Cann Group Limited (CAN.AX) Earnings Call Transcript & Summary

Thank you for standing by, and welcome to the Cann Group Limited Annual General Meeting. [Operator Instructions] I would now like to hand the conference over to Mr. Allan McCallum, Chairman. Please go ahead.

Thank you, and good afternoon, everyone. My name is Allan McCallum, and I'm the Chairman of Cann Group Limited. I will be chairing this afternoon's Annual General Meeting. Today, we are very pleased to welcome you to our virtual AGM held on a platform provided by our share registrar, Link Market Services Limited. As with all of our meetings held during 2020 and '21, we are holding this meeting as a virtual one in light of the COVID-19 virus, and we hope that doing so will encourage greater participation and engagement amongst our shareholders. Regardless of where you are, I hope all of you are staying well as we continue to navigate the challenges associated with COVID. I ask that all attendees, please take note of the disclaimer that is provided in relation to today's presentation. Today's meeting has been properly convened. It has been called by a Notice of Annual General Meeting dated the 8th of October 2021 and sent to shareholders by the Company Secretary in accordance with the constitution. I note that there is a quorum present, and I declare the meeting open. The agenda today will consist of the formal 2021 Annual General Meeting. I will introduce the Board and our CEO and I'll ask our Company Secretary to outline some of the technical aspects of our online meeting format. You can also refer to our virtual meeting guide to assist with technical aspects of the meeting. I will address the meeting, and then I'll ask Mr. Peter Crock, our CEO, to address the meeting. Shareholders will then have an opportunity to ask questions to the Board and the company's auditors. We will then move to the formal items of business listed in the notice of meeting. I would now like to introduce my fellow directors and other company personnel who are at today's meeting. Mr. Philip Jacobsen, Deputy Chairman; Mr. Doug Rathbone, AM; Mr. Geoff Pearce; Mr. Jenni Pilcher; and Mr. John Sharman. Also with us today are Peter Crock, Chief Executive Officer; and Ms. Geraldine Farrell, the Company Secretary. I also welcome Alan Finnis, representing William Buck, the company's auditors of the 2021 financial report. I will now hand over to our Company Secretary, Ms. Geraldine Farrell, who will introduce some of these technical aspects of the conduct of this meeting, then we will commence the business of the meeting. Thanks, Gerry.

Thank you, Mr. Chairman. Shareholders who are in attendance today have logged in through the virtual meeting website. At the bottom of the web page, there are 2 green boxes to get a voting card or ask a question. To register to vote, click on the Get a Voting Card, you will need to provide your shareholder details or your proxy details to access the voting. Once you have provided your details, you will see an electronic voting card with all of the resolutions to be voted on by shareholders at this AGM. The Chairman will ask everyone to submit their votes as he outlines each of the resolutions and at the end of the meeting. Once the Chairman has described each of the resolutions to be voted on, he will ask if there are any questions from telephone participants and if there are any online questions. Any questions will then be addressed. Once the questions have been addressed, the Chairman will ask shareholders to vote on a poll on each of the resolutions using their electronic voting cards and submit them. The voting card remains eligible until the voting has closed 5 minutes after the close of the AGM. Once voting has closed, all voting cards, both submitted and unsubmitted, will automatically be submitted and cannot be changed. At the end of the AGM, a red bar with a countdown timer will appear at the top of the webcast and slide windows advising the remaining voting time available to shareholders. You will only be able to ask a question online after you have registered. If you would like to ask an online question, click on the Ask a Question box on the web page. You can ask the question either online or by phone by following the instructions on the web page and in our virtual meeting guide. If you wish to ask a question by phone, you will need a unique pin, please contact Link Market Services to get this number. Once you have that pin, you can join the meeting by phone by dialing the phone number 1-800-416-511 and following the instruction. Once you are verified by the moderator, you can listen to the meeting and wait for the Chairman to call for questions. When the Chairman calls for questions, you will need to press Star 1 on your keypad and tell the moderator if your question relates to an item of business or general business. When it is your time to ask your question, the moderator will introduce you to the meeting. Your line will be unmuted and you can start speaking. If you have joined the meeting on your computer as well as dialing in by phone, please mute your computer to avoid any interference. Only shareholders of the company, proxyholders or authorized company representatives in the case of corporate shareholders are entitled to make comments or ask questions on business put to the Annual General meeting or to vote on the resolution. All other attendees are guests and are welcome as observers. If the online platform has any technical difficulties during this meeting, I will notify the Chairman. If this happens, the Chairman may choose to call a short recess of the meeting to address the issue. If you have any difficulties, I also ask you to refer to the virtual meeting online guide that was circulated with the notice of meeting or to dial the helpline that is indicated on the meeting page. I will now hand back to the Chairman to commence the formal part of the Annual General Meeting.

