Category News

SolasCure Shortlisted for Award

Seneca portfolio company SolasCure has announced it has been shortlisted in the Innovation category at this year’s Cambridge Independent Science and Technology Awards. The event is taking place on Thursday 15 May, at Hinxton Hall Conference Centre, on the Wellcome…

RetailTech Award Recognition for Hubbox

Seneca portfolio company HubBox has been recognised as one of the UK’s most innovative retail technology companies by RetailTech 50 for its best-in-class ‘pickup at checkout’ technology. Home – HubBox HubBox secured third place in the competition which included a…

Oxford BioDynamics Launches New Screening Test

Portfolio company Oxford BioDynamics has announced the launch of its EpiSwitch Prostate Screening blood test in the UK and US markets. The test boosts predictive accuracy from 55% to 94%, determining the presence or absence of prostate cancer. About the…

Portfolio Company Fabacus in the News

Portfolio company Fabacus has launched its Digital Product Passports (DPP) offering with Nobody’s Child – easily scanned by a smartphone, each QR code takes the customer on a detailed journey of that product’s creation. The DPP has been designed with…

Seneca AIM EIS Fund plans first ‘soft’ close

Seneca Partners, the specialist SME investment business based in the North-West has announced the first ‘soft’ close of its recently launched AIM EIS Fund (‘the Fund’)  – which will take place on Monday 1 November. As a result of strong investor…

Seneca Growth Capital VCT plc continues positive momentum

Seneca Partners, the specialist SME investment business based in the North-West, has reported that the Seneca Growth Capital VCT has delivered a NAV B share increase from 91.8p to 104.6p in the first six months of the year. This demonstrates the continued positive momentum for…

Seneca Partners launches new AIM only EIS Fund

Seneca Partners launches new AIM only EIS Fund With initial £5 million tranche Seneca Partners, the specialist SME investment business based in the North-West, has announced the launch of its new AIM focussed EIS Fund – the Seneca AIM EIS…

Ian Currie in IFA Magazine

Ian Currie Seneca Partners

Ian Currie writes about actively promoting private sector investment as the catalyst of the UK’s recovery – driving up consumption, increasing productivity and creating jobs, rather than tax increases. Read the full article here.  

Ian Currie – Level up, create jobs, improve lives

Building under construction with workers

Ian Currie looks at what needs to happen once the government Covid-response handouts come to an end. He advocates for an investment programme that creates real entrepreneurism, new jobs, booming productivity, and sustainable growth and how tax-advantaged investing will have…

Seneca launches in the South West

Robert Holt Seneca Partners

Bob Holt OBE of Mears Group Plc fame is launching an investment management and corporate advisory business in the West Country. Seneca Partners where Bob has been a Director since 2012 specialises in advising UK SMEs on all aspects of…

EISA Award Winners

Seneca are delighted to announce that we were “Highly Commended” in the “Best EIS/SEIS Investment Exit 2018” award section at the Enterprise Investment Scheme Association (EISA) Awards at the House of Lords today. The award was given for our exit…

SureStore Continues Impressive Growth

North West independent self storage entrepreneurs, Mike Wilson and Andy Wood are just weeks away from opening their latest multi-million pound flagship store in Bury. The duo secured investment to help realise their ambitious growth plans from private equity funders,…

New ONSIDE magazine

Onside Magazines

Our brand new edition of Seneca “ONSIDE” magazine is about to go to print – if you would like us to send you one then please register here.

EIS – Life beyond the budget

Seneca’s Business Development Director, Ian Battersby gives his view on the EIS market in the run up to tax year end, the potential impact of changes announced in the budget and the proposals outlined in the much awaited Patient Capital…

Alternative Finance Provider of the Year

Seneca Partners were awarded top honours in the esteemed category of Alternative Finance Provider of the Year last night at the Insider North West Dealmaker Awards. Hosted at Manchester Central and compèred by comedian Rory Bremner, the ceremony recognised the…

Patient Capital Review

Ian Battersby, our Business Development Director, gives his view on the forthcoming Patient Capital Review. The latest bulletin from the EISA, has probably brought recent speculation into much sharper focus for EIS providers, wealth managers, investors and the SME sector…

Seneca’s Double Award Nomination

Following a record amount of entries Seneca Partners have been shortlisted in two categories for Insider’s annual North West Dealmakers Awards 2017. We’re proud to say we have been nominated for “Alternative Finance Provider of the Year” and “Deal of…

