Good morning, everyone. Thank you for joining us for this presentation on the conclusion of our strategic actions and what represents a very significant moment for our company. Before we start, please familiarize yourselves with this important disclaimer. I'd like to direct you to an option on the webcast link that will allow you to submit questions by text as we move along. We will answer questions at the end of the presentation. Please include your name and company name in the text. You will also have the opportunity to ask questions over the phone line at the end of the presentation. Looking at our agenda, you will see that we start with an overview of the transactions. Next, Duncan will review the proposed sales of Digital Commerce and WGSN and proposed returns to shareholders in more detail. Phil Thomas will describe the shape of Ascential's continuing events business. Mandy will discuss trading, current trading, and I will return to cover next steps and expected timeline for the process. Today, we are pleased to announce that further to our extensive strategic review, we have agreed two transactions that together will deliver substantial value for shareholders. Firstly, let [us] remind ourselves of the origins of our strategic review and the objectives that we outlined earlier this year. In April 2022, we announced that the board was evaluating the optimal organization and capital structure for our businesses, including a potential managed separation in order to maximize shareholder value. Then, in January of this year, we announced the outcome of the strategic review and stated our intention to separate our three businesses, Digital Commerce, WGSN, and Events, in order to independently pursue and achieve their respective growth ambitions, whilst also realizing near and long-term value for shareholders. Accordingly, we announced our intention to separate Digital Commerce into a U.S.-listed company and the sale of the WGSN. Subsequently, in the course of a comprehensive separation process, we received a compelling offer. Today [the Board] recommends the following: A sale of the Digital Commerce business to Omnicom Group at an enterprise value of $900 million. A sale of WGSN to funds advised by Apax Partners at an enterprise value of up to GBP 700 million. This represents total proceeds of GBP 1.2 billion, of which GBP 850 million is expected to be returned to shareholders. The combined Digital Commerce and WGSN sale transactions are subject to shareholder approval in due course. As planned, our events business continues its U.K. listing as Ascential plc. As an events business, our minority interest in Hudson MX is no longer considered a strategic asset for Ascential plc. Hudson's board has initiated a sales process with our board's consent, and Omnicom has confirmed it will participate in that process. I'll now pass you over to Mandy to go into how we are using the proceeds of the two proposed sales. Thank you, Scott, and this slide now summarizes and shows how we expect to deploy the proceeds from the recommended sales of Digital Commerce and from WGSN. As you've just heard, we will be expecting, we will be receiving expected proceeds of GBP 1.2 billion on approval and subsequent completion of the two sales. You can see on the left-hand side of this chart how the enterprise values of $900 million and up to GBP 700 million convert after the settlement of earn-outs, minority interests, debt-like items, and other expected customary closing adjustments into net cash proceeds, as Scott has just mentioned, of GBP 1.2 billion. We then expect to return GBP 850 million of these proceeds to our shareholders. The balance of the proceeds will be used to pay the execution costs of the transactions themselves, pay the tax charges arising on both sales, meet separation costs, such as TSAs and restructuring, all of which come to GBP 143 million. Then, after we retain approximately GBP 66 million in respect of Hudson, ahead of its sale proceeds, sorry, sale process, we expect to make a net GBP 150 million repayment of debt, and we'll obviously adjust this figure as the sales process of Hudson evolves. This means that the continuing events business will be capitalized at a reasonable leverage level of 1x-2x net debt to EBITDA in the medium term. I'll now hand you over to Duncan, who's going to illustrate the value that these proposed transactions will deliver. Thank you, Mandy. We will now focus on the value that these proposals will create for our shareholders. We intend to return [to] holders GBP 850 million, which, when compared to our group's valuation of GBP 916 million at the close of the market on the 24th of January, means that we are returning 93%. Shareholders will also retain shares in our continuing leading events business. Earlier this year, we started preparations for Digital Commerce to become an independent, publicly traded company listed in the United States. During this