Thank you, Gerry. Ladies and gentlemen, we now come to the formal matters requiring resolutions, which are outlined in the Notice of Annual General Meeting. I will take the Notice of Meeting of the 2021 Annual General Meeting Cann Group Limited dated 8th of October 2021 as read, and I will now proceed with the items of business. Copies of the Notice of Meeting are available from the company's website under the Investors tab. Voting in accordance with the resolution of the Board and as set out on the proxy form sent with the Notice of Meeting, I note that I intend to vote all undirected proxies appointing me as a proxy in my role as Chairman in favor of all resolutions. In accordance with Rule 38.2 of the company's constitution, I have determined that a poll be held in respect of all the resolutions to be put to this Annual General Meeting. Voting on each of the resolutions will be conducted by way of a poll, and the results of the voting on such resolutions will be announced to the ASX promptly after the meeting. As noted by the company Secretary, shareholders attending the meeting online will be able to cast their vote using the electronic voting card received when online registration is validated. Please refer to the virtual meeting online guide or use the helplines specified. Turning to Item 1 of the Notice of Meeting, financial statements and reports. The item is to receive the financial report, directors' report and the auditor's report for the company and its controlled entities for the financial year ended 30th of June 2021. There is no vote on this item. Section 314 of the Corporation Act requires a public company to provide to shareholders a financial report, the directors' report and the auditor's report each financial year. The annual report, which contains its information for the financial year ended 30th of June 2021 is available for download from the company's website, and the link is included under the Investors tab. I'll now move to my address. in Last AGM, I spoke in some details on COVID's impact on Cann, our employees and the community in general. As we are all too aware, those impacts have continued into 2021, resulting in some challenges. It is a credit to our management team and staff and our contractors that despite these COVID obstacles, we have been able to maintain momentum in implementing our strategy and executing on most of our key objectives during the financial year. We remain confident that our integrated business-to-business and business-to-consumer models will enable us to generate sustainable growth and enhance shareholder returns. Our growth story -- strategy was supported by shareholders with our $40.2 million capital raise at the start of the financial year and a more recent capital raise in the first quarter of this new financial year. This allowed Cann to progress the construction of the Mildura operations while negotiating a bank loan facility that would help us complete Stage 1A of Mildura, which will deliver an annual capacity of 12,500 kilograms of dried flower grown at costs competitive with other scaled production facilities globally. Our ability to secure the $50 million debt facility with NAB is a strong endorsement of Cann's business plan and growth strategy. Throughout the year, it became clear that we needed to invest in a fully integrated supply chain of Mildura to ensure we maintain control over our production process and capitalize on cost efficiencies. The facility will now have the capability to grow cannabis and take the product through testing, drawing, extraction, formulation and packaging. Shortly, our CEO, Peter Crock, will review the financial and operational highlights of the year. Cann continues to make solid progress against its plans, leverage -- leveraging strategic acquisitions and partnerships to move forward, delivering on our desired outcomes for shareholders. The acquisition of the Satipharm business in February this year substantially enhanced Cann's capability to deliver medicines utilizing innovative and proprietary delivery systems across a range of