The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
Thank-you to all who have taken the time to read the lengthy Situation Review post and to those for giving your constructive feedback. There have been some interesting points made.
Colonboy said: The actual crux of the problem is that no one knows how much it will take to complete the plant.
Without that no one will invest cash....Glencore or Odey...they have the funds of course.
The Settlement Agreement (SA)
My constructive analysis highlighted specifically the formally expected costs of rectification:
It was announced in January 2020 that SPMP required further debt funding of cUSD120m comprising USD60m for rectification costs and a further USD60m for working capital, (the "Funding Gap") in addition to the substantial sums already invested by the shareholders of SPMP
More importantly the SA has been approved by all parties: Tri-Star and its joint venture partners have finally concluded discussions on 1 November 2020, with a Settlement Agreement between the parties embracing a number of constitutional and financial changes. In broad terms, IAC and DNR have agreed to provide sufficient further funding in order for the plant to reach completion, without further equity dilution to TSTR - and this is an important point to note....
In other words whatever it costs to complete the Plant, should the $60million prove not quite enough, then the other two shareholders will provide sufficient funding ....without any further dilution impact on the TSTR shareholding. In addition the Oman Government (as the majority shareholder) will see this Plant completed, since it forms part of the Governments industrial diversification strategy (as highlighted previously).
WryTickTock said: SPMP and therefore TSTR have told us nothing about how they are going to do thing differently this time. As far as we know it’s the same team at the helm that’s failed so far. Does that give you confidence?
We are aware from the RNS that Odey is appointing a new team in place, in order to steer TSTR through the next phase of Project Completion. In addition, now that a constructive Plant rectification plan is in place, interested third parties (as Colonboy suggested) are being sounded out.
AIM Listing
I am confident that our shareholder communications demanding continued representation on the AIM platform are being taken seriously and Odey is mindful of the importance of smaller shareholder support.
When the markets open on Monday morning, longer term PI's must be mindful not to play into the hands of the MM's and should hold for the expected Project Completion in 6 months time and the premium shareholder return that all of us deserve. GLA.
Tri-Star & SPMP Valuation
I previously issued a valuation analysis for SPMP and Tri-Star (see previous posts). Ultimately the fundamentals driving the overall valuation of the SPMP business have not changed, although the investment input required to get the Plant over the finish line have increased as explained above.
Current overall investments by all Shareholders has reached $206 million. In addition there are outstanding bank loans of $57million, to which all parties remain as guarantors (in proportion to shareholdings).
Projected future Revenues (Antimony and Gold ore) by SPMP will be in excess of $200miilion per annum. On a conservative valuation of SPMP at 3 x Revenues then the SPMP Valuation is $600million. In reality once fully commissioned and operational it will literally be a #goldmine# and its valuation should be 5 X revenues or $1Billion per my previous analysis.
Tri-Stars current valuation of Assets comprises its core investments to date of $34million plus its balance sheet Net Assets of $13.7million. This gives Tri-Star a current valuation of $47million versus its current Market Cap of $35million (£28million at end September). That's a 34% premium to the current SP of 30p and should in fact be upwards of 40p.
Once the SPMP Plant is fully operational then we can use the appropriate business going concern valuations above. Tri-Stars valuation in 2021 based on an Operational Plant will be a minimum of 16.3% of $600million or $97.8million. For the sake of brevity lets just round up the numbers and make it a $100million valuation. That is the valuation projected in the next 6 to 8 months. And to put that in £ and pence an SP of 85p.
AIM Listing and/or Liquidity event
Whatever the reasons behind the Chairmans' view to potentially de-list the business from AIM, this should be rejected outright by all shareholders. It is not in the best interests of shareholders nor is it practically nor legally necessary. In fact it makes no sense at all, that approximately 6 months or so from the SPMP Project coming to Operational and Production fruition, that Tri-Star should even contemplate this course of action. And After 5 Years of active managed investment. I will propose a full rethink on this course of action with the newly appointed Chairman. It would be only fair that Shareholders have the choice to remain invested with Tri-Star and ultimately benefiting, from a potential SPMP listing in the not too distant future.
I shall trust that the Chairman and Mr. Odey keep in touch with Shareholder communications such as these.
For those of you who are LTI, very simply Keep the faith and hold for the mid-term.
Best wishes.
