Fundamentally, what we're going to be looking at is the tax considerations around M&A transactions.

So that's really what we're going to be focusing in on.

What we're going to be thinking about is the difference that the deal structure has in relation to the actual tax implications. Now, like for every tax situation, it's different in different countries.

We are trying to run these sessions to as many different global locations at any point in time. So, if you are working on a transaction or working on a transaction in the future, it's definitely a good idea to get tax advice, expert tax advice. But this should hopefully give you some sort of a sense as to what the underlying core principles look like, so it can give you a sense as to what might be a good direction to head in for a transaction, even if you don't know all the necessary ins and outs of an individual transaction.

I'll just put those course materials in again and give it 30 more seconds, and then we'll dive into the content.

Hope you're doing well on this Friday and getting close towards your weekend, and hopefully this will see us over the line to get us closer towards that end of the day. Okay, so I'm going to dive in now. My screen froze for a second, but I'm going to dive in.

As you might expect for any webinar, please do stop me, ask questions, put them into the chat as we go through.

That is absolutely no problem at all at any stage as we go through the content. Let me just get everything available so that I can see what we're doing, and we'll dive in. Okay. So hopefully you've got those slides.

Hopefully, you've also got that Excel file, which we will be looking at in a couple of seconds' time as we get into it as well.

Okay. So yeah, please do stop me. Please do ask any questions as we go through. I'm more than happy to answer any questions as we get started. I've got a couple more people joining us just now, so we'll give it a couple of seconds. If you have just joined, I'll put the course materials into the chat, so you should be able to access that now.

If anyone does join later, I'm going to put it back in there again, so you might see me reposting that course content into the chat again. That's just so that people that join later still have access to it.

Okay, so we're going to dive in. I think we've given everyone enough chance to make it here. We'll dive in with this content.

I know it's scheduled for an hour, but I don't think it'll take us more than half an hour, in relation to this content. So something like half an hour, 45 minutes or so.

If you do have any questions at the end, please do shout.

More than happy to chat through or answer any questions that you might have at that stage.

Okay. So, great stuff. Hope you've got that material.

We're going to start off with a few slides.

We won't be spending a lot of time looking at the slides.

I think it's easier if we build things up through Excel.

So we're looking at an Excel exercise to put some of the numbers in the slides into some context, but we'll do that as we go through and build it.

But in terms of what we've got on the slides, the first thing is to pick up.

We'll think about how tax works under different scenarios, and we're really thinking about asset transactions versus stock transactions.

And I think having a clear picture as to the distinction between them will put us in a really good place to start off with.

So I'm just going to start off with a little bit of an overview as to what the difference in these transactions means and what that actually looks like.

Okay. So we're going to start off by thinking about our outside basis and inside basis.

Now, that refers to the difference between how tax authorities look at transactions, whether they are done on a stock basis. Okay, so let me just, whoops, be crystal clear about this. So if we're looking at our transactions...

Let me adjust this. Okay, there we go.

So where did we get to? There we go.

Let's get rid of that and dive straight in.

There we go. Okay. So in terms of what we need to have a look at, if we're looking at that...

Let's try and get a pen. There we go. We can actually see when I draw on the screen.

That's what I was looking for. Got there in the end.

So outside basis. Outside basis refers to when we are looking at a transaction for the stock of a particular company.

The inside basis is when we're thinking about an asset transaction.

So they're just different ways of thinking about a stock transaction or an asset transaction. That's the terminology that we're going to be looking at.

So in terms of the difference between the two, if we first of all think about a stock transaction, this might be what you think about when we consider a standard transaction. We've got a company's shareholders. So let's think about this as the target's owners. Okay, so the target company's got some existing shareholders, some existing owners. That's our starting point.

And they own shares.

So target company shareholders, they own the shares in what's going to be our target company.

Okay.

And along comes an acquirer or a buyer, and that buyer then wants to... We've got the acquirer over here.

In a stock transaction, what that acquirer is going to do is they're going to pay money to the target company shareholders, and in return, the target company shareholders will give up their ownership of the shares in the target company. Okay. Which means that as a result, they won't own this company anymore, but the acquirer will instead. Okay.

And if it's a company doing the acquiring here, we're going to have a group, as a result. See we've got a few more people joining us.

I'm just going to put in the Excel files and the slides that we're looking at into the chat, so you should be able to see those now. Okay.

