Board Change • May 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. No experienced directors. 4 highly experienced directors. 1 independent director (3 non-independent directors). Independent Non Executive Chairman Greg McCann was the last independent director to join the board, commencing their role in 2007. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Declared Dividend • Feb 28
Dividend of AU$0.20 announced Shareholders will receive a dividend of AU$0.20. Ex-date: 4th March 2026 Payment date: 20th March 2026 Dividend yield will be 4.0%, which is lower than the industry average of 4.5%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months. However, the dividend is well covered by cash flows (25% cash payout ratio). The dividend has increased by an average of 14% per year over the past 9 years. However, payments have been volatile during that time. Reported Earnings • Feb 26
First half 2026 earnings released: EPS: AU$0.30 (vs AU$0.42 in 1H 2025) First half 2026 results: EPS: AU$0.30 (down from AU$0.42 in 1H 2025). Revenue: AU$103.6m (up 4.1% from 1H 2025). Net income: AU$3.36m (down 29% from 1H 2025). Profit margin: 3.2% (down from 4.8% in 1H 2025). The decrease in margin was driven by higher expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 108 percentage points per year, which is a significant difference in performance. New Risk • Feb 26
New major risk - Revenue and earnings growth Earnings have declined by 9.7% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Shares are highly illiquid. Earnings have declined by 9.7% per year over the past 5 years. Minor Risks Dividend is not well covered by earnings (dividend per share is over 7x earnings per share). Market cap is less than US$100m (AU$56.7m market cap, or US$40.4m). Tillkännagivande • Feb 26
TPC Consolidated Limited Announces Ordinary Fully Franked Dividend for the Six Months Ended December 31, 2025, Payable on March 20, 2026 TPC Consolidated Limited announced ordinary fully franked dividend of AUD 0.20000000 per share for the six months ended December 31, 2025. Ex Date is March 4, 2026; Record Date is March 5, 2026; Payment Date is March 20, 2026. Board Change • Jan 05
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. No experienced directors. 4 highly experienced directors. 1 independent director (3 non-independent directors). Independent Non Executive Chairman Greg McCann was the last independent director to join the board, commencing their role in 2007. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Tillkännagivande • Oct 18
TPC Consolidated Limited, Annual General Meeting, Nov 20, 2025 TPC Consolidated Limited, Annual General Meeting, Nov 20, 2025. Location: at level 29, 225 george street, sydney nsw 2000 Australia Reported Earnings • Aug 31
Full year 2025 earnings released: EPS: AU$0.027 (vs AU$0.47 in FY 2024) Full year 2025 results: EPS: AU$0.027 (down from AU$0.47 in FY 2024). Revenue: AU$193.1m (up 21% from FY 2024). Net income: AU$303.3k (down 94% from FY 2024). Profit margin: 0.2% (down from 3.4% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 43% per year but the company’s share price has increased by 41% per year, which means it is well ahead of earnings. New Risk • Aug 31
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 0% The company is paying a dividend despite having no free cash flows. Dividend yield: 2.5% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Shares are highly illiquid. Dividend is not well covered by earnings and cash flows. Payout ratio: 0% Paying a dividend despite having no free cash flows. Minor Risks Profit margins are more than 30% lower than last year (0.2% net profit margin). Market cap is less than US$100m (AU$90.7m market cap, or US$59.4m). Board Change • Jun 18
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. No experienced directors. 4 highly experienced directors. 1 independent director (3 non-independent directors). Independent Non Executive Chairman Greg McCann was the last independent director to join the board, commencing their role in 2007. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Buy Or Sell Opportunity • May 21
Now 21% undervalued Over the last 90 days, the stock has risen 4.1% to AU$9.15. The fair value is estimated to be AU$11.55, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Earnings per share has grown by 2.8%. New Risk • Mar 08
