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those kind of uninitiated, kind of what does the UK space sector
look like at the moment? And how are you engaging with that and
kind of what does that mean for small spark and I guess
ultimately, then for our investors and the opportunities
that are in the sector,
so the UK space sector is going through an immense change right
now. And it's a really exciting place to be. As I mentioned, we
do a lot of work in data collection in satellite
manufacturing. The UK is one of the world leaders in that you
know, in sensor technology, UK is arguably the best in the
world. Um, you know, we have things like the satellite
applications catapult working on bleeding edge research and
center sensor technology. And yeah, it's a wonderful place to
be for that. But as they are pushing towards being able to
launch now, and spaceports are slowly starting to come online,
it's not just launch to orbit. It's also suborbital launching.
This is why Spark is developing to launch vehicles over the next
five years. We're developing frost micro, which we are aiming
to have online, either late this year or early next year,
depending on how things work out at the spaceport and that will
be suborbital launch vehicle, that's gonna be very, very cheap
vehicle to fly. We're talking sub 100,000 pounds this vehicle
and there'll be able to take up to 50 kilos to space up to 200
seconds, then bring it back down again. And what this enables
companies to to do is especially for small companies, it enables
them to do validation of technology in microgravity in
space like environments for short periods of times multiple
orders of magnitudes reduction in cost. It allows
pharmaceutical companies to start doing microgravity
research for various drugs. This is a market that is exploding
right now. It's why the UK space agency has actually recently
started commissioning studies into these kinds of markets
because we're talking with launch brokers, and we're
finding out these markets of sending stuff to space very
briefly, is growing immensely, especially in pharma. In
research groups and astrophysics research groups of things. It's
a passion of mine, you know, this very low cost ability,
something UK has not got and has never had. And it's something
we're gonna deliver to the UK within the next 12 months under
spaceports will be there in Scotland and in Wales to allow
us to do that,
which has an effect into all these other industries. And as
well, well, that's the
thing it helps. It helps us because firstly, it's a nice
revenue generator, but it hasn't hasn't has multiple effects. For
us, it lets us validate a lot of our technologies. Because we are
using a common architecture between our vehicles, it will be
almost an identical engine, the powers both our vehicles. So it
allows us to gain heritage on our flight engines while we're
generating revenue. And more importantly, it allows us to
stimulate a lot of these early stage startups that couldn't
have existed before. Because the barrier to entry to validating
space Tech was so high before you would have to spend millions
to actually just test it in space. But we're now providing
to the UK a much lower barrier of entry where you only have to
raise a few 100,000 Really, to actually start validating your
tech in microgravity and in near vacuum environments. So we start
actually hopefully, drive our own customer base up for the
future by enabling them to actually get an easier start. So
we want to really drive this growth. We there's already a ton
of space companies here if we wanted to, we want to be more,
you know, because if the UK wants to be a world leader, we
want to have as many startups in the space injury as possible.
You look at the US, there's 1000s of them. And the UK really
needs to drive towards that. And that's where the government's
pushing it. And it's why we've created frost micro because you
want to enable that as well.
Great. So you've got frostbite coaches, suborbital and then
you've got, then last one,
yep. across across one year to orbital launch vehicle. We're
aiming for that for late 2025, early 2026. So it's built off
built for common architecture from cross micro. So first micro
tells us an awful lot about the system performance. So adding I
wouldn't I tell investors not to be too worried if they see the
designer Frost microt. For frost, one iterate for a bit
over the next few years, we have
the initial point, a fairly standard process for any kind of
innovation. Absolutely,
exactly. It happens. Now we are pretty confident on the
performance level of the vehicle. And we'll know more and
we'll just adjust the design base what we learned from frost
micro, from our tests to our prototype engines, they're
performing beautifully. They're performing really, really well
very, very happy. We're now starting to look into actually
building our own dedicated test site rather than working with
partners because we want to get our testing cadence up but
there's a frost one is very much catering for the much larger
markets that the UK is going for is the market there's expect to
be worth billions and billions over the next few years. And
it's the launching of small satellites. You know, we make so
many of them here. Yeah last last numbers. I checked with
them. I think you know, maybe 30 40% of the world's sports
athletes, or there's components for them within the UK. Yeah,
that's an immense market just in our back door. And again, if you
can launch in a company or manufacturing system, and it's
again, reducing your cost, you know, so it's again, just
reduced, this isn't leaning out the entire system. And that's
what we're trying to do with all of our vehicle life, lean every
take everything off that you don't need, you know, you don't
think we use the analogy, if you don't really care what car or
vehicle your post is delivered in, you care, it gets to you, at
a low cost, and our stamp doesn't cost you 500 pounds,
it's efficient. It's cost, its cost efficiency. That's the
thing, that's the most important thing for this market. It's not
about perfecting, having style, or looking really nice, and it
will look nice, our vehicles look great. But it's this
market, what customers care about is just cost efficiency.
