Assetora Limited (AOH) Earnings Call Transcript & Summary

Well, good morning, everybody, and thanks for bearing with us. We've had a few more attendees than we expected to. And so it took a little while to get everybody registered in and underway. Thank you for joining our 2021 Annual General Meeting. My name is Grahame Evans, I'm Chairman of DomaCom Limited, and welcome to this meeting. In response to the COVID-19 pandemic, the meeting's to be held online only, and we had a quorum of more than 5 shareholders. So I, therefore, declare the meeting open at 11:11 a.m. on the 22nd of December 2021. My first duty today is to introduce our Directors and Company Secretary. And from a Non-Executive Director perspective, we have with us today, Mr. George Paxton; and we have also with us, Mr. Hilal Yassine, both of these are Non-Executive Directors. We do have an apology from Matt Roberts, who's overseas at the moment. And someone said, I don't hear the speaker, is anybody else hearing me talk? I think I'll get somebody to try and solve that problem for you. Okay, good. get the hands up. Okay, good. Mr. Matt Roberts is actually overseas at the moment and won't be with us today. We also have our 2 Non-Executive Directors, Mr. Ross Laidlaw; and our CEO, Arthur Naoumidis, today as well. As the Notice of Meeting has been circulated to all shareholders, I propose this to be taken as read. I will make some comments in a few moments when we get to Item #3. But prior to that, I'd like to actually seek approval for the minutes of the previous meeting held on the 2nd of December 2020. The minutes were available for review through the link that we set out with the Notice of Meeting. Voting on the motion to approve the minutes will be through a show of hands only. Zoom has a function button called Reactions. And you can -- when I ask for those in favor and for those against, would you please to put the hands up or the hand signal. This will automatically disappear for after about 5 seconds. So I'll give you a little bit of time to allow that to happen. And if you cannot locate that function at the moment, can you put your hand up and on screen to show which way you would vote when I ask you to do so. Okay. Look, so I'd like to -- the voting procedures for the resolutions under agenda item 6 will be through a poll and will be explained when we reach that part of the meeting. So if we -- we will -- I noticed it will be a little bit more difficult when we're actually online, but each of the resolutions will be put forward. And then at the end of all the resolutions after then put forward, we will then look to request voting from shareholders who are as yet to vote. In respect to the minutes, I'd like to move the motion to accept the minutes of the AGM held on the 2nd of December 2020 as a true and accurate record. Could I just get a seconder for that, please? So Ross, thank you very much. I put to the matter to the vote. Those in favor and please use your reaction button or raise your hand. [Voting]

Okay. Thank you. Those against, could you please use your reaction button or raise your hand. [Voting]