Looking ahead to EIS tax planning

Seneca’s Business Development Director considers the challenges advisers and investors are likely to encounter. September is traditionally the time when advisers start to contemplate their EIS activity, reviewing their provider panels and looking at what the market has to offer.…

Impatient Capital

Seneca’s Business Development Director, Ian Battersby gives his take on matters as the outcome of the Patient Capital Review are awaited The results of the Review are eagerly anticipated by tax advantaged product providers, advisers and investors alike but at…

“Seneca Preference” Launched

Seneca Partners are pleased to announce the launch of Seneca Preference, the latest in our range of tax advantaged investments. Seneca Preference is an income paying discretionary investment service with the potential for 100% relief from Inheritance Tax after only…

Northern Powerhouse – Myth or Legend?

As a predominantly regional corporate finance and investment adviser, Seneca Partners is well positioned to assess the emergence of the Northern Powerhouse (NP). Here, Seneca’s Business Development Director, Ian Battersby offers his view. Is the Northern Powerhouse really happening or…

Seneca invests £10 million in Q1

Seneca Partners, the SME focused professional services firm is pleased to announce that it completed nine EIS qualifying investments in Q1 2017, totalling in excess of £10m of funds invested. By way of overview, Seneca’s EIS Portfolio Service has now…

Seneca Appoint Managing Partner

North West based Seneca Partners, the investment management and corporate advisory business, has made the decision to appoint Director Richard Manley as its Managing Partner. Richard was one of the founding Directors of Seneca Partners in 2010. Since inception Seneca…

Rockar moves up the gears with exciting new partnership

Jaguar Land Rover has launched a pioneering new digital retail store in partnership with Seneca-backed business Rockar. Rockar, is now offering customers the opportunity buy their car entirely online at www.landrover.rockar.com or www.jaguar.rockar.com, with the additional option of visiting an…

SENECA AT THE DOUBLE

Seneca Partners won two awards at the Insider North West Dealmaker Awards. The evening held on 20 October 2016 was hosted by television presenter Mark Durden-Smith at Manchester Central. Seneca were awarded top honours in the esteemed categories of Alternative…

Lakeside 5000 deal complete

North West based Seneca Partners have teamed up with Perscitus Advisers, the family office of private equity veteran Jon Moulton, to complete the acquisition of the Lakeside 5000 office building located in Cheadle, close to Manchester Airport. The 40,000 sq…

Seneca builds on success with Brick-Ability MBO

Haydock-based investment and advisory firm, Seneca Partners, have acted as the lead adviser on a multi-million pound MBO of Brick-Ability Group. Promethean Investments LLP have acquired a significant stake in Brick-Ability, a leading UK building materials supplier generating turnover of…

Asset Backing Appeal in new Seneca EIS Offering

We are delighted to announce the launch of The Seneca Managed Storage EIS Fund to complement our existing growth capital offering via our Evergreen Portfolio Service. Following on from our existing investment involvement in this sector over the last few…

The Window of Opportunity

The recent closure of the football transfer window does have certain parallels with the scramble for EIS products in the run up to the 5th April tax year end. Commentators regularly observe that those who do their business ‘early’ are…

EIS; A Genuine Growth Story

Breaking records According to figures from HMRC, over 24,500 companies* have received finance from venture capital sources (VCT, EIS and SEIS) since inception – raising over £14 billion*. Year on year growth in amounts raised under EIS shows no sign…

Seneca behind Smart Storage growth

Smart Storage has announced expansion plans backed by funding of more than £2.5m from Seneca Partners. The Liverpool-based smart storage firm has acquired new sites in Liverpool and Altrincham, and is also launching a new concept at its Widnes site. Haydock-based…

Two wins at the Insider North West Dealmakers Awards

Seneca and sister company Acceleris Capital Limited have reason to celebrate this morning following two victories at the Insider North West Dealmaker Awards 2015. Acceleris Capital’s Simon Thorn won the prestigious Young Dealmaker of the Year 2015. Simon was recognised…

Seneca Supports UK’s First Starbucks Franchise

Seneca Partners are pleased to announce they have supported an exciting multi-million pound deal by providing a cornerstone seven figure investment to 23.5 Degrees Limited, Starbucks’ first franchisee globally. The transaction was led by Connection Capital and the total funding…