And it's not just cost efficiency of the vehicle, it's
taking sort of holistic approach of everything that a customer
has is a pain point and removing all of that. And that's what
we're trying to do with both optimization technologies. By
allowing both ourselves and our customers to get designs done
quicker. That's what we're doing the frost micro by enabling a
far lower barrier to entry to actually getting in and getting
your first funding rounds done to be able to actually start
testing space tech, to actually get into orbit. So when you need
to launch we we have to launch quickly and reliably because
we've got a safer system standby ready. And we're seeing already
a huge interest in this from defense companies around the UK,
you know, it's them, it's not about making missiles, I think
it's important to really stay that we say defense companies,
so spark does not make missiles. But in in the future, what the
real interest of both of those companies is its data. And
that's what small SWAT can enable companies to provide, you
can be ultra responsive, if you need to get a satellite up in a
few days, small spark with a company you go to to do that.
And that's where the immense interest has been seen in
architecture. But it's radically different from anything that's
on the market right now.
So guys, I guess just talking about kind of why deep edge bit
of ego boost for us here in terms of why deep edge, you've
both worked in a tax efficient space before, Toby, kind of what
what do you kind of think makes the bridge a bit special? Or why
do you enjoy kind of working with the bridge.
So for me, when I started deep bridge, I also started a brand
new part of my career, I'd never worked in sales before and was
never so involved in the nitty gritty parts of what the tax
efficient space is at all. And so it's been amazing to see that
I joined it's such a tricky time as well. So just before the
pandemic, and what I've loved about what deep bridge has done
for me is is really supported me and, and held my hand through
like trials and tribulations of COVID Trying to see each other
where we can, but also just getting that support. I also
just love the feel of the fact that it still feels like a very
small family based company, but we're just getting so much
bigger now. And that feeling is still there. And I think at the
core of it, it's it's what makes deep Ridge center, it's what
makes me want to stay and it's what makes me want to work hard
for you guys. And it's definitely entices me. And
that's enough ego boosting for you.
Nothing to do with me. But I think I think again, I think I
think that's what, yeah, when we talk to our long standing if
Asian, and we've got a phase of work with us fed 910 years, etc.
You know, that's kind of the feedback we get from them as
they enjoy working with us. I think, Mike and I was somebody
that week and he said, Look, you know, as well as we love what
you're investing in, we love what you talk about and the
kinds of companies etc, you know, people by people it's got
to be you've got to have that that right feel with with the
people you're working with? Absolutely,
absolutely. It's really nice to be able to represent the company
that does that and makes people feel that way. And it's nice to
be a part of that. And it's yeah, definitely great.
So Mike, kind of, again, you've you've been around the block, as
you've suggested before, if you don't mind me saying that, but
you know, kind of why deep bridge and kind of why why do
you think this is the good fit.
And I joined as I said earlier, I joined deep bridge because the
guys that were that were kicking it off were business builders,
that was a completely different field for me. So even at this
stage in my career, yeah, it seemed pretty much everything
that's got to be seen crashes and, and UPS and bubbles
bursting and all sorts. But you'll look at what deep bridge
has achieved in eight, nine years. And it's an absolutely
phenomenal journey that we've been on. But we're all like Tony
says it's still a it still feels like a small company. We all
know each other. The guys on the top, on the top, the guys that
actually drive in the business are, are as I said, Business
Builders, so it doesn't feel like a financial services
company every time I've worked to not been out too much over
the last couple of years. But prior to that when we were doing
seminars and we saw our peer group I think I don't think
there's anybody else like deep bridge out there. That's
providing what we provide. So it's an exciting company to be
with, there's still, I guess, a long way to go and in the
journey, and it's great to be part of that. It's great to be
part of a, of the sales team, that's what I get out of bed in
the morning to do is to promote the bridge in Scotland and
Northern Ireland and anywhere else that we turn up. So to be
part of that is hugely exciting. And I can't actually see it,
stopping, it's just going to keep going.