Tri-Star's claim to a final USD2m payment due from the assignment of the intellectual property rights to SPMP has been settled by USD500,000 payable in cash and the balance forming part of TSTR's total funding of SPMP. A further sum of USD100,000 representing settlement for other outstanding amounts will also be paid in cash to TSTR by SPMP. Thereby in total Tri-Star will receive $600k cash by November 15th 2020.
The Mezzanine Loan to SPMP
In the Annual Final Year Account ending Dec. 2018, Tri-Star confirmed outstanding loans to SPMP, for the amount of $16.7million. It must be noted that in the latest Final Year Accounts, in accordance with IFRS 9, the fair value of the mezzanine loan from TSTR to SPMP (the "SPMP Mezzanine Loan") has been derived using a net present value calculation in which an effective discount rate of 23% has been applied. The outstanding Loan to SPMP has therefore been reduced to a book value of $11.4million.
Only the outgoing Chairman can explain, why he has #gifted# SPMP $5.3million by reducing the outstanding loan. Equity is one thing, but the Loan was hard #shareholder# cash!
In addition Tri-Star holds other Assets in its accounts of $3.9million (for other investments) which bring Total Gross Assets to $15.3m. The Accounts also show liabilities of $1.6million, therefore reducing overall Net Assets to $13.7million.
SPMP Plant Completion
The current expected date of completion of the plant is in H1 2021. We are not party to the detail of the what is required in order to rectify any plant deficiencies, but this statement gives a comprehensive Plant Completion deadline of June 2021 and potentially sooner. Remember the Plant has already proven its production capability.
Tri-Star & SPMP Valuation
I previously issued a valuation analysis for SPMP and Tri-Star (see previous posts). Ultimately the fundamentals driving the overall valuation of the SPMP business have not changed, although the investment input required to get the Plant over the finish line have increased as explained above.
Current overall investments by all Shareholders has reached $206 million. In addition there are outstanding bank loans of $57million, to which all parties remain as guarantors (in proportion to shareholdings).
Tbc...
Continued...
The Sultanate of Oman Government
This announcement from SPMP and published in the Oman Observer (16.02.20) quotes the Companies Chairman, Nasser Suleiman al Harthy, who is also a prominent member of the Omani Government.
Speaking at a recent meeting of the Board of Directors of the company, Nasser Suleiman al Harthy, Chairman of SPMP said, “The SPMP project is of National significance and it follows the government’s vision and strategy of economic diversification and increasing the contribution of non-oil sectors."
This statement of #national pride# demonstrates how strategically important this project is to the Sultanate of Oman and would explain its political position and demeanour towards any external parties, whether shareholders or not.
It also underlines that the SPMP Project which has so far attracted over $200million in collective Shareholder investments, will be driven to completion by the Oman Government (now as the largest and majority Shareholder) - as a matter of national pride and strategic importance.
The Settlement Agreement (SA)
It was announced in January 2020 that SPMP required further debt funding of cUSD120m comprising USD60m for rectification costs and a further USD60m for working capital, (the "Funding Gap") in addition to the substantial sums already invested by the shareholders of SPMP
Tri-Star and its joint venture partners have finally concluded discussions on 1 November 2020, with a settlement agreement between the parties embracing a number of constitutional and financial changes. In broad terms, IAC and DNR have agreed to provide sufficient further funding in order for the plant to reach completion, without further equity dilution to TSTR - and this is an important point to note.
Shareholders Investment to date - the Key Issue
Tri-Star's inability (read unwillingness due to contract Agreements) during 2019 and 2020 to make further investments (pari passu) with its shareholding in SPMP, had led to an imbalance of funding between the shareholders of SPMP. As a result, TSTR's investment in all forms now reduces from 40% to approximately 16.3% of the total amount invested (by the three Shareholders) to date of cUSD206m, the balance being provided by IAC and DNR.
Under the SA, all sums invested to date are converted into equity and equity loans ("Equity Loans") proportionately. The Equity Loans are zero coupon, undated and repayable at the option of SPMP. As a result of the Settlement Agreement, TSTR's investment in SPMP will comprise equity of USD 2.6m (16.3% of total equity) and Equity Loans of USD30.8 million (16.3% of the total Equity Loans). The balance is held by IAS and DNR proportionately.