customers and markets. This positions Cann to capture immediate access to the rapidly growing CBD markets in the U.K. and Europe, fast-track developments of registerable, differentiated THC medicinal cannabis products through the proprietary technology platform and be a leader in the low-dose CBD market segment in Australia with Satipharm CBD capsules as the basis of an application for S3 registration in Australia over-the-counter market. Our investment in world-class facility at Mildura and the Satipharm acquisition provides a clear pathway to driving revenue growth in Australia and in global markets. Cann is uniquely positioned to supply medical-grade products from one of the most significant cannabis cultivation and GMP manufacturing facilities in Australia. Mildura delivers operational and cost efficiency that will position the company competitively to be able to tailor solutions to customers from across the medicinal cannabis value chain. We aim to be a strong, innovative and reliable partner for our customers, offering them solutions that suit their needs. The Mildura facility is also providing opportunities and benefits to the Mildura region and communities by our employment opportunities and the provision of local services. We look forward to working with local partners to ensure that Cann is valued as a participant in the community. Supporting this centerpiece investment are ongoing upgrades at our Southern facility and continued investment in our R&D pipeline. Innovation is also core to the Cann strategy, and we've continued to enhance our R&D capabilities, both in-house and through strategic partnerships, which Peter will expand on. A highlight of this year was a partnership with -- established with iuvo Therapeutics, which is the leading independent German GMP-certified importer and distributor of medical cannabis products throughout Europe. The first shipment of 20,000 units were sent to Germany in April. The product has been favorably received and further orders are expected. The medicinal cannabis industry continues to grow both globally and here in Australia as a result of education, regulatory change and a growing body of evidence which supports its therapeutic benefits. We believe the demand for safe, high-quality medicinal cannabis treatments will continue to grow strongly. During the year, we strengthened our Board with the appointment of 2 new non-Executive Directors. Jenni Pilcher joined in September last year, and John Sharman joined in April this year, both making an important contribution. I would also like to acknowledge our retiring Deputy Chairman, Philip Jacobsen and his contribution to the development of our company today. Philip became involved with Cann in 2014 and as part of our due diligence participated in the trip to Denver, Colorado, to see how the relatively new medical cannabis industry was developing and what part Cann might play in its future. I have appreciated Philip's experience and support through the structural changes of pre and post IPO that placed Cann where it is today. Philip's belief in Cann and its product has also been backed up with his financial support as he is our #1 shareholder. On behalf of all at Cann and your fellow shareholders, I thank you, Philip. I would also like to acknowledge Peter Crock's management team, their workforce for maintaining our momentum over this past 12 months in the face of the pandemic. Hopefully, these challenges are now largely behind us. Finally, to our shareholders, thank you for your support and patience. It's clear that the medicinal cannabis is increasingly becoming part of the mainstream health care sector. It is important that as a company and as an industry, we act responsibly in the interest of all our stakeholders. The opportunity is significant, and we will continue to grow as the science and evidence develops. The Board and I are confident that our people and our strategy will ensure Cann continues to be at the forefront of this exciting and rapidly growing industry. I'll now hand over to Peter for the CEO address. Thanks, Peter.