You see, I thought you got out of bed in the morning, because
nature calls Mike, I thought I was mainly at your age, but you
know,
I've got plastic sheets, but
I think and yeah, what you're saying I think extends well
beyond just the DPH team here, again, to advise the community
we've worked with. It's, I don't think as many places where I'd
expect the barrage of text messages from for my face that
reminded me of my football teams crap. You know, that's, that's
one of the beauties of kind of the close knit kind of community
we've got, which, which is great to see. So kind of since kind of
starting out from those, those early days of kind of, of kind
of speaking to clinicians and patients as well, and things,
how's the company evolved? And kind of I know that kind of
obviously COVID coming along, kind of changed your focus on
how to pivot the business slightly and things like that.
Can you just kind of talk to us how the the last kind of few
years have kind of evolved the business?
Yeah, I think the it turns out, say this loosely, that Corona
was the best thing that happened to the business. It was
certainly didn't think that in the moment, you know, that March
locked down. As you know, we were closing around with you
guys. We just agreed pretty much to sign up with dreams, and next
and ideal shopping. So everything was working all the
sports people were going really well. And of course, like say,
you know, the big clunker comes it was brilliant for us. And as
much as we had a second to breathe, to actually digest what
we've done so far. And most important, most significantly,
the I think, the sliding door moment, for the last two years.
But the thing that's going to change the future of the
business, is an understanding that in order to make a
meaningful change in this area of healthcare, we needed to work
from the ground up, having worked from the ground down from
you know, from Uptown, for so long, working with clinicians
working with the Stroke Association. And it's case by
case it's patient by patient, and there's a lot of them and so
many more since the lockdown. So what we decided was as a
business to launch your website, which has gone from strength to
strength, it's going from really nice increase, and to explain to
the general consumer, so that they could understand
themselves. And that's helps everything. So for example, when
we when we see a patient and we prescribed a sleep system, we go
back in and we train the staff. Now, rather than train the staff
on a piece of equipment that looks alien to them, there's
just another job and I'm just another pain in their backside.
We start by asking them about their sleep, and their sleep
posture. And invariably, because we just did a YouGov poll to
prove it. I think it said that 82% of asleep and an awful
position. It's a nice piece of commendation. Yeah. And so and
it's all common sense, just for clarity, Andrew, whilst I, you
know, clearly know my stuff, and I'm asked all over the country,
what I'm selling is just common sense and logic. And so to speak
to people who you know, have had children and have, you know, SPD
or various, you know, various niggles on the back of their own
able bodied aches and pains and daily living, for them to
understand that for them to see the significant improvement in
their own sleep has made, how to train the trainer, if you like
how to train the caregiver, to turn this into a much more human
project, rather than just how many pillows can you sell? And
how many sleep systems and what are the positioning equipment?
Have you got, you know,
if you get the train onboard, then they're bought into it,
they see the value, they understand the benefits of it,
and therefore it becomes second nature for them to extol those
virtues to other people, I guess.
Exactly right. And equally, you know, the mountain is so much
more meaty to convince clinicians that have been doing
it wrong so long. Absolutely. They've been doing it wrong, you
know, and I suppose I'm not here to call anyone out. I'm no
clinician myself. You know, I'm asleep practitioner when I've
done all the various courses, but you won't see any of that on
my CV. My expertise is in, you know, touch and feel. You know,
maybe we've seen 5000 patients. And I'm not saying that anyone's
done a bad job. I think that we are heavily underfunded, the NHS
is overburdened for sure. And rather than sort of call them
out and say what terrible job they're doing when they've saved
all our lives for the last two years, it's more to say what you
know what therapeutic services can can be automated can be
standardized can be, can we find sort of very simple methods and
approaches in reducing those numbers? You know, one and a
half million people waiting for standard procedures, for
example, like what are they doing now between now and their
operation? Are this thing physio? Are they taking pain
medication? If it's any of those things, can that be improved
just on the simplicity of the position they fall asleep in at
night? That's it?
I guess because the ultimate aim, I guess, for the kind of
the nuts and bolts of why healthcare providers will be
interested in this. It's about reducing people stay in hospital
and helping them recover quicker, I guess that's part of
part and parcel.