Tri-Star's claim to a final USD2m payment due from the assignment of the intellectual property rights to SPMP has been settled by USD500,000 payable in cash and the balance forming part of TSTR's total funding of SPMP. A further sum of USD100,000 representing settlement for other
Good afternoon all
TSTR Situation Review
Like many of you I have spent a couple of days reviewing the contents of the recent communications from TSTR (via the RNS') and the Final Year Accounts and have tried to distil the facts from the fiction.
As an aside, you will have ascertained from the RNS that the Chairman, Adrian Collins, is actually off to pastures new. You really must n't take it personally when AC manages to concoct an indecipherable and melancholic RNS, as his parting shot. He is simply practising for his newly appointed role as speechwriter for Donald Trump. In fact based on the Donalds' speech on NBC yesterday, it looks like AC has got off to an early start!
Investors Questions
What we all really want to know is what our investment consists of now and what is it worth? Just as important, when will we be able to realise the equity value in the investment and how?
SPMP Project
It is worth reminding ourselves of the potential World Class asset at the centre of this investment. The Final Year Accounts, state that the SPMP Project remains an attractive prospect for Tri-Star.
The SPMP Plant is the largest antimony roaster outside of China and the world's first clean plant, designed to EU environmental standards. It is designed to have the capacity to produce more than 50,000 oz. of gold per annum and 20,000 tonnes in combined antimony metal and ATO products which represents 12%-15% of average annual world antimony production and will thus establish Oman as a major global producer of antimony.
Earnings: The SPMP Project is forecast to generate significant earnings revenues, in excess of $200m pa. (see my previous posts) divided approximately 60:40 between antimony and gold but dependent on blend of ores sourced.
Technology: The Project applies a proprietary antimony and gold roasting technology that is flexible and sophisticated enough to be able to process many types of grade and impurities. There is potential for adaptation for treatment of other metal ores.
Demand for product: Antimony is a rare metal with a range of industrial applications. Amongst other things it is used as an additive to flame ******ant compounds, utilised in printed circuit boards, computers and other micro-electronics. Antimony has consistently ranked highly in European and US risk lists for supply of chemical elements or element groups required to maintain the current economy.
Refractory Gold is gold 'ore', where the metal is trapped in sulphide lattice structures that conventional processes are unable to extract. The clean antimony roasting technology developed by Tri-Star and sold to SPMP in 2015 has unlocked the potential of these gold resources, estimated to be 30% - 50% of remaining gold in the ground globally.
Board: SPMP has an experienced and internationally focused Board of Directors who have helped manage the project from inception through to near completion.
The Sultanate of Oman Government ....tbc
Good morning all
Settlement Agreement - At an Advanced stage.
Todays RNS: 'The delay in publication of the Final Results is due to the ongoing discussions between SPMP and its shareholders to reach a settlement agreement to provide greater certainty of funding for SPMP, redress the imbalance of the amounts invested by the three shareholders to date and to provide certainty over Tri-Star's shareholding going forward with no further need for Tri-Star to finance SPMP ("Settlement Agreement"). Whilst there can be no certainty over the terms of the Settlement Agreement at this stage, these negotiations are at an advanced stage. '
Well this is the RNS we have been waiting for, apart from the next RNS with the full details obviously. This should reassure all PI's and LTH that finally a financing agreement for SPMP has been reached between shareholders of SPMP. The so-called Settlement Agreement is at an advanced stage, according to the RNS so it is unlikely to be months as someone has mentioned this morning and ought to be released within 28 days.
We have never seen a delayed suspension such as this one before on Aim, in my opinion and it serves no purpose other than to allow the MM's to stir the pot and take advantage of the situation.
My recent valuation post on Tri-Star put the raw value of the business at £51.7m or an SP of 52.7p and an enterprise value as a going concern at up to £1.72 per share (subject to Plant full running capacity). The minimum valuation includes outstanding intercompany loans of $17m from Tri-Star to SPMP.
I agree with TrusttheProcess and FirststoptheMoon this morning. Hold and sit tight.
GLA
Oman Vision 2040, which focuses on developing sources of economic diversification and enhancing non-oil revenues’ contribution to national GDP and attract foreign direct investment to the Sultanate.
