Admission to AIM and Fundraising - Released 07:00:08 05 July 2021 - Bradda Head
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
Reach Non Regulatory Reach Announcement
Admission to AIM and Fundraising
Released 07:00:08 05 July 2021
RNS Number : 0895E
Bradda Head Holdings Ltd
05 July 2021
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO OR
FROM THE UNITED STATES, AUSTRALIA, CANADA, JAPAN OR SOUTH AFRICA OR ANY JURISDICTION WHERE IT IS
UNLAWFUL TO DISTRIBUTE THIS ANNOUNCEMENT. FURTHER, THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES
ONLY AND SHALL NOT CONSTITUTE AN OFFER TO SELL OR ISSUE OR THE SOLICITATION TO BUY, SUBSCRIBE FOR OR
OTHERWISE ACQUIRE ANY ORDINARY SHARES OF BRADDA HEAD HOLDINGS LIMITED (THE "COMPANY") IN ANY
JURISDICTION IN WHICH ANY SUCH OFFER OR SOLICITATION WOULD BE UNLAWFUL.
This announcement is an advertisement and not an admission document or a prospectus. This announcement is not and does
not constitute or form part of, and should not be construed as, an offer of securities for subscription or sale in any jurisdiction
nor a solicitation of any offer to buy or subscribe for, any securities in any jurisdiction, nor shall it or any part of it, or the fact of
its distribution, form the basis of, or be relied on in connection with, any contract or commitment whatsoever. This
announcement does not constitute a recommendation regarding any securities. Prospective investors should not subscribe for
or purchase any securities referred to in this announcement except in compliance with applicable securities laws and
regulation and on the basis of the information in the final admission document ("Admission Document") to be published by the
Company, and any supplement thereto, in connection with the placing ("Placing") of its ordinary shares ("Shares") and the
proposed admission ("Admission") of the Shares to trading on the AIM market of London Stock Exchange plc ("London Stock
Exchange"). A copy of the Admission Document will, following publication, be available for viewing on the Company's website
at www.braddaheadltd.com.
This announcement constitutes a financial promotion for the purposes of section 21 of the Financial Services and Markets Act
2000 and has been approved by Beaumont Cornish Limited which is authorised and regulated by the Financial Conduct
Authority.
5 July 2021
Bradda Head Holdings Limited
(the "Company" and, with its subsidiaries, the "Group")
Admission to AIM and Fundraising
Bradda Head Holdings ("Bradda Head"), the North America-focused lithium development group, is pleased to announce its
intention for its shares to be Admitted to trading on the AIM of the London Stock Exchange ("Admission"). Subject to receipt of
all necessary regulatory approvals, the Company is raising £6.2 million through the placing of new Ordinary Shares (the
"Fundraising") to fund the phased exploration work programs across the Group's lithium sedimentary, pegmatite and brine
projects. The Company expects to be Admitted AIM later this month.
Key highlights:
· Bradda Head is a new breed of lithium explorer with unique exposure across all three main recognised lithium deposit
types; brine, pegmatite and sedimentary.
o Bradda's assets are located in Nevada and Arizona, ranked #1 and #2 respectively in investment attractiveness
as of the 2020 Fraser Institute annual survey of mining companies.
o The Directors view the Company's chosen jurisdictions as favourable to mining due to their low political risk,
low geological risk, access to infrastructure and clear access to the domestic downstream markets.
o The Directors also view the Company's Projects to be located in close proximity to major US based battery
manufacturers and have a competitive advantage to supply lithium to end-users in the US, lowering the carbon
footprint of the batteries over imported ones from China or Europe
· Highly experienced Board with AIM and lithium experience including Ian Stalker, Charles FitzRoy, Jim Mellon, Euan
Jenkins and Alex Borrelli. Board and management are all shareholders and incentivised to realise the maximum
potential from Bradda's assets
· The Company's strategy is to develop critical US lithium projects to supply the domestic market:1. Bradda plans to focus on its phase one sedimentary assets in Arizona, which are permitted to drill, to develop
low carbon footprint lithium assets in the US
2. Unlock value from its portfolio of Lithium projects, including its prospective brine projects in Nevada and zoned
pegmatite district in Arizona
3. Use its extensive experience to find new Lithium projects, and increase its existing portfolio through continued
claim staking and M&A within the US
· The Directors believe that trends in the market for lithium indicate that lithium will enjoy a continued positive price
environment driven by demand from rising end-users.