The best bit about what we do given that it's common sense is
that no one can question our approach. And so anyone who
sleeps and has a spine can benefit from our our mission,
you and I included. So for you know, you taking a patient as an
example, the caregiver, the nurse will benefit because they
might have had a slightly better night's sleep, they'll be on
shift work, there'll be overworked, the amount of moving
and handling will be reduced. And most importantly, to us, but
least important to many, the patient's experience will be so
much better. Unfortunately, it doesn't quite work like that. So
we did. Last year, we were approached by Lance teaching
hospital by the Intensive Care lead. And he's also the honorary
secretary of the Intensive Care Association. And he called us
because they were three engine something percent capacity, and
they were spending hours repositioning conscious patients
who had Corona were in intensive care unit. And they wanted to
get the patients onto their stomachs. If you're overweight,
with a CPAP, hold on fatigued and petrified in an ICU ward. So
the last thing you doing so we created a product, very, very
simple products, very cheap to make. And you know, we produced
it supremely quickly. And it got patients on their stomachs,
their oxygenation requirements down immediately their
oxygenation levels up immediately. But yet, we only
sold five systems to one hospital. And that's because the
system doesn't quite work. But what has worked on the other
side of that is like you say educating those that are, you
know, physios, OTs, osteopaths in reselling our product
training students off physiotherapy and at about the
things that they need to consider because I suppose a lot
of these clinicians have been given a lot more work than they
were originally signed up to do you know, the amount of
paperwork they have to fill, whose role is is positioning, is
it OT is it physio, it's changes postcodes postcode, so it's just
not the way to do it, you know, the way to do it is to educate
the world on a global problem, a global pandemic, which is sleep.
So talking about kind of the opportunities of today, you
know, we're in 2022, you know that the world is a different
place than it was 12 years ago. And we started as you lead it,
see, we've gone through the pandemic, etc. Kind of what are
the kind of opportunities availing themselves to deep edge
at the moment?
I think the world's a different place than it was about four
weeks ago. But hopefully, that won't go any further. But we'll
see. But there's always something going on and something
changing, but certainly opportunities for deep reg in
terms of what we do and how we do it is looking at our existing
portfolio companies and helping those companies scale. And when
we say helping them scale, it's not just a case of putting the
money in. It's working hand in glove with them looking for
opportunities. We've developed our relationships on a global
basis. Just a week ago, I was whether somebody who helps look
after the Qatari royal family. Yeah, you know, so what are we
doing that? I don't quite know yet. But there's an opportunity
to because we know they want to be a global tech hub. So how can
deep bridge investi companies work with the Qatar is or
whoever it is, you know, Australia has a huge opportunity
for us. Yep. Nobody does what we do in Australia, which we've
been very well received, we've invested in four companies
brought them to the UK, that's pretty unique. Yep. And we
continually continue to develop that relationship in Australia
with both federal and state governments, and University of
Queensland and others. And in fact, I'm going next week to
after two and a half years, my wife thinks I'm going on
holiday, but I'm not. So it'll be a good week. And then we're
also looking at rekindling some of our connections in the US. In
fact, our very first investment was a US company and it was a
spin out from the Palo Alto Research Center. So we want to
develop that further. I think the opportunities have a deep
ridge of huge to continue doing what we're doing EIS but also
expand upon that into into, you know, deeper tech.
Absolutely. I think that's the key thing is that we are
committed to is market we understand that the benefits and
the value of the is. And I think as you alluded to earlier, you
know, why wouldn't we use the IRS to support our companies?
And at the same time, it's kind of why wouldn't investors use
the IRS when they've got the opportunities because it's a
world renowned scheme?
Yeah, I think it's Uh, you know, we we've looked at all the
different schemes around the planet EIS, seis and to some
degree VCT are without doubt the most significant tax efficient
products on the planet. Absolutely. I would say that for
the vast majority they are they are suitable but not for
everybody. And I think certainly in our time in the is Enos of
maybe 10 years now 10 years, I think there's been a substantial
change in in how people operate. And that's boats. There are some
excellent EIS managers and just country and a lot of them we
work hand in glove with
Yep. So starting at the beginning, can you just kind of
tell us a little bit of background to LCC, how it was
founded, why you started, it's kind of the market looking to
solve that kind of thing?
Yeah, absolutely. So we co founded the company in 2014.
Andrew, so it's eight years ago. Now, if you can believe it,
we bought, suddenly, I cannot remember seeing.