Thank you, Allan. And I would also like to add my welcome to those shareholders who are joining us for the AGM. As the Chairman has noted, COVID-related challenges have been a constant throughout the year, impacting our employees and our business and, of course, the broader community as we've been subject to lockdowns and other disruptions. Despite Melbourne experiencing the longest lockdown in the world, Cann has largely remained on track with the implementation of our strategy with very little interruption to our production and continued expansion of our product range and customer base. The most significant COVID impacts are related to delays in regulatory clearances and to logistical factors affecting our construction workforce at Mildura. In the 2021 financial year, we achieved sales of $4.3 million. This represents a substantial increase on the prior year. But more importantly, it reflects positive commercial momentum as we continue to open the export pathways and build on -- build out our domestic customer base. The investment in our state-of-the-art facility at Mildura and the strategic acquisition of Satipharm are key components of our strategy and will help us generate sustainable revenue growth in Australia and in the global markets. During the past 12 months, we've also undertaken important upgrades at our Southern facility and continued investment in innovation through our R&D programs. The construction of Mildura is an important step towards supply chain independence and scale-related efficiencies and enabled Cann to compete for new business on a truly global basis. With the certainty of funding associated with our NAB loan facility and the support of shareholders by the various capital raises we have completed over the past 18 months, we are now able to expand the scope of the Mildura facility to not only bring online annual cultivation capacity of 12,500 kilos of cannabis dried flower but also include GMP extraction, manufacturing and analytical laboratory capabilities. This provides the opportunity for Cann to have a world-class facility that can produce a broad range of products and service a range of customers and markets while being globally cost-competitive. Our ability over the past year to remobilize our contractors and the construction workers at Mildura has been critical in terms of keeping this project on schedule. We've been able to leverage access to and partnerships with leading international technical experts from the Netherlands, including Van der Hoeven, PB Tech and Logiqs, and ALPS from Canada. Qanstruct in Melbourne has played a critical role as lead contractor on the project. Lockdown restrictions did extend to construction in regional Victoria, imposing a reduction to 25% workforce on site. Cann applied for and was granted an exemption as a critical infrastructure project. So after some weeks of disruption, we were able to bring the workforce back to the uncapped 100% allocation. Of course, all on-site workers need to be double vaccinated, and we implemented a range of other COVID-safe measures in line with the Victorian government requirements. Despite those challenges, it's very pleasing to see the Mildura program approaching the final commissioning stage. It's a credit to our team that we've managed to keep the project on budget and largely on time. The Mildura facility will be an asset we can all be proud of and will bring significant value to the Mildura region, where we are aiming to be an employer of choice as we look to fill a range of skilled and unskilled roles over the coming months. Pleasingly, Cann has been selected to be part of the federal government employment program Career Revive, which targets women returning to the workforce. We have also actively engaged with local SuniTAFE and La Trobe University Mildura campus to provide training opportunities and as a recruiting ground for potential employees. As mentioned, we've also successfully completed upgrades at our Southern facility, providing an ability to produce cGMP packed flower at substantial cost savings over third-party contract manufacturing and packing. The TGA license inspection has been carried out and we look forward to hearing an outcome in due course. Given the current COVID overlay, the TGA and ODC have been very supportive and adaptive in utilizing virtual inspections, and it is hoped that these innovations might continue as part of the regulators’ practices going forward. On a less positive note, Cann and one of our Dutch vendors were the unfortunate target of a sophisticated cyber-attack in January '21. The attack cost the company $3.6 million of which $1.2 million has been recovered. Police investigations are continuing, but unlikely to lead to any further recovery of funds. In response to this, Cann has reviewed and tightened its procedures to prevent and mitigate against any such incidents occurring in the future. On a commercial front, we have maintained our focus on business-to-business supply and have successfully executed multiple shipments to Germany and the United Kingdom where our customers include iuvo Therapeutics, an independent German GMP-certified importer and distributor and Astral Health. I reported last year on our collaboration with iuvo to create a single supply pathway into Europe. I can report that we completed a strategic investment in iuvo during this year to enable iuvo to expand its prescriber and patient reach throughout Germany and Europe. This streamlines our access into European markets by leveraging iuvo’s position as one of Germany's independent medicinal cannabis distributors. In addition, we have secured new supply agreements with Australian customers, giving us a more diverse group of business-to-business clients with which to grow. Contracts are now in place with multiple domestic B2B clients with repeat orders completed and shipped for a number of them. Cann’s customer focus, combined with the capacity to deliver through its cultivation and manufacturing footprint, continues to build our reputation as a reliable supplier and partner. The successful completion of the Satipharm acquisition has provided a business-to-consumer pathway for both Australian