· The Company is raising £6.2 million before expenses via the Placing, principally to fund a number of phased exploration
work programmes for the Group's projects and expects to be admitted to AIM later this month
· Overview of Assets:
· The Group's most advanced projects include the Company's clay projects located in Western and Central Arizona in the
US: the Burro Creek East Project, the Burro Creek West Project and the Wikieup Project.
o The Directors intend to continue to develop its three phase one projects in Arizona whilst endeavouring to
unlock value at the Company's other prospective pegmatite and brine assets in Arizona and Nevada.
· The Burro Creek East Project, in Western Arizona, has been the subject of a Mineral Resource Estimate prepared by
SRK in accordance with the JORC Code.
o SRK has estimated an Inferred Mineral Resource under the JORC Code in the Burro Creek East area of 42.6 Mt
of lithium bearing clays at an average grade of 818 ppm lithium for 185 Kt lithium carbonate equivalent (LCE)
and at an average grade of 3.3 per cent. potassium for 1.4 Mt contained potassium using a cut-off grade of
300 ppm lithium.
o The entire Burro Creek East Project also has additional exploration potential for extensions to the current
model of between 50,000 to 300,000 tonnes of lithium carbonate equivalent.
· The Company's projects are located close to major US-based battery manufacturers and have a competitive advantage to
supply lithium to end-users in the US, lowering the carbon footprint over imported batteries from China or Europe.
Charles FitzRoy, CEO of Bradda Head, commented:
"We are delighted to be bringing Bradda Head to AIM, particularly at a time when lithium exploration is shaping up to be a key
component in the global transition to zero-emission technologies.
"The United States is facing a dramatic shortfall in domestic low carbon footprint lithium supply and Bradda is ideally positioned to
supply this growing key market. We have a diverse and exciting portfolio of assets in Arizona, and Nevada, with unique exposure to
lithium in sedimentary, pegmatite and brine claims.
"We believe the location of our projects brings Bradda Head an important competitive advantage to supply lithium to end-users in
the US, lowering the carbon footprint over imported batteries from China or Europe.
"Bradda Head's IPO on AIM will provide the Company with further capital to accelerate our exploration drilling programmes across
our asset base.
"We look forward to welcoming new investors as we progress to the next phase of development of our North American assets."
For further information please visit the Company's website: www.braddaheadltd.com
Contact:
Bradda Head Holdings Limited +44 (0) 1624 639 396
Charlie FitzRoy, CEO
Denham Eke, Finance Director
Beaumont Cornish (Nomad) +44 20 7220 1666
James Biddle/ Roland Cornish
Peterhouse (Joint Broker) +44 207 469 0930
Charles Goodfellow
Peter Greensmith
Shard Capital (Joint Broker) +44 207 186 9927
Isabella Pierre
Tavistock (PR) + 44 20 7920 3150
Jos Simson / Nick Elwes / Oliver Lamb / Adam Baynes braddahead@tavistock.co.uk
Company overview
Bradda Head is focused on appraising and developing lithium mining projects within North America and currently has
interests in a variety of projects in the United States. The Directors view the Company's chosen jurisdictions as beingfavourable to mining, due to their relatively low political risk (Nevada is ranked #1 and Arizona is #2 on the Fraser Mining
Index for investment attractiveness), low geological risk, access to infrastructure and clear access to market.
The Group's most advanced projects are located in Western and Central Arizona in the US. One of these key projects, the
Burro Creek East lithium project in Western Arizona, has been the subject of an Inferred Mineral Resource prepared by SRK in
accordance with the JORC Code of 42.6 Mt of lithium bearing clays at an average grade of 818 ppm lithium for 185 Kt
lithium carbonate equivalent (LCE) and at an average grade of 3.3 per cent. potassium for 1.4 Mt contained potassium using
a cut-off grade of 300 ppm lithium. The entire Burro Creek East Project also has additional exploration potential containing
50,000 to 300,000 tonnes of lithium carbonate equivalent.