Thank you. I declare the motion passed. And from my perspective, what I'd like to do now is say a few words before I pass to our CEO, Arthur Naoumidis. Philip, could you just bring up on screen the slides. Thank you. Just before I do, Michael, you've got your -- Michael, you've got your hand up there. Is there still something that you needed to ask or -- that's great. Thanks very much. Okay. So if you can move into the next slide, please, please, Phil. Look, my opening remarks that this has been an extremely unusual year. The year has been one of the most challenging exacting years, not -- with not just 1 major challenge, but many. And of course, COVID has actually played a big part. But not, from my perspective, after 30 years on boards and 15 years in chair roles, I've got to say that I've never experienced a level of unscrupulousness some people go through to try and thwart a transaction. This has caused DomaCom shareholders and investors a lot through this process. And we have been collateral damage in the process, and there's been a lot of time, effort, energy and dollars in dealing with these issues. But with the management and staff and the Board, supported by both new and long-term shareholders, still have the unwavering belief in the future of fractional investing. And we've stuck to that task. And there's some great news coming out from Arthur, which I won't take his thunder as he will be presenting that straight after this -- my session. We are stepping forward at a much faster rate than we've actually done before, and we're looking to push through the $100 million barrier shortly. And particularly in some key areas where Arthur is -- and he'll update you on. We are gaining much more momentum through this process, and it's on a multitude of fronts as well, which is encouraging to the Board. But as you'll see in my little picture on the right-hand side, we didn't come this far to only come this far. And I really think we're now have gotten many fronts that are actually starting to kick goals. Philip, if you could move to the next screen, please? During the year, we talked about Board renewal and Board change. A number of our Board members have been on our Board since the start of the business in 2013/'14. We do have a board which is larger than normal, but we also have some material shareholders who actually contribute greatly to the development of DomaCom. And for those of you who wonder what sometimes why we have a larger Board, it is actually to -- for inclusion of those shareholders into the day-to-day operation of the business, to actually help the growth of DomaCom. We were going through a process which was good timing for change, and we saw during the year the retirement of 2 of our longer-term Board members, Peter Church and Dave Archibald. I thank them enormously for their contribution through these formative years. David was there from the start. Peter came on a short time after, particularly when we're looking to consider entry into Singapore because he not only has a broad Australian -- or had a broad Australian background, but he also had an Asian background as well. So they're both extremely important people that we actually had. Unconnected to the retirement of those 2 Board members, Graeme Billings moved to chair another ASX-listed company, a rather larger one. I won't mention the name of it. But his commitments were such that he felt that he needed to reduce some of his directorships to be able to look after the chair of that business. And also a very big thank you to him, particularly in his guidance and support in our Audit and Risk Committee, which he's had for a number of years. There will so be some Board renewal, which will continue in 2022, and we'll be looking to bring on some other NEDs to help with our compliance with the ASX Good Corporate Governance Principles and just as a matter of good corporate governance overall that we have independence on our Board to contribute to particular areas such as audit and risk. Thanks, Phil, if you could move to the next one. So what we're looking at from an environment in 2022. From a DomaCom perspective, there are lots of good issues that are actually impacting our market. Interest rates to remain low -- well, I personally leave until 2023 at the earliest. And we've we had some sort of indication from the Reserve Bank from Phil that 2024, there have been some talk you may bring it back a little bit further. But we're not expecting to see interest rate rises until 2023. What that does is actually drive people to look for yield. And in looking for yield, they look at alternate investments, they look at property and look at different ways to actually create yield. And quite often those are not in a listed environment. And the DomaCom structure and the DomaCom technology has an enormous amount of flexibility, which allows us to actually access investments, which wouldn't normally be available to everyday person in the street. We obviously expect bond yields to rise if inflation stays steady because we can't see bond yields being lower than inflation for any long period of time. But we do believe that the share market is likely to taper off. Again, most of the return coming from dividend yield. But from that perspective, again, driving people to find yield in other places which is right where DomaCom's sweet spot is. We do expect a little bit of inflationary spikes, but we are transitionary in that long term. And look, we've been saying this for a little while now. It's European countries going back into potential lockdowns. We've seen that happen in just recent weeks. There's a little bit of caution around the European markets. But what we're also seeing is this bigger demand for nonlisted investments, again, in DomaCom sweet spot. And as I mentioned, the chase for yield. As you know, many of you would know, we're heavily involved with sub-funds, which actually are in solar and water. And so there is this increasing demand for ESG style of products. Again, DomaCom's right in the middle of that. And something which we haven't delved into as yet. PI insurers are very cautious around cryptocurrencies. But the young ones are certainly in the FOMO stage, fear of missing out. And I think at some stage, we'll be exploring how we can participate in this market in a way which once we start to understand a little more about where value is actually created. So from an environment perspective, all this leads to our DomaCom technology and its flexibility, the ability to fractionalize things, our secondary market. We do hold the answer to many of the problems that are actually surfacing in the market today. Thanks, Phil. So what lies ahead. Well, you might have seen just recently the government focus on reverse mortgage. This is actually going to mean that there's going to be more interest in the senior equity release. And that's going to gain greater momentum and I've been a great believer in this product. I think it's probably, not misunderstood, least understood of the available products in the marketplace. And with the increase in baby boomers, that's going to get greater momentum and demand. Arthur will talk about affordable housing, but we are really starting to kick some goals there. ESG focus, again, continuation of our renewable energy projects. And we're seeing a little bit of a rebirth in the growth of the SMSF market creating greater opportunities as well. Some people are actually moving into SMSF market to tackle in investments, which are not listed, and there's a few of those. And when we're talking about cryptocurrencies and when we're talking about unlisted investments, or we're talking about ESG renewable energy projects, SMSF is starting to get back on to a bit of a rebirth in the marketplace. Of course, we'll be releasing to the market the equity mortgage primarily for the Muslim community, but not necessarily totally for the Muslim community because there actually is other opportunities to use the equity mortgage for people out there as well, which Arthur will talk about. I do want to say a big thank you to staff, management, to our new shareholders for showing faith to our existing shareholders for continuing the faith and our directors. The year has been, as I said, a very, very difficult year. Our CEO has been personally attacked. The company has been personally attacked. We've been in the pipeline of being collateral damaged, which hopefully we will be through for the 2020 year. And I do think the conditions are for DomaCom in the 2022 year. So what I might do now before we ask for some questions is just pass to Arthur, so he can give an update. And then we will take some questions for both Arthur and myself. Thanks and over to you, Arthur.