consumers and consumers in overseas markets, including an immediate position in the rapidly growing low-dose CBD market segment in Europe. The Satipharm technology is also enabling us to fast-track our development of novel THC-based medicinal cannabis formulations. I am pleased to report that we have successfully integrated the Satipharm business and team into the Cann business, providing a strong platform on which to develop proprietary and differentiated products in multiple market segments where, for the first time, the technology will be applied to the full spectrum of cannabinoids for medical application. The Satipharm capsule technology platform delivers medicinal cannabis products in a format that is similar in look and feel to other medicines that doctors normally prescribe. Understanding and confidence in such products is expected to provide stimulus for greater prescriber support. Another significant development is the down-scheduling of low dose CBD products, 150 milligrams a day, to an S3 over-the-counter, or OTC, classification. This was announced by the TGA in December 2020, and legislation came into effect in February this year. It is a key opportunity for Cann and we have made significant progress on the journey to accessing this opportunity with a number of important steps finalized including, engagement with a clinical research organisation; selection of the primary indication and finalization of the clinical trial design; and recruitment planning is now underway. The development of a registration dossier and the subsequent TGA process is expected to take most of calendar year 2022. Innovation remains core to Cann’s strategy and growth, with research underpinning improved genetics, new products and delivery systems. Our research partnerships focus on operational efficiency, yield improvement and commercial applicability. The longer-term aim is to integrate specific cannabinoids into the Satipharm platform. Key research activities include our partnerships with Agriculture Victoria around genetics, which has continued to successfully progress selection of candidate lines with improved genetics for inclusion in our accelerated breeding program; La Trobe University, where we have already identified opportunities for improvement in managing nutritional requirements of our commercial lines to improve yields at the Mildura facility; new South Wales DPI, which has identified improvements in propagation, root establishment, shorter crop cycle times and higher yields of cultivars, with this now being transferred to Cann’s commercial operations; CSIRO, which is aimed at delivering improvements in cannabinoid isolation techniques and manufacturing processes, some of which have already been transferred into Cann’s commercial operations, to improve production costs; Monash Medicines Innovation Centre, where work on the development of novel formulations and new medicines is also progressing positively and will lead to the creation of pipeline assets and new IP; and our collaboration with Olivia Newton-John Cancer Research Institute, the La Trobe School of Cancer Medicine, and Austin Health in relation to a clinical trial to assess medicinal cannabis for symptom management in people with advanced cancer. Cann is supplying a locally grown and cultivated full spectrum cannabis extract for this trial. In addition to this trial, Cann is also supporting a first-of-its-kind study in Severe Tourette’s Syndrome in children, which will be undertaken by the Murdoch Children’s Research Institute located at Melbourne’s Royal Children’s Hospital. We are pleased to be participating in these trials as it is important that we continue to build a solid body of evidence via rigorously controlled clinical trials that support the use of medicinal cannabis in cancer treatments and in other indications. All of these projects represent important investments in the future value of our business and help us establish a commercial competitive advantage. As we look to the current financial year, I am confident that we will deliver further important progress and complete a number of key milestones. Over coming months, we will see the practical completion of works at Mildura and see the establishment of our cultivation activity. We have scheduled TGA inspections to support the certification of the Mildura laboratory extraction processes and the Satipharm manufacturing line. We will be underway with our S3 low-dose CBD clinical trial program and registration activity, targeting an approval by the end of calendar year 2022, and we will build on the current momentum supporting our revenue growth with additional export supply contracts, higher sales of the Satipharm CBD capsule in UK and European markets and a continued expansion of our domestic customer base. As the Chairman noted, medicinal cannabis is increasingly becoming part of the mainstream healthcare sector as we see greater recognition of the benefits across an expanded range of patient indications. This brings significant opportunity for growth but also responsibilities. Core to Cann’s values and culture is to always operate in a compliant manner and in the best interests of all stakeholders including patients. It is important that the industry continues to have the confidence of the regulators, investors, patients and prescribers to ensure that the industry can operate in an efficient and flexible manner. Cann continues to work directly with and with the industry’s peak body, Medicinal Cannabis Industry Australia, MCIA, to be a leader in the sector. I would like to thank all our staff for their efforts in what has been a difficult environment. The hard work and commitment of our staff, management team and everyone involved in our operations is critical to our success. Thank you also to our research partners, and the local contractors and international team members supporting the Mildura project. And particularly, I would like to thank shareholders for their interest, loyalty and support. I can assure you that all of us at Cann remain very focused on the execution of our growth plans and generating more value in your company. I’ll now pass you back to our Chairman.