The Board and Senior Management have collective experience within the sector and are targeting development of at least
two significant lithium deposits over a period of two to five years. The Group intends to continue to develop its three phase
one projects in Arizona, whilst endeavouring to unlock value at its other prospective pegmatite and brine assets in Arizona,
Nevada and Pennsylvania. The Group also intends to maintain a varied portfolio of clay, brine and pegmatite lithium projects,
remaining alert for growth opportunities within the region.
The Directors believe that the market for lithium will continue to enjoy a positive price environment with analysts' forecasts
of $12,000/t for battery grade Lithium Carbonate by 2025. In April 2021, the Biden administration released a $1.9 trillion
infrastructure plan. Under the Biden administration, clean energy production will be ramped up, with lithium considered to be
a key resource. $174 billion has been earmarked to "win the EV market" by spurring domestic supply chains and giving
consumers rebates to buy them. The Directors believe that this increased focus on domestic US supply when combined
with the expected increases in demand for battery metals in the US and the relatively low levels of domestic supply presents
a significant opportunity for the Group.
The Company's asset base
Lithium projects worldwide are either brine, pegmatite or clay-based, and the Group's portfolio contains all of these type of
projects. The Company has six lithium exploration projects in the exploration and mining friendly states of Arizona and
Nevada, USA and one in Pennsylvania. The Company has 100% in all its assets.
Asset Holder Interest Status Licence Area
License Expiry Date
Burro Creek St Cloud / 100%* Development Lease expires 31 March 1.45km2
East: Arizona, Cheto 2026
USA
Burro Creek Zenolith 100%* Exploration State Mineral 2.33km2
East Extension: exploration permits
Arizona, USA expire 21 June 2024
Burro Creek Zenolith 100%* Exploration Mining claims in 5.26km2 placer claims and 6.02km2
West: Arizona, and St perpetuity subject to overlapping lode claims
USA Cloud / payment of fees and
Cheto working the property
Wikieup Zenolith 100% Exploration Mining claims in 9.71km2 placer claims which mostly overlap
(Zenolith perpetuity subject to each other; both sets of claims marginally
claims): payment of fees and overlap lode claims submitted by Hawkstone
Arizona, USA working the property Mining Limited
Wikieup (Verde Verde 100% Exploration Mining claims in 5.74km2 lode claims which entirely overlap
Grand claims): Grande perpetuity subject to lode claims submitted by Hawkstone Mining
Arizona, USA payment of fees and Limited
working the property
San Domingo: Zenolith 100% Exploration Mining claims in 8.15km2
Arizona, USA perpetuity subject to
payment of fees and
working the property
Wilson Salt Zenolith 100% Exploration Mining claims in 13.6km2
Flat: Nevada, perpetuity subject to
USA payment of fees and
working the property
Spencer: Zenolith 100% Exploration Mining claims in 11.8km2
Nevada, USA perpetuity subject to
payment of fees and
working the property
Pennsylvania Zenolith 100% Exploration 10 year primary term 1.815km2
Brine: from September 2018,
Pennsylvania, option to extend for 15
USA years
* In respect of certain claims at Burro Creek East and Burro Creek West, the company's interest is held via an option agreement to
acquire 100% of the relevant lease interests subject to a payment of a cash sum between U$600,000 and US$750,000, depending
on the timing of the exercise of the option.
StrategyThe Group's strategy for the progression of its assets is to prioritise the development of the (two) Burro Creek projects and the
claims held by Zenolith at Wikieup, which the Directors view as being the most commercially advanced and prospective
projects, as set out below. With the planned exploration programme, the Directors believe that the two Burro Creek projects and
the Zenolith Wikieup Claims have the potential to emerge as lithium-clay deposits containing Mineral Resources with better
understood metallurgy thereby creating significant value for Shareholders.
Over the next 18 months, the Company has budgeted a total exploration programme of approximately USD5.4 million which
covers overheads, land holding fees, IPO costs and the following key exploration activities:
· Burro Creek East: USD 270,000, for completing a 5 hole twinning program on select RC holes and additional 5 holes to
test for extensions of mineralized areas; there is also budget to add to the metallurgical testwork and to update the
Mineral Resource. In future, though not currently budgeted, a second phase of drilling may be conducted to bring
Inferred Mineral Resources into the Indicated and Measured categories, and the necessary metallurgical testwork and
associated tasks to complete a prefeasibility study may be completed.