Great. Thanks, Grahame. And Phil, if you could move to the first slide. Just a quick little summary of transactions. Whilst Grahame has said that it has been a challenging year for DomaCom and has -- and I'll talk about that a bit later, one of the interesting things is that the last 3, 4 months, our rate of growth has really accelerated probably the greatest since the company is formed. And we're about to crack 100 transactions. So I think this week, there's another 5 coming through, nearly 1,500 accounts, $97 million or just under $97 million is our current funds under management. And this includes around about 20 NDIS transactions for which the debt has yet to be drawn down and when the debt is drawn down, that will push it well over 100 in one go. So basically, this next little while we'll definitely reach the magic 100. And as I found out with my last business, the first $100 million is the hardest. And so Phil, move on. Yes, so this just highlights the increase in the incline of growth, growth of funds under management. And you'll see a lot of it's the green, which is the property side is driving that growth. And as you'll see, it's an affordable housing area, NDIS, that's really gaining attraction from our investors at the moment. So Phil? So yes, our corporate position and I get lots of phone calls from shareholders. This year, it really started with a combination of the current affair and social media attacks in April, May of this year, culminating in the really negative segment in the current affair on the 6th of May. You'll get an update early January about what we're doing with regards to current affair, but also with regards to the social media. We've gone to the Federal Court and the Supreme Court. We've obtained discovery against the hop copper. We found the identity of the person who originated a lot of the smear campaign against DomaCom and you're going to be surprised, it's someone that's related to a competitor of AustAgri, someone who wanted to just time this transaction. So it's caused us a lot of difficulty. And the difficulty began on May 7 with the ASX suspending us whilst they reviewed some of the claims made in the show. And after 6 weeks of reviewing all the transactional documentation, ASX has completed their review and we posted the response. Basically, this was a real transaction with real contracts, real assets, and it's a real corporate commercial transaction. Unfortunately, for us is that, that 6 weeks of being suspended included a period where we were going to raise capital in May. And obviously, we couldn't do it whilst we're suspended at the time. So the ASX came with a condition for our relisting that we have sufficient capital to comply with a particular ASX listing rule. And so the last 5 months, we've been trying to complete that recapitalization. As you can imagine, it was difficult to raise capital whilst we've been suspended. But what made it easier was in mid-October when the AustAgri actually settled on the acquisition of Sidermes enabled us to complete the initial placement and then a portion of the outstanding entitlement offer. So we raised $3.6 million from investors completion on the 2nd of December. So I really would like to thank the existing shareholders who supported DomaCom and also the new ones that have come in at this stage. Now of course, I've been getting lately is when are we relisting, when are we relisting. We've made the application, and it's a process very similar to the actual listing process where we have to go through a number of reviews and a lot of questions and answers. We believe we are very close to the end of it. And we are very hopeful that we will be relisted on the ASX in the next couple of days. So it's been a very challenging year. You're going to see, I think, in January, much more detail about what's coming with the current affair issues, what's happening with very negative social media and DomaCom's simply collateral damage of someone who wanted to stop this transaction. And so yes, I'll be providing further updates in a couple of weeks on that matter. Phil? So just in terms of going forward, as Grahame alluded to is basically we're at the right time, the right place with a number of things. One thing affordable housing, our combination, it's always been a big issue. In COVID world and with the price rises, which are historically high, affordable housing is just going to grow even bigger of an issue. And we have a very, very unique solution with regard to being able to allow investors to partner with community house providers and access what's called the National Housing Finance Investment Corporation. I believe it's -- I'm not aware of another solution that enables this partnership. And it's been difficult to get this strategy over the line, whilst we're suspended in everything else. But we're getting some institutional interest. And so hopefully, over the next few weeks, once we get over the current issues, 2022 is looking really promising with regards to being able to find institutional funding for affordable housing. The Islamic finance side that we've been working on this for several years. All the components are in place in terms of all the technical changes to the PDS in constitution that were in place. We're several weeks away from an Australian tax office ruling that confirms that the income delivered to the finance component within the equity mortgage is non interest. In other words, it's rent. And I think you'll find there is no other product in Australia that purports to provide Islamic finance that has an ATO tax ruling. So we're going to be very unique. We're hoping to