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. The company is paying a dividend despite having no free cash flows. Dividend yield: 4.8% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (42% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (3.1% net profit margin). Market cap is less than US$100m (AU$94.1m market cap, or US$59.4m). Declared Dividend • Mar 03
Dividend of AU$0.20 announced Shareholders will receive a dividend of AU$0.20. Ex-date: 6th March 2025 Payment date: 21st March 2025 Dividend yield will be 2.4%, which is lower than the industry average of 4.5%. Tillkännagivande • Oct 24
TPC Consolidated Limited, Annual General Meeting, Nov 28, 2024 TPC Consolidated Limited, Annual General Meeting, Nov 28, 2024. Location: level 29, 225 george street, sydney nsw 2000, Australia Reported Earnings • Aug 30
Full year 2024 earnings released: EPS: AU$0.47 (vs AU$1.48 in FY 2023) Full year 2024 results: EPS: AU$0.47 (down from AU$1.48 in FY 2023). Revenue: AU$159.8m (up 16% from FY 2023). Net income: AU$5.39m (down 68% from FY 2023). Profit margin: 3.4% (down from 12% in FY 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has increased by 44% per year, which means it is tracking significantly ahead of earnings growth. Tillkännagivande • Apr 03
Wollar Solar Holding Pty Ltd agreed to acquire TPC Consolidated Limited (ASX:TPC) for AUD100 million. Wollar Solar Holding Pty Ltd agreed to acquire TPC Consolidated Limited (ASX:TPC) for AUD100 million on March 28, 2024. The implementation of the Scheme is subject to a number of conditions which include Approval of TPC shareholders by the requisite majorities, The Independent Expert’s Report concluding that the Scheme is in the best interests of TPC shareholders, Court approval, Foreign Investment Review Board approval, BJEI Holding obtaining the approval of its shareholders. The TPC Board unanimously recommends that TPC shareholders vote in favour of the Scheme, in the absence of a Superior Proposal7 and subject to an Independent Expert concluding and continuing to conclude that the Scheme is in the best interests of TPC shareholders. A break fee of AUD1 million and a reverse break fee of AUD1 million have also been agreed between TPC and WSH. Implementation of the Scheme is expected to occur in the third quarter of 2024. TPC is being advised by Deloitte M&A Advisory and Allens. New Risk • Apr 02
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Australian stocks, typically moving 16% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (111% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (16% average weekly change). Profit margins are more than 30% lower than last year (6.9% net profit margin). Market cap is less than US$100m (AU$125.6m market cap, or US$81.7m). Valuation Update With 7 Day Price Move • Mar 28
Investor sentiment improves as stock rises 32% After last week's 32% share price gain to AU$8.00, the stock trades at a trailing P/E ratio of 10.3x. Average trailing P/E is 16x in the Integrated Utilities industry globally. Total returns to shareholders of 336% over the past three years. Declared Dividend • Feb 28
First half dividend of AU$0.20 announced Shareholders will receive a dividend of AU$0.20. Ex-date: 1st March 2024 Payment date: 13th March 2024 Dividend yield will be 7.4%, which is higher than the industry average of 4.5%. Sustainability & Growth Dividend is covered by earnings (64% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 39% per year over the past 7 years. However, payments have been volatile during that time. Earnings per share has grown by 28% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 27
First half 2024 earnings released: EPS: AU$0.36 (vs AU$1.06 in 1H 2023) First half 2024 results: EPS: AU$0.36 (down from AU$1.06 in 1H 2023). Revenue: AU$66.1m (down 12% from 1H 2023). Net income: AU$4.09m (down 66% from 1H 2023). Profit margin: 6.2% (down from 16% in 1H 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 51% per year but the company’s share price has only increased by 33% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jan 24
