Markets Live chat transcript for the chat ending at 12:07 on 8 Feb 2012. Participants in this chat were: Paul Murphy Bryce Elder/FT neil collins
PM
Gracing us with his presence
PM
Lots to talk abotu this mornign
PM
Dunno what to start with
PM
Any preferences anyone?
PM
PR triumph this morning
PM
By all account. Must confess i missed it
PM
Did you catch this interview?
PM
“Those people are doing a good job. I think they deserve recognition. If they do a good job, it is our task to make sure that there is a connection between the job people are doing and how they get treated.”
NC
I thought he did well. Naughtie didn’t laty a glove on him in 15 mins
PM
And then there was this nicely timed memo — urging staff to prove the critics wrong
PM
Youve cought my spelling disease
BE
Here’s some more quotes from the wires.
NC
Pure co-incidence, I’m sure
BE
You’ve been hanging with the unloved kids
Who you never really liked and you never trusted
BE
But you are so magnetic, you pick up all the pins
Never committing to anything
BE
That’s “I Am Not a Robot”
BE
By Marina and the Diamonds.
NC
That’s modern banking for you
BE
I had to replace the whole senior management team at RBS
BE
“Not just people to run the bank well, but to defuse the biggest time bomb in history in terms of bank balance sheets.
BE
The biggest time bomb in history.
PM
We’ve been discussing whether we should launch a campaign re Hester
PM
He should be Sir Stephen, don’t you think
NC
Well, there’s a free one lying about at RBS
PM
remember this guy has serious pedigree
PM
Saved the bank of England’s blushes over Abbey national
PM
It was a toxic bank long before the Crunch — he unwound their HUGE toxic treasry position
PM
And now he’s saving RBS for the nation
PM
can’t think of a better candidate for a knighthood
NC
He’s stopped the rot at RBS. The share price is not really relevant, since the state’s holding can’t be sold
BE
And, let’s not forget, he didn’t even want the job.
BE
Like politicians, the best kind of bankers are reluctant ones.
PM
here’s the nomination form
BE
What do we need? A thousand names?
NC
far better to reinvent the bank as something useful for the economy, rather than focuis on shareholder value
PM
yeah, but we can get this crew on the case — see whether we can get a press freebie
PM
Its got a guaranteed win service
PM
We guarantee to win at least 2 awards for you from 12 entries or at least 1 from 8 entries or your money back in full
Designed to make you the most award winning organisation in your sector
Our average win rate is 42% – the best in the business. The industry average is just 11%
Will free up your time as whole entry process professionally managed by us
NC
A gong or your money back?
PM
You can do pay as you go
PM
Pay-As-You-Go Service
This service is for clients who wish to enter a few awards on an ad hoc basis.
NC
Is there a graduated scale?
PM
Guaranteed Win Service (business awards):
8+ entries at £1700 drafting fee per entry plus a £500 win bonus with a minimum of one win guaranteed or your money back in full.
12+ entries at £1500 drafting fee per entry plus a £500 win bonus with a minimum of two wins guaranteed or your money back in full.
Pay-As-You-Go Service (business awards):
One or more entries at £1900 drafting fee plus a £500 win bonus.
Queen’s Honours Nominations e.g. OBE, CBE, MBE, knighthood etc and House of Lords applications:
£3900 drafting fee. This is a highly bespoke and discreet service. Includes face to face meetings, expert advice, professionally drafting the nomination and up to five third-party letters of support. Please call us for more information and an honest assessment of your chances of success.
Public Appointments (paid and unpaid positions for individuals):
£2500 drafting fee per application. This includes a face to face meeting followed by professionally drafting the application. Please call us to discuss current vacancies.
The Queen’s Awards for Enterprise and Enterprise Promotion (for businesses and individuals):
£3000 drafting fee plus a £500 win bonus.
BE
We could arrange a sweepstake.
NC
I like the “honest assessment of your chances”
BE
Everyone throws in a quid and someone gets a random knighthood.
PM
Anyway, we can start by calling Sir Stephen “sir” here and hopefully it will catch on
NC
National Knighthood Lottery
BE
We really should move on
BE
Stop entertaining ourselves
PM
has greece defaulted yet?
BE
Not when I last checked.
PM
Things running on Greek maybe Time
PM
Politicians meeting in Athens at 1pm our time i think
BE
Journal says the Eurosystem central banks have agreed to contribute to a debt restructuring.
