AoFrio Limited ($AOF)

Good morning, guys. Welcome, ladies and gentlemen, to the Annual Shareholders Meeting for AoFrio. I think I've met most of you guys at this point. My name is John Scott. I'm the Chairman of the company. Today's meeting is being held both in person and online through the Computershares online meeting platform. I will get the Hehealth and safety tenderers on the layout and the fire and emergency were off the balcony. So I got to be a clicker. Do I have a plug-in that question for me. Great. Before we start, we'll run through the instructions for the online meeting. Just excuse me, so I get this stuff right. For those of you attending the meeting virtually, if you would like to submit a question, the Q&A is always open. So please feel free to submit questions throughout the meeting. This will be addressed at the relevant time. Questions may be moderated by Howard and every year, we receive multiple questions on 1 topic, we'll amalgamate them. Any questions that I'd answered at the time will receive an e-mail response after the meeting. Voting today will be conducted by way of a poll on all items of business. I will now open the online voting for all resolutions. If you are eligible to vote at this meeting, you will be able to cast your vote under the vote tab. Once the voting has opened, the resolutions will allow votes to be submitted. You can change your vote up until the time I declare the voting closed. On the screen is our safe harbor statement. I'll give everyone a moment to read it. I feel that we'll be presenting at enough times that on people have it committed to memory now. And these reflect our current views and the expectations, but actual results may differ due to a range of risks and uncertainties which we all experience every day. We encourage you to review the full wording on the slide. Okay. So the agenda has obviously got myself talking to you about the performance and recap. I think most of you have met 1 of these certainly met Greg and you've got our other 2 directors here, John and Keith. We've got 2 of our other directors online. I don't know if you can see them or not, but we've got Ross and Greg with us as well. so they can help if everyone's got any questions. I'll start with our '25 results. These are being published. There's nothing new here, guys. What do I want to highlight to you. So I think probably we started off '25 with a real raw, but for Q1, we were up 44%. And then during the year, it normalized. I think people should expect those cycles. You can actually see this year, we started off slow in a sort of building momentum. U.S. demand was lower in Q4. And so that actually you could start to see the leading to the U.S. tariffs starting to take a bit. Really pleasing the IoT revenue. Yes, I tell you guys could move for me, and we're all be good but okay, to stand back a bit -- is that better? IoT revenues were up 8.9% to $471 million with 42.5% margin. So you can see there that our IoT revenue is at 40% gross margin is much better than our core business at 31%. So every dollar we get from that is good. Our motor revenues were at 36.1%. And again, as that mix increases, Again, it's very small for you guys on the screen, but the previous year, our gross margin was 29%. So essentially up to 32% is essentially a 10% or 3-point increase. So it's good to see that mix. Again, our profitability continues to increase like $2.5 billion to $3.5 billion. It's a 40% increase. Net operating cash flow at $3.8 million, slightly down with the timing. Now I feel like the numbers are a look backwards. The 2 numbers that right here most about -- well, that's not quite true. I care about your guys share price. But the ones that are important is the Net Promoter Score and the staff engagement score I keep banging on about these every year. I think this will be the fourth year. They continue to rise. They basically tell you that like my summary version is happy customers and happy staff people have to shareholders. It's been steady working. I'm working on a lot of other businesses for Gill to have those kind of numbers. I feel like -- if you're in a good business, a Net Promoter Score of 30 is about you can do business that's 62 your cosmos are advocating for you. And with that staff engagement score, it's a tool that we use across most of the tech businesses, most are sitting in the 65% to 70% range. So again, this tells you that we're doing a good job at least engaging our staff and our customers. So little bit of a recap here. I saw a lot of you guys in December when we went through the 2 futures. This is a recap of the slide for the people who weren't there or the new people. So essentially, in December, we said, look, we can continue to grow this business at 10%, but we have some opportunities in front of us that would have given us the ability to grow at 25% and the mass flows. 25% CAGR compounded over a few years is quite a dramatic result. But the big thing here was and we did it in order at the time. So if we got external funding, and we're asking for $15 million at the time, was we could go after cold drinks, motor fans and accelerate that, then we'd go after food retail and would go after ice cream. And so we'll sort of get to the pump line a little bit later on. We were looking for 15, and we've got we've got more than 5, and we'll figure out how much we get, and then we will come back to you. And so we're going to sort of refer to our new future at the moment is 1.68. So we figure out exactly what that means. So if you go to the next slide, you can see what compounded annual growth rate does. Like you can see why we wanted to make that investment because 3, 4 years of that investment starts to make some pretty good returns and we're sort of talking to you guys that if we delivered anything like that would be on the NZX50 before we got to FY '30. So next slide, and this is 1 I want to spend a little bit of time with you guys on. I think we did a really good job on the Investment Day. If anyone hasn't watched that video, it's still up there online. We will put the link out when we actually do this capital raise material. So what happened off the back of that was Mike Daniel has gone in contact and see believe the story her you'd like to get involved. So much $4.56 million on the table. We said to you guys that we give everyone a chance to go in at that same price. It is very, very small dilution at the vet city put it in. And so we're very pleased with that. So I think it's a good deal for everybody. The Shareholders' Association seems to think so. So if you guys want to come along with us for the ride, we would like that. If you don't, there's no pressure and really, there's no dilution. So what we're doing is structure of 1 for $0.07, which is the same fight. If we get 100% take-up across the shareholder base, I don't think we will, but we would like would raise another $5 million, so we'd get a total of $9.5 million and so we're going to do that over the next couple of weeks. There'll be a placement set to you guys before the 4th of June, and with that will put all the material of the structure. So that's me off stage. I'm going to pass over to Greg, and he's going to tell you, hopefully, what we're going to spend it on.