Seneca add to Investment Team

Experienced Corporate Finance professional John Davies has joined Seneca Partners as an Investment Director in Seneca’s EIS Investment team John has gained over 10 years corporate finance and business recovery experience working in the Transaction Services and the Business Recovery…

Important notice

The products and services shown on this website place capital at risk. Investors may receive less in returns than they have invested. Investments may not allow for capital to be withdrawn on demand. If an investment provides tax relief then this relief is subject to change and is dependant on personal circumstances. Any reference to past performance or forecasted performance is not a reliable indicator of future performance. Seneca Partners recommends that any investor seeks specialised financial and/or tax advice before investing. Seneca Partners does not provide advice and the information on this website, including but not limited to news, should not be construed as such. Please confirm that you understand this warning and wish to proceed.

I understand



Risk summary

(Estimated reading time: 2 minutes)

Due to the potential for losses, the Financial Conduct Authority (FCA) considers this type of investment to be high risk.

What are the key risks?

  1. You could lose all the money you invest
    •  If the business you invest in fails, you are likely to lose 100% of the money you invested.
    • Advertised rates of return aren’t guaranteed. If a borrower doesn’t pay you back as agreed, you could earn less money than expected or nothing at all. In addition, if the tenant of the property being financed doesn’t pay the rent due as agreed or vacates the premises, you could earn less money than expected. A higher advertised rate of return means a higher risk of losing your money.
  2. You are unlikely to be protected if something goes wrong
    • Protection from the Financial Services Compensation Scheme (FSCS), in relation to claims against failed regulated firms, does not cover poor investment performance. Try the FSCS investment protection checker at https://www.fscs.org.uk/check/investment-protection-checker/.
    • Protection from the Financial Ombudsman Service (FOS) does not cover poor investment performance. If you have a complaint against an FCA-regulated firm, FOS may be able to consider it. Learn more about FOS protection at https://www.financial-ombudsman.org.uk/consumers.
  3. You won’t get your money back quickly
    • This type of business could face cash-flow problems that delay payments to investors. It could also fail altogether and be unable to repay any of the money owed to you.
    • Even if the business you invest in is successful, it may take several years to get your money back. You are unlikely to be able to sell your investment early.
    • Even if you are able to sell your investment early, you may not receive all of your money back or the full value of your investment. In addition, you may have to pay exit fees or additional charges.
    • The most likely way to get your money back is if the business is wound up following the sale of the underlying property or is bought by another business. Neither is guaranteed to happen with the envisaged timescale or at all.
    • Depending upon how your investment is structured and the rate and frequency of any interest paid, it could take 10 years or longer to receive back an amount equal to the amount you invested. You should not expect to get your money back through the payment of dividends.
  4. This is a complex investment
    • This makes it difficult to predict how risky the investment is, but it will most likely be high.
    • You may wish to get financial advice before deciding to invest.
  5. Don’t put all your eggs in one basket
    • Putting all your money into a single business or type of investment for example, is risky. Spreading your money across different investments makes you less dependent on any one to do well.
    • A good rule of thumb is not to invest more than 10% of your money in high-risk investments. (See www.fca.org.uk/investsmart/5-questions-ask-you-invest).

If you are interested in learning more about how to protect yourself, visit the FCA’s website at www.fca.org.uk/investsmart

Request details of upcoming investments– Seneca Select EIS Portfolio Service

Application Form Request – Seneca Select EIS Portfolio Service


Risk summary

(Estimated reading time: 2 minutes)

Due to the potential for losses, the Financial Conduct Authority (“FCA”) considers this investment to be high risk.

What are the key risks?