PM
Joseph was on this case about 10 days ago
BE
This is, after all, the Groundhog Day of all crises.
BE
So the Eurosystem sells Greek bonds with a below-par price to the EFSF
BE
And the EFSF returns the bonds to Greece, which will pay the EFSF its purchase price.
BE
And, in order to give Greece the ability to purchase the bonds, the EFSF will have to expand its loans to Greece.
NC
No point in restructuring debt if you can’t meet the restructured liabilities
PM
What happened to this E15bn gap?
PM
Shush on that too i guess
PM
Just looking at sov credits
PM
Notice that Italy and Spain still converging
PM
At this rate they’ll meet on Monday
BE
Citigroup’s terse but right as to why this is nonsense.
BE
If the deal gets through, it will highlight again the inappropriate size of the rescue facilities. If more PSI transactions are required for other countries, the ECB is likely to use the same procedure. As a consequence, the EFSF/ESM would have to use a large part of its ammunition – currently targeted at €500bn – to fund the purchases of ECB government bond holdings under the SMP of currently €219bn.
BE
However, we have the Troika report to look forward to tomorrow.
BE
So let’s save Greece for then.
BE
(ROTR: we welcome the comments, of course, but the Daily Mail Online might be a better forum for hosting discussion on newsreaders’ pay and elocution.)
BE
16 points the better at 5906.
BE
Oh, and we’re in a global bull market.
BE
If you hadn’t noticed.
BE
MSCI All-Country World Index is 20 percent above its closing low on Oct. 4
NC
Didn’t it bounce from its low as soon as the bear market was officially declared?
BE
Yup. Pretty much to the day.
NC
This 20% trigger is just a trap for the innocent
PM
(Note Joseph’s point on ECB bond buying in greece — )
PM
Yeah of little faith Neil
PM
We shared Caz’s 6 reasons to buy right now yesterday…
BE
(@cityunslicker: no, it’s not just you. The system’s knackered, and has been for months. But we have our best people on it. Our best people.)
PM
Footsie’s going to 6k, you watch
NC
Sorry, let’s all be positive. Billions wiped on share values…
BE
Exclusive to all newspapers ……..
BE
There was a bid rumour around yesterday.
PM
Talkative types, the shrewdies behind this one
BE
The story I heard initially was that EADS were showing an interest.
BE
There’s a bit of antitrust difficulty down on the sales floors, but I’m sure that’s surmountable.
BE
But people familiar with EADS’ thinking are doing nothing to encourage that line this morning.
BE
The other name mentioned, rather later in the day and by rather rougher punters ….
BE
Which, again, is plausible.
BE
GE is looking for deals, so is getting linked with everything.
PM
Well the price is certainly moving this morning
PM
Currently up 28p at 465
BE
Yup. The logic behind this one is as tight as it’s always been.
NC
Now it’s recovered from its near-death experience in fianncial services
BE
The Amazing Exploding GE Capital. Yes. Indeed.
BE
And the logic of Inmarsat + someone has always made sense.
BE
Long term play on the need for data in the sky.
BE
Either civilian broadband on flights, or unmanned military bombing drones.
BE
Either way, the theory is that Inmasat’s a strategic asset.
BE
Unfortunately, it’s a strategic asset in two rubbish markets at the moment.
BE
Shipping and military phones.
BE
So next month’s results may well suck.
BE
Anyway, here’s an interestingly blue-sky comment from Merrill Lynch.
BE
There’s been some speculation reported in the press (eg FT) that Inmarsat could
be a target for either EADS or General Electric. We think this is credible. Why?
One of the points we’ve been making consistently is that the new Global Xpress
constellation of satellites which start going up at the end of 2013 is going to be
launched into a massive wall of demand. Inmarsat’s new system will deploy the
only global Ka-band system with ultrafast data connectivity anywhere in the world.
While the investment is seen as a “defensive” move in the maritime segment it is
“offensive” (to use the American term) in the adjacent markets it’s not currently in.
One of the big uses we see there and we’ve been talking about for some time is
the nascent market for Drones.