have it done before Christmas. But like it happens, a few delays for this time of the year, and it's going to push into probably late January, early February due to the holidays. Similarly, senior equity release. It's been well documented. I think it's about 800,000 retirees who are running sort of capital who own a house and who could use our ATO tax ruling to be able to sell a bit of the house and top up their super, similar to the affordable housing side, we need some institutional funding for this. And we've got a couple of parties that we're engaging with. But we need to be relisted and we need to have some of the current affair side behind us, which, as I said in the first quarter of 2022, I think you'll find that all of that is cleared up. Asset syndication, that's just normal DomaCom. And you'll see that, that normal DomaCom is finally hitting its legs. We've got a number of transactions in place now, but also some very innovative ones that like if you saw the presentation for the Hunter Valley weeks ago. We've got some present -- some product offerings, which include things like funding, the purchase of where dealer groups are using DomaCom to provide the financing for that. We're also syndicating development in affordable housing and et cetera, so it's quite a growth area for DomaCom at the moment. And then finally, what we call the alternative investment market, which is really syndicating companies. You may recall in 2017, ASIC amended our license that enabled us to deal in securities. So it's always part of DomaCom's strategy to be able to syndicate companies. And the Aussie REIT is just the first of it. And you'll see in the later slide, we've got a lot more interest in that area. So Phil? So yes, so at the moment, what is really driving DomaCom is NDIS. We've, I think, just done 30-something transactions, another 5 one of our key clients is trying to do before the end of the financial year. So it's really a growth. So it's -- and it's really delivering something that the market wants, which is a reliable high income. The income is between 9% and 15% depending on the tenant mix. It's government-backed very, it's a very socially responsible investment, and it's very attractive to our clients. And so we'll see in the next quarter. At the moment, we're doing individual syndications. And I think you'll see in the next quarter, we're going to do larger indications where it's instead of developing 1 NDIS house, it's going to be developing 1 NDIS development with 30 NDIS apartments on like them. And across the country. So at the moment, we're just doing Melbourne. You'll see Perth, Brisbane. There'll be Sydney. So there's geographic diversification as well. Phil? So AustAgri, this has been a very, very, very difficult transaction for DomaCom and -- but it's reflective of the complex nature of the underlying transaction. A year and a bit ago, we entered into this process, where we agree that for a minimum $13 million fee over 5 years, we'll issue 100 million DomaCom shares. We are required to get back to DomaCom shareholders for approval to this. But we're waiting at the moment. AustAgri have completed on the settlement of Sidermes in mid-October. And what that does is that's triggered our revenue recognition agreement. Now there's only 2 outcomes of this agreement, either the asset is onboarded on the DomaCom fund, and we get our minimum fee. Or there's an $8.5 million termination fee, and this fee is now due. So we're currently engaged with AustAgri to basically determine which of the 2 outcomes it will be. There's several funding transactions currently in place. So just as a recap, we announced in October that Sidermes was acquired by AustAgri with the use of a short-term funding solution. DomaCom indicated that we were going to basically hold off proceeding to the next phase of the transaction until -- to allow time for AustAgri to replace the short-term transaction finance with long-term finance. That's currently in progress. We understand there's several transaction finance or long-term finance engagements currently reviewed. So we expect some time in January to decide which way it's going to go. So we'll update you. But it's a real transaction. We're talking about a business that's operated since 1984. That has a significant EBIT and we believe very much has the capacity to pay either the $2.6 million annualized fee or the $13 million or the $8.5 million termination. Now AustAgri itself, the importance of this transaction is not just -- it's clearly adding $2.6 million to our revenue will be attractive or getting an upfront fee will be attractive. The real attraction is that it's a poster boy really for a lot of other companies. And so because of the media we got from AustAgri, we've been approached by a number of organizations who support companies and who have companies that could benefit from an enhanced liquidity environment and governance environment that DomaCom provides either as a pathway to the ASX, which is AustAgri's pathway or as a succession mechanism where it's a small family company where the founders and owners are elderly and they want to create an environment where there's secondary market trading, where there's ability to allow succession management, et cetera. So that's really going to be one of the focuses of 2022. Phil? That's all I have to say at this stage. But I think January -- well, quarter 1 is going to be a big quarter for more announcements on the -- obviously, the affordable housing side, the senior equity release and then AustAgri clearly, but also other companies within the DomaCom platform world. So thank you very much.