  1. You could lose all the money you invest
    • If a business you invest in fails, you are likely to lose 100% of the money you invested in that business. Most start-up businesses fail. 
  2. You are unlikely to be protected if something goes wrong
    • Protection from the Financial Services Compensation Scheme (FSCS), in relation to claims against failed regulated firms, does not cover poor investment performance. Try the FSCS investment protection checker at https://www.fscs.org.uk/check/investment-protection-checker/.
    • Protection from the Financial Ombudsman Service (FOS) does not cover poor investment performance. If you have a complaint against an FCA-regulated firm, FOS may be able to consider it. Learn more about FOS protection at https://www.financial-ombudsman.org.uk/consumers.
  3. You won’t get your money back quickly
    • Even if the business you invest in is successful, it may take several years to get your money back. You are unlikely to be able to sell your investment early.
    • For companies whose shares are not listed on any exchange (‘unquoted’ or ‘private’ companies), the most likely way to get your money back is if the business is bought by another business or lists its shares on an exchange such as the London Stock Exchange. These events are not common.
    • For companies whose shares are listed on an exchange (such as the AQSE or AIM), the most likely way to get your money back is if the business is bought by another business or your shares are sold on that exchange. The latter can only occur if there is a willing buyer.
    • If you are investing in a start-up or EIS qualifying business, you should not expect to get your money back through dividends. Such businesses rarely pay these.
  4. Don’t put all your eggs in one basket
    • Putting all your money into a single business or type of investment for example, is risky. Spreading your money across different investments makes you less dependent on any one to do well.
    • A good rule of thumb is not to invest more than 10% of your money in high-risk investments. (See https://www.fca.org.uk/investsmart/5-questions-ask-you-invest).
  5. The value of your investment can be reduced
    • The percentage of the business that you own will decrease if the business issues more shares. This could mean that the value of your investment reduces, depending on how much the business grows. Most start-up businesses issue multiple rounds of shares.
    • These new shares could have additional rights that your shares don’t have, such as the right to receive a fixed dividend, which could further reduce your chances of getting a return on your investment.

If you are interested in learning more about how to protect yourself, visit the FCA’s website at www.fca.org.uk/investsmart

Risk summary

(Estimated reading time: 2 minutes)

Due to the potential for losses, the Financial Conduct Authority (FCA) considers this investment to be high risk.

What are the key risks?

  1. You could lose all the money you invest
    • If the business you invest in fails, you are likely to lose 100% of the money you invested. Most start-up businesses fail.
    • Advertised rates of return aren’t guaranteed. This is not a savings account. If the business doesn’t pay you back as agreed, you could earn less money than expected or nothing at all. In addition, if the tenant of the property being financed doesn’t pay the rent due as agreed or vacates the premises, you could earn less money than expected. A higher advertised rate of return means a higher risk of losing your money.
  2. You are unlikely to be protected if something goes wrong
    • Protection from the Financial Services Compensation Scheme (FSCS), in relation to claims against failed regulated firms, does not cover poor investment performance. Try the FSCS investment protection checker at https://www.fscs.org.uk/check/investment-protection-checker/.
    • Protection from the Financial Ombudsman Service (FOS) does not cover poor investment performance. If you have a complaint against an FCA-regulated firm, FOS may be able to consider it. Learn more about FOS protection at https://www.financial-ombudsman.org.uk/consumers.
  3. You won’t get your money back quickly
    • This type of business could face cash-flow problems that delay payments to investors. It could also fail altogether and be unable to repay any of the money owed to you.
    • Even if the business you invest in is successful, it may take several years to get your money back. You are unlikely to be able to sell your investment early.
    • Even if you are able to sell your investment early, you may have to pay exit fees or additional charges.
    • The most likely way to get your money back is if the business is bought by another business or is wound
      up following the sale of the underlying property. These events are not common.
    • If you are investing in a start-up business, you should not expect to get your money back through dividends. Start-up businesses rarely pay these. This investment aims to make quarterly repayments that comprise both a partial repayment of capital and interest, although this is not guaranteed. It could take over 14 years to receive back an amount equal to the amount you invested.
  4. This is a complex investment
    • This makes it difficult to predict how risky the investment is, but it will most likely be high.
    • You may wish to get financial advice before deciding to invest.
  5. Don’t put all your eggs in one basket
    • Putting all your money into a single business or type of investment for example, is risky. Spreading your money across different investments makes you less dependent on any one to do well.
    • A good rule of thumb is not to invest more than 10% of your money in high-risk investments. (See https://www.fca.org.uk/investsmart/5-questions-ask-you-invest).

If you are interested in learning more about how to protect yourself, visit the FCA’s website at www.fca.org.uk/investsmart

Important notice

Please note that you have clicked to leave the Seneca Partners website. Seneca Partners Limited is Authorised and Regulated by the Financial Conduct Authority (FCA). The website you have requested to visit is an unregulated Seneca business and you will not therefore be afforded the protections offered by an FCA authorised and regulated business.

