Technology Commercialisation of university research-based cyber security software and 1,040
consulting
Total AIM-traded investments 4,989
Total investments in the year 23,099
Realisations in the year
Company First Investment date Original Proceeds‡ Overall multiple return
book cost(*) £'000
£'000
Unquoted realisations
Carousel Logistics Ltd Full Trade Sale Oct 13 2,336 9,333 5.0*
Happy Days Consultancy Ltd Full Trade Sale Apr 12 4,180 3,184 0.8
Rainbird Technologies Ltd Full Trade Sale Feb 19 0.0
789 0
Total unquoted realisations 7,305 12,517
AIM-traded realisations
Ideagen plc Take over Jan 13 720 9,358 13.5
CloudCall Group plc Take over Apr 14 3,214 2,900 0.9
Cerillion plc Market sale Jul 15 129 1,474 11.4
Mi-Pay Group plc Liquidated Nov 12 800 11 0.0
Total AIM-traded realisations 4,863 13,743
Total realisations in the year 12,168 26,260
# Residual book cost at realisation date.
‡ Proceeds at time of realisation including interest.
* Includes interest/dividends received, loan note redemptions and
partial realisations accounted for in prior periods
Final Dividend
Subject to shareholder approval at the AGM on 1 February 2023, a final
dividend of 3.0p per share will be paid on 3 March 2023 to shareholders on the
register at 3 February 2023. The ex-dividend date will be 2 February 2023.
Annual General Meeting
The AGM will be held on 1 February 2023 at 10.30am at Saddlers' Hall, 40
Gutter Lane, London, EC2V 6BR. The Company intends to hold this AGM in person,
however, we will also live stream the event for any shareholders who do not
wish, or are unable, to attend in person. A separate Notice convening the AGM
will be posted to shareholders. The Notice will include an explanation of the
items to be considered at the AGM and will be uploaded to the Company's
website in due course.
Further Information
The Annual Report and Accounts for the year ended 30 September 2022 will be
available today on www.baronsmeadvcts.co.uk (http://www.baronsmeadvcts.co.uk)
.
It will also be submitted shortly in full unedited text to the Financial
Conduct Authority's National Storage Mechanism and will be available for
inspection at data.fca.org.uk/#/nsm/nationalstoragemechanism
(https://data.fca.org.uk/#/nsm/nationalstoragemechanism) in accordance with
DTR 6.3.5(1A) of the Financial Conduct Authority's Disclosure Guidance and
Transparency Rules.
LEI: 2138008D3WUMF6TW8C28
END
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