Thanks, John. It's great to be here to talk about the strategy of the organization. As we presented in December, and we've been talking about this life for a few years now, our strategy is laid up of 3 parts. The first part is protect and grow our core business, which is the cold drink equipment business in our motors and fans business. The second part of our strategy is around diversifying our market segments. So that's entering, as John talked about the food retail market segment and the ice cream segment. And the third part of our strategy is really about making sure we've got the right organization to take advantage of the opportunity. So it's transforming our organization. And there's lots to do in each of those parts, and I'm going to talk to you a little bit about each of those progressively. Actually, I'm going to talk about the first 1 and Genevieve is going to talk about the second and third part. So I'm going to talk to you about protect and grow the core, which is that our primary part of our business today. So then again, just to recap what we talked about at the Investor Day around our cold drink equipment business. The first thing we talked about was that we want to really ensure that we protect that hardware part of our business and grow that. And we see that there's significant opportunities to grow that. And they come from different aspects. The first part is -- there's a lot of opportunity, particularly in the U.S. and Europe, which are really underpenetrated from this type of solution. So we see there's a real opportunity to grab share in that part of the market. So that's the first part that we talked about. The market today, which is the second part about increasing the number of connected coolers of the total fleet of coolers that are out in the marketplace, only a small percentage of them are connected today. So as companies review their strategy around this, we see the significant opportunity. It's about 20 million coolers in the market and about $4.5 million of it are connected today. So we see there's a real opportunity to connect that rest of that fleet over time. The third thing that we've talked about from a recap from a strategy perspective was the with the change in technology and the way the market is shifting, we're seeing that the dollar of hardware, which is 1 of the -- that we're talking about at the moment per cooler, will double over time. So for each cooler that's connected, if it was $50 a day, $100 in the future. And so that's a real opportunity to grow the hardware revenue. And why hardware revenue is really important? It's important and some right, but it's the hardware that collects the data. And so it's a really important part of the strategy. It's got a big hardware fleet, you have big hardware data in your platform. So it's a really important part of the strategy. So first part, make sure we've got hardware in collecting data, and that's the first part of the strategy. And so once you've got hardware in and collecting data, you have the opportunity to provide software and intelligence to our customers. And that's what -- again, what we talked about at the Investor Day was around the fact that today with our IQ platform, we deliver that bottom part or the bottom 2 parts, if you like, the foundation services. And the opportunity for us as with investment was to move up that chart, so go from $2 to $4 to $6 per cooler for the software and intelligent solutions that we provide. Today, we're very much at the start of that, looking to get customers to sign up to the $2. But with the investment that we're talking about it gives us that opportunity to develop the solutions for that next stage of that chart. So we're really excited about the opportunity here. Our first customers that we're working with our potential customers in the U.S. are trialing they start the IQ solution at the $2 level, but they're also already talking to us about some of the advanced features that we can offer, which allows us to go up the value from that chart. This is all stuff we've spoken to you about before. So I'm just recapping in. Next slide. So where are we at? We have an early launch of our 2 core flagship products that allow us to make this transition. And we spoke to you about those in December. We had an early launch to early adopters last year, but the formal commercial release is this year. And we've got -- we're saying June 1, which is only a couple of days away and we're on track for that commercial release. Our customers, we've got customers trialing it and we're expecting to get some real traction with both the SCS 800 and the IQ software that goes with it from June onwards. And certainly, we have that built into the forecast that we have for the year. But on this chart, you'll also see that -- on the bottom part of the chart, you'll see the North of TAM and South of TAM regions and today, you can see quite big red bars on those charts compared to lined up to -- with the green cards. That's because we have really high share in those particular markets today, and we expect to protect that over the next few years. But you can also see that the bars are going up in size between today and tomorrow. And that's because of that transition from the Bluetooth technology to the cellular technology, which, as I said, doubles the hardware component in each cooler. Added to that, of course, some of the other investments that we're making around camera technology will also increase that dollar per equivalent component. On the top of the chart is where the growth opportunities of unpenetrated regions are. So the U.S. and the European markets, where there's basically no business for us or for anyone else today. And so the opportunity is really to take market share as 1 of the first to market in those regions. And we've got -- we're really positive about how those are going. We are working with a big group of customers in the U.S. And we expect to be able to talk about results from those over time. And we have a trial with the biggest potential customer in Europe starting this year and again, we expect to be able to talk about revenue from that customer next year because the trial is happening at the moment. So really positive about our CBE business is going. We're getting good, really good feedback about our iQ solution and the value it brings. So we feel we're really well positioned. From a motors and fans business, -- it's been a bit of a hard road over the last 6 months, particularly with the tariff impact in the U.S. So a big part of our business is being challenged from our Motors business. But we're also seeing some really good opportunities to ensure that we protect that business for as long as possible. So in summary, for protect and grow the core. The key thing here is that we connect -- help our customers connect their whole fleet. If their whole fleet is connected, they get really good insights about the performance of their fleet and can take action to manage it. So that's our mindset is help our customers connect their whole fleet. From an opportunity perspective, it's the U.S. and Europe that we're focused on in terms of new business, new region. We're really well penetrated in the LatAm region. And so we see the real opportunity U.S. and Europe, and that's where some of that investment money will go. It will be investing in sales and marketing effort to address those particular regions. We also see that, as I've talked about, the moving up the value chain from the software solutions. So starting with that core solution, but then adding value-added solutions on top of that. And that will come both from a software solutions, but data insights as well. And Genevie will talk a little bit more about that when we talk about transformation overall. So the final thing here is investment allow us to go faster with these from a penetration perspective for our core product, SCS 800 and iQ, allow us to focus some of our development effort on bringing a camera solution to market. Added value for their intelligence solutions, and that will come also with a bit of sales and marketing effort to round out the solution. So we really feel confident that the strategy that we presented at the Investor Day with the investments that we've got, we can really strongly deliver on the first phase of that strategy. So really feeling good about the CDE business. Now I'm going to hand over to Genevieve, who's going to talk through the food retail and transformation part of the strategy.