Please click ok below to continue to the Seneca Bridging website.

OK

Important notice

Please note that you have clicked to leave the Seneca Partners website. Seneca Partners Limited is Authorised and Regulated by the Financial Conduct Authority (FCA). The website you have requested to visit is an unregulated Seneca business and you will not therefore be afforded the protections offered by an FCA authorised and regulated business.

Please click ok below to continue to the Seneca Trade Partners website.

OK

Risk summary

(Estimated reading time: 2 minutes)

Due to the potential for losses, the Financial Conduct Authority (FCA) considers this investment to be high risk.

What are the key risks?

  1. You could lose all the money you invest
    • If the business you invest in fails, you are likely to lose 100% of the money you invested.
    • Many of the loans ultimately financed by your investment are made to borrowers who can’t borrow money from traditional lenders such as banks. These borrowers have a higher risk of not paying back their loan.
    • Advertised rates of return aren’t guaranteed. If a borrower doesn’t pay back their loan as agreed, you could earn less money than expected. A higher advertised rate of return means a higher risk of losing your money.
  2. You are unlikely to be protected if something goes wrong
    • Protection from the Financial Services Compensation Scheme (FSCS), in relation to claims against failed regulated firms, does not cover poor investment performance. Try the FSCS investment protection checker at https://www.fscs.org.uk/check/investment-protection-checker/.
    • Protection from the Financial Ombudsman Service (FOS) does not cover poor investment performance. If you have a complaint against an FCA-regulated firm, FOS may be able to consider it. Learn more about FOS protection at https://www.financial-ombudsman.org.uk/consumers.
  3. You won’t get your money back quickly
    • Some of the loans financed by your investment will last for several years. You may need to wait for your money to be returned even if the borrower repays on time.
    • Some Managers may give you the opportunity to sell your investment early through a ‘secondary market’, but there is no guarantee you will be able to find someone willing to buy.
    • Even if your agreement is advertised as affording early access to your money, you will only get your money early if someone else wants to buy your shares or the company in which you are invested has sufficient available capital to buy them from you. If no one wants to buy, it could
      take longer to get your money back.
    • If you are investing for growth, you should not expect to get your money back through dividends as the Service is not designed to pay dividends to investors seeking growth. If you are investing for income, it will take at least 25 years to get your money back purely through dividends.
  4. Don’t put all your eggs in one basket
    • Putting all your money into a single business or type of investment for example, is risky. Spreading your money across different investments makes you less dependent on any one to do well.
    • A good rule of thumb is not to invest more than 10% of your money in high-risk investments. (See https://www.fca.org.uk/investsmart/5-questions-ask-you-invest).
  5. The value of your investment can be reduced
    • The percentage of the business that you own will decrease if the business issues more shares. This could mean that the value of your investment reduces, depending on the basis on which these new shares are issued.
    • If these new shares have additional rights that your shares don’t have, such as the right to receive a fixed dividend, this could further reduce your chances of getting a return on your investment.

If you are interested in learning more about how to protect yourself, visit the FCA’s website at www.fca.org.uk/investsmart

Application Form Request – Seneca IHT Service


Risk summary

(Estimated reading time: 2 minutes)

Due to the potential for losses, the Financial Conduct Authority (“FCA”) considers this investment to be high risk.

What are the key risks?

