Member Info for Hedgehog100

15th Sep 2022 8:00 am RNS Update on Tunisia

Upland Resources Limited is pleased to announce that further to the announcement released on 21 July 2022 in relation to its Tunisian Farmout Agreement, a meeting in Tunis was held on 9 September 2022 involving representatives of Pennpetro Energy PLC (PPP), its subsidiary Nobel Petroleum USA Inc and of Upland with the Directeur General des Hydrocarbons (DGH) (representing the Granting Authority in Tunisa) and Enterprise Tunisienne d'Activities Petrolieres (ETAP).

The meeting agenda included the current status of the Saouaf Prospecting Permit, the extension of its validity period and the Farmout with PPP.

Upland's Tunisian legal advisor is liaising with DGH and ETAP to prepare the required documents for the submission of an extension application to DGH. A deadline of 22nd of October 2022 has been established for submission of documents in support of an application for extension of the Saouaf Permit to 23 December2023.

A final deadline of 5 November 2022 has been set by way of a Formal Notice dated 5 September 2022 received from the Ministry of Industry Mines and Energy of Tunisia. The Notice requested the replacement of an expired bank guarantee of US$1M on or before 5 November 2022. Under the terms of the Farm Out Agreement (FOA) with PPP announced on 21 July 2022, PPP is responsible for meeting the financial obligations associated with the license extension conditional upon both PPP and the Tunisian authorities being satisfied with the result.

Upland will update the market in due course with any developments in respect of the extension of the permit and approval of the FOA.

Bolhassan Di, Chairman of Upland, commented:

"The Company is encouraged by progress made at recent meetings and is committed to working diligently with Pennpetro Energy to extend the Saouaf Permit validity period for a further 1 year and complete the farm-in."

https://www.lse.co.uk/rns/UPL/update-on-tunisia-7e3b4yt3qjwhzbg.html

The cash shell TMOR (a similar shell to NZI) announced great RTO news on Friday, and if it hadn't been suspended pre-opening, it would probably have been top riser for the weekend: a proposed RTO at a s.p. of 2.25p, well over double the current s.p. of 0.95p:-

23rd Sep 2022 7:45 am RNS Acquisition - Megasteel and Suspension of Trading

"Proposed Acquisition of Megasteel Limited and Suspension of Trading ...

-- Proposed Acquisition values the current issued share capital of More at GBP2.81 million (vs GBP1.19 million at closing on 22 September 2022) or over 2.3 times the Company's current net cash

Background

Megasteel (www.megasteel.co.uk ), has traded for more than 30 years in the United Kingdom, and is one of the largest stockholders and distributors of high-quality steel for the prestressing and post-tensioning of concretes in the UK. Prestressed concrete is a critical building product used in the UK construction market, from house floors to bridge beams and from railway sleepers to high rise buildings in the City of London. In its financial year ended 31 October 2021, Megasteel made audited pre-tax profits of GBP3m on turnover of GBP19.7m. ...

Nigel Roberts, CEO of Megasteel Ltd added:

"We have built Megasteel over the last 30 years to be one of the biggest suppliers in the UK of prestressing wire and strand, a product used in almost every construction project in the country, and we have been considering a listing of the business for many years. We are pleased to be working with More Acquisitions as the vehicle that will enable us to do this.

Over many years we have been able to grow our sales, generate revenues, make profits and turn those profits into cash which we have reinvested into the business to keep the cycle going. Applied over a long period of time these business methods have produced a profitable business that I am proud to have started. ...

We were attracted to More Acquisitions as our vehicle to list because we liked the simplicity and cost-effective way in which it had been set up with its 'one price for all', no advisory or broking fees, capped listing and on-going costs and no director salaries, the Company and its key stakeholders fitted very well with our views on how a business should be run!"

https://www.lse.co.uk/rns/TMOR/acquisition-megasteel-and-suspension-of-trading-ccsbb9s9yt991oi.html

From MarketGunslinger, re ZEN's Italian gas assets:-
"Our assets when brough back on line would do 9,000 cubic meters of additional production today and if this is re-opened it could earn another €1 million per annum."

9,000 cubic metres x 35.3147 to convert to cubic feet = 317,832.3 cubic feet.
This presumably is per day, = 116,008,789.5 additional cubic feet p.a.