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to AU$8.48, the stock trades at a trailing P/E ratio of 5.7x. Average trailing P/E is 15x in the Integrated Utilities industry globally. Total returns to shareholders of 705% over the past three years. Valuation Update With 7 Day Price Move • Nov 10
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to AU$8.99, the stock trades at a trailing P/E ratio of 6.1x. Average trailing P/E is 15x in the Integrated Utilities industry globally. Total returns to shareholders of 747% over the past three years. New Risk • Oct 27
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Australian stocks, typically moving 13% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (13% average weekly change). Market cap is less than US$100m (AU$86.2m market cap, or US$54.7m). Valuation Update With 7 Day Price Move • Oct 27
Investor sentiment improves as stock rises 39% After last week's 39% share price gain to AU$7.60, the stock trades at a trailing P/E ratio of 5.1x. Average trailing P/E is 15x in the Integrated Utilities industry globally. Total returns to shareholders of 622% over the past three years. Tillkännagivande • Oct 24
TPC Consolidated Limited, Annual General Meeting, Nov 24, 2023 TPC Consolidated Limited, Annual General Meeting, Nov 24, 2023, at 11:30 AUS Eastern Standard Time. Location: Level 29,225 George Street Sydney Nsw 2000 Australia Agenda: To receive and consider the financial report and the reports of the directors and auditors of the Company for the year ended 30 June 2023;to consider re-election of Mr Greg McCann as a director;to consider Approval of 10% Placement Facility;to consider Adoption of Remuneration Report;to consider Approval of 10% Placement Facility; and to consider other matters. Valuation Update With 7 Day Price Move • Sep 18
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to AU$7.00, the stock trades at a trailing P/E ratio of 4.7x. Average trailing P/E is 17x in the Integrated Utilities industry globally. Total returns to shareholders of 479% over the past three years. Reported Earnings • Aug 26
Full year 2023 earnings released: EPS: AU$1.48 (vs AU$0.46 in FY 2022) Full year 2023 results: EPS: AU$1.48 (up from AU$0.46 in FY 2022). Revenue: AU$137.3m (up 12% from FY 2022). Net income: AU$16.8m (up 223% from FY 2022). Profit margin: 12% (up from 4.2% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 64% per year but the company’s share price has only increased by 45% per year, which means it is significantly lagging earnings growth. Tillkännagivande • Aug 26
TPC Consolidated Limited Announces Fully Franked Ordinary Paid Dividend for the Twelve Months Ended June 30, 2023, Payable on September 19, 2023 TPC Consolidated Limited announced fully franked ordinary paid dividend of AUD 0.30000000 for the twelve months ended June 30, 2023. Record date is September 5, 2023. Ex-date is September 4, 2023. The dividend will be payable on September 19, 2023. Tillkännagivande • Jul 04
TPC Consolidated Limited Announces Chief Financial Officer Changes TPC Consolidated Limited announced the appointment of experienced finance executive Tony Marlin as its next Chief Financial Officer (CFO). He replaces the Company's long-time CFO, Jeffrey Ma, who will soon retire from this role. Jeffrey Ma has informed the TPC Board of his intention to retire from his position as the Company's CFO, with effect from 30 September 2023. He has been a highly valued member of TPC's senior leadership team for some 23 years, holding the role of CFO since TPC listed on the ASX back in 2007. Jeffrey has made significant contributions to the growth and success of the Company over this time. In the wake of an extensive executive search process, TPC has appointed Tony Marlin as its new CFO, effective 3 July 2023. Tony has significant experience in the energy and banking sectors, having worked at energy infrastructure company APA Group prior to joining TPC. Tony is a Chartered Financial Analyst (CFA) and Chartered Accountant (CA). Tony's July starting date and Jeffrey's subsequent retirement date will ensure a smooth transition process occurs. The three-month change-over period provides an appropriate period for Tony to settle into his new role. It will also see Jeffrey stay on board until TPC prepares and announces its 2023 financial year results. Valuation Update With 7 Day Price Move • May 03