Thank you, Peter. We now move into questions. If you have not already done so, you may submit your questions either online or by phone. I ask that in the interest of fairness and to all shareholders attending this meeting that anyone wishing to speak should be as concise as possible and be considerate to other shareholders wishing to ask questions. For the sake of good order, shareholders should speak once on any issue or on any resolution being put. And in relation to questions specific to a resolution, the question raised should relate directly to the matter being considered. I will first ask if there are any questions for the company's auditor in relation to the annual report for the period ended 30th of June 2021. Have we got any questions, Gerry, in relation to the report.

I'll just see if we -- I don't believe we received any by phone, and we certainly have not received any online in relation to the auditor's report.

Okay. Thank you very much for that. I will now take online questions on the presentations just presented and any other company issues. Thank you, Gerry.

We have a couple of questions online, both of them received from [ Paul Vislink ]. The first question, and Peter, you might be the best person to answer this. What progress has been made with the investigation of the scam of company funds last year?

So the funds that we recovered were through the Hong Kong police and $1.2 million was returned by that pathway. Victoria Police -- the crime squad have actively been interacting with police in the various jurisdictions beyond Hong Kong into Canada as well. And that investigation is continuing. But as I mentioned, we don't believe we'll be seeing any further funds coming back through that pathway.

Terrific. And we've got actually 2 questions, but they're both almost identical, 1 from Tracy Hamilton and 1 from [ Foki Finch ]. Essentially, when will pharmacist only products be available in Australia and Tracy's question is almost identical, do you feel -- when do you feel the Lloyds CBD oil will be available for sale over the counter.

Thanks, Peter.

Yes. So in terms of the S3 program that was announced in December 2020 and came into effect, which opened the pathway in February this year, the S3 process requires a full registration, and that process is obviously being pursued actively by Cann and others in the industry. Once a regulatory submission is finalized that then is submitted to the TGA and they have a nominal 240 days is the normal processing time through the TGA. As of today, there's no indication that any submission has been submitted to the TGA and the industry expectation is that it will not be until towards the end of calendar year 2022 before we see any products coming through that process.

Thanks, Peter. We have 1 question at the operator, please, a telephone question.

We are showing no phone questions.

Okay. So there's no telephone questions. Okay.

Right. Thank you very much for that operator. We'll now move to resolutions to be voted on, thanks to all of the attendees for the questions today. And there'll be opportunities specifically on each resolution as we move through. Moving those resolutions. I've determined that each resolution set out in Items 2 to 5 inclusive of the Notice of Annual General Meeting will be decided by poll. Resolutions that are subject to voting today may only be voted on by shareholders, proxy holders and shareholder company representatives. I appoint Emma Jones of Link Market Services as the returning officer to conduct the poll and report on the results of the poll to me. As noted in the Notice of General Meeting, I intend to vote all undirected proxies as a proxy in my role as Chairman in favor of each resolution. The proxy votes that have been submitted will be set out on the slides shown for each resolution. Resolution 2 to 4 set out in the Notice of General Meeting are to be considered as ordinary resolutions and, as such, must be approved by a simple majority of the votes cast by shareholders entitled to vote and voting on those resolutions. Resolution 5 is a special resolution and as such, must be approved by at least 75% of votes cast by shareholders entitled to vote and voting on that resolution. So I'll now move to Resolution 2, adoption of the remuneration report. To consider and if thought fit to pass this nonbinding advisory resolution as an ordinary resolution, I now move that pursuant to and in accordance with Section 250R(2) of the Corporations Act, the Remuneration Report for the financial year ended 30th of June 2021, as set out on Pages 23 to 32, inclusive of the annual report be adopted. The resolution and summary of the proxy votes received prior to the meeting appear on the slides. And you can see from those proxy votes that there is approximate -- there is exactly 5.35% against the resolution. This vote is advisory only and does not bind the company or its directors. However, the Board will take the outcome of the vote into consideration when reviewing the company's remuneration practices. Are there any questions regarding this resolution? We'll deal with any online questions first, Gerry?