Yeah, we're both a bit younger and obsessive, possibly slightly
more handsome. But no, I had finished my PhD at the
Department of Chemistry in the University of Liverpool in 2012.
And I was very fortunate that there was a cancer research
company starting off in the Royal Hospital, just down the
road in Liverpool. So I handed in my CV there before I
graduated, fortunately, fortunately, got the position,
spent a couple of years then up to 2014, doing some cancer
research. And I was essentially a customer of the company that I
was about to found. So I was using, I was purchasing
commercially available chemical components to do my research to
discover new cancer drugs. So cancer drugs and pharmaceutical
agents made up of components the same way. Anything is like a
car, for example. So as I was learning how to do cancer
research, one of my former colleagues in my research group
at the University of Liverpool discovered some really fantastic
chemical technologies that provide access to a wide variety
of these novel components that can be used to piece together to
discover and develop new, new new drugs not only for oncology,
but their non therapeutic specific Andrew, which means
they can be used in different combinations with other
commercially available components to make a wide range
of small molecule drugs, whether that be for oncology,
respiratory illnesses, central nervous system, neurology. So I
saw that opportunity. You know, just I went for a coffee with my
old colleagues in my research group, they told me about the
technology they discovered. And putting two and two together, I
could see there the opportunity that presented itself, because
coincidentally, Andrew, there was a real shift in
pharmaceutical activities in the r&d space at that time. So the
pharma r&d community has suffered diminished returns over
the last 10 to 15 years, for every pound spent on r&d, you
know, they used to be getting a 20% return. And now, they're
only getting about a 2%, return two to 5%, it's that it's a rise
a little bit again, but essentially, the regulatory
bodies continually raise the bar on new drug approvals, right,
they need to be better, more targeted, more selective, you
know, if they're going to need to kill the cancer and not not
harm the rest of the body. They need to be cost effective, no
side effects. So the regulatory bar keeps getting higher and
higher, which means it's harder to discover the new drugs and
things costs with it as well. Exactly, yeah, you know, just
the amount of steps you need to go to, to refine the drug to
meet the higher bars across the therapeutic window is very, very
difficult. So that's, you know, it's made drug discovery a lot
more challenging. And so this, you know, scientists being
innovative as they always are, and love to be, set themselves a
challenge and, you know, commercially had to resolve this
situation and start working better, smarter, more
efficiently. And one of the key ways they identified to work
more efficiently and increase the chances of discovering a
drug, and reducing the development timelines was to
make the drug chiral. And this concept of chirality is the key
USP of Liverpool chiral mlcc. Our technology allows us to
produce Cairoli pure components, and just a quick
I was gonna say for lay people, can you quickly explain? I know
you've done it to me over the years. But can you quickly
explain kind of what chirality means?
Yeah, so this is where I start to wave my hands again, you,
Andrew. So essentially, when you think of chirality, you can
think of your left and your right hands. They are what you
call non superimposable mirror images. And in layman's terms,
that means your left hand only fits your left glove, and vice
versa for the right hand and the right glove. So when you make a
chiral drug, it means that the drug has forms that are
essentially they differ in the way your left hand differs from
your right, they're made up of the same pieces, they're just
arranged differently in three dimensional space. And if you
think of how a drug, you know, works in the body, it's called
the lock and key theory. So if you think of the drug as the key
that you swallow it, it gets absorbed, it gets distributed
around your bloodstream, maybe to where it needs to go. And
then that biological drug is the key needs to fit the biological
pocket of the active site, within your body to switch a
biological process on or off to kill a cell or to stop the pain
receptor for a headache or whatever it may be. reduced the
inflammation. So ever since 1972, I think it was all drugs
had to be administered in their Cairoli pure form a just the
left hand or just the right hand. So chirality is not a new
thing. But it's become, it's been identified as one of the
key ways of increasing your chances of success in new drug
development. Long story short, chiral drugs are more three
dimensional than their non chiral drugs, which are more two
dimensional. And if you want a really perfect and specific fit
between your key and your lock, getting a perfect three
dimensional fit increases the likelihood of specificity of
that key to that one, and only that one lock in the body.