BE
These unmanned aerial vehicles (or UAVs) use a
colossal amount of data all via satellite as they send signals back encrypted but
uncompressed to get the maximum amount of resolution. We expect demand for
drones to grow exponentially. Indeed we understand the replacement for the US’
F-35 fighter jet is likely to be pilotless. On top of that the military is gearing up
more for electronic warfare. Since the US government has cancelled its TSAT
programme, a series of US military communication satellites it will be forced to
rely more and more on trusted third party NATO allies – in other words
INMARSATs new Global Xpress network. This wall of demand is the reason why
we think Boeing has pre booked 10pct of the Global Xpress capacity already. So
why EADS or General Electric? Well actually there are some clues here, EADS
recently bought Vizada, one of the main distributors of Inamrsat’s services, and
EADS is pushing to get involved more in military procurement.
BE
Such a move
could therefore make sense. General Electric, obviously with a lot of military
connections also has some geo-stationary satellites which it picked up in the split
off transaction from SES back in 2007, and so there would be some operational
synergies as those satellites, like Inmarsat’s are also geostationary ones so there
would be operational and ground control centre synergies. As a reminder we
have a 780p Price Objective on Inmarsat, which is 80% upside potential,
excluding the 6.5% dividend yield.
BE
And, of course, we have the overhang of Lightsquared.
NC
Interesting post from John Hempton at Bronte a day or so ago..
BE
Give us a bit of that.
NC
in the eyes of Falcone this gives him the right to use 40 thousand plus booster stations all they way across America so he can retransmit to everyone. Of course these booster stations will also be connected to ground-based fibre networks where appropriate. And so Falcone plans to build another US national cell phone network or at least to sell spectrum to the existing networks.
This is – to put it mildly – audacious. And there is little doubt that American consumers would benefit from more wireless spectrum capacity.
But also to put it mildly it is a massive lean on the American taxpayer. You see if the spectrum had been auctioned like traditional spectrum the taxpayer would have received billions of dollars – dollars that will might now flow to Lightsquared and Falcone. Rarely have I seen taxpayers give away larger gifts to corporates (and that includes the banks) but in this case they are giving the gift to one slightly compromised billionaire and his hedge-fund clients. It is really hard – nay impossible – to see any policy basis for that gift.
NC
Slightly complicated if you’re not up to speed
NC
but the point is that Falcone is trying to game the system
NC
full post is worth a read
PM
He’s very good, Mr Hempton.
BE
It was widely assumed, let’s say, that Falcone’s original plan was to buy Inmarsat outright.
BE
But the money ran out.
BE
Sorry, I should say that it’s widely assumed the money ran out.
BE
More in the Long Room, for those interested.
PM
Can resist this one any longer
PM
Neil H will be knocked back the tinnies
BE
Another blue-sky play with long term strategic value …..
PM
Big profit warning this morning
BE
Yup. Well, can we call it a profit warning?
PM
Who woud have thought that pink velor tracksuits for men would not be selling well?
NC
I think NH was predicting sub-500p
NC
he’s almost in the money…
BE
It’s been there already. And, just to remind everyone, we were saying that at £18.
BE
(Throw enough darts, etc.)
BE
So it’s not a warning, exactly.
BE
But sales are deteriorating.
BE
Stripping out the noise from the figures you get sales down 3% from the Christmas update.
BE
And the statement talks of a slowdown in the last three weeks of January.
BE
So, you’re thinking that must be down 5% or so.
NC
are they blaming the weather yet?
PM
And the stock is off 18%….
PM
Read somewhere that they are planning to shrink the log on shirts
BE
The 2012 range no longer has “the sandwich board effect”, as one analyst put it.
PM
logo

BE
(I knew what you meant.)
PM
Log-on shirts would surely sell well tho, no?
PM
jarvis quick with the news
BE
This is Rednapp, to explain to transcript readers.
PM
We’d best not transcribe with Neil C is saying here in the office
BE
Football manager innocent. That’s all we’re saying here.
NC
justice must be seen to be believed…
PM
Or you got any notes from those various brokers who were pushing it?
BE
Yup – though they’ve been slightly slow off the mark.
BE
Merrill — which upgraded to “gold plated buy” or something last week — says this.