Thank you, Greg. So yes, to recap on our diversified strategy that we presented to you late last year. It's about transforming our revenue mix through expansion into new and adjacent markets such as food retail and ice cream. So it's in these segments that we can solve high-value problems in food safety, food loss and waste avoidance as well as compliance. And through solving some of these challenges, we can unlock significant recurring revenue and higher margins gaining a meaningful market share. We're targeting $85 million in revenue in this segment by FY '30 and ARR growth from 3% in 2025 to 19% in FY '30. So diversification is all about ensuring our resilience, our scalability and our long-term shareholder value. positioning AoFrio as the leader in connected refrigeration across multiple segments. Our easy to retrofit solution for food retail is available now, and it enables food quality teams to monitor outlet performance in food safety and ensures retail staff and asset service providers can respond instantly to temperature issues. To recap our strategic focus for this segment. The first was to complete the first version of the solution, which has now been done. The next was to identify additional pilot customers, and we have a number underway in South America and APAC. And then finally, now with investments, we plan to build our pipeline, supported by a multi-region go-to-market strategy, and this is now our primary focus in this space. In terms of milestones achieved, we've made some solid progress since we last provided you with an update and have achieved some key milestones. We have a purchase order from and are currently onboarding to a large retail customer in South LatAm with the potential to roll out to up to 600 stores, and that's within a global network of 15,000 stores. We have a strong pipeline, and we'll be adding sales and marketing resource and subject matter expertise to our team in support of our go-to-market activities, and that's planned for the second half of this year. Our progress this year gives us real confidence that these adjacent markets can become meaningful contributions to our recurring revenue over time. For example, our current pipeline has more outlets in it than our 2030 target, and that's before we've even formally released or promoted this solution. So we can see a lot of really good opportunity there. Now on to our transformation pillar. So I'll give you an update on this. And the particular focus here is on AI as is the trend these days. So in terms of AI and products, from a product perspective, we are well on our journey to embedding AI in our solutions. And what we're doing is we're evolving from being a system of record and workflow, which is your more traditional SaaS solutions into a system of action and coordination. So this is where the Agent concept start to come in. And for over 9 years, we've been collecting data about the performance of coolers. -- we're the only supplier in the market who can provide those rich multiyear insights from -- across a customer's entire fleet, all the way down to the history of an individual cooler. And while we've always considered this data to be valuable, since we've been building AI features into our solution, this has become even more apparent to us. Today, we're using that data to build machine learning algorithms, for example, ones that can predict when a cooler will break down and line. We can see that our next evolution of AI feature development will be instrumental for our customers and getting even more value from our Q solution. And now in terms of embedding AI into our ways of working, over the next 6 months, we'll deepen how AI tools and automations are embedded, not only into our product, design and engineering teams, but across the entire organization. We're moving from what has been a phase of active experimentation and learning into one of process transformation. All of our teams have been reporting productivity benefits, and we expect to see this accelerate further into the next stage of adoption and implementation. And to sum up, our strategy is to protect and grow our core CDE and Motors business. And to do this, we will invest to maximize our growth in the U.S. and Europe with a strong focus on our SCS 800 cellular product and our IQ solution. We'll continue to add further commercial and customer value to that IQ solution. We'll bring our peripheral camera product to market, extending the value of our solution towards supporting commercial insights for our customers. And then diversify, we'll formally launch the food retail solution, invest in our go-to-market activities and team and set ourselves up for that increased recurring revenue and higher margin. I'll now hand back to John, who will sum up.