And the mirror image of that key wouldn't work, the mirror image
wouldn't work. And worse than that, Andrew, it might fit
another lock in the body. And that's what happened with the
letter made. So the left handed form of the thalidomide drug
fits, you know, the right receptor in the body to
essentially cure morning sickness in the mother. But the
right handed form of the drug fits other receptors in the
body, and unfortunately, in that instance, lead to defects in the
unborn child. So that was when the FDA stepped in and said,
okay, all drugs need to be carefully pure. But now they've
realized, you know, what, actually, if we make more drugs,
chiral and make them 3d, we can essentially get to the endpoint
faster, we can identify which key is the right one, which drug
is right, from a smaller number of tests and possibilities and
trials. So just to make that to quantify that Andrew, you know,
60% of all drugs approved, between 2002 1010 were chi will,
between 2010 and 2020. It's about 80%. But steadily and
consistently rising. So long story short, yeah. So the
industry needs a larger and more reliable supply of chi, really
pure components in order to discover new drugs more
efficiently and get their commercial returns on spending
r&d. So there's a growing market demand and an LCC has the
technology to fulfill it. And I think we can, I'm confident when
I say we're already the world leading specialists in the
supply of chirally, pure components for him or small
molecule drug discovery.
Fantastic. I mean, you said you're formed in 2014. And
again, you're probably one of the first companies that I came
to visit when and I remember coming to university. And I've
kind of commented on this previously that you know, with
startup businesses, you look for every opportunity you've got,
and I remember, I left you with a load of deep bridge branded
pens, and it was just to save you having to go out and buy new
pens and things. Were just kind of a flippant thing to say, but
you know, you've evolved massively since then. So I guess
kind of if you're, if you're talking to advisors, what would
be your kind of one bit of advice you'd give to an advisor
looking at the tax efficient space for the first time
so often the first bit of businesses the riskiest bit of
business, because you know, it might be for a new client, it
might be for a high net worth client who you know, have hadn't
previously considered these sorts of investment for and
generally the, you know, the one bit of business writer or the
occasional business writer, can create a risk because focused on
that and it can sometimes make PII insurers nervous or
compliant. firms nervous. So all I would say is try and future
proof the work that you're doing as much as you possibly can. So
think ahead to five years time, 10 years time when you might be
wanting to sell your advice business. And imagine what
somebody coming in and saying, Okay, let's have a look at the
quantum of high risk business that you've written. And let's
have a look at some of those client files. What might they
expect to see in three 510 years time? And if what you're doing
currently in the mainstream market, and then think, is that
sufficient for the tax advantage market? And all we would say is
that with what's available in the market now, and you know,
not to the tools that we have available in my cap there, in
terms of the illustrations and the timelines and the highlights
and considerations in our reviews, there's no reason that
you wouldn't have a very detailed suitability report,
there's no reason that you wouldn't have a comparison. On
file. If you're making one recommendation to show that
you've at least compared it, there's no reason you shouldn't
have a personalized research document. So all I'll focus on
what might some of the expectations be if they were
valuing your business and coming in, in three, five years time?
So that's my kind of bit of advice.
Yeah, I think that's that's absolutely person I think when
I've several years ago, and says no change. But I remember
speaking to ESA, and the Director General at the time,
who obviously we both know. And Mark was saying at the time that
actually the stats for Mt number of complaints and the percentage
of complaints about ei s and VCT business was extremely low in
the market. And that was partly because so much soft Fax
Service, was putting suitability reports to make sure that they
were heavyweights, etc. And I guess as he is VCT has actually
become more commonly used. I hate to use the word mainstream,
but more commonly used by advisors, I guess it's about
making sure that those standards don't slip as they become more
confident. And I guess your tools kind of help them and
empower them to do that.
Yeah. And I think the you know, in reference to that mainstream,
it's often thrown around, I think that what's happening is
it's becoming more mainstream as part of the financial planning
proposition. Absolutely. Even though the investments
themselves, you know, are aren't necessarily considered
mainstream, because of, you know, the risks that are
potentially associated with them and progress notes and
suitability those investments. So, I think that advisors, quite
rightly, are looking at these sorts of investments, it's great
to see that the complaints, you know, on them, you know, are
low, unfortunately, when there is one and there's a notice what
you're seeing is in the financial trade breasts, but it
comes to look at it in the context of numbers. I remember
one particular sort of high profile one. Yeah, I would
imagine it will be low. And this is where the compliance,
compliance functions, you know, we're doing their job and
compliance used to be in the basement and is now in the
boardroom. And you know, quite rightly so as
it should be. Absolutely. Yeah, yeah. Thanks for joining us. If
you have any subjects you'd like us to discuss in future
podcasts, please email us at Discovery at deep capital.com.
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