So that's our stock transaction, what you might imagine happens with a regular stock transaction. The key point to note about this, and why this is relevant for us here, is that for the target company, nothing's changed. Their owners have changed, but within the target company itself, outside of any reorganization that might happen, but from a tax perspective, we just look at this company and say, "Well, the company has changed its owners," but within the company, within that legal entity itself, nothing really has changed. Okay? There's no assets being sold in the company.

That's important when we think about contrasting it with our asset transaction.

Because when we look at this asset transaction, what's going on is we've got the same setup. Okay, so the target company shareholders own the target company to begin with.

That's our starting point again here.

So target company shareholders own shares in our target company. But what happens in an asset sale is we've got the acquirer over here, same as before, but rather than trading with the shareholders of the target company, what the acquirer is doing here in this asset transaction is they'll pay money into the target company, and the target company will give them some of, or maybe all of, the assets and liabilities from the target company legal entity.

So this group of assets and liabilities will be sold by the target company itself. And as a result, you can see that this is a transaction that involves the target company. Okay? Now, the reason why this is important is because if you're selling an investment, you may well make a gain, a capital gain, which is going to be taxable. If we think about the stock transaction, that gain is only ever going to be made by the target company shareholders.

In a stock transaction, the target company doesn't make any gain from its shares being sold, it's just transferring its ownership.

Whereas with the asset transaction, the target company's making a gain potentially because it's selling some of the assets that it owns. And then also if the target company is then wound up as a result of this transaction, if that red box I've got on the right-hand side there is all of the assets and liabilities, then what you can see as a result of that happening is that the target company would then just own the cash that was paid for those assets and liabilities, and that may well then be just the target company's liquidated, cash is passed up the chain to its owner.

That could be regular shareholders, individuals, but could be a group, a parent company maybe as well.

That may well be a gain received in the hands of the target company shareholders as well. You might end up with being taxed twice in this situation, and that's really the important piece of it. Before we get into the tax though, just to have a look at the differences. If we don't worry about the tax side of things to begin with, the difference between these two approaches is that for the stock transaction, this is going to be typically much faster from a closing of the transaction. Okay? It's sometimes referred to as being admin light.

It's easier to transfer the ownership of those shares from one shareholder to another.

Whereas for an asset transaction, it's going to be slower because...

And probably more expensive potentially because it's more complicated.

Okay? And the complexity here comes from transferring ownership, or referred to as retitling, okay, the assets.

So all of the assets of that target company need to be updated to reregister them into the name of the acquirer.

So it's not just one thing that's being sold.

In a stock transaction, it's only one thing that's being sold, it's the shares of that target company. In the asset transaction, it's a lot of assets and liabilities of the target company that need to be transferred over, potentially all individually. They're not all transactions with the same counterparty, so there might be a lot of different transactions that all need to be transferred over to that acquirer. So more complexity in that.

Also, the other thing to pick up is that on the asset side, there is a benefit here on the asset side, is that you might be able to cherry-pick the actual assets and liabilities that you get ownership of. If you don't want to buy all of the assets and liabilities of that target company, you've got the ability with the asset transaction to not take all of them across.

Okay? It's not just... I've got a question there.

It's not just to do with the intangibles, it's to do with all of the assets. All of the assets owned by a company are owned in the name of that company. And sure, transferring the ownership of intangibles is going to be complicated, but every single asset that you own is going to need to be updated. And also every single liability that is transferred, you need to go back to the people that are owed money.

If there are liabilities transferring across as well, you need to go back to all those people that are owed money and tell them that there's somebody else that's going to be settling that obligation now.

So there's just a lot more parties involved.

It's not that it's necessarily the thing, the transfer of ownership of, let's say, intangibles that's hard.

It's just that there's lots of things, all of which need to be transferred.

With the transfer of shares, there's only one thing that needs to be transferred.

Hopefully that answered the question Okay. The benefit though with the asset transaction, you can cherry-pick which bits you buy. So if you don't want to buy all of a legal entity, but you just like some of the assets, some of the divisions of a business maybe, some of the intangible assets. You can buy just those individual entities.

Okay? You don't have that option with a stock transaction, so you can cherry-pick the assets and liabilities.

Maybe not that you want liabilities, but you can leave behind the liabilities that you don't want. Whereas for the stock transaction, you have to buy the whole company.

Okay, so those are the two distinguishing factors just to be careful with between these two transactions as a starting point.