Thanks. Okay. So I like this slide. This is the way I think about it. It's, again, from the Investor Day. So if you want more details about this, you can kind of have a look at that. But essentially, the way we are thinking about it is we have 3 categories, which are motors, fans, IoT and the SaaS, the horizontals. And we have 3 segments, which are obviously CDE, food and ice cream. So there's a little bit of artistic license taken in this because we understand our refrigeration business today sits in probably a different one, but it's for purposes of this, it sits in the CD Motors overlap. And we obviously operate in 4 regions, what we call North America, South America, EMEA and APAC. So there we go. But what we have at the moment is we have obviously, a bit from Mike and the in. Obviously, we've got the management team and the executive going to stick some money. So let's say we've got 5 in the 10. If everyone else comes in us, we'll have 5, another 5, which will get pretty close to 10. So when we're talking to everyone last time, we were saying we needed 15 to do the whole lot. So depending on what comes in next is how we will think about that investment. But probably the easiest way to look at it is we're certainly going to stick to our core, like our core is CDE. We have rights to win. As Gen mentioned, we've already won some food. So we actually are -- we have purchase orders and contractual obligations to address food. And it's just how far along the ice cream and into the SaaS we can get with that money. The most important thing is you guys know we're going to be really prudent with that money. And it actually ties nicely into our guidance. So if you go on to the next page, we're not changing our guidance with that money in the tin. So what that tells you is we're not going to spend the money in any crazy sort of way. We're going to keep it in the tin. We're going to wait until the rest of the money comes in, and we're going to come back to you guys with a plan. Obviously, we've got some debt and stuff, so we'll use that to pay off some interest and other stuff. But in terms of increasing our OpEx and doing anything if you like Cavalier, we promise you we won't. B before we do it, we'll come back to the market. We've got an August update. So our aim is to come back in August, wrap a bow around our trading and then tell you guys how we're going to spend that money. But it should tell you that we will be very, very prudent that we're going to keep our guidance in line with what we've done. I don't think I'm going to restate that. I think the highlight is we continue to see our motor business under pressure from the tariffs, and we continue to see our IoT business get stronger, which is what we all want. And again, the guidance sort of sits in line. We will be better than last year on both the revenue and EBITDA line. So if we go to the next line, I think I'm handing over to Greg or actually, Greg gets to join me, and we do some Q&A with you guys. So yes, happy to hand the mic over or if Howard, you got some stuff there for us. I'm going to put you in the firing line.