Compared to last year's production of 131,556,000 cubic feet, = an 88% increase.
A nice fat increase indeed (... or should I say a two fat ladies increase!)

The additional €1 million per annum quoted is earnings, not just revenue, but even this looks conservative, and you would expect it to be far more with the new higher gas prices.

"1. Zenith clearly delayed the conference call in the hope that they would have been able to announced Tilapia before the call happened. This has obviously not been the case in the end but they feel that the final granting of the license is close. Once this closes they will be the only independent foreign operator in Congo.
2. They are negotiating another African asset which they should announce in Q4 this year. They are also looking at acquiring new assets in Italy as well as developing the existing assets. They think that they could make an additional €1 million Euros per annum from working over their existing assets in Italy."
"4. Benin – they expect this to be approved in less than 90 days. Once they have the license they think that it will be 6-8 months until production is restated."

Thanks again Market Gunslinger.

I agree that the twice-postponed conference call suggest that the Tilapia licence award could well be imminent.
It certainly looks like the framework for the agreement is already in place, and that a 'blockage' (i.e. the old minister) has been removed, with the new minister rightly appreciating ZEN's qualities.
The production-sharing contract should be agreed promptly once the ministry are ready, so things here could move very quickly.

Which mean that ZEN could potentially receive the Congo & Benin approvals, as well as unveiling a new African acquisition, all in the same coming quarter.

There should also be plenty of other positive newsflow in the coming quarter, e.g. pertaining to Italy, Tunisia, and another credit rating upgrade.

And with the expected higher energy prices as we move into winter providing a positive backdrop.

"At the moment, the big advantage that Zenith has against most of our small-cap rivals is that we have existing production assets (Tunisia and Italy) that are making the company a very substantial amount of net revenue each year. By my calculations we should be generating approximately $17 million per annum in total ($12 million from Tunisia and $5 million from Italy)."
"Hi Hedgehog - since the administrative expenses for Zenith have been pretty consistent over the last two years at $10 million USD per annum I would expect pre-tax earnings to be approx $6-7 million on the income that I mentioned."

Thanks MarketGunslinger.

I think your revenue figure needs to be increased, to allow for ZEN's Italian gas revenues.

Please see these extracts from a post I made on 7th. March:-

Hedgehog100 Posts: 2,337 Price: 1.055 Strong Buy
RE: Italy Assets 7 Sep '22
"I've said recently that the annualised value of ZEN's Italian gas production now, at the far higher gas prices we have moved to recently, should equate to a few/several million euros p.a. ...
131,556,000 cubic feet x 311.5mWh = c. 40,979.7mWh
x recent gas price of 321 euros per megawatt hour = c. euro 13.15M.
This figure of EUR 13.15M, which equates to c. £11.5M., is even higher than I had thought.
But European gas prices were recently trading about up about fifteen-fold since the start of last year, and I have double checked my calculation."

"ZEN's share of the Tunisian near-term production potential:-
c. 450 bopd + c. 700 bopd + c. 169 bopd = c. 1,319 bopd"

1,319 bopd = c. 0.481 million barrels p.a.

At an oil price of say c. US$100/barrel, that would equate to c. US$48M.
Or c. £44M. at current exchange rates.

ZEN's high-margin Italian electricity and gas revenues would be added to that.

So well on the way to mid-tier O&G company status.

Add in the expected production revenues from the Congo & Benin, and ZEN's annualised revenues could potentially reach £100M.+ p.a. during the next year.

The new investor presentation, dated October 2022, has today been put up on ZEN's website.

Here are some extracts:-

"NEAR-TERM NET PRODUCTION POTENTIAL OF APPROX: 1,000 BOPD"

"EZZAOUIA TUNISIA
CURRENT GROSS PRODUCTION APPROX: 480 BOPD
NEAR-TERM GROSS PRODUCTION POTENTIAL: 1,000 BOPD APPROX.
Highlights:
Zenith holds a 45% interest in the Ezzaouia concession (located onshore)
NATURAL GAS PRODUCTION APPROX: 18 MMSCF"

"EL BIBANE AND ROBBANA TUNISIA
NEAR-TERM PRODUCTION POTENTIAL: 600-800 BOPD APPROX.
Highlights:
Zenith has a 100% interest in the highly prospective El Bibane concession (located offshore), and a 100% interest in the Robbana concession (located onshore):
NATURAL GAS PRODUCTION APPROX: 5.5-6 MMSCF"