Most of what we're looking at today, though, is really focusing around the tax side of things. But I think it's important to get this overall picture as to the difference between a stock transaction and an asset transaction, because everything that we're going to look at from here follows on from this. So if you've got a good understanding of this, we'll be in a good stage after that.

Okay. If you've got any questions on that so far, please do shout.

Otherwise, hopefully, any questions that have come in, we've dealt with those along the way.

Okay, so let's now go... If you're still typing, please do keep typing. I'll answer the questions as they come in.

What we're now going to do is go on to look at the Excel file.

I'll just drop all those Excel files again back into the chat. If you haven't seen those already, they should be there now.

The Excel file should look somewhat like this if you go to the Asset Transactions tab.

So if you go across to the Asset Transactions tab, what we're going to look at is some really simplified numbers.

The idea of these Phoenix Live sessions is to give you a head start, but we're definitely not, even if we were for the whole hour, we wouldn't get all of this covered off.

But hopefully, this gives us a start.

Yeah, if you've got any questions, please do just shout.

If you've got your hand up, you want to unmute yourself, please go for it.

No problem at all.

If the chat is empty, I'll post it in again.

Just posted them into the chat again. You should be able to see them there.

If not, if you drop your... We will share them.

We'll post the session as well, so you'll have access to them later on.

They are also on the page itself, so if you can't see them, we'll get them distributed to you later on.

Okay, great. Thanks a lot.

So let's have a look at the numbers we've got here. Transaction.

We want to get you around the concepts rather than being experts in the time that we've got available.

So in terms of our starting point here, workout one, we're looking at a stock transaction. So we're looking at the kind of transaction on the left-hand side here, where the shares of the target company are being transferred. Okay? Now, the price has been agreed. The acquirer has agreed to pay 500.

The assets on the target company's balance sheet, net assets on the balance sheet are worth 150, and the tax rate's 30. What we want to figure out is how much tax needs to be paid. Okay? And in the result of a stock transaction, you can see that the only transaction that's happened here is between the old shareholders, target company shareholders, and the acquirer, the new shareholders.

Okay? Now, as a result, what we can see is that the gain that is going to be made is going to be made in the hands of the target company shareholders.

They've sold some shares, and what we're saying here is they sold the shares for 500, having previously bought them or invested into the company 300. Okay? So this is the gain made by the target company shareholders.

Could be an individual, could be a company.

We're not going to get too hung up on that.

There are some differences from that, but again, high level is what we're looking for here. Okay? As a result of that, if we assume they've got a tax rate of 30%, they're going to have to pay tax of 60 on that.

And as a result, they'll receive the 500 in, sure, for selling those shares.

But then they've got to pay 60 of tax as well, which leaves this as the net gain to the target company shareholders.

And that's it.

The selling transaction was only a sale made by the target company shareholders, and as a result, they've made a profit. They've got to pay some tax. Great.

That's the end of our tax considerations, it might feel like.

However, there is some tax considerations that we then need to think about within the acquiring company.

And tax rules are different in different countries.

This is broadly how most tax authorities tend to do it.

Okay? So what we would say is that from a tax perspective, the assets of the target company haven't changed at all. Those assets are still owned by the target company, so nothing's changed for the target company itself.

However, that's from a tax perspective. Okay? From an accounting perspective, I'll do that in blue. So the green bit is from a tax perspective.

Okay? But from an accounting perspective, you've got one company now owning another company, in which case you've got to do your group accounts.

And if you've got to produce group or consolidated accounts, then the target company's assets come into that group. Okay? So this will be our accounting group.

The target company's assets need to come in at their fair market value.

Okay? Now, we're not going to get too bogged down in the details here, but let's just assume that there's no goodwill here to worry about.

We're going to keep it easy in this instance.

We're going to assume that the assets of the target company are worth 500.

There's no goodwill here to make things more complicated. Okay? So as a result, what we'll see on an accounting basis is that these assets will be worth within the group, within the parent company, the acquirers group, those assets would now be worth 500 from an accountant's perspective. Now, when you've got a difference between the tax authority's perspective, assets are worth 150 because they haven't been sold, and the accounting perspective, the assets have been acquired into the group, so they're shown at their Effective purchase price, the value when they were acquired.

Differences between the tax viewpoint of the world and the accounting viewpoint of the world, which are temporary differences rather than permanent differences, tend to result in deferred tax consequences. Okay? So as a result, what we can say here is that the accountant is saying that, well, we bought some stuff that were worth 500, but previously were worth 150, and that hasn't been taxed yet. Okay? That gain hasn't been taxed, and as a result, we may need to pay that tax in the future if we were to sell these assets.