We will -- if you have a question, we will give you the mic because that helps the people online hear the question. So if you have a question, we'll just hand you the mic and then fire away.

I may have missed it. I had a difficult hearing, but I remember you what $15 million. It's $5 million from the investor and possibly another $5 million from us. Is there a facility to more than...

Yes. That's the short answer. It feels like we'd be delighted to get that support with oversubscription. So like we want 15%, but if everyone did it 100%, we'd get 5. And so yes, if you like the story, we will take your money and we'll treat it very carefully.

And if you only get 5 to 10, you have another way of accessing 5?

Yes. So that's the thing that we're actually working about, and that's what I'm committing to come back with. So when we know the exact amount, we will come back in August and tell you exactly what we're going to do with it. Now I don't know if you can go back to a couple of those slides with my little grid on the table. I don't know if the people online can see it, but -- that is exactly what I was trying to show you there. At the moment, it doesn't look like we have enough funding to do ice cream on the timing. but no one else is doing ice cream. So if we get some momentum and some of these things start to deliver money, we will be able to fund it with our own cash flow. But it's just not on the timing. And so like we said we'll do 10% with no investment, and we said we'll do 25% with $15 million. So when we come back to you, we'll sort of tell you what our new baseline for growth is amongst it. Like Gen was talking about it, we have some huge advantages, right? We have 3 million connected fridges with another 600,000 fridges being added every year. And so there's some really, really good stuff there. And we keep thinking that we're going to get someone to come up against us. But the biggest competitor in CDEs doesn't have -- I don't think they have 100,000 of that number. You don't even have 100,000. And so -- there is no one in ice cream right now, and there's no one doing it. And a lot of the stuff that we're doing with cameras for both CD and food, we will be able to -- so the investment will still be able to be there. It's just the timing won't be on the same timing that we gave you.

And there's another question. You get to Who put up the -- who is the shareholder of 19-point something percent.

A guy called Mike Daniels. Most people know.

Share broker.