Thanks, Arthur. Look, if there are any questions, if you could just go into the chat at the bottom and actually put your question through, and we will answer them now between Arthur and myself. Alternatively, if there are questions that you'd like to ask individually, Arthur and I will stay around after we close the AGM and we're happy to chat to anybody from that perspective. So any questions coming through? I can't see any there at this stage. Okay. So we might move forward now to agenda item #5, which is the receipt of reports and financial statements. The Corporations Act requires the financial report, which includes the financial statements, directors declaration, the directors' report and the auditor's report be laid before the Annual General Meeting. The report is required to be audited in line prior to the Annual General Meeting, and therefore, there is no formal resolution required to be booked at the meeting. I will, however, take questions on the financial statements. The auditors, Grant Thornton, are represented here today by Mr. Derek Boone and George. Are there any questions in respect to the financial statements? No, okay. I now declare the financial report is duly received and considered at the meeting. Just moving on to resolution #6 -- sorry, agenda item #6, which are the resolutions. I just want to share with you how we will vote today. For those of you who haven't been to an online AGM before, it's a little bit different than what we would do if we were actually face to face. So voting on the resolution set out in the Notice of Meeting will be through a poll. Shareholders were encouraged to submit their votes prior to the meeting. However, an opportunity will be given to any shareholders that wish to vote that did not submit a proxy form prior to the meeting. Each shareholder who is entitled to vote and has not voted will have established -- would have been established during the meeting registration and notified to the Chairman. The Chairman will ask each shareholder who has not already voted how they intend to vote. As the voting is by poll, each vote will be allocated in accordance with a number of shares held. Now the votes will be combined with the votes received in advance of the meeting to determine the results of the poll and will be released to the ASX subsequent to the meeting. Before the resolutions are put to the vote, there will be an opportunity for shareholders to ask questions. Kindly ensure that only questions relating to the relevant item of business are asked. And questions, of course, we want to be taken from persons who are entitled to vote at the meeting. If you wish to ask a question, I ask that you make yourself known through unmuting and proceed with the question. Okay. So let's move to resolution 1, the adoption of the remuneration report. Under Section 250R(2) of the Corporations Act, listed companies are required to put a resolution to their shareholders that the remuneration report be adopted. The vote on this resolution is advisory only and will not bind the company or the directors. However, the Board will take the outcome of the vote into consideration when reviewing the company's remuneration practices and policies. The remuneration report forms part of the directors' report, is included in the annual report for the financial year ended the 30th of June 2021. It was distributed to shareholders prior to this meeting, it's also available through the company's public website. Given the interest in this resolution, the Board makes no recommendation on this resolution. I move the following advisory resolution. That, the remuneration report for the financial year ended 30 June 2021 be adopted. The voting exclusions for resolution 1 as set out in the Notice of Meeting. I advise the company has received proxy votes as shown on the slide on the screen now. I will put the matter to vote through a poll shortly. Any questions on that before I move on to resolution #2. Okay. So we move to resolution #2, increase to the Non-Executive Director fee pool. The current fee pool of $180,000 was set out in the IPO prospectus, lodged with ASIC on the 8th of July 2016, and the company has not sought to increase the fee pool since this date. The directors are seeking shareholder approval to increase the fee police for the year ended the 30th of June 2022. -- to enable the Board to appoint up to 3 new Non-Executive Directors. In addition, an increase has also been sought to cover director fees that were deferred from June 2021 up to $22,000 in total, by making the resolution effective from the 1st of July 2019. The directors are seeking shareholder approval to increase the fee pool for each of the years ended the 30th of June '20 and the 30th of June 2021. by the same amount of $85,000. As set out in the remuneration report within the annual report for these periods, additional non-executive directors were appointed and remunerated without seeking prior shareholder approval to increase the non-executive director fee pool. Other than the deferred fees of up to $22,000 referred to previously, no further director fees are being paid for the years ended the 30th of June 2020 or the 30th of June 2021. Given the interest in this resolution, the Board makes no recommendation on this resolution, and I move the following ordinary resolution. That, for the purposes of ASX Listing Rule 10.17 and Clause 9.3 of the company's constitution, the maximum amount of directors' fees have been paid to the company's nonexecutive directors per annum be increased by $85,000 from $180,000 to $265,000 per annum effective from the 1st of July 2019. The voting exclusions for this resolution are set out in the Notice of Meeting. I advise that the company has received proxy votes as shown on the slide now. Just a point of order, open votes, I intend to vote those in favor of the resolutions. Just to confirm that for people. I'll put that matter to a vote through the poll shortly. Any questions on that resolution #2? Okay. What I would like to do now is pass the chair to Mr. Ross Laidlaw as the next resolution relates to my reelection. Thanks, Ross.