So if the acquirer was to sell those 500 of assets, the tax authority, let's say that those 500 of assets were sold for 500 after the acquisition of the shares, the tax authorities would still say, "Well, those assets are worth 150, and you've got to pay tax on that gain that you've made from disposing of those assets." Okay? So as a result, uh, and just to be crystal clear, this tax liability would then fall on the acquirer.

Okay? The target company hasn't done anything selling any of its assets so far. That liability falls on the acquirer to the extent that they would have this 350 gain that hasn't been taxed yet, and the current owner would then need to tax them.

This is the inside basis idea, that inside the company, the assets from a tax perspective are still worth 150. Okay? So this is a tax valuation inside the company.

So this is a liability, rather, let's say it's a potential future liability of the acquirer to pay more tax in the future when they sell these assets.

There's a distinction between the transaction for the shares and the transaction for the assets within the company itself.

Okay. This tax hasn't been paid yet, but because there is a difference between the tax view on the world, assets haven't increased in value, and the accountant's view on the world, well, the assets have increased in value and there's a gain here that might need to be taxed in the future.

That creates a deferred tax liability. Okay? When we're talking about step-up, we're saying that the assets need to be shown at their fair value in the acquirers balance sheet. Okay? So there's a difference between the tax world and the accountant's world. Okay.

That creates this deferred tax liability.

Okay. So what do we get to here? 60 of tax is paid by the selling shareholder, and there's a liability that falls on the shoulders of the acquiring company, potentially in the future of 105. Okay, so that's where we sit.

Okay? What we're going to have a look at is what this looks like relative to a transaction for a stock deal. So let's go and have a look at the stock deal numbers.

This will make the comparison easier to see rather than just me showing you a table that has all these comparisons on them.

If we look at the comparison from this perspective, then we'll be able to see what these differences really look like.

Okay, so let's get into this then. Uh, same numbers. Okay? Exactly the same numbers as we had before.

We've got a bit of depreciation, which we'll talk about in a second, to think about, but we're going to be looking at as this as if it was an asset transaction. Okay, so for an asset transaction, we're looking on the right-hand side here.

The target company shareholders don't get involved in the first step.

But then if we assume the target company is then wound down and cash is then paid up after liquidation, there might be a gain in the target company and a gain in the hands of the target company shareholders as well.

Okay. So that's what we're thinking about here.

So let's go through those two steps.

Potentially, we've got two levels, two layers of tax, taxation to pay here when we're looking at this from the asset transaction. So first transaction is that the assets are sold, or net assets, a group of assets and liabilities are sold by the target company. Okay? Now, those assets were worth, let's say they're shown on the target company's balance sheet on a net basis at 150.

And let's assume that these are all of the assets and liabilities of the target company. So they're all sold for, to keep things easy in these numbers, just to show the difference for you, they're all sold for 500 as well.

Okay.

As a result, that target company will see that gain of 350, and the target company will still have that cash because it's received all of the 500 in. The target company will then have to pay 30% of that as a tax number.

Okay. So the target company will have to pay tax.

Okay, they'll receive cash in as we've highlighted here from the sale, but then they'll need to pay tax on the gain.

Okay, so that goes out to the tax authority. Okay.

And it's only the remaining amount that can be, if a company is then liquidated, it's only the remaining amount then can be passed up the chain to the owners, the shareholders in the target company.

Okay. Now, that itself also might create a tax liability. If we think about what's happening from the acquire-- from the shareholder's perspective, the target company's shareholder's perspective, what's going on is that what will be left over the 500 from the sale received in by the target company legal entity. They then pay out the 105 cash as tax from the target company legal entity. That will leave that legal entity only with 395 of cash, and if we assume, ignoring any transactional fees or liquidation fees there might be This then is the amount of money that can be paid up the chain, that remaining amount of money that can be paid to the target company shareholders.

We then need to think about any tax payable by the target company shareholders, and we're going to say that the target company shareholders initially paid in 300 to buy their shares in the company.

So that is the acquisition price from a tax calculation from the acquirers perspective.

And as a result, they're going to make a gain of the difference between the two, which would be 95, and have to pay tax on that 95.

Now, they're paying less tax here than they did before.