Investor sentiment improves as stock rises 27% After last week's 27% share price gain to AU$3.30, the stock trades at a trailing P/E ratio of 2.2x. Average trailing P/E is 17x in the Integrated Utilities industry globally. Total returns to shareholders of 391% over the past three years. Upcoming Dividend • Feb 28
Upcoming dividend of AU$0.10 per share at 4.9% yield Eligible shareholders must have bought the stock before 07 March 2023. Payment date: 22 March 2023. Payout ratio is a comfortable 13% and this is well supported by cash flows. Trailing yield: 4.9%. Lower than top quartile of Australian dividend payers (7.1%). Higher than average of industry peers (3.9%). Reported Earnings • Feb 25
First half 2023 earnings released: EPS: AU$1.06 (vs AU$0 in 1H 2022) First half 2023 results: EPS: AU$1.06 (up from AU$0 in 1H 2022). Revenue: AU$75.4m (up 33% from 1H 2022). Net income: AU$12.1m (up AU$12.1m from 1H 2022). Profit margin: 16% (up from 0% in 1H 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 43% per year but the company’s share price has only increased by 36% per year, which means it is significantly lagging earnings growth. Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 3 highly experienced directors. 1 independent director (3 non-independent directors). Independent Non Executive Chairman Greg McCann was the last independent director to join the board, commencing their role in 2007. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Tillkännagivande • Oct 25
TPC Consolidated Limited, Annual General Meeting, Nov 28, 2022 TPC Consolidated Limited, Annual General Meeting, Nov 28, 2022, at 11:30 AUS Eastern Standard Time. Location: Level 11,201 Kent street sydney Sydney Nsw 2000 New South Wales Australia Agenda: To receive and consider the financial report and the reports of the directors and auditors of the company for the year ended 30 june 2022; to consider adoption of remuneration report; to consider re election of Mr Jeffrey ma as director; to consider approcal 0f 10% placement facility; and to consider other matters. Reported Earnings • Sep 01
Full year 2022 earnings released: EPS: AU$0.46 (vs AU$0.41 in FY 2021) Full year 2022 results: EPS: AU$0.46 (up from AU$0.41 in FY 2021). Revenue: AU$123.0m (up 31% from FY 2021). Net income: AU$5.21m (up 11% from FY 2021). Profit margin: 4.2% (down from 5.0% in FY 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 47% per year, which means it is tracking significantly ahead of earnings growth. Tillkännagivande • Sep 01
TPC Consolidated Limited Announces Fully Franked Ordinary Paid Dividend for the Twelve Months Ended June 30, 2022, Payable on September 21, 2022 TPC Consolidated Limited announced fully franked ordinary paid dividend of AUD 0.10000000 for the twelve months ended June 30, 2022. Record date is September 7, 2022. Ex-date is September 6, 2022. The dividend will be payable on September 21, 2022. Valuation Update With 7 Day Price Move • Aug 30
Investor sentiment improved over the past week After last week's 36% share price gain to AU$2.60, the stock trades at a trailing P/E ratio of 33.3x. Average trailing P/E is 19x in the Integrated Utilities industry globally. Total returns to shareholders of 209% over the past three years. Valuation Update With 7 Day Price Move • Aug 16
Investor sentiment improved over the past week After last week's 17% share price gain to AU$1.88, the stock trades at a trailing P/E ratio of 24.1x. Average trailing P/E is 19x in the Integrated Utilities industry globally. Total returns to shareholders of 121% over the past three years. Board Change • Jul 19
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 3 highly experienced directors. 1 independent director (3 non-independent directors). Independent Non Executive Chairman Greg McCann was the last independent director to join the board, commencing their role in 2007. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • May 06
Investor sentiment deteriorated over the past week After last week's 28% share price decline to AU$1.72, the stock trades at a trailing P/E ratio of 22x. Average trailing P/E is 21x in the Integrated Utilities industry globally. Total returns to shareholders of 199% over the past three years. Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 3 highly experienced directors. 1 independent director (3 non-independent directors). Independent Non Executive Chairman Greg McCann was the last independent director to join the board, commencing their role in 2007. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Mar 04