Thank you, Grahame, and good morning, everyone. Resolution 3, reelection of Mr. Grahame Evans as a Director. I move the following ordinary resolution. That Mr. Grahame Evans, who retires by rotation in accordance with the company's constitution and is eligible for election, be reelected as a director of the company. The voting exclusions for resolution 3 are set out in the Notice of Meeting. I advise that the company has received proxy votes as shown on the slide there in front of you. And as Grahame has said, we will put the matter to a vote through a poll shortly. Thank you. I'll pass the chair back to you, Mr. Chairman.

Thanks, Ross. I appreciate your help on that. Let's move on to resolution #4, which is the reelection of Mr. Matthew Roberts as a Director. I move the following ordinary resolution. That, Mr. Matthew Roberts, who retires by rotation in accordance with the company's constitution and is eligible for election, be reelected as a director of the company. The voting exclusions for resolution 4 are set out in the Notice of Meeting. I had -- I advise the company has received proxy votes as shown on the slide. I'll put that matter to a -- through a poll shortly. Any questions in respect to resolution #4? Okay. Let's move on to resolution #5. The election of Mr. Hilal Yassine as a Director. Hilal is a legally trained professional with extensive experience working closely with businesses in their growth phase, highly respected in both the Muslim community and the broader community as a whole, his insights will be invaluable as we move to launch the equity mortgage product. The explanatory statement provides further information on Hilal's background and experience. And I move the following ordinary resolution. That, Mr. Hilal Yassine, who was appointed to the Board by the directors on the 17th of March 2021, in accordance with the company's constitution, and is eligible for election be elected as a Director of the company. The voting exclusions for resolution 5 are set out in the Notice of Meeting. I advise that the company has received proxy votes as shown on the slide. I will put the matter to a vote through a poll shortly. Any questions in respect to resolution #5? None, thank you. Okay. Let's move to resolution #6, and this is the subsequent approval for the previous issue of 13,506,852 shares -- ordinary shares. I move the following ordinary resolution. That, the previous issue of 13,506,852 ordinary shares on the 10th of November 2021 under a placement to sophisticated and institutional investors at an issue price of $0.6551 per share is approved under the purposes of Listing Rule 7.4. The voting exclusions for resolution 6 are set out in the Notice of Meeting. I advise that the company has received proxy votes as shown on the slide. I'll put the matter to a vote through a poll shortly. Any questions in respect to resolution #6? Okay. Let's move to resolution #7. The ratification of amended terms of previously issued secured convertible notes to unrelated parties. I move the following ordinary resolution. That, for the purposes of ASX Listing Rule 7.4 and for all other purposes, shareholders ratify the amended terms of the previously issued secured convertible notes to unrelated parties as set out in the explanatory memorandum. The voting exclusions for resolution #7 are set out in the Notice of Meeting. I advise that the company has received proxy votes as shown on the slide. I'll put a matter to a vote through a poll shortly. Are there any questions in respect to resolution #7? Okay. Let's move on to resolution #8, approval of 10% placement capacity. I move the following resolution. That, as a special resolution, the company has the additional capacity to issue equity securities provided for in Listing Rule 7.1A. There is no voting exclusion as at the time of discussion at the Notice of Meeting that the entity is not posing to make an issue of equity securities under mandate to be provided through as resolution 8, just so it's a matter of understanding what we're doing, but we're replacing our placement capacity. I advise that the company has received proxy votes as shown on the slide. And I'll put the matter to a vote through a poll shortly. And are there any questions in respect to resolution #8? Okay. Now there are these 7 (sic) [ 8 ] resolutions. I will now ask each shareholder who has not voted in advance how they intend to vote on each of the resolutions. If required, please unmute your microphones to vote. Let me just see here. I'll just get everybody up on my screen. Let's start with Mr. George Paxton. George, could I ask that in respect to -- because you're excluded from voting in respect to resolutions 1, 2, 4 and 6, that I ask how you intend to vote in respect to resolution #3, the appointment of Grahame Evans as a Director, is that in favor or against?