process, we received a compelling offer from Omnicom. This offer, combined with a lower execution risk, represented an attractive outcome for our shareholders. We agreed the sale of the business to Omnicom for an enterprise value of $900 million, and after certain liabilities assumed by Omnicom and early settlements by ourselves, we will receive net proceeds of $775 million. This sale is conditional on shareholder approval for both transactions. Subject to receiving this approval, this sale is expected to complete by Q1 2024. Let's now look at the proposed sale of WGSN. We have agreed the sale of the business to funds advised by Apax Partners for an enterprise value of GBP 700 million, which includes a deferred consideration element of up to GBP 50 million. After certain liabilities, we will receive net proceeds of GBP 572 million. As with Digital Commerce, this sale is conditional on the combined approval by shareholders. Subject to receiving this approval, this sale is also expected to complete by Q1 2024. I'll now pass you back to Scott. Thank you, Duncan. I'd like to update you on the leadership of the Digital Commerce, WGSN, and continuing Ascential businesses going forward. For Digital Commerce, Duncan Painter will join Omnicom, taking on the CEO role of Flywheel, a new practice area of Omnicom. Carla Buzasi will continue to lead WGSN under its new ownership. For Ascential, Phil Thomas will take on the role of Chief Executive Officer. I am pleased to say that myself and Mandy Gradden will remain as Chair and Chief Financial Officer of Ascential, respectively. I'll now end this section with more details on the return of capital to shareholders. As we mentioned, one of our key strategic objectives since the start of this process has been unlocking of value for our shareholders. The combined proceeds of the sales of Digital Commerce and WGSN, GBP 1.2 billion, equates to 132% of Ascential's market capitalization just before the unlocking of value for our shareholders. The combined announcement of our strategic review on the 25th of January, we plan to return GBP 850 million of these proceeds to shareholders, which amounts to 93% of our market capitalization at the same date in January. As Duncan mentioned earlier, this means that shareholders will receive nearly all of the current market value of Ascential, plus, of course, hold shares in the continuing events business. I'll now hand you over to Phil to remind you of the financial profile of our continuing events business. Thank you, Scott. By now, you may be familiar with our events business, but it's helpful, I think, to reflect at this moment on our DNA and the inherent strengths of the business. We deliver premium global events that are world-leading, must-attend destinations for the marketing and the financial technology industries, and we do this through our two divisions, LIONS and Money20/20. As you can see here, we're a sizable business with revenue of over GBP 200 million and EBITDA of around GBP 80 million before any corporate costs. So it's a business with significant levels of profitability. As you'll also remember, I'm sure we have a highly attractive financial profile. Here are the key metrics that illustrate this. We have a record of strong revenue growth, inherent strong cash generation, and low capital requirements. You'll also note on the right-hand side of this page, our medium-term guidance that we set out in our Capital Markets D ay in June. To this, we've added our target leverage, as Mandy mentioned earlier, at a very reasonable 1x-2x Net debt to EBITDA ratio. And all of this, we feel, presents a compelling investment proposition. I'll pass you back to Mandy to update you on our recent trading. Thank you, Phil. As you said, I'm now gonna provide a brief update on our current trading, which covers the performance of the group for the third quarter of 2023. As expected, the Digital Commerce business has seen very strong revenue growth in the third quarter, up 27% year-over-year, which represents a clear uplift on H1's growth of 10%. Furthermore, we expect to see the benefits of Digital Commerce's brand consolidation begin to come through in efficiencies and improved EBITDA from Q4 of this year onwards. For Product D esign, subscription billings growth in Q3 of 4% was a little lower than in H1's 7%, although WGSN's strong margins were maintained through our customary cost discipline. Lastly, turning to events, we have just held a successful edition of Money20/20 in Las Vegas, which was up over 50% on 2019 pre-COVID levels. As guided, however, disruption to the end market funding environment impacted on our revenue, which was actually down 8% versus 2022. Looking forward at bookings for next year's 2024 events... Although still a way away, Money20/20 Europe is in line with last year's figures, and LIONS is currently running ahead of those figures. I'll now pass you back to Scott to conclude on the next steps. Thank