BE
LFL slow in Jan, PBT seen in line with our low end forecast
Overall Q3 trading for the 3 months ended Jan showed an improved trend vs
Christmas trading, mainly driven by a better performance in wholesale. However
the slower trend in Retail LFL in January means management now expects FY12
PBT to come in line with our low end forecast of £50.7mn (consensus range £50- £54mn). Although this statement could, once again, renew speculation about the longevity of the brand in the UK, we would highlight that 1) January is not an important month for Retail (it contributed to 6% of annual group’s sales last year) 2) at 12x cal.12e P/E we don’t think the shares were pricing in the high-end consensus numbers anyway and 3) we expect more positive newsflow in 2012 on new AW12 ranges, margins and operational efficiencies. Given the shares are up c.38% YTD and 60% from November lows we would not be surprised to see some near-term correction, but would regard any dip as a good buying
opportunity.
NC
platinum plated buy now, I suppose
BE
Q3 Retail sales grew 28% with LFL +4.4%, in line with the Christmas trading
update. However, a higher space contribution in January, some demand brought
forward into December (LFL +9%) combined with higher discounting across the
high street had a negative impact on SuperGroup’s January LFL sales (we
estimate small negative).
PM
(Soundbuy — get your coat)
BE
Wholesale returned to growth in January and overall Q3 was up 18% (vs. -4% in
Nov-Dec) as wholesale accounts received earlier deliveries of SS12 ranges.
Going forward we still expect international to drive wholesale growth, although the
annualisation of the acquisition of SuperGroup Europe in Feb 2011 means the
rate of growth will slow.
BE
Nothing from Oriel, who had the misfortune of turning buyers on Monday.
BE
Numis, however, remain sell and are happy to tell everyone.
BE
Supergroup has seen sales slow dramatically over the last 3 weeks, with the Q3
outturn implying LFLs of -3% through January, even against weaker comps. We
lower our Apr-12 PBT forecast from £54.1m to £49.0m and, with the stock trading on 15x earnings, reiterate our SELL recommendation.
BE
Sales slow in January: Having posted a Christmas trading update which saw LFLs
improve over the first 9 weeks of Q3 to +5.8% (+9.3% through December), Supergroup
has seen sales slow dramatically over the last 3 weeks of January. LFLs ended Q3 at
+4.4%, implying a run-rate of -3% since the Christmas trading update. Moreover, the
statement notes that the slowdown was only for the last 3 weeks of January, implying a
considerably worse exit rate, likely at least -5%.
BE
Against weaker comps: Strikingly, this performance is set against weaker comps; last
year, the slowdown from the 9 week Christmas sales growth to the 13 week Q3 update
implied this 4 week stub was facing comps c.10% below those over Christmas.
BE
There were mitigating factors: While we had expected sales growth to resume its
declining trend through 2012, we had not expected such a rapid change in trajectory.
Admittedly there are mitigating factors; this is a fairly insignificant period in terms of
sales, competitor clearance activity ran longer than last year and the warmer weather
didn’t suit Superdry’s product range. However, it is also worth pointing out that with
internet still growing, and international online sales included in the LFL number, the UK
store-based LFLs must have moved comfortably into double-digit negative LFL territory.
BE
(Wrong weather klaxon!)
BE
Brand increasingly mass market: In our view, the solid performance over the
Christmas peak, followed by a deeper trough during non-peak periods reflects the
continued mass-marketisation of the brand; Superdry is increasingly appealing to
customers who only shop twice a year – at Christmas and for a summer outfit.
BE
Forecasts lowered, reiterate SELL: Although Wholesale sales resumed its growth
trend (+59.2%), management has guided PBT to be towards the lower end of
expectations; we cut our earnings forecast from £54m to £49m. The shares now trade
on 15x and we reiterate our Sell recommendation, believing the brand has passed its
peak and expecting the sales trend will continue a negative trajectory through 2012.
BE
And that’s enough, I think.
PM
Was looking at Reckit, but got stuck in the renumeration report
PM
People talk about bankers pay…
NC
Bart timed his exit brilliantly, didn’t he?
PM
Anywaym stock up 93p ont he back of the results
BE
Brecht’s pay packet was a-maz-ing.
BE
Anyway, one of the rabble mentioned Misys.
Strange software outfit, seemingly controlled by US investor ValueAct Capital.
BE
Another CEO who’s been considerably enriched.
PM
Amazing shrinking bid stock
BE
We can start with the obvious
BE
Which is that this is a surrender to Temenos
BE
Calling it a merger is disingenuous.
BE
It’s a change of control without premium.
BE
As Peel Hunt noted this morning ….
