Steve Howden: So, Phil, you obviously you are right in terms of the two items that you comment on. We have obviously been thinking through a buyback for a little while. As most people know, we have commented on that before. We have also been thinking through for a long time how to try and promote liquidity into the IHS free float, which is obviously of paramount importance to us as well. So those are kind of the two key variables in a few of our actions that we have taken this quarter. So firstly, announcing the buyback, but secondly, unlocking the rest of the pre-IPO shareholder lockup arrangements, which will come forward to October — mid-October this year. So that will remove all the restrictions from the pre-IPO shareholders to be able to trade freely.
We wanted to do that to obviously encourage and finalize the encouragement of that free float so that gets done. And then in terms of the share buyback, look, we continue to want to drive value into the IHS stock and although this is a kind of more limited in size and it’s a 24-month program, so $50 million over 24 months, it’s incremental, but we do think it’s the right thing to be doing in terms of allocating that capital to something that we feel is important given the continued undervalue of the IHS stock. So it’s a combination of factors. But, yes, very focused on driving up liquidity in the free flow and then an incremental and we think positive buyback given the undervalue of the stock.
Phil Cusick: Thanks, Steve.
Sam Darwish: And on the second part, yeah, shareholders notably the ones you have mentioned have made statements in public. I prefer not to comment on such. But having said that, we have a duty to engage, to listen, to consult, to analyze and where we think good ideas are worth implementing next month, just simple as that.
Phil Cusick: Okay. Maybe if I can, one more. Any update on backlog of payments from smaller customers in Nigeria? Thank you.
Steve Howden: No. Nothing to report there.
Phil Cusick: Okay. Thanks, guys.
Sam Darwish: Thank you, Phil.
Steve Howden: Thanks, Phil.
Operator: Your next question comes from the line of Greg Williams from TD Cowen. Your line is open.
Greg Williams: Great. Thanks for taking my question. Just a follow-up on the buyback. Can you help us with the cadence would it be a little more upfront to help us switch the influx of shares in October or would it be maybe smoothed out over the 2025-time period? Also, you locked in diesel until September with forward contracts, is there an appetite to lock that again or flow from here? Thanks.
Sam Darwish: Sure. Thank you, Greg. So on the cadence of the buyback, look, we are going to monitor the market and see how things unfold. So what we have put out there right now, $50 million — up to $50 million over 24 months. Obviously, we might not use all of that, it depends a little bit on market conditions and as you said, things like the unlock coming in October where historically, we have seen a bit of volatility. So we will monitor the market and update people as and when appropriate. And then on the second part of your question, lock-in diesel, that’s something that we continue to look to do. No real update for you on that in terms of where we are other than we are priced through into the beginning of Q4 now and we continue to look at the best way to procure diesel.
As you guys all know, we have obviously been investing significantly in Project Green to try and reduce the consumption of diesel as well and that project remains on track. So that’s a positive as well. But in terms of procurement, yeah, we keep monitoring the prices and look at how far forward to lock in, keep assessing that pretty regularly.