you, Mandy. I will conclude this presentation by outlining the next steps of these processes. Each of these transactions, of course, constitutes a Class I event, so we in roughly five weeks' time, at the start of December. The general meeting [will] be held in December. Next, subject, of course, to the resolutions, both being approved, the sale of Digital Commerce is expected to complete the first quarter of 2024, with the sale of WGSN also completing in the first quarter of 2024. Then lastly, following the completion of both transactions and the refinancing, we expect that the return to shareholders will also be made in the first quarter of 2024. Thank you for listening this morning to our recommended actions. We'd now be happy to take your questions. Thank you, Scott. We're gonna take questions on the phone lines first, before moving afterwards to questions that have come in on the webcast. So if I could ask the Operator to now come in, and give us the questions over the phone lines. Thank you. If you would like to ask a question today, please press star, followed by one on your telephone keypad to enter the queue. When preparing to ask your question, please ensure your headset is fully plugged in and unmuted locally. That's star followed by one to ask a question today. The first question comes from Nick Dempsey from Barclays. Nick, your line is open. Please go ahead. Yeah, good morning, guys. I have two. So first of all, in terms of Cannes Lions's forward bookings for next year, I think it's right to say that at this stage, forward bookings have never historically been particularly representative of what will happen next year. And given that the advertising agencies, we've all seen them seeing weaker top-line progress and short-term outlooks, could we not see some notable risks to Cannes Lions's growth in 2024? And my second question, so Sky News had a story that a consortium of bidders was interested in purchasing the events businesses. I don't believe you've commented on that. Should we assume that those discussions have not made any progress at all, and they should not be considered as part of this? Or could we think about a dual-track situation? Can I suggest that I'll give the comments about the forward bookings piece and perhaps Duncan on the Sky, or Scott, on the Sky News article? Nick, you're quite right that at this stage of the year the forward bookings on Cannes Lions are not necessarily representative. Only our sponsorship revenue streams have started to book, and they have started to book very well. But yes, there is still plenty of potential variation that could occur prior to the events running next year. And of course, you know, therefore, it is somewhat early to make any predictions about the scale of revenue for Cannes Lions next year. Fellas, anything you want to add to that? No, no, just, just to say that obviously, the, the advertising agencies, as a percentage of our revenues, has been declining over the years, and our, our customer set is much, much broader than that, than it has been in the past, so it's worth bearing that in mind. But Mandy's point is the most important point, which is that our visibility at this stage is very low. Nick, I would say, with respect to interest in the events business, it wouldn't be a surprise, given our high-quality assets, that there could be businesses out there that would might covet our assets, but there are no ongoing conversations associated with the events business. Thank you. As a reminder, that's star, followed by one on your telephone keypad to ask a question today. Nothing further in the queue at present, so I'll hand back to the management team. Okay, so I have a question which comes from Sam Reynolds at Redburn Atlantic. The first, both of which I believe are for me. The first is: What should we assume for ongoing corporate costs for Ascential plc once the two transactions are completed? And secondly, what will Ascential's net debt be after completion of the announced transactions today? So Sam, thank you for your questions. In answer to the first one, we currently operate with corporate costs of about GBP 26 million. We did GBP 13 million in the first half, so double that for the full year at GBP 26 million. And the guidance that we gave in our capital markets day in June, was that we expect to operate the events business with half of the annualized central costs of Ascential – the larger Ascential plc, and therefore, the guidance is effectively GBP 13 million per annum. In terms of the guidance on the net debt, the pro forma net debt after completion of the transactions, for those of you who listened in on the half-year results, I explained that taking away all of these transaction flows, potential transaction flows, we'd expect to close with net debt, 2023, based on our normal cash flows. As you've just seen from slide six of the deck, we're having net debt repayment of about GBP 150, and therefore, we