No, I mean he's a retired gentleman who was playing a bit of -- he used to be -- but I think he'd rather be called a golf or a surface.

So he doesn't have any specific for the company.

No, he just likes the message. You got the same. I mean he obviously -- we had a pretty good chat to him and he kind of emphasize not to screw it up and his money carefully, and we're going to do that. And if anyone knows Mike, it's -- he's pretty solid investor and he won't let us cut any corners or do anything silly.

It's encouraging.

Yes, he has been a long-term investor, right? He's like he's -- I think he was sitting at -- I'm going to make a number up like 3% or 4% before he took. So he's been with us a long time, and he believes in what we're doing. I think he sort of sat with -- I think I've seen you for the last 3 or 4 years, too. So he's been in there with you.

And I have a question -- I have a suggestion to spend the money because several months ago, I read the New Zealand Herald and one news mentioned that the previous CEO of Air New Zealand, Greg -- for and he's rumored that he will be the CEO of the second biggest supermarkets in U.S.A. Now Walmart is the #1, and that supermarket start with the, I forgot the name. But I think it will be good to find out whether Greg Forland is in charge of the second biggest supermarket because he is a democrat will be keen on saving energy. And also if the staff from here like to have business in U.S.A., then it's good that fall is New Zealand is much more easier.

Yes. No, thank you for your suggestion. And I think like you say, there's lots of opportunities. And certainly, connections is something that is really important. We leverage NZTE around the world who connect us really strongly to New Zealanders who are working in different countries. And that's a great way to -- like you suggest, to enter or open a door. And so we're really big on working with NZTE and leveraging the New Zealand connections around the world. So thank you for your suggestion.

I just got a quick question regarding manpower. So if you hope to go ahead with the big ideas, how much more manpower would you need? And is it going to be a problem sourcing the right people?

Certainly, the accelerated plan, the future too does have us increasing headcount, particularly in the sales and marketing area, but some technical specialty areas as well. To date, we haven't had a big challenge finding the right people. So yes, so we're pretty optimistic that we can find the people that we need. Obviously, the food retail is something that's a little bit newer for us. And so finding expertise in that area will be something that we're going to explore. But we believe we've got good contacts in those industries already. And so we feel pretty confident we can find the people we need to find. second question.

Yes. And my question is for the shares funding, I'm happy to subscribe it. But I'm just not too happy is about the second biggest shareholder, [indiscernible] Investment Limited. He got 4 million -- he subscribed 4 million into shares. And now he is a very big shareholder. Then if I wish to oversubscribe, will you -- what should I say, downsize my subscription, then I think then I'm not happy if you do not accept my oversubscription. What about that?

If you have 4.5 million, we'll take it.

Well, I won't take such a risk because I have about maybe 50 to 60 shares invested. So...

Form goes out -- when the form goes out, put down as many as you like and we'll talk.

And also, I wish to know that I think it's better to be quicker for the funds raising. Why? Because Rakon, they have just given out the $1.55 per share to all the shareholders, and that will be $355 million on the share -- in the shareholders' pockets now, excluding the options. So there's lots of money swimming around. So it's a good time to what should I say, raise funds. Yes.

Agreed.

You mentioned the other company has got some market share. Can you just mention the name of them? And are they a profitable company? Where are they based? Are they putting up a good battle?

Yes. So our competitors tend to be either a hardware competitor or a software competitor. And so we -- I'm not really don't talk about them too much, but we have a software competitor that's based in Latin America. But at the moment, they have 0 business from a -- they have -- they're winning some stuff with free trials, if you like, but they don't have paying customers yet. From a hardware perspective, we do have one competitor that we're going up against in the U.S. and we expect to take their share in the U.S. with this change. They're also the ones that have some share in Europe at the moment. And so we expect to go up against them in Europe. And we certainly believe that we are well positioned to take a considerable amount of their share, but also to expand the market in that region. So primarily, we have one main hardware competitor and one main hardware -- software competitor.