"SIDI EL KILANI TUNISIA
CURRENT GROSS PRODUCTION: 480 BOPD APPROX.
NEAR-TERM PRODUCTION POTENTIAL: 750 BOPD APPROX.
Highlights:
Zenith holds a 22.5% interest in the Sidi El Kilani (“SLK”) concession which is located onshore"

https://wp-zenith-2020.s3.eu-west-2.amazonaws.com/media/2022/09/ZENITH-OCT-22-PDF.pdf

https://www.zenithenergy.ca/investors/

ZEN's share of the Tunisian near-term production potential:-
c. 450 bopd + c. 700 bopd + c. 169 bopd = c. 1,319 bopd

The 1,000 near-term net bopd figure therefore looks conservative, and perhaps has been rounded down?

Zen's share of the Tunisian natural gas production:-
8.1 mmscf + c. 5.75 mmscf = c. 13.85 million cubic feet.
Divide by 6,000 to give the energy equivalent in oil, = c. 2,308 barrels of oil.

This looks like an annual figure, and probably isn't included in the bopd figures (as an equivalent).

Near-term I take to mean in the next few months, and this doesn't include potential production from Congo & Benin.

Not does it include electricity and gas revenues from Italy.

Thanks from me too MG on that quite superb write up.

I am more convinced that ever about the quite exceptional future of this company, and the coming quarter looks to have multiple potential positive catalysts for the s.p.

"At the moment, the big advantage that Zenith has against most of our small-cap rivals is that we have existing production assets (Tunisia and Italy) that are making the company a very substantial amount of net revenue each year. By my calculations we should be generating approximately $17 million per annum in total ($12 million from Tunisia and $5 million from Italy)."

Thanks MarketGunslinger.

And how much of that do you think would be earnings?

"It Would be nice to have confirmation of a secured deal."

And I'm sure that NicetoMichu would agree with that.

As indeed we all would.

But it looks like the investor and analyst conference call is going ahead tomorrow (at 9a.m.), after two reschedulings.

Together with the updated corporate presentation.

The cash shell TMOR (a similarly-tickered shell to TMTA) announced great RTO news on Friday, and if it hadn't been suspended pre-opening, it would probably have been top riser for the weekend: a proposed RTO at a s.p. of 2.25p, well over double the current s.p. of 0.95p:-

23rd Sep 2022 7:45 am RNS Acquisition - Megasteel and Suspension of Trading

"Proposed Acquisition of Megasteel Limited and Suspension of Trading ...

-- Proposed Acquisition values the current issued share capital of More at GBP2.81 million (vs GBP1.19 million at closing on 22 September 2022) or over 2.3 times the Company's current net cash

Background

Megasteel (www.megasteel.co.uk ), has traded for more than 30 years in the United Kingdom, and is one of the largest stockholders and distributors of high-quality steel for the prestressing and post-tensioning of concretes in the UK. Prestressed concrete is a critical building product used in the UK construction market, from house floors to bridge beams and from railway sleepers to high rise buildings in the City of London. In its financial year ended 31 October 2021, Megasteel made audited pre-tax profits of GBP3m on turnover of GBP19.7m. ...

Nigel Roberts, CEO of Megasteel Ltd added:

"We have built Megasteel over the last 30 years to be one of the biggest suppliers in the UK of prestressing wire and strand, a product used in almost every construction project in the country, and we have been considering a listing of the business for many years. We are pleased to be working with More Acquisitions as the vehicle that will enable us to do this.

Over many years we have been able to grow our sales, generate revenues, make profits and turn those profits into cash which we have reinvested into the business to keep the cycle going. Applied over a long period of time these business methods have produced a profitable business that I am proud to have started. ...

We were attracted to More Acquisitions as our vehicle to list because we liked the simplicity and cost-effective way in which it had been set up with its 'one price for all', no advisory or broking fees, capped listing and on-going costs and no director salaries, the Company and its key stakeholders fitted very well with our views on how a business should be run!"

https://www.lse.co.uk/rns/TMOR/acquisition-megasteel-and-suspension-of-trading-ccsbb9s9yt991oi.html

The cash shell TMOR (a similar shell to ARA) announced great RTO news on Friday, and if it hadn't been suspended pre-opening, it would probably have been top riser for the weekend: a proposed RTO at a s.p. of 2.25p, well over double the current s.p. of 0.95p:-

23rd Sep 2022 7:45 am RNS Acquisition - Megasteel and Suspension of Trading

"Proposed Acquisition of Megasteel Limited and Suspension of Trading ...