  1. You could lose all the money you invest
    • If a business you invest in fails, you are likely to lose 100% of the money you invested in that business. Most start-up businesses fail. Please see page 14 of the Information Memorandum for an overview of the types of businesses this fund invests in.
  2. You are unlikely to be protected if something goes wrong
    • Protection from the Financial Services Compensation Scheme (FSCS), in relation to claims against failed regulated firms, does not cover poor investment performance. Try the FSCS investment protection checker at https://www.fscs.org.uk/check/investment-protection-checker/.
    • Protection from the Financial Ombudsman Service (FOS) does not cover poor investment performance. If you have a complaint against an FCA-regulated firm, FOS may be able to consider it. Learn more about FOS protection at https://www.financial-ombudsman.org.uk/consumers.
  3. You won’t get your money back quickly
    • Even if the business you invest in is successful, it may take several years to get your money back. You are unlikely to be able to sell your investment early.
    • The most likely way to get your money back is if the business is bought by another business or your shares are sold on the Alternative Investment Market. The latter can only occur if there is a willing buyer.
    • If you are investing in a start-up or EIS qualifying business, you should not expect to get your money back through dividends. Such businesses rarely pay these.
  4. Don’t put all your eggs in one basket
    • Putting all your money into a single business or type of investment for example, is risky. Spreading your money across different investments makes you less dependent on any one to do well.
    • A good rule of thumb is not to invest more than 10% of your money in high-risk investments. (See https://www.fca.org.uk/investsmart/5-questions-ask-you-invest).
  5. The value of your investment can be reduced
    • The percentage of the business that you own will decrease if the business issues more shares. This could mean that the value of your investment reduces, depending on how much the business grows. Most start-up businesses issue multiple rounds of shares.
    • These new shares could have additional rights that your shares don’t have, such as the right to receive a fixed dividend, which could further reduce your chances of getting a return on your investment.

If you are interested in learning more about how to protect yourself, visit the FCA’s website at www.fca.org.uk/investsmart

Application Form Request – Seneca AIM EIS Fund


Application Form Request – Seneca EIS Portfolio Service


Risk summary

(Estimated reading time: 2 minutes)

Due to the potential for losses, the Financial Conduct Authority (“FCA”) considers this investment to be high risk.

What are the key risks?

  1. You could lose all the money you invest
    • If a business you invest in fails, you are likely to lose 100% of the money you invested in that business. Most start-up businesses fail. Please see page 10 of the Information Memorandum for an overview of the types of businesses this fund invests in.
  2. You are unlikely to be protected if something goes wrong
    • Protection from the Financial Services Compensation Scheme (FSCS), in relation to claims against failed regulated firms, does not cover poor investment performance. Try the FSCS investment protection checker at https://www.fscs.org.uk/check/investment-protection-checker/.
    • Protection from the Financial Ombudsman Service (FOS) does not cover poor investment performance. If you have a complaint against an FCA-regulated firm, FOS may be able to consider it. Learn more about FOS protection at https://www.financial-ombudsman.org.uk/consumers.
  3. You won’t get your money back quickly
    • Even if the business you invest in is successful, it may take several years to get your money back. You are unlikely to be able to sell your investment early.
    • For companies whose shares are not listed on any exchange (‘unquoted’ or ‘private’ companies), the most likely way to get your money back is if the business is bought by another business or lists its shares on an exchange such as the London Stock Exchange. These events are not common.
    • For companies whose shares are listed on an exchange (such as the AQSE or AIM), the most likely way to get your money back is if the business is bought by another business or your shares are sold on that exchange. The latter can only occur if there is a willing buyer.
    • If you are investing in a start-up or EIS qualifying business, you should not expect to get your money back through dividends. Such businesses rarely pay these.
  4. Don’t put all your eggs in one basket
    • Putting all your money into a single business or type of investment for example, is risky. Spreading your money across different investments makes you less dependent on any one to do well.
    • A good rule of thumb is not to invest more than 10% of your money in high-risk investments. (See https://www.fca.org.uk/investsmart/5-questions-ask-you-invest).
  5. The value of your investment can be reduced
    • The percentage of the business that you own will decrease if the business issues more shares. This could mean that the value of your investment reduces, depending on how much the business grows. Most start-up businesses issue multiple rounds of shares.
    • These new shares could have additional rights that your shares don’t have, such as the right to receive a fixed dividend, which could further reduce your chances of getting a return on your investment.

If you are interested in learning more about how to protect yourself, visit the FCA’s website at www.fca.org.uk/investsmart

Important notice

Please note that you have clicked to leave the Seneca Partners website. Seneca Partners Limited is Authorised and Regulated by the Financial Conduct Authority (FCA). The website you have requested to visit is an unregulated Seneca business and you will not therefore be afforded the protections offered by an FCA authorised and regulated business.

Please click ok below to continue to the Seneca Social Housing website.

OK

Important notice

Please note that you have clicked to leave the Seneca Partners website. Seneca Partners Limited is Authorised and Regulated by the Financial Conduct Authority (FCA). The website you have requested to visit is an unregulated Seneca business and you will not therefore be afforded the protections offered by an FCA authorised and regulated business.

Please click ok below to continue to the Seneca Property Investments website.

OK