So under the stock transaction, the shareholders of the target company are paying tax only of, rather than 60, they're paying tax of only 28 now. But if we look at it from a net perspective, they received the 395 cash being paid up the chain, and out of that, they've got to pay a bit more tax.

So their net proceeds are only now 366.5, rather than the 440 they received from the sale of the shares directly, where they received the 500 directly. The difference is that the tax payable on the asset sale, which is an effective asset sale because within the target company or an actual asset sale for the asset transaction.

The tax is paid here, so the two bits of tax to pay. The 105 of tax on the sale of the assets is paid under the asset transaction by the target company.

Whereas the tax that is implicitly payable through the stock transaction isn't paid yet.

The tax authorities still see the assets as being worth 150.

So this 105 hasn't been paid yet. It's a deferred tax liability, which means there's more tax to pay in the future, but it hasn't been paid yet, crucially.

Okay, so that's our difference. That 105 is paid under this second approach. It's not paid yet, but will be somewhere down the line later under the stock transaction. Okay.

Both of those numbers feel reasonable for us.

That gets us to hopefully a reasonable conclusion. We're not done quite yet, but a reasonable conclusion in relation to what this looks like. Okay.

In terms of a tax perspective, the stock transaction is beneficial, okay, for the seller.

Okay.

And why is it beneficial for the seller? Oops. Back where it was. Okay, why is it beneficial for the seller? Well, they're only taxed once.

Not so good for the buyer, potentially. Okay. The buyer takes on a future tax liability.

I guess, a potential future tax liability.

Okay. So good for the seller.

Okay. From the point of view of the asset transaction, this is going to be beneficial for the buyer. There's no ongoing tax liability, but there's a second benefit as well. Okay? It's definitely going to be worse for the seller because we get that double taxation.

Okay. So why is it beneficial for the buyer? Well, firstly, there's no ongoing liability.

The target company bears the obligation to pay tax on the gain made within the target company. But the other reason it's beneficial for the buyer is that within this transaction, within this asset transaction, what we then have is, from the buyer's perspective, we then have the assets being worth from a tax perspective. Okay.

They are then shown at 500 in the acquirers balance sheet. We've paid 500 for them, and they show up in our balance sheet up here. These assets, they show up as 500, both from an accounting perspective and also from a tax perspective. The tax has already been paid in the target company. Okay. So 500 under both scenarios, which means there's no expectation of a gain to be made at any point in the future.

And as a result, no extra tax or no tax that is being put off to the future, no extra tax to pay at any point in the future. Okay. So there's no deferred tax asset, no deferred tax liability created in this scenario.

It's much more straightforward from the acquirers perspective.

And there's one other benefit from the acquirers perspective as well.

The other benefit from the acquirers perspective is that we've got an asset that's now at 500. And as a result, because it's 500 rather than 150, there is an additional amount of depreciation that is going to be the 500 minus...

Oops. Let's put it down here.

So the extra depreciation, okay, from a tax perspective, the tax accounts are now saying that we have versus what we had under the stock deal.

Okay. From a tax perspective, we've got 350 more of an asset, and that asset needs depreciating.

The tax accounts allow you to take depreciation for depreciating assets.

And as a result, we're going to be able to take this On a depreciating basis, let's divide it by how many years we're going to depreciate these assets over. We think five years.

And as a result, we're going to get 70 more of an expense in our tax accounts under the asset transaction than we would've got under a stock transaction. The tax accounts have a higher value for the asset, and as a result, the tax accounts allow more depreciation.

An expense is a good thing in your tax financial statements, your tax accounts, because expenses reduce your profits in your tax accounts.

And as a result, we've got less tax to pay by the tune of 30% of the extra expense.

Okay, so 21 extra. And 21 extra over the course of five years means that there's this tax saving that we're going to get effectively of this 105. Okay. This is a benefit to the acquirer because they have a higher basis for those assets from a tax perspective under the asset transaction.

Okay. So we have additional tax depreciation.

Okay. As well as the tax being the burden of the selling company, the buyer gets this additional benefit of that tax depreciation. Okay.

Okay, so that's where we get to. You might look at this and say, "Well, if we are a seller, the seller's going to prefer the stock transaction.

It's quicker, easier. Everything gets sold.

One transaction, one tax to pay. No double taxation.

Great news." Whereas the seller, sorry, whereas the buyer might prefer the asset transaction.

Okay.

They might prefer it from tax perspective, but it's still complicated because beneficial for the buyer, but we might like the idea that stock transactions are nice and quick and fast.

Okay.