There are no online questions in relation to this resolution.

And we have received...

Received no over telephone.

No telephone. Thank you. So I hereby demand to poll in respect of this resolution and that the poll will now be conducted. Please select either for, against or abstain for Resolution 2 on the electronic voting card. Thank you. [Voting]

I now move to Resolution 3, concerns the reelection of one of our directors, Mr. Doug Rathbone. I now move that Mr. Doug Rathbone, a Director who require -- who retires from office in accordance with ASX Listing Rule 14.4 and rule 50.2 of the company's constitution and being eligible for reelection, be reelected as a Director of the company. The resolution and the summary of the proxy votes received prior to the meeting appear on the slide. I will note that there is 2.07% against that resolution. Are there any questions regarding this resolution, Gerry?

There are no online questions regarding this resolution.

And do we have any telephone questions?

No telephone questions.

Thank you. I hereby demand a poll in respect of this resolution, and that poll will now be conducted. Please select either for, against or abstain for Resolution 3 on the electronic voting card. [Voting]

Resolution 4 concerns the election of one of our directors, Mr. John Sharman. I now move that Mr. John Sharman, a director who was appointed to fill a casual vacancy in accordance with rule 49.1 of the company's constitution until this Annual General Meeting in accordance with ASX's Listing Rule 14.4 and being eligible for reelection, be reelected as a Director of the company. The resolution and the summary of the proxy votes received prior to the meeting appear on the slide. And I note that there is 1.84%, against that resolution. Have we received any questions, Gerry?

No online questions, Mr. Chairman.

Have we -- any phone questions, operator?

No phone questions.

I hereby demand poll in respect of this resolution and that the poll will now be conducted. Please select either for, against or abstain for Resolution 4 on the electronic voting card. [Voting]

Resolution 5 concerns the approval of amendments to the company's constitution, the details of which are further set out in the amended constitution, which are hereby tabled for the purpose of this AGM. The proposed amendments to the constitution were detailed in the explanatory memorandum and a copy of the proposed amended constitution has tabled at this meeting has been available to all shareholders to view on the company's website since the 8th of October 2021, the date of the notice of this AGM. I now move that in accordance with Section 136(2) of the Corporations Act the constitution of the company be amended as set out in the amended constitution tabled at AGM convened by the Notice of Annual General Meeting and signed by the Chairman of the meeting for the purpose of identification. The resolution and the summary of the proxy votes received prior to the meeting appear on the slide. To remind everyone, this resolution is a special resolution requiring the approval of 75% or more of the votes cast on the resolution by the shareholders. And I note that there is 2.25% votes against this resolution. Are there any questions regarding this resolution, Gerry?

There are no online questions, Mr. Chairman.

Operator, do we have any phone questions?

No phone questions.

I hereby demand a poll in respect to this resolution and that poll will now be conducted. Please select either for, against or abstain for Resolution 5 on the electronic voting card. [Voting]

Thank you, everybody. That concludes the business of this meeting. And with that, we now come to the end of the meeting. Shareholders participating via the virtual meeting website should now submit their votes. The voting will remain open for 5 minutes after the meeting closes. The returning officer will report the results of the poll conducted for each resolution to me as soon as possible, and the results will be announced to the ASX after the conclusion of that meeting. Once again, thank you very much, Philip, for your help and assistance over the years. It's been good. And I now declare the meeting closed. Thank you for your participation today.