Investor sentiment deteriorated over the past week After last week's 24% share price decline to AU$2.52, the stock trades at a trailing P/E ratio of 32.3x. Average trailing P/E is 22x in the Integrated Utilities industry globally. Total returns to shareholders of 214% over the past three years. Upcoming Dividend • Mar 01
Upcoming dividend of AU$0.03 per share Eligible shareholders must have bought the stock before 08 March 2022. Payment date: 23 March 2022. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 9.5%. Within top quartile of Australian dividend payers (5.7%). Higher than average of industry peers (3.5%). Tillkännagivande • Feb 26
TPC Consolidated Limited Declares Interim Dividend for the Period of Six Months Ended 31 December 2021, Payable on 23 March 2022 On 25 February 2022, the directors of TPC Consolidated Limited declared an interim dividend on ordinary shares for the period of six months ended 31 December 2021. The total amount of $341,268 represents a fully franked dividend of 3 cents per share. The record date for the interim dividend is 9 March 2022. The intended date of payment is 23 March 2022. The interim dividend has not been provided for in the 31 December 2021 financial statements. Ex Date: 8 March 2022. Upcoming Dividend • Aug 31
Upcoming dividend of AU$0.10 per share Eligible shareholders must have bought the stock before 07 September 2021. Payment date: 22 September 2021. Trailing yield: 5.5%. Within top quartile of Australian dividend payers (5.1%). Higher than average of industry peers (3.5%). Reported Earnings • Aug 29
Full year 2021 earnings released: EPS AU$0.41 (vs AU$0.30 in FY 2020) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: AU$93.6m (up 8.4% from FY 2020). Net income: AU$4.69m (up 39% from FY 2020). Profit margin: 5.0% (up from 3.9% in FY 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has increased by 53% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Apr 14
Investor sentiment improved over the past week After last week's 19% share price gain to AU$2.68, the stock trades at a trailing P/E ratio of 6.4x. Average trailing P/E is 23x in the Integrated Utilities industry globally. Total returns to shareholders of 177% over the past three years. Reported Earnings • Mar 03
First half 2021 earnings released: EPS AU$0.34 (vs AU$0.22 in 1H 2020) The company reported a solid first half result with improved earnings and profit margins, although revenues were flat. First half 2021 results: Revenue: AU$44.7m (flat on 1H 2020). Net income: AU$3.80m (up 54% from 1H 2020). Profit margin: 8.5% (up from 5.5% in 1H 2020). Over the last 3 years on average, earnings per share has increased by 28% per year whereas the company’s share price has increased by 31% per year. Upcoming Dividend • Mar 02
Upcoming Dividend of AU$0.08 Per Share Will be paid on the 24th of March to those who are registered shareholders by the 9th of March. The trailing yield of 2.8% is below the top quartile of Australian dividend payers (5.3%), and is lower than industry peers (3.9%). Valuation Update With 7 Day Price Move • Feb 22
Investor sentiment improved over the past week After last week's 16% share price gain to AU$1.78, the stock is trading at a trailing P/E ratio of 5.9x, up from the previous P/E ratio of 5.1x. This compares to an average P/E of 20x in the Integrated Utilities industry. Total returns to shareholders over the past three years are 44%. Is New 90 Day High Low • Jan 05
New 90-day high: AU$1.45 The company is up 16% from its price of AU$1.25 on 06 October 2020. The Australian market is up 13% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Integrated Utilities industry, which is down 1.0% over the same period. Valuation Update With 7 Day Price Move • Oct 30
Market bids up stock over the past week After last week's 22% share price gain to AU$1.29, the stock is trading at a trailing P/E ratio of 4.3x, up from the previous P/E ratio of 3.5x. This compares to an average P/E of 18x in the Integrated Utilities industry. Total returns to shareholders over the past three years are 25%. 