· Burro Creek West: USD 610,000 for a first phase of 10 drillholes which should allow a maiden Mineral Resource
estimate and to conduct metallurgical testwork.
· Wikieup Project Area: USD 1,600,000 for a first phase of 30 drillholes and a maiden Mineral Resource estimate, the
budget also allows for conducting metallurgical testwork.
· San Domingo Project: USD 60,000 for completing additional surface sampling, geophysics, mapping and a 3D model
study for drillhole targeting.
· Wilson Flats Project Area: USD 200,000 for completing a one drillhole program and associated metallurgical testwork on
the brines for lithium extraction.
· Spencer Project: USD 30,000 for completion of a geophysical survey to determine the size of a potential brine aquifer.
· Pennsylvania Brine Project: USD 20,000 for completing technical work and a basin study.
Lithium Market
Uses of and market for Lithium
As interest in Electric Vehicles (EVs) and the ESG thematic continues to build momentum, a key component of demand is
emerging that is universal across all battery types, lithium. Regardless of the battery type, lithium is required for all electric
vehicle battery chemistries in use. Demand for lithium is expected to increase by 42 times by 2040, in keeping world
temperatures in line with the goals of the International Energy Agency (IEA)'s Sustainable Development Scenario.
The lithium market is forecast to be in deficit from late 2021 out towards 2024. Lithium pricing forecasts reflect a tighter
market with rising prices from current average seaborne levels of ~$9,450-11,450/t (average spot price across battery grade
carbonate and hydroxide products) to the $12-14,000/t level in 2023 before settling at a level in the range of $11-13,000/t for
2024/25.
Demand
After disappointing lithium consumption in 2018/19/1H20, from 2H20, EV sales have accelerated and have become more
global rather than China-centric as was the case in the first lithium bull market of 2015-17. Lithium demand of over 1mt (million
tonnes) Lithium Carbonate Equivalent (LCE) by 2025 is now forecast, tripling from 2020 levels (~300kt) and to 1.8mt by 2030 .
While there is likely variability in the numbers and multiple assumptions are required (battery chemistry, size of vehicle, etc
where analysts have used feedback built from conversations with industry participants), the key point to note is the tripling in
size of the market to 2025 and further growth to 2030 which will place pressure on supply to continue to expand and become
more efficient. Versus the 2015-17 lithium bull market, more evidence of real demand has been seen in 2021, OEM
commitment, and industry acceptance that Li-ion is going to be a dominant technology to shift towards a more ESG-focused
society. Current supply chain analysis allows for the timing of the supply chain from mine-site to EV sales of c.3-6 months. For
an average EV, estimated value is ~$420/vehicle of lithium used today and this could be ~$560/vehicle on the incentive price
forecast. EVs are seen as the core source of growth to 2025, but also energy storage is forecast to become increasingly
important; which is forecast to reach 6 per cent. of total LCE demand by 2025 (from ~2 per cent. today).
Supply
With pricing essentially tripling over the 2015-17 time frame, supply was added through new projects (namely Mt Cattlin, Mt
Marion, Pilgangoora operations, Bald Hill) and expansion elsewhere (Greenbushes, Chilean projects). With a step change in
supply, by 2018, inventory had built and pricing began to correct lower. The 2018- 2020 period eventually saw cost pressure on
a number of producers and industry consolidation (particularly ALB's purchase of 60 per cent. of Wodgina and Pilbara's
acquisition of Altura). While inventory still remains, industry sources suggest most spodumene is not sold between refiners
and as demand for end markets accelerates this will increase the need for lithium. Estimated nameplate capacity vs current
capacity is ~120-150kt LCE different but of note is that the majority of this is associated with Wodgina which will take time to
produce a final lithium product even if decided to restart in the coming 12 months and Greenbushes is also likely to stay below
capacity until Kemerton is delivered (commissioning due in 2021) and Kwinana is able to ramp up.