So I got up here about 3 years ago, and I said we had no competitors, and I think it still stands. So people play in the corners, but what separates us is we have a whole vertical play. We have fans control as an IoT. So at the most basic level, I think the answer is none. We're certainly not talking about them and giving them in airtime. And yes, the bigger point is, I think that's what separates us. And like I've been here 7 years now. And every now and then someone tries to do something, but this space is not big enough or profitable enough. So we get people sort of start up and then fail. And like what I'm actually seeing is that because like I talk about that Net Promoter Score because it's high because we have lots of customers advocating for us. Over the 7 years, I've seen all of the big brands start to go, okay, we're here, we're going to be here. I mean the brands we have Coke, Pepsi, Heineken, ABI, they're all there. And so yes, we don't actually have a real competitor to just have people kind of trying to get into segments that we play.

I think I just would like to reinforce one of the points that John makes. One of our key competitive advantages, we do have really good capable people in region supporting our products. That is quite a unique thing in our industry. So if we're working with a bottler in Brazil, we have people in Brazil speaking Portuguese who work with that bottler to make sure they're getting value from our solution. And that gets that feedback because getting the Net Promoter Score like we do is quite a great result, but it is because we have great people in region -- or part of it is because we have great people in region really helping our customers be successful. And I don't think you can underestimate the value that provides to them and helping us be as successful as we can. So besides having really great products, which we do, we also have great in-region support, and that's hugely valuable.

On the previous AGM, you reported that the business in Brazil had crumbled considerably -- sorry, can you hear me? -- crumbled considerably with the imposition of the sugar tax -- has the company been able to recover that business? And are you at least back to neutral crown.

Yes. I don't know that I would have spoken too much about the sugar tax, but I can talk a little bit about the fact that the biggest bottler in the Brazil region is our customer, and we have 100% of their share. There's essentially 5 main bottlers in Brazil, and we work with 4 of the 5 and have business -- successful business with all of them and are working to get the fifth. So we feel we're pretty strong in Brazil with a big share of all the main bottlers in the region. suffering. We've still got work to do with some of the beer brands.

I'll take that job. Okay. So we're just going to move on here, and we'll try and get through the rest of it. So again, just excuse me for reading these bits out. I just want to get it right. We will now move to the formal business of the meeting, voting by the way of poll and through proxy submission. Once all the votes have been cast, they will be counted by the company's share register, Computershare. The results of today's meeting will be released on the NZX on the completion of the verification of voting. As a reminder, if you're attending online, you have been able to vote since the meeting opened. To vote, simply select your voting direction from the options shown on the screen. Your vote has been cast when the tick appears. To change your vote, simply select change your vote. You can change your vote up until the time I declare voting closed. We have only one resolution, which is an ordinary resolution, which is required to be passed by a simple majority. Once all the votes have been cast, they will be counted by the company's share registered Computershare. Deloitte is the existing auditor of the company and is automatically reappointed by virtue of Section 207T of the New Zealand Companies Act 1993, which is always a mouthful. The proposed ordinary resolution is required to authorize the directors of the company to fix the auditor's remuneration for the purposes of Section 207S of the New Zealand Companies Act 1993. I now move as an ordinary resolution to authorize the directors of the company to fix the remuneration of the auditors for the purpose of Section 207S of the New Zealand Companies Act 1993. If you haven't registered your vote online or completed the voting from here today, please do so now. Yes. Deloitte. I think Deloitte do a good job. All right, guys. We'll go to the next one. I'll just read this for the people online so they can get back to their day. Ladies and gentlemen, that concludes our discussions on the items of business. I'll close the voting online very shortly. Computershare, can you please now collect the voting papers, which we did. And the results of these votes will be released to the stock exchange later today. Thanks for voting online is now closed. Thank you for attending AoFrio's Annual Shareholder Meeting. Myself and the team will be floating around if you guys want to have a cup of tea, and I think there are a few biscuits left. Thanks for coming. Thank you for your support. See you guys next year.