would expect the pro forma to be of order. And bear in mind, we're going quite some time into the future, into Q1 of next year, but we do expect the pro forma to be around GBP 100 million of net debt. And with a business that did 83 million, of, sorry, GBP 85 million of EBITDA before, before corporate costs of GBP 13, in the last twelve months, you can see that that's roughly around 1.5x net debt leverage. So thank you very much for that question. Our next question comes from Paul Marriage at Tellworth. And it is: Can you add a little more color on the Hudson MX process announced today, given that you have held back GBP 66 million of proceeds? I don't know if that's something that Scott or Duncan. So we're, as you all know, a minority interest in Hudson MX. If that's something that Scott or Duncan. We've had conversations with the majority shareholder, and as collectively as a board, Hudson decided that it would be an opportune moment to commence a process of which previously stated that Omnicom has decided to actually enter into that sale process. So that is a that's ongoing. It's been initiated. We expect that there's a substantial opportunity to generate further shareholder value. In terms of the GBP 66 million, Scott, the way to look at that is, obviously, as part of a transaction with the majority shareholder, which we announced in February this year, that holder has an option to put their shares to Ascential in the period leading starting in April next year. And they also have debt instruments that are owed by Hudson. And the holdback of GBP 66 million literally puts that other shareholder, the majority shareholder, in the position that they would've been had we not been entering into a slightly accelerated sales process. Clearly, any proceeds that come in over the course of the next few months would be offset against that and would adjust the level of net debt. So that was the answer to the Hudson question. This one, I think, is probably another one for you, Scott, or perhaps Duncan. And this, unfortunately, we don't have the name of who asked this, but I think it's a relevant question that we should nevertheless talk about. So as Class I transactions, why are the approval votes on the two transactions not separate? Why are they interconditional? I'll take it initially, Duncan. So the board studied long and hard on this, and the view was that there was trapped value, shareholder value, operating as a portfolio. So the board has concluded that we would break up the portfolio by selling WGSN and ultimately selling Digital Commerce so that the events business would carry on as a pure play business. We believe that's the way to ultimately increase, have the greatest amount of value, and I hope that the shareholders could see that the substantial return is plus holding the events, the return in the form of dividends and also holding the events provides compelling value and support the combination. Retaining any one of those businesses ultimately doesn't achieve the objective of becoming a pure play, and we believe continuing operating as a portfolio, therefore, continues to trap shareholder value in the Ascential entity. Thank you, Scott. We've got two callers on the line, actually. So, I wonder if the operator can get us the next two questions, please, coming on the line. Of course. The next question comes from Ian Whittaker from Liberty Sky Advisors. Ian, your line is open. Please go ahead. Thanks very much. Just one from me, actually. Just in terms of the trading update for Q3, you very helpfully gave a sort of number for the Digital Commerce aspect. I just wonder if it's possible to break that out between the execution side and the measurement side, because obviously there was a very sharp difference in performance in the first half of the year. We haven't broken it out, Ian, and good morning to you. But I think it's- Yep ... fair to say that the majority of that growth is being driven through the execution side of the business. It's not unexpected growth. In fact, you know, if you look at our estimates for the year, it's good growth, but it's what the company needed to grow at to fall in line with the outlook for the year. So, you know, it's as expected. Okay. Thanks so much, Duncan. Thanks, Ian. Next question comes from Richard Stuckey from Ennismore. Richard, your line is open. Please go ahead. Morning, guys. I've got a couple for Mandy. One was on the net debt position, so I'll just follow up to that earlier question. ... When I look back at the H1 transcript, Mandy, you were talking about consensus for net debt being GBP 225 million, and then adding on strategic review costs of in the region of GBP 20 million. That number starting with 240 or something. My assumption was looking at the presentation that those transaction costs would now sit in the deductions. Mm-hmm. So I guess I was expecting that the net debt number would be lower than you'd guided to, in the order of that 