Overall, analysts assume latent capacity comes into the market over 3 years, new projects already committed come online with
typical delays and brownfield expansions then occur. In total c.1.4mt of possible supply can be identified out to 2030 but there
will be a number of risks to bring this online including permitting, financing and technical limits. Analysts expect beyond 2025
new supply will need to come from a wider range of sources e.g. more clay-based deposits, DLE (Direct Lithium Extraction) and
recovery/efficiency rates of typical projects needs to improve or there will not be enough lithium to match the needs of
consumers (even though there is an abundance of lithium in the ground, the complications come from location, technical
know-how, permitting and funding).
Supply v Demand balance and pricing implications
While there are many moving parts, analysts expect the balance to tighten over 2021 and although difficult to predict the exact
timing, forecasts suggest the market will go through another price spike at some point over 2022-24. Beyond 2026, enough
investments today can't be identified to meet forecast demand. While there are risks that underutilized supply comes back
online faster or Chinese ingenuity surprises further to the upside, demand is forecast to outpace supply, soaking up the
remaining inventory in the market and creating a tighter set of pricing, particularly from late 2021-2025 with 2023 a key deficit
year. From 2015-17 pricing was related to incentive levels required, then following S>D 2018-1H20 pricing trended to the top of
the cost curve; analysts see the incentive price again becoming the most relevant market price and an upward trend to
$12,000/t on average over the next 5 years but note that in a small market (lithium is currently ~1.5 per cent. the size of the
copper market for example), prices tend to overshoot in a stronger market and to allow for this, forecast pricing for various
seaborne products to reach the $12-14,000/t level by 2023 before settling closer to the $11-13,000/t range by 2024/25. This
compares to an average spot level of ~$9,450/t for seaborne lithium carbonate and ~$11,450/t for seaborne hydroxide as of10 May 2021.
Directors
The Board comprises three executive directors and three non-executive directors. Brief biographical details of the Directors are
set out below:
John (Ian) Stalker (Non-Executive Chairman, aged 69)
Ian Stalker is a senior international mining executive with over 48 years' experience in resource development. He has directed
over twelve major gold, base metal, uranium and industrial minerals projects at various phases, from initial exploration drilling
to start-up. Ian has held senior positions at major gold producers, notably as Vice President at Gold Fields and Managing
Director (International Projects) at Ashanti Goldfields. Ian was Chief Executive Officer of Brazilian Gold Corporation, a TSX-V-
listed company from 2011 until its sale to Brazil Resources in 2013 and from 2009 to 2011 he was CEO and later a Non-
Executive Director of Berkeley Resources Ltd, an ASX and AIM-quoted company with its main asset being a uranium
development project in Spain. From 2008-10, he was Chairman and CEO at Niger Uranim Ltd. He was CEO of UraMin Inc. from
2005 until its acquisition by Areva S.A. in 2007 for US$2.5 billion. Prior to joining UraMin, between 2001 and 2004, Mr Stalker
was Vice President at Gold Fields Ltd, the fourth largest gold producer in the world at the time. Since 2014 Mr Stalker has been
CEO (2014 -2017) and subsequently a Director (currently Non-Executive) of TSX-V-listed K92 Mining Inc, a gold and copper
producer operating in Papua New Guinea. Mr Stalker was also CEO of LSC (Lithium) a TSX-V-listed company from 2017 to
March 2019 when it was sold to Pluspetrol (Argentina). Ian holds a BSc in chemical engineering and is currently a non-
executive director of Condor Gold plc (AIM), Chairman of Helium One Global Limited (AIM) and a director of Circum Limited, a
private company developing a potash project in Ethiopia.
Charles FitzRoy (Chief Executive Officer, aged 38)
Charlie joined Bradda in May 2021 from CMOCs Corporate Development & Strategy team where he was recently part of two
$550m deals. Charlie has a wide range of experience across the Metals & Mining sector with most of his focus from M&A,
Equity Research, and Strategy. A former analyst at Citigroup, Blackrock and Arden Partners, he holds degrees in Geology and
Metals & Energy Finance and is a fellow of the Geological Society and a professional member of the MIMMM. Charlie also
brings with him considerable management experience from his five years in the British Army.