They're the, I guess, both the benefits from a buyer's perspective.

Okay, we like the asset transaction because of its tax benefits for us as the buyer. We like a stock transaction because it's nice and quick and simple.

Okay. Now, in the US, there is a option...

Let's jump back to the slides.

We've covered everything, all the words here.

This is showing pretty much everything we've talked about.

That inside basis, outside basis. Same sort of numbers we've had a look at.

Okay. Within the US, there is this option for a 338 election.

Okay. And what that allows you to do is to acquire a company under a stock transaction. That's good because it's quick and it's efficient and it's not complicated to retitle all the assets.

But then after that has happened, essentially gets treated from tax purposes as a asset deal. Okay, so it gets treated as an asset deal for tax purposes.

Okay. Which is, again, as we said back here, beneficial for the buyer. Okay.

They've got that tax depreciation. Okay.

Now, the flip side of that, though, is that from a tax perspective, the asset deal is worse for the seller.

So what you'll typically find within this 338 election is that there's a trade-off or an ongoing negotiation between the buyer and the seller because both parties need to sign up for the 338 election. Okay. Now, what does that mean? Well, we're going to have to convince the seller, the vendor, as we've got on this picture, that it's worthwhile going down this route.

Well, how's it going to be worthwhile for them? Well, they're going to be worse off because they've got the double taxation effect.

So what we might be able to do is use some of that tax shield from the higher depreciation and use that to pay an additional amount of money over to the vendor to cover off for the higher tax liability that they've got. Okay. And this, we can see, might work for both parties in our very simplified numbers. Okay.

The tax benefit here is 105. We're going to need to present value that because that's the tax benefit over the next five years.

The seller, the vendor, was getting 440 up here, and they're only getting 360 here, 370.

So as long as the present value of those synergies is more than 70, we're going to be in a better position. Both parties could potentially be in a better position. We can pay enough money, we can pay 80 over to the target company shareholders.

That is giving them enough to compensate for the worst position under the asset transaction.

But as long as we can afford that through the tax savings, through the higher tax base from the asset transaction on that inside basis, that can still benefit us as the acquirer. As with anything, it definitely depends on the nature of the transactions. The other thing to be careful with here or to be just aware of is that there might be other things to worry about as well. Okay.

The point that we're mentioning on the screen here, NOLs, these are net operating losses.

Okay. And again, without getting bogged down in the detail here, if you make a loss, you don't get to offset it against...

You don't get money back from the tax authorities.

If you make a gain, you've got to pay tax.

If you make a loss, you don't get tax back.

But you do get to offset your loss against future profits. Okay.

Now, whether those net operating losses are beneficial or not depends on the nature of the transaction. Okay. If we've got an acquirer that is making profits, then they might benefit from the stock transaction, because the stock transaction will bring in the whole company of the target company and bring with it its net operating losses.

If it is an asset transaction- Then the acquirer won't get those net operating losses. But what might benefit us with the asset transaction is potentially the target company has some NOLs that it can offset. So if it's been loss-making in its life to date, it's then sold all of its assets, it's made a gain on the sale of the assets, we might be able to set the gain on the disposal of the assets against the historical losses. And as a result, that might allow the target company, and therefore the target company shareholders might be happier to do this, to reduce the amount of tax they've got to pay on the gain on disposing of those assets, because they've got historical losses rolled forward that they can offset against the gain that they're making from disposing those assets. That's within the target company itself.

So in terms of, again, the merits of this approach, we just need to be careful as to who's benefiting from this asset transaction to see what the ending point is in terms of who's winning and who's losing. Okay.

That's a pretty whistle-stop tour through all of the concepts here.

This next slide summarizes everything that we've said so far.

There's nothing different that isn't on this slide, but this is just a good summary of everything that we've seen.

So I'm not going to run through this.

Hopefully, you've got access to all of this through the course content itself. If not, we'll send it out to everybody after the course.

I don't have too much extra to say beyond this point.

Don't want to waste your time on a Friday when you might have other things you're looking to get finished and sorted out for the end of the day.

If you do have any questions, please do shout. Please do ask.

Otherwise, we'll leave things there for us.

We'll wrap things up, and I hope you have a good rest of your day. Thanks very much. See you later on.

Thanks a lot. No problem.

Yeah, these slides, we'll get them sent out to you.

If you want to put your email address in the chat just to me, then I'll get these slides sent out to you straight away.

No problem at all. Thanks very much.