-- Proposed Acquisition values the current issued share capital of More at GBP2.81 million (vs GBP1.19 million at closing on 22 September 2022) or over 2.3 times the Company's current net cash

Background

Megasteel (www.megasteel.co.uk ), has traded for more than 30 years in the United Kingdom, and is one of the largest stockholders and distributors of high-quality steel for the prestressing and post-tensioning of concretes in the UK. Prestressed concrete is a critical building product used in the UK construction market, from house floors to bridge beams and from railway sleepers to high rise buildings in the City of London. In its financial year ended 31 October 2021, Megasteel made audited pre-tax profits of GBP3m on turnover of GBP19.7m. ...

Nigel Roberts, CEO of Megasteel Ltd added:

"We have built Megasteel over the last 30 years to be one of the biggest suppliers in the UK of prestressing wire and strand, a product used in almost every construction project in the country, and we have been considering a listing of the business for many years. We are pleased to be working with More Acquisitions as the vehicle that will enable us to do this.

Over many years we have been able to grow our sales, generate revenues, make profits and turn those profits into cash which we have reinvested into the business to keep the cycle going. Applied over a long period of time these business methods have produced a profitable business that I am proud to have started. ...

We were attracted to More Acquisitions as our vehicle to list because we liked the simplicity and cost-effective way in which it had been set up with its 'one price for all', no advisory or broking fees, capped listing and on-going costs and no director salaries, the Company and its key stakeholders fitted very well with our views on how a business should be run!"

https://www.lse.co.uk/rns/TMOR/acquisition-megasteel-and-suspension-of-trading-ccsbb9s9yt991oi.html

TMOR floated on 4th. March 2022, just a month before ARA.

MCM Mining (MCM), an African coal-mining company, rose 6-fold in barely two months recently: from 6.25p on 13th. July, to 37.5p on 20th. September.

Like ZEN, the company is positively geared to the current energy crisis, and like ZEN, it has been making great company progress.

So it should be just a question of time before ZEN's s.p. start playing catch up with its fundamental business performance.

Indeed I think that ZEN has a great chance of multibagging from its current level by the end of this year.

There should be lots of positive s.p. catalysts in the final quarter, and perhaps even something good this week.

Oil & gas are priced in US dollars, so a weak sterling relative to the US $ increases the sterling value of ZEN's O&G sales.

Similarly, ZEN reports its results in Canadian dollars, so a weak sterling relative to the Canadian dollar increases the sterling value of ZEN's revenue & profit.

"LIVE Pound touches all-time low against dollar

Live Reporting
Edited by Nathan Williams"

"10:21

What's happened to the pound?

When Chancellor Kwasi Kwarteng announced the UK's mini-budget on Friday the pound dropped to a 37-year low.

Sterling fell more than 3% against the dollar, dropping below $1.09, as investors questioned the huge tax cuts in Kwarteng's plan.

Markets closed for the weekend and when they re-opened, first in Asia, sterling fell further - close to $1.03.

The pound has now regained some ground to stand at about $1.07 by the time the markets opened in the UK on Monday morning."

https://www.bbc.co.uk/news/live/business-63031372

Anyone kicking themselves at missing out of TMOR could do worse than to take a look at ROC, which could potentially be 'doing a TMOR' during the coming quarter.

Currently 6p, market cap. £763.5K.

From ROC's annual report earlier this month:-

"ROCKPOOL ACQUISITIONS PLC CHAIRMAN’S STATEMENT

I hereby present the report and financial statements for the year ended 31 March 2022. During the year the Company reported a profit of £56,654 (2021, loss of £36,077). As at the Statement of Financial Position date the Company had £1,206,254 of cash balances. ...

Following the termination of the Greenview acquisition the Company applied to the FCA for the lifting of the suspension of the Listing of the Company’s shares, and that suspension was lifted on 27 May 2022. The Company is now actively engaged in seeking alternative acquisition targets and anticipates being able to make an announcement regarding its progress in that regard within the next few months.