Denham Eke (Finance Director and Company Secretary, aged 69)
Denham Eke began his career in stockbroking before moving into corporate planning for a major UK insurance broker. He is a
director of many years' standing of both public and private companies involved in the mining, leisure, manufacturing and
financial services sectors. Denham is the Managing Director of Burnbrae Limited and also Chief Executive Officer of AIM traded
Manx Financial Group Plc, Finance Director of Agronomics Limited (AIM: ANIC) and Chairman of Webis Holdings Plc (AIM:
WEB). James (Jim) Mellon (Non-Executive Director, aged 64) Jim Mellon is an entrepreneur, serving on the boards of a number
of listed companies. Within the mining sector, Jim was a co-founder of UraMin Inc, sold for US$2.5 billion to Areva S.A. He was
non-executive Chairman of West African Minerals Corporation, a director of Brazilian Gold Corporation and a director of Polo
Resources Limited. Currently, he is a non-executive Director of Condor Gold plc. Jim's other interests include biopharma, life
sciences, property, and financial services. Jim is an honorary Fellow of Oriel College, Oxford and holds a master's degree in
Politics, Philosophy and Economics from Oxford University. Jim is the beneficial owner of and Director of Burnbrae Limited (the
sole shareholder of Galloway Limited).
James (Jim) Mellon (Non-Executive Director, aged 64)
Jim Mellon is an entrepreneur, serving on the boards of a number of listed companies. Within the mining sector, Jim was a co-
founder of UraMin Inc, sold for US$2.5 billion to Areva S.A. He was nonexecutive Chairman of West African Minerals
Corporation, a director of Brazilian Gold Corporation and a director of Polo Resources Limited. Currently, he is a non-executive
Director of Condor Gold plc. Jim's other interests include biopharma, life sciences, property, and financial services. Jim is an
honorary Fellow of Oriel College, Oxford and holds a master's degree in Politics, Philosophy and Economics from Oxford
University. Jim is the beneficial owner of and Director of Burnbrae Limited (the sole shareholder of Galloway Limited).
Alex Borrelli (Independent Non-Executive Director, aged 65)
Alex Borrelli, FCA, initially studied medicine and then qualified as a chartered accountant with Deloitte, Haskins & Sells, London
in 1982. He was subsequently active within the investment banking sector and has acted on a wide variety of corporate
transactions in a senior role for over 20 years, including flotations, takeovers, mergers and acquisitions for private and quoted
companies. He was formerly Head of Corporate Finance at Shore Capital until 2008. For the last 15 years, he has been acting
as chairman and director of various listed companies and is currently Chairman of AIM traded Greatland Gold Plc and
Xpediator Plc, and Independent Non-Executive Director of Tiger Royalties and Investments PLC.
Euan Jenkins (Independent Non-Executive Director, aged 55)
Euan finished his 31-year career in banking at J P Morgan in London after lengthy periods at ABN Amro and McIntosh
Securities. Since then Euan has been involved in a number of capital raisings, seed capital investments and advising
companies across a broad range of industries both in Australia and Europe. These include gold, base metals and battery
metals industries; biotech, and the property sector. Euan has amassed significant knowledge of financial and jurisdictional
systems globally having worked in Melbourne, Sydney, New York, London and Switzerland. Euan, as the Board's senior
independent non-executive director, has the casting vote at board meetings if the number of votes for and against a proposal
are equal.
This information is provided by Reach, the non-regulatory press release distribution service of RNS, part of the London Stock Exchange. Terms and conditions
relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.Reach is a non-regulatory news service. By using this service an issuer is confirming that the information contained within this announcement is of a non- regulatory nature. Reach announcements are identified with an orange label and the word “Reach” in the source column of the News Explorer pages of London Stock Exchange’s website so that they are distinguished from the RNS UK regulatory service. Other vendors subscribing for Reach press releases may use a different method to distinguish Reach announcements from UK regulatory news. RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy. END NRADKQBBDBKBDOK London Stock Exchange plc is not responsible for and does not check content on this Website. Website users are responsible for checking content. Any news item (including any prospectus) which is addressed solely to the persons and countries specified therein should not be relied upon other than by such persons and/or outside the specified countries. Terms and conditions, including restrictions on use and distribution apply. © 2021 London Stock Exchange plc. All rights reserved.
You can also read