20-ish or whatever. And I also may have expected that the deferred consideration payment of GBP 14 that you were expecting to pay in the second half was gonna be in those deductions, too. Because obviously, you know, we have the deductions on the Omnicom side and then also the early settlement, which are all part of the transaction proceeds deductions. So- Understood. Do you mind just reconciling those differences for me and kind of clarifying? Sure. I'll give a few comments. In terms of deferred consideration, the GBP 13 million or GBP 14 million that, Reconciling those differences for me and kind of clarifying. We expected to pay in the second half of the year has been paid. These amounts were all known and due during the first couple of months of the third quarter. That's all been paid. In terms of the deductions for deferred consideration, either through the Omnicom deduction that you see on slide six, or through the early payment that we are making for certain of those amounts, in total, they are around GBP 70 million. That compares, I think, quite favorably to the GBP 90 million or GBP 91 million that we disclosed at the end of the first half. They're coming in slightly below that first half disclosure when you take the two things into consideration. In terms of the closing net debt at the end of this year, we would. The GBP 20 million that I gave was effectively assuming that the transactions, you know, don't complete, 'cause we can't tell whether they are or are not going to complete. And clearly, we have contingencies which are not in that 20, and non-contingencies, which are. This is obviously a considerable variation from the original plan, which was to list the Digital Commerce business, and so obviously that has incurred additional costs, number one. Number 2, if you look at the numbers on slide 6 and the footnote, which basically says that the costs that are stated there do not include costs which have been paid already, so the stuff we had in the first half and paid in the third quarter, that sort of gives you the reconciliation of it, Richard. Okay. And so we're talking total process costs of kind of in the region of GBP 130 million or so? So we've disclosed. Is that right? We've disclosed the cost of the strategic review, in the first half, which were, from memory, it's in our exceptional items in the first half, and I think they were GBP 20 million or GBP 23 million, pounds, something like that. So that's already been disclosed and gone through the income statement. Okay. And then, in terms of central costs- Yeah. One other clarification on that one. So the 26, the 13 annualized, so 26, does that include share-based compensation? Mm-hmm. If it doesn't, does the share-based compensation mostly sit within Digital Commerce? So I think, I guess the question is- Understood. What would central costs, looking forward for the events business, including share-based compensation, be? Sure. So, the answer is the GBP 13 million does not include share-based compensation. Given that the events business will be substantially smaller than Ascential and just in terms of number of heads, yes, the vast majority of that share-based payments charge will go with the disposed of businesses, both WGSN and Digital Commerce. And what we would expect is of order 5-ish, something like that, as our annualized share-based payments charge going forwards. So if you want to have a total, including share-based payments, you would take the 13, and then you would add 5. Great. Thanks, Mandy. And then one last one is just on the consideration around WGSN. Would you mind just explaining a bit how that works? Sorry, say that again, Richard? The deferred consideration. Oh, the deferred consideration. Yeah, it's, there's an equation that is set out in detail in, I think it's slide section nine of the press release. But the deferred consideration is based on a share that essentially is due of the returns that Apax makes over a certain threshold on the ultimate realization of its investment. So it's some time into the future, and it's very contingent on the ultimate realization. So that's the reason that we have taken it out of proceeds when we have presented it here. It will be presented if and when it delivers in the relevant period in the future. So the 50, how'd you get to the 50, I guess? It's set out in section nine of the press release. It's a long, and com- Okay. Complex equation.... Thanks, Richard. Anyone else on the phone before I've got another couple on the webcast? We do have one more on the phone. As a quick reminder, before I take that, there'll be staff followed by one to ask a question over the phones today. The next question comes from Tom Singlehurst from Citi. Tom, please go ahead. Your line is open. Yeah, thank you, and thanks for the presentation. And, I'm gonna say congratulations on today's announcement, although in a way, it's sort of commiserations that you've been bounced into