In favor.

If I could move to resolution #5, the appointment of Mr. Hilal Yassine, in favor or against?

In favor.

And if I could move to resolution #7, the ratification of the amended terms of the issued security convertible notes to unrelated parties, in favor or against?

In favor.

Thank you. And lastly, resolution #8, the approval of the 10% placement capacity. In favor or against?

Also in favor.

Thank you for that. Philip, other shareholders that -- I don't think we've got all other shareholders have actually voted, it appears. Is that right? I'm sorry, I can't hear you, Phil. I don't most be some okay. Thumbs up is a good indication. Thank you, Philip. If -- so that was the only shareholder who hadn't actually voted. Thank you. I now declare a poll closed. The votes -- the results of the poll, the increase -- sorry, the increase will be released to the ASX after this meeting. Is there any other business before we close the AGM? Okay. And at this stage. Ladies and gentlemen, thanks very much for attending today. As always, I'm hoping that we will be back face-to-face in 2021 -- 2022. Online AGMs are unfortunately a necessity of our time. But we're hoping we'll get back to normal, which we'll get a chance to meet many of you face-to-face again and have a cup of tea and talk a little less informally as well. That concludes the business of the meeting. Thank you for your participation. I now declare the meeting closed at 11:54 a.m. Eastern Daylight Saving Time. And I wish you all a very safe and happy holidays. Merry Christmas for those who celebrate Christmas. To my Jewish friends, Happy Hanukkah. And for everybody else, enjoy the holiday season, and we look forward to, hopefully, a much better year in 2022 and seeing everybody face-to-face again. Thank you, everybody. And Arthur and I will stay around for anybody who wants to have a chat with us outside of the AGM. Thank you.

I just want to wish you a Merry Christmas.

Thanks, Kevin. Good to see you. Yes, you have good Christmas as well, Kevin. You've already -- your -- you're in your Christmas shirt, already in your Holiday shirt. So that's good to see.

I've still got a tie handy, don't worry. Hey, I don't want to waste your time. Just wanted to wish you all the best. Thanks for the meeting, Grahame. See you in the new year chaps.

All the best, Kevin.

Do you guys have any questions or just have a casual chat? Are you still connected?

Okay. I think they might be not, so.

Well, thanks very much, Grahame.

Thanks.

Everyone, have a great Christmas, New Year.

Yes. Look forward to -- And Phil, I'll call you about our first meeting in January. Okay, we got 1 meeting in January, I think we do, don't we?

Or something that's not happening with these.

Do you hear me now? Yes. Okay. All right. Yes, there's no meeting scheduled for January, but we could have it if we need one.

Okay. We can talk about that. And I'll give you a call.

Thanks, everybody.

Enjoy your Christmas.

Thanks, Phil. Bye. Bye.