Muscat, Sep 27 (ONA) —- In light of the recent meeting between Chairman of the Board, and President of Oman Investment Authority (OIA), with the Chairmen of Boards of its affiliated companies, the OIA launched a special program under the name of “Rawabet”, as a direct link between the Authority and its companies, in order to enhance their Corporate Governance, and link all their policies and systems with the higher policies of OIA.
The program will help OIA’s affiliated companies align their policies with Oman Vision 2040, which focuses on developing sources of economic diversification and enhancing non-oil revenues’ contribution to national GDP and attract foreign direct investment to the Sultanate.
Rawabet also aims to shed light on the role that the private sector plays in developing the Omani economy and promoting successful partnership in local value-added investments, in addition to promoting the securities markets, developing the national workforce, and working on the continuous development of different investment sectors in the Sultanate.
From Oman News Agency (ONA) Muscat, www.omannews.gov.om
Antimony Global Outlook Strong
In answer to RVS' Statement today: 5. The market for antimony is a separate issue. The world does not expect an additional 20 thousand tons of antimony trioxide.
In fact as a result of a significant shift in supply away from China, due to a stricter regulatory regime and plant closures, demand has not been higher for years. Please review the summary global outlook from Roskill below. The opportunity for to fulfil global supply is right now...
Summary
Antimony is mostly consumed in flame ******ants and lead-acid batteries. Together these end-uses account for more than 80% of antimony demand and trends in these two critical applications thus shape market dynamics.
China has by far the largest antimony resources and has, as a result, been the world’s centre for antimony mine and refined production. While China remains the leading primary producer in 2020, declining reserves, market consolidation and strict regulatory inspections across China leading to closures of facilities has caused a significant decrease in Chinese output from over 80% of global production in 2010 to around 50% in 2020. As a result, China has sourced growing volumes of primary antimony units through imports.
Russia and Tajikistan are the next largest producers of antimony after China, both ramping up production in recent years to fill the gap left by China and causing global supply to rebound in 2018 and 2019. In 2018, Russian supply of antimony leapfrogged ahead of Tajikistan with Russian company Polyus, one of world’s leading gold producers, supplying by-product antimony from its Olimpiada mine equivalent to 15% of global mined antimony supply.
The outlook for non-metallurgical antimony demand is positive when considering construction and plastics trends, which suggests demand for flame ******ants will increase. Antimony demand in glass is far smaller but could potentially enjoy high growth rates due to use in photovoltaic panel production. With a modest growth in demand for antimony in non-metallurgical end uses expected, Roskill envisages that demand could start to outstrip current supply levels over the longer term.
Critical materials: EU releases updated critical raw materials list
Antimony is top of the list :)
A revised list of 30 critical raw materials has been revealed by the European Commission (EC, September 2020) which now includes bauxite, titanium, lithium, and strontium. Since the first list was drawn up in 2008, it has been revised in 2014, and again in 2017, when an additional seven raw materials were included to take the total to 27. The EC will release its next update in three years’ time.
Roskill view
While the term ‘critical raw materials’ has no universal definition, it is generally used to refer to metals and minerals which are of high economic importance to a particular industry, sector or spatial area and are at risk of supply shortage. Supply risks can be exacerbated by low substitution potential and low recycling rates.
https://roskill.com/news/critical-materials-eu-releases-updated-critical-raw-materials-list
The complete list of 30 critical raw materials for 2020 is shown below.
Antimony
Barytes
Bauxite
Beryllium
Bismuth
Borate
Cobalt
Coking coal
Fluorspar
Gallium
Germanium
Hafnium
Heavy rare earth elements
Indium
Light rare earth elements
Lithium
Magnesium
Natural graphite
Natural rubber
Niobium
Platinum group metals
Phosphate rock
Phosphorus
Scandium
Silicon metal
Strontium
Tantalum
Titanium
Tungsten
Vanadium
Hi TTP
I'm glad you enjoyed the thread and found some value in it. I often carry out these review analysis every so often and really felt that TSTR was being undervalued with everything that we know has been achieved with the SPMP investment. I've been here, with this share for two years now, so long enough to understand some of the frustrations of the longer term PI's. Its always useful in this kind of scenario to look at the big picture and it is very promising indeed. Onwards and upwards.
GLA
This Thread topic will come in 4 Parts...please commence the thread at #1 of 4. Thanks for following...
Enterprise Valuation Tri-Star
Continued....