BE
If Misys’s new software had been progressing as planned, we suspect it would not have contemplated a merger with an arch rival.
BE
Misys shareholders will own 54% of the enlarged group.
BE
Temenos will provide the CEO and chairman, and Misys the CFO of the new business.
BE
Lawrie, the Misys CEO, is offski already.
BE
Job done, he’s off to Computer Sciences Corp
BE
(And, by “job done”, I mean failing to sell the company. Which, to some, might be interpreted as “job not done”.)
BE
(Still, he got his five year bonus.)
BE
Anyway, it’s the usual concerns now.
BE
With added integration risk.
BE
Here’s Peel Hunt again.
BE
Terms “in principle” regarding an allshare merger have been agreed. Misys shareholders will own 54% of the enlarged group, which is equivalent to its market cap at last night’s close relative to that of Temenos. Based on those prices, the newco would have a market cap of just over £2bn and, with our estimated net debt of £280m, an EV/sales of 3x and a PE of 16.5x (based on 25% tax). This looks too high to us, based on our own estimates of cost savings, which have yet to be released by Misys, and the integration risks associated with the deal. The market will also be disappointed that no other bidder has emerged. The new company would continue to be listed in London (possibly also on SIX Swiss Exchange) with its HQ in Switzerland
BE
Cost savings but integration risk: Misys and Temenos operate in over 100 countries, suggesting ample scope for cost savings through the closure of sales offices as well as significant head-office costs at Misys. We estimate that the removal of £50m of costs could create a group with around £760m of sales and operating margins close to 30%. Such a company could eventually command an EV/sales of around 3x. However, this is before taking into account merger risks associated with two different technologies, a banking market in turmoil and companies that have not always seen eye to eye.
BE
Sell down to 300p: As a stand-alone entity, we had a fair value target of 280p for Misys. We now raise this to 300p, equating to an EV/sales of 2.5x and a sector average PE of 15x before cost savings for the combined business. After cost savings, the PE could be 10-20% lower, but we take the view that this is countered by the integration risk and weak market conditions for banking software. We would advise investors to sell down to 300p. Small cap funds are also likely to be sellers today.
BE
Now, there is a footnote to this story that we really need to mention.
BE
There was some confusion last night
PM
Someone’s gonna get it in the neck here…
BE
Hm. That’s not my intention at all.
BE
Someone emailed out a press release late last night
BE
Then redacted the email.
BE
(Which, of course, only alerts us to the fact that we really have to read that email closely.)
BE
That the press release in the recalled email
BE
Had a line about a 30 day exclusivity period.
BE
This wasn’t mentioned in the actual RNS that went out.
NC
so if they hadn’t redacted it, few would have noticed, and fewer would have cared
BE
Nope, indeed. But I’m not going to start throwing rocks around regarding people making mistakes …..
NC
better to add the fact to the RNS, surely
BE
… Living as I do in a Kew Garden greenhouse.
BE
The oddest thing here is ….
PM
See, AV can be nice to felts
BE
We’re reliably informed that there IS a 30 day exclusivity period.
BE
Just, the final draft chose not to mention that.
PM
But that seems material, no?
BE
Particularly given the background noise about a counterbid.
BE
I’m wondering if the Takeover Panel may take an interest here.
PM
Well, they probably will now
NC
In practice, the 30-day exclusion would not stop another bidder
PM
We should quickly say hello to the young guy at the Panel who has to monitor ML each day
BE
Yes. Hello, Takeover Panel Work Experience Guy.
BE
We’ve got no further raw today, so you can go get a coffee.
RAW is market chatter – information that has not been formally tested through traditional journalistic channels (PRs etc). The story might be complete rubbish, but if we believe there is some substance to it we will say so. Either way, Reader Beware.
BE
Ok – nearly out of time.
PM
What’s left to mention
NC
Sensible piecer saying QE isn’t working
BE
BarCap reckons the mood music is suggesting a mere £50bn.
BE
Which won’t be enough to touch the sides.
NC
Stewart Cowley from Old Mut is the author
BE
Hold on, will grab Barcap’s thoughts.
BE
The Monetary Policy Committee will announce its policy decision at noon
on Thursday. We and the consensus expect a 50bn expansion of asset
purchases, with Bank Rate held at 0.5%. This decision would take the
stock of asset purchases to 325bn, more than 20% of annual GDP. We
expect the Bank again to indicate that purchases will be exclusively of
conventional gilts.