I would like to thank all those who have assisted the Company during the past number of years including advisers and creditors for whose support we remain grateful. I would also like to thank the shareholders for their patience during the very long period in which trading in the Company’s shares was suspended.

I look forward to a positive year ahead which will hopefully see significant progress for the Company and, potentially, the completion of an acquisition.

R A D Beresford
Non-Executive Chairman

6th September 2022"

"Performance of the Business and Position at the End of the Year

The Company reported a profit of £34,215 for the year ended 31 March 2022 (2021 – loss of £36,077).

The Greenview loan and accrued interest were fully repaid during the year. Net assets as at the year-end were £909,264 (2021 - £875,049), with £1,206,254 in cash balances held at that date (2021 - £24,983).

Loans of £88,226 were outstanding at the year-and (2021 - £85,976)."

https://www.rns-pdf.londonstockexchange.com/rns/4682Y_1-2022-9-6.pdf

The cash shell TMOR (a similar shell to ROC) announced great RTO news on Friday, and if it hadn't been suspended pre-opening, it would probably be top riser for the weekend: a proposed RTO at a s.p. of 2.25p, well over double the current s.p. of 0.95p:-

23rd Sep 2022 7:45 am RNS Acquisition - Megasteel and Suspension of Trading

"Proposed Acquisition of Megasteel Limited and Suspension of Trading ...

-- Proposed Acquisition values the current issued share capital of More at GBP2.81 million (vs GBP1.19 million at closing on 22 September 2022) or over 2.3 times the Company's current net cash

Background

Megasteel (www.megasteel.co.uk ), has traded for more than 30 years in the United Kingdom, and is one of the largest stockholders and distributors of high-quality steel for the prestressing and post-tensioning of concretes in the UK. Prestressed concrete is a critical building product used in the UK construction market, from house floors to bridge beams and from railway sleepers to high rise buildings in the City of London. In its financial year ended 31 October 2021, Megasteel made audited pre-tax profits of GBP3m on turnover of GBP19.7m. ...

Nigel Roberts, CEO of Megasteel Ltd added:

"We have built Megasteel over the last 30 years to be one of the biggest suppliers in the UK of prestressing wire and strand, a product used in almost every construction project in the country, and we have been considering a listing of the business for many years. We are pleased to be working with More Acquisitions as the vehicle that will enable us to do this.

Over many years we have been able to grow our sales, generate revenues, make profits and turn those profits into cash which we have reinvested into the business to keep the cycle going. Applied over a long period of time these business methods have produced a profitable business that I am proud to have started. ...

We were attracted to More Acquisitions as our vehicle to list because we liked the simplicity and cost-effective way in which it had been set up with its 'one price for all', no advisory or broking fees, capped listing and on-going costs and no director salaries, the Company and its key stakeholders fitted very well with our views on how a business should be run!"

https://www.lse.co.uk/rns/TMOR/acquisition-megasteel-and-suspension-of-trading-ccsbb9s9yt991oi.html

"PRESTRESSING WIRE & STRAND

Megasteel is the largest stockholder and distributor of steel for the prestressing and post-tensioning of concrete in the UK. We specialise in the distribution of steel for the prestressing of concrete, and while our products disappear into concrete and are never seen again, they are vital in providing prestressed concrete with its strength.

We are not owned by a steel mill, and act as an entirely independent steel supplier. We are very proud of our reputation in the industry as a highly dependable, straightforward and long term business partner."

https://www.megasteel.co.uk/

Weak sterling has already seen a recent succession of North American predators snapping up British companies.

So I would fully expect this trend to continue.

And while it's the big companies that tend to attract the headlines, small companies of course get acquired too.

And the premiums paid can be even bigger than with big companies.

"RPS shares rocket 75% as Toronto-based engineering group WSP agrees £591m takeover of consultancy group

• The 206p per share deal represents a 76% premium on Monday's closing price
• Oxfordshire-based RPS Group was founded as an environmental consultancy
• WSP bought Wood Group's environmental consultancy in June for £1.5bn

By MIKE SHEEN FOR THIS IS MONEY
PUBLISHED: 12:21, 9 August 2022 | UPDATED: 12:21, 9 August 2022

Shares in consultancy firm RPS Group rose more than three-quarters on Tuesday after engineering group WSP Global revealed a £591.1million takeover deal.