having to separate the assets to improve value. But the first question was just, you know, I mean, it's obviously the proposed sale is the proposed sale, but slightly surprised you didn't manage to get a sort of an earn-out set up for the Digital Commerce business, given there is potentially a lot of value being left on the table there. So I'd love to get your sense of, you know, why it was structured like that. So, without an, there is potentially a lot of value being left on the table there. So I'd love to get your sense of the earn-out paid to Ascential shareholders. Second question, and I heard the point about GBP 100 million of net debt for the remaining assets. I just wanted to double-check that that was before any potential proceeds from Hudson MX. And then the third question, and apologies if you've dealt with this earlier in the call. I've missed the very beginning, but I mean, there have been reports that the standalone events business has received interest. I just suppose, I'm just wondering whether there's any formal comment on that or whether you've been approached. Those are the two questions. Thank you. Do you want to take the first one, Duncan? Yeah, happy to take the first one. Good morning, Tom. In relation to the offer on Digital Commerce, in a slightly similar way, and perhaps I'll address the third question about events, 'cause Scott had answered that, but we understand, obviously, if you weren't able to join. In a similar way to both, it'd be unsurprising to not expect there to be interest in both assets. But what was very clear was that the Omnicom all cash offer for the company, for Digital Commerce particularly, was the most compelling. It's a very strong offer, and of course, I'm sure you'll reference to the fact that it's broadly double that of the current valuation given on, as a sum of the parts value of the company. So we felt that that was a very clear, compelling offer to shareholders, all cash, with no risk. And by far the standout offer that we received. In terms of the, is the GBP 100 million before the proceeds on Hudson MX? Yes, it is. That will obviously change, as and when that sale process comes to fruition. Scott, I don't know if you wanna just slightly repeat the answer on the events interest. Yeah, just simply, there are no ongoing conversations regarding events business. I've got a few more questions. That's very clear. Thank you, Tom. Thanks, Tom. Got a few more questions on the webcast, which I'll read out now. Question number one, I'm not sure who these are from. They're all coming in as anonymous. Question number one is: What are the liabilities associated with the WGSN sale that reduced the headline price of GBP 700 million to net sale proceeds of GBP 570 million? I can take that. The headline EV is up to GBP 700 million, against which you knock off the GBP 50 million of deferred consideration that we've just spoken about with Richard. Then you net off around GBP 60 million of deferred revenue, treated in this transaction as debt. There are about GBP 10 million-GBP 15 million of other debt-like items that have been identified, including things like minority interest for our China investment. That's how you get from 700 to 570. Hopefully, the table on page six of the deck helps explain and bridge that. The second question is that 93 million of separation transaction costs seems high on proceeds of $1.2 billion. Do you have any comments? As the person who has broadly been incurring these, I do, yes. The scale of breaking up a company of this magnitude, with an end tax bill that ends up at 50 million out of $1.2 billion, requires considerable planning and advice, particularly as the transaction morphs over the course of the period that we've been doing the transaction. Of course, we've talked about the fact that we're halving the amount of central costs between now and moving into events on a standalone basis, which clearly, I'm sure the questioner will understand, understandably results in associated costs. So this, this cost structure of the company was not built for a breakup, and we have kept the costs at the appropriate level to deliver the value. And someone else has another question on Hudson, and the question is around the GBP 66 million and the controlling shareholder and the putting to Ascential, and what happens on a subsequent sale? I think what Scott has identified is that we would expect that sale to complete during the first half of next year. And we are simply making sure that the investor is going to be no worse off as a result of that sale transaction than if they had put their shares to Ascential during that period. So it's a simple ensuring an equitable outcome on that. And then I think that was it actually on the text. Is there any more questions on the line from the operator? You have two more in the queue at present. Great. First one comes- Actually, on the text. Is there any more questions? From Daniel Cowan from