Brett Feldman: I was going to remind you that the $31 million of improvement to the outlook…
Steve Howden: I said it will occur, yeah, yeah, yeah.
Brett Feldman: How much of that was in the quarter versus in the second half?
Steve Howden: Yeah. So majority of it was in the first half of the year, probably, about two-thirds of it was in the first half of the year, a third of it coming in the second half of the year.
Brett Feldman: Got it.
Steve Howden: And then on capital allocation…
Brett Feldman: And…
Steve Howden: Sam, do you want to jump in?
Sam Darwish: Yeah. Yeah. Sure. Look, Brett, our priority at the moment is our balance sheet. We need to make sure that and while we are comfortable at the moment, we need to make sure that we keep it tight, especially with the headwinds that we are facing from again, global macro, and in particular, the Nigeria devaluation situation. But we will also see somehow okay about our leverage zone even with an impending evaluation, if it stays with a region and we continue to assess and evaluate opportunities out there. And if we feel there are great deals that make strategic sense to us and could provide enhance value to our shareholders, we will probably consider. But, again, the priority at the moment is our balance sheet.
Brett Feldman: Yeah. Thank you.
Operator: Your next question comes from the line of Stella Cridge from Barclays. Your line is open.
Stella Cridge: Hi. Good afternoon, everyone. Many thanks for all the updates. And there are two things I wanted to ask about. The first is, could you just let us know what tower contracts will be maturing in the near-term? And given that some of the customers seem sensitive around the devaluation of the dollar component, what do you think might be similar or different in future tower contracts as you go through those negotiations? And that was the first one. And the second one, I know you were previously asked about capital structure and optimization, but I wanted to ask it in a certainly different way more in terms of, do you see any funding needs in the next three months to six months, either at the OpCo level or at the HoldCo level, obviously, just noting that you did do some small borrowing in South Africa increased the HoldCo, RCF, et cetera, in the last few months. That will be the second one. Thanks.
Steve Howden: Sure. Hi, Stella. It’s Steve. I will go reverse. So funding needs, we have got small incremental things that we are doing, as I sort of alluded to on a prior question that was asked. We have got small incremental things we are doing at OpCo, sorry, LatAm, for example, we are looking at things and we may look to do other things in relation to the wider capital structure, but those are — we will see how we go on those bits and pieces. So that’s on the capital structure. We will obviously announce things other when things get done. And from a maturity perspective, so we have got some smaller contracts across Sub-Saharan Africa in the next 18 months and then we have got one in Nigeria at the very end of 2024 — yeah, 31st December, 1st of January 2025 in terms of the key contracts that are coming up for renewal, otherwise, everything out is longer term.
In terms of future tower contracts, it’s very difficult to comment on, everybody has wishlists, customers have wishlists, we have wishlist. Keep in mind, we also have a blend of different contracts across our particular African portfolio, where some include power, some don’t, some have higher dollarization, some have lower dollarization. So there’s a whole raft of things, some have lease amendments captured within them, some don’t. So there’s a whole raft of different items that typically both sides want to optimize and the reality is given the growth nature of our markets and given significant rollouts that continue in those markets, they usually ends up being some form of win-win within those negotiations. But let’s say, we can’t crystal ball gays at this point in time.