Finally in the last round of capital fund raising for the SPMP Plant in June 2018, Crispin Odey of OAM , was quoted at that time in the press, stating his expectation of a Tri-Star equity value of at least $100 million.
Oman Observer - 23 June 2018
Crispin Odey, Founding Partner of OAM said: “We are delighted to continue to support Tri-Star and SPMP in this final fundraising before the SPMP Project goes into production. Our calculations indicate that, based on the price of this investment in Tri-Star through the Placing, we are investing in SPMP at an implied post-fundraising enterprise value of approximately $200 million, or a post-fundraising equity value of $100 million.
7. Summary
I've tried to be as brief as I can (I know 4 pages !) bearing in mind much of this information is known, but certainly well worth a review to remind ourselves of the World Class Asset at the heart of this investment. Does anyone think that Tri-Star is a speculative investment based on the content of the above? Many of the investors here have certainly behaved as if it were the case in recent months. The Roaster Plant alone is valued at $125 million and Tri-Stars equity share is worth 40% of that. In addition, is Tri-Star reliant on SPMP #drilling# for Gold or Antimony? Of course not, the company has entered into a 5 Year Supply Agreement with Traxys Europe (RNS dated 13.06.17).
Tri-Star's current Market Cap of £26 million ($33.54million) GIVES IT A Current Market ENTERPRISE VALUE OF JUST £13.0 million ($16.8million) after deducting the outstanding SPMP intra-company loan facility ($16.727m). The Tri-Star equity share in the Plant is valued at $50 million and along with the loan, we can conservatively value TSTR's raw business at the figure shown above: £51.7m ($66.7 million). And this takes no account of the added enterprise goodwill value for its share of the future revenues and profits from a World Class manufacturing Plant.
Good luck to all.
4. Company Valuation SPMP
There are several methodologies used in valuing a company, using various accounting metrics, such as EBITA, DCF and Price Earnings ratios, but unfortunately we have no detailed financial accounts to work with. Therefore we can only used forecast sales revenue, since those figures have been publicly stated by the company as used above.
Company Valuation based on Sales revenue Multiples
1. SPMP Valuation based on 3 X Annual Revenues : $640,350,000
2. SPMP Valuation based on 5 X Annual Revenues : $1,067,250,000
5. Potential Valuation Tri-Star
1. Tri-Star Valuation based on 40% of : $640,350,000 = $256,140,000
2. Tri-Star Valuation based on 40% of : $1,067,250,000 = $426,900,000
These valuations are based on Forecast sales revenues which have not been achieved yet, so they really point to the future valuation of both companies.
6. True Current Valuation of Tri-Star
If we were to take all the factors into account that we are aware of then we can put these elements together to arrive at a closer TRUE valuation.
Completed manufacturing plant, Dual roaster built to EU & US Environmental Standards and the only one of its kind outside of China
Minimum Valuation $125,000,000
Tri-Star Share 40%: $50,000,000
Loan Facility Tri-Star to SPMP: $16,727,000 (from Audited accounts 31.12.18)
TRI-STAR Minimum Valuation: $66,727,000 (£51.7m)
Based on 98,168,968 shares in circulation
SHARE PRICE equivalent is: 67.9c or 52.7p
ENTERPRISE VALUE
We could use the valuation figures above and being very conservative simply halve the numbers above, therefore taking the lowest valuation:
SPMP Valuation $640,350,000
Deduct balance sheet Debt: $75,000,000 (SPMP Debt $75m as per Tri-Star RNS dated 03.01.20 )
Deduct EXPECTED NEW Loan: $60,000,000
Gives an SPMP valuation of: $505,350,000
Tri-Star Valuation at 40% of SPMP: $202,140,000
The Manufacturing Plant value is already included in this figure, but the outstanding loan figure is not, so add back in the loan of $16,727,000
NEW Tri-Star Valuation is: $218,867,000
SHARE PRICE equivalent is: $2.23c or £1.72p
£1 = $1.29 19/09/20
Tri-Star. Undervalued. Significant Upside Potential.
3. Production capacity and Revenues
Operating at full capacity, SPMP will produce 20,000 tonnes of Antimony (metal and trioxide) and 50,000 ounces of Gold per annum. This represents a significant 15 per cent of average annual world Antimony production, positioning Oman as a major global producer of this strategic minor metal that is used in many applications, including fire ******ancy and electric vehicle batteries.