HSBC. Daniel, your line is open. Please go ahead. Thank you. Good morning. Just one for me, please. I was wondering if the breakup, as you understand it today, would incur any write-downs on intangible assets or any other assets that might crystallize with the various disposals? Dan, I think overall, in net profit, as a result of all of these, so a net accounting profit at a consolidated level, there may be ups and downs as you go across the different asset classes, and as we allocate accounting profit at a consolidated level. There may be ups and downs as you go across the different asset classes, and as we allocate consideration. I think net-net, this is net positive to the, obviously, the reserves of the group. Obviously, prior to paying out the GBP 850 million, which, of course, will drop the reserves of the group, if you like. Understood. Thank you, Mandy. Thanks, Dan. We have a follow-up from Nick Dempsey of Barclays. Nick, your line is open. Please go ahead. Yeah, thanks, guys. Just one more. So in terms of the Hudson MX sale process, you've noted that Omnicom is one of the interested parties. So did you, first of all, hope to include Hudson in the Digital Commerce disposal and get it all wrapped up? And then secondly, do you already have a number of other interested parties? Didn't hear the first part of the question. Yeah, so in relation... Why don't I take that one, Scott? So in relation to the Digital Commerce sale, now, Omnicom were very clear that their offer was for the Digital Commerce business. But through the process of that exercise, it also clearly raised their significant interest in Hudson. But they recognized that you know, should there be a process for that transaction or that business, which clearly, you know, we were in the position to sell Digital Commerce. We were not in a position to sell Hudson. The right to sell Hudson is the majority owner of the company, which isn't us. But actually, through the end of this exercise, I think it would be fair for you to conclude that for a very financially savvy owner, for them to conclude to enter into a sales process would tend to suggest that there is a fair degree of interest. Thank you. Thanks, Nick. Are there any more questions on the line? Because I have one more on the webcast. Nothing at present. Okay, so we have Moni Sternbach from Point72, and it's two questions for Phil. So Phil, the first question is, could you please spend a couple of minutes refreshing on the growth opportunities for Money and Cannes Lions? And then the question number two is: Do you think that the remaining events business should be valued in line with listed peers like Informa? Okay, so the first part about growth, we've got three levers for growth going forward. The first is to step and repeat our historical growth, which has been driven largely by innovation within the brands themselves. So if you look at the growth, in the last, take any period you want, we have delivered consistent growth without any M&A activity in these brands. So that will continue. The second part is, bolt-on acquisitions. We just completed one a couple of months ago called Contagious, which was a small business that tucks in very nicely into our LIONS portfolio of businesses. And we have a number of targets that we're looking at for those kind of businesses. So they are services and products that service the same markets as our main brands, but perhaps filling in different holes where we need new services and products. Contagious is a good example of that. So we've got some of those. And then the third element would be to add another end market to our portfolio. So we currently service the marketing, advertising industry and also the financial technology industry. Is there a third industry to create a third leg, driven by an event, first of all, that we feel we can scale in the way that we have LIONS and Money20/20 over time? And that's the third element of growth. So our CMD in June explained that in a bit more detail, and we'll come back, obviously, over time and flesh that out. In terms of the valuation, I suppose, as we found over the last couple of years, the valuation will be what the valuation is that the market decides. But certainly, it seems to us that we have extremely high quality event brands. We have a very different strategy from many of our peers. Our strategy is to hold very large-scale brands that dominate their markets and allow us to create other products and services around those events. And we feel it's a very high quality portfolio of assets, and the market, we hope, will agree. Thank you, Phil. We had one final question on the webcast, and that is: Were there any other transaction costs in H1 other than the GBP 23 million that was just referenced? And the answer is no. So that's quite straightforward. And can I check with the operator? Star followed by one. Okay. Well, I guess it concludes the session. Thank you, everyone. Thank you.