BE
The November Inflation Report gave a clear signal that the MPC believed
it would have to expand asset purchases beyond the 275bn announced in
October. The Report showed that without further policy stimulus the MPC
expected inflation to undershoot the 2% target by 50-75bp in the medium
term. Using the BoE’s ready reckoners for the effects of asset purchases
on inflation, additional QE of anywhere between 75bn and 200bn would be
needed to eliminate the projected undershoot.
BE
Even so, we have taken the view that the practicalities of asset
purchases meant the MPC was unlikely to announce more than a 75bn
expansion this month, since, if implemented over three months (tiding the
committee over to the May Inflation Report), such a move would require
upping the pace of asset purchases, something the BoE appears reluctant
to do. At the same time, we believe the MPC is unlikely to announce less
than 50bn of asset purchases, as this would make little headway in
closing the projected gap.
BE
Recent MPC communications suggest the committee has become less dovish
about the inflation outlook since November. A number of factors appear to
lie behind this: the ECB’s liquidity support has reduced the stress in
European interbank markets; the euro sovereign debt crisis appears a
little more contained; activity data in the world beyond Europe have been
somewhat reassuring, while the euro area recession looks likely to be
shallow; and domestic activity indicators point to an improvement in Q1.
In addition, the MPC remains concerned that inflation might prove to be
stickier than it is projecting, with the minutes of the January meeting
noting that 3m/3m CPI inflation rates had been surprisingly resilient and
still above target.
BE
(With regard to this last point, it is worth noting that the MPC will
have a preview of the January CPI outturn, due to be published next
Tuesday, when it meets. Another substantial decline is expected, as last
year’s VAT rise drops out of the annual calculation – we predict a fall
to 3.6%, from 4.2% in December. Although no individual datum should be
considered to drive policy, at the margin a stronger- or
weaker-than-expected outturn could well influence the MPC’s decision,
although we do not have a strong view on where the balance of risks
lies.)
BE
Interestingly, the minutes of the January meeting implied that the
impetus behind further asset purchases was less than had previously been
thought, and raised the prospect that support for a February expansion
may not be unanimous. Some members saw the case for extra QE as “more
finely balanced” because it was “less clear that inflation would fall
below the target in the medium term”. Some comments by individual MPC
members also played to the notion that the momentum behind additional QE
had waned: David Miles, an enthusiastic supporter of QE, went so far as
to question the presumption that QE would be expanded at this week’s
meeting, while Adam Posen, the most dovish MPC member, acknowledged that
the downside risks that had prompted the committee to re-start QE in
October now seemed less threatening.
BE
No signs QE is working
The sheer size of the inflation target undershoot that was projected in
November means we continue to expect a QE expansion this week – there has
not been anywhere near enough positive news on the economy to close the
projected gap, in our view. However, the recent indications that the MPC
has become less alarmed with the outlook make us lean towards 50bn as
being the most likely amount.
BE
And what about Crowley?
NC
No signs QE is working
But on any measure, there is precious little evidence that it is working.
For instance, lending to consumers fell £377 million in December. Even worse, year-on-year borrowing by consumers has taken a lurch back down, even from the low levels it had achieved in 2010/2011, which in itself was a fifth of the peak in 2004.
So whatever QE was meant to achieve, all it has really done is transfer a large amount of capital risk (duration) out of the hands of the private sector and into the hands of the state, through the agency of the Bank.
NC
He’s advocating expanding it to corporate bonds
NC
which is fine in theory
NC
but there just aren’t enough of them to make a meaningful impact
NC
and only the biggest issuers make the ratings grade
BE
Oh, hold on. Just had this through from a tame broker re. the Misys mystery exclusivity period …..
BE
We spoke to Misys, who said the Panel asked for that piece to be removed from the release as it had now become a Takeover Panel transaction.
PM
I think we are done, no?
BE
Bango the main focus among the smallers, after signing a deal with Facebook.
PM
In euro land they are still discussing whether fin ministers meet tomorrow night
BE
US results mixed so far.
BE
Time Warner beats by miles and starts buying back stock.
BE
Sprint Nextel looks disappointing.
BE
Anyway, let’s close this.
BE
Thanks rabble. Thanks Neil. Thanks Paul.