Sam Darwish: Hi, Michael. This is Sam. I can’t comment on intentions on things we can’t see or feel. Again, look, it’s important for us to reiterate that this company is open, it is flexible. We understand we have a float problem. We understand our share price is undervalued. We believe that fundamentally. And I think our shareholders do also believe that. I think we mostly agree on the fact that we need to find solutions and hopefully kind of like trend the market or trend our value in the rights direction as one appropriate. We are open to ideas, we are open to suggestions and we will continue to analyze, evaluate and see whatever works to move us into that direction.
Michael Rollins: And are there — as you thought about these issues for some time, are there examples or kind of case studies that you found of other companies that have might have dealt with some of the same or similar types of issues and maybe the timing and the mechanisms they use to resolve it, to improve value proposition for shareholders?
Steve Howden: Mike, I think, there’s lots of case studies about different elements of what all companies face. I think we have got a number of things, which we believe can be improved over time to help drive shareholder value. But I would stress these things don’t happen overnight. So we look around and try to learn the best of everything out there, including our own ideas, right? And first and foremost, keep delivering on the operations of the business and execute on the business itself. And then add on top, what else can we do to try and unlock value. We have spoken on this call and over the last 12 months, 18 months around the free float, that’s obviously critical in our minds. Again, we have tried to address some actions by announcing bring forward of the unlock which isn’t going to solve everything, but it’s in our gift to try and promote additional trading and additional free float coming to the market.
But ultimately, not in our hands, right, it’s up to shareholders. So we will keep looking around what others have done in the past, we will keep adding our own ideas, it’s a big focus of ours right now. So we will keep working hard.
Michael Rollins: And then just on the business, is there…
Sam Darwish: And Mike with us — sorry, Michael. Just to add, we continue our diversification. I mean, Nigeria is a fast growing market and we love the growth profile. But we do understand that we are somehow concentrated in that market and we continue kind of to try and diversify ourselves debt. And the final thing I wanted to note here, I don’t want to be defensive in any way or form. But since going public in late 2021, the capital markets have changed meaningfully as a result of among other factors, the rising interest rate environment and the rising inflation, the Russia-Ukraine war, the higher energy cost, et cetera, et cetera. And of course, we — as I have — we have had also to overcome changes in Nigeria, including the recent devaluation of its currency.
Despite all of this, our stock is up 28% year-to-date as of a few days ago and has meaningfully outperformed all our peers, as well as MTN Group and Airtel Africa all of whom wish very well. And even over the last two months, basically, as most of our peer companies and customers have traded down. IHS has performed broadly in line with the market despite having to absorb the impact of the Naira devaluation, reduction in sell-side estimates. And again, we outperformed nearly all of our peers and customers year-to-date. So we feel good about the proposition. We feel good steps we are implementing are hopefully going to trend into the right direction. But Rome wasn’t built in a day, especially with the market headwinds we faced from the local market and from some of our markets.