Reviewing this Statement we can ascertain
Annual Production of 20,000 tonnes of Antimony would achieve future revenues of $116 million based o the 2020 average $ price of $5840 per metric tonne.
Antimony Prices - United States Antimony Corporation
At full production SPMP should be generating revenues of $9.6 million per month in sales of Antimony alone.
The RNS Announcement dated 13th May 2020 (by Tri-Star) and announced in the Oman Observer, confirmed that SPMP had sold and shipped 60 tonnes of Metal ingots.
In addition the announcement of the same date 13th May 2020, also stated in clear terms, that the plant would reach production capacity of 50% by the end of Q2 and the RNS dated 24th June 2020, stated that the remedial works for the plant (including a gas cooling system) was largely complete.
100% Production capacity is expected to be reached at the end of Q1 2021.
UK Gold Price | Price of Gold in the UK | BullionVault
www.bullionvault.com
A by-product of Antimony production is Gold Dore and forecast production estimates by SPMP is 50,000 ounces per annum. This equates to annual Gold revenues of $97.4 million, based on recent gold spot prices at near record highs of $1949/Ounce.
Therefore we can conclude that the SPMP Mining Plant should achieve future Annual Re
venues of
Antimony: $116,000,000
Gold Dore: $97,450,000
TOTAL Potential Annual REVENUE: $213,450,000
This analysis sits reasonably well with the publicly announced forecast in 2018 when the price of Antimony was 25% higher.
Oman Observer, June 18 2018. An antimony roaster backed by Oman Investment Fund (OIF), a sovereign wealth fund of the Sultanate of Oman, has projected annual revenues of around $245 million from sales of antimony products and gold ingots when production ramps up by next year. Strategic & Precious Metal Processing LLC (SPMP), an Omani company which is 40 per cent owned by OIF, is close to completing construction work on its strategically important project — billed as the first antimony roaster to be built anywhere in the world outside of China for the last 30 years — at a site in the Sohar Freezone.
Good afternoon all
Tri-Star. Undervalued. Significant Upside Potential.
After a rollercoaster few days with the markets and this share no exception, I spent a few hours over the week-end reviewing the last 18 to 24 months of Tristar RNS and published articles, particularly in the Oman Observer, with a view to remind myself and others of the significant value and potential in this asset. I prefer to rely on known facts in my due diligence process, rather than any kind of speculation.
1. OMANI Government
This announcement from SPMP and published in the Oman Observer (16.02.20) quotes the Companies Chairman, Nasser Suleiman al Harthy, who is also a prominent member of the Omani Government.
Speaking at a recent meeting of the Board of Directors of the company, Nasser Suleiman al Harthy, Chairman of SPMP said, “The SPMP project is of National significance and it follows the government’s vision and strategy of economic diversification and increasing the contribution of non-oil sectors."
This statement of #national pride and chest-pumping# demonstrates how strategically important this project is to the Sultanate of Oman and would explain its political position and demeanour towards any external parties, whether shareholders or not.
We are all aware of the lack of news flow from both Tri-Star and SPMP (in recent months) and this is as a result of the on-going internal negociations (between shareholders) based upon the call for arbitration by the OIF (as stated by Tri-Star in its RNS on April 8th and again on May 13th, this year) due to the ongoing discussions concerning the funding requirements for a working capital facility of circa. $60m. Whilst this process has been ongoing Tri-Star has understandably felt no obligation to divulge further news flow for obvious reasons.
2. World Class Antimony Roaster manufacturing Plant
However lets remind ourselves of the sheer scale of the $150 million Antimony Roaster Manufacturing Plant, now completed and built to the highest levels of environmental regulations (EU, US EPA and Oman's MECA rules) and in production since November, based in the Port of Sohar Free Zone
The SPMP Plant is the largest of its kind outside of China and the World's first Clean Plant designed to EU environmental standards, at a time when Chinese plants (accounting for 85% of the worlds production) are gradually being mothballed due to unacceptable levels of toxicity in production.
Click on the You Tube link to see the full Plant 360 degree tour:
YouTube
SPMP Oman
https://www.youtube.com/watch?v=7zA5Zx06jfU
Watch (2:01)
Uploaded by: OHI Leo Burnett, May 12, 2020
google: spmp oman/ images