The boards have agreed a cash deal for RPS at 206p per share, representing a 76 per cent premium on Monday's closing price of 117p and a 94 per cent premium on an volume-weighted, 90-day average price of 106p.

Under the terms of the deal, shareholders in RPS will still be entitled to any interim dividend for the six-month period to 30 June up to 0.45p per share.

Shares in consultancy firm RPS Group rose more than three-quarters on Tuesday after engineering group WSP Global revealed a £591.1million takeover deal.

The boards have agreed a cash deal for RPS at 206p per share, representing a 76 per cent premium on Monday's closing price of 117p and a 94 per cent premium on an volume-weighted, 90-day average price of 106p.

Under the terms of the deal, shareholders in RPS will still be entitled to any interim dividend for the six-month period to 30 June up to 0.45p per share. ...

Ken Lever, chairman of RPS, said: 'The RPS Directors believe that RPS has a clear strategy and is strongly positioned for the future, underpinned by favourable trends in its end markets and the benefits that are starting to flow from investments in RPS' talent programme, brand, marketing strategy and technology initiatives.

'However, this is a compelling offer from WSP which fully values the business and its future prospects. ...

'The RPS Directors also believe that the acquisition will provide career opportunities for our employees within the enlarged WSP Group as well as access to a comprehensive and expanded service offering for our clients.'

President and chief executive of WSP Global Alexandre J. L'Heureux added: 'Combining the capabilities of the RPS Group and the WSP Group is strategically compelling and will allow us to leverage our collective know-how and provide a broader range of complementary services to our clients while building a world-class ESG advisory business. '"

https://www.thisismoney.co.uk/money/markets/article-11095001/RPS-shares-rocket-WSP-agrees-591m-takeover-deal.html

"Larry Summers Warns Pound May Tumble Below $1 on ‘Naive’ UK Policies

By Chris Anstey
23 September 2022 at 14:13 BST Updated on 23 September 2022 at 16:05 BST

Former Treasury Secretary Lawrence Summers blasted the economic policies being adopted by newly installed UK Prime Minister Liz Truss, saying they’re creating the circumstances for the pound to sink past parity with the US dollar.

“It makes me very sorry to say, but I think the UK is behaving a bit like an emerging market turning itself into a submerging market,” Summers told Bloomberg Television’s “Wall Street Week” with David Westin. “Between Brexit, how far the Bank of England got behind the curve and now these fiscal policies, I think Britain will be remembered for having pursuing the worst macroeconomic policies of any major country in a long time.”

Truss’s government has set out the most radical package of tax cuts for the UK since 1972, reducing levies both on worker pay and companies in an effort to boost the long-term potential of the economy. Economists are concerned the package is unaffordable and will trigger a currency crisis over concerns about rising debt.

The pound on Friday slumped to its weakest since 1985, trading at $1.0908 as of 3:52 p.m. in London.

“It would not surprise me if the pound eventually gets below a dollar, if the current path is maintained,” said Summers, a Harvard University professor and paid contributor to Bloomberg Television. “This is simply not a moment for the kind of naïve, wishful thinking, supply-side economics that is being pursued in Britain.”

The former Treasury chief also flagged dangers with a surging dollar, which is adding to inflationary pressures for countries around the world and increasing pressure on overseas borrowers that have issued debt in the US currency. He also indicated that dollar appreciation -- fuelled by the Federal Reserve’s shift to a more aggressive path of interest-rate hikes -- may continue.

Dollar Pain

“This is going to be an issue that is going to be with us for some time,” Summers said. “Countries are going to have to be adjusting to a very strong US dollar,” and it will complicate macroeconomic management in may economies, he said. ..."

https://www.bloomberg.com/news/articles/2022-09-23/summers-warns-pound-may-tumble-past-1-on-naive-uk-policies

MYX reports its revenues in US$s, and the majority of its revenue is derived from the Middle East, Nigeria and the United States.

The strengthening US dollar, compared to sterling, is great news for MYX, in two ways:-
1. Sterling value of MYX's revenues is increased per dollar.
2. MYX becomes a cheaper takeover target for a US predator.

And the substantial business that MYX conducts in the US also increases the chance of a US takeover, in two ways:-
1. Brings MYX on the radar screens of more American peers.
2. Makes it more attractive to a US predator wishing to expand domestically.