Fiducian Group Ltd (FID) Earnings Call Transcript & Summary

Good morning, ladies and gentlemen. Welcome to the 30th Annual General Meeting for shareholders of the Fiducian Group. My name is Inderjit Singh, the Executive Chairman of the company. Today's meeting is being held at our offices at 1 York Street, Sydney, and online via the Computershare platform. This allows shareholders, proxies and guests within the meeting in person and virtually. In addition, shareholders and proxies have the ability to ask questions and submit votes. First, of course, I'd like to introduce the individuals that are also in attendance, your Directors: Frank Khouri, on my right; Sam Hallab, at the end; and Kerry Skellern, in the middle. In addition, we also have in attendance our General Counsel and Company Secretary, Paul Gubecka; our Group Chief Financial Officer, Mr. Rahul Guha; and our company's auditor, Mrs. [indiscernible] from KPMG, who is not in person, but attending online. And I think Mr. [indiscernible] is also here as well from KPMG who is in attendance. Now these people will be able to answer any questions relevant to them, if you have something special to ask. The quorum and open meeting. It is past the appointed time of 10:00 a.m. and Mr. Gubecka has advised me that there is a quorum through attendees at 1 York Street on the Computershare platform. So I declare the meeting, which is to be held at a reasonable time in place that is convenient shareholders, open. Questions can be submitted at any time. To ask a question, you may select the messaging tab within the Computershare or alternatively directly ask a question to the Chairman or any of the directors. The Computershare platform provides guidance on how to lodge any questions. Please note that while you can submit questions from now on, I will not address them until after we have put forward the financial report and resolutions for consideration at this meeting, after which we will address the questions together one after another. Please also note that your questions will be received by Mr. Paul Gubecka, General Counsel and Company Secretary, and may be moderated, or if we receive similar questions may be amalgamated. Due to time constraints, we may run out of time to answer all your questions. If this happens, we will answer them in due course and will post our responses on our website. There were 2,152 shareholders registered and holding 31,652,623 shares at 10:00 a.m. on the 15th of October 2026. The number of shareholders in attendance immediately prior to the commencement of this Annual General Meeting was 12 shareholders. Now let me explain the procedures. Voting will be carried out in the following manner: one, as disclosed in the Notice of Meeting, voting today will be conducted by way of a poll on all items of business. As a poll is being conducted, the minutes of this meeting will record the total number of proxy votes exercisable by all proxies validly appointed, the directions in the proxy forms and the total votes in favor, total votes against and total vote abstentions in accordance with Section 251AA of the Corporations Act. The persons entitled to vote on this poll are all shareholders, representatives and attorneys of shareholders and proxy holders who hold color admission cards or have logged into the Computershare platform. If you are eligible to vote at this meeting and attending in person, on the reverse of your color admission card is your voting paper and instructions. If you are eligible to vote at this meeting and attending virtually, a polling icon will appear within the Computershare platform. Selecting this icon will bring up a list of resolutions and present you with voting options. To cast your vote, simply select one of the options. There is no need to hit a submit or the enter any other button as the vote is automatically recorded. You do, however, have the ability to change your vote up until the time I declare voting closed. I now declare voting open on all items of business. The voting tab will appear soon. Please submit your votes at any time. Voting will end within 2 minutes of the closure of the meeting. I will give you a warning before the closure of the meeting to remind you to cast your vote. Now for proxies. Computershare, the company's share registry received 84 proxies, comprising 20.91% of the securities issued by the company and totaling 6,619,574 votes including those received electronically by 10:00 a.m. on 13th October 2026. Of those proxies, Resolution 1, that remuneration report be adopted 6,546,137 or 98.89% and 0.69% of open board appointed proxies, which totaled 99.58% of eligible proxies cast are in favor of the motion. For resolution 2, to reelect Mrs. Kerry Skellern OAM as Director, 6,903,391 or 98.75% with 0.79% of open board pointed proxies totaling 99.54% of eligible proxies cast are in favor of the motion. All proxy votes that have been cast for the discretion of the Executive Chairman will be voted for the resolution, which is all my shareholding and my family trust shareholdings will be voted for. Now the Notice of the Meeting has been circulated to shareholders and sets out the purpose of the meeting being to, one, discuss the financial report, adopt the remuneration report, reelect Mrs. Kerry Skellern OAM as a Director, deal with other business in accordance with the company's Constitution and Corporations Act 2001. No notices have been received in respect of any other business. Having set out the business within the Notice of Meeting, the Notice of Meeting is taken as read. Now minutes of the previous shareholder meetings, copies of the minutes of the AGM for 2025 of Fiducian Group Limited were reviewed and signed at the next meeting of the Directors. Shareholders may request a copy of the minutes from the Company Secretary if you wish to see them. Now the first item of notified business is the consideration of the financial report for the year ended 30th of June 2026. The consolidated financial report and the reports of the Directors and auditor were made available on both the Fiducian and ASX websites and issued to shareholders on request. Before dealing with the report, though, I would like to give a short review, which isn't that short, of the progress and outlook for the group. Now dear shareholders, as Executive Chairman and on behalf of the Directors who are in attendance, our I'm pleased to present this report on the consolidated operating performance of Fiducian Group Limited and its controlled operating entities for the year ended 30 June 2026. Despite uncertainty from the Ukraine and Iran wars, reviewed in Phase III pressure in Australia and volatile investment markets worldwide, the Group delivered a resilient underlying performance. Operating revenue rose 8% to $96.1 million, previously was $89.4 million. While net revenue increased 9% to $74.4 million, 2025 was $68.2 million. And this reflects the continuing growth and a higher base of funds under management, advice and administration, which grew 7% to $15.88 billion, and 2025 was $14.3 billion. Cost management improved EBITDA by 12% to $34.7 million. On an underlying basis, which the Board considers the truest measure of the group's cash-generating capability, margins rose to 45.7% of net revenue. Underlying EBITDA grew 16% to $33.9 million. The underlying net profit after tax increased 15% to $24.2 million, but last year was $21 million. This was reflected in underlying earnings per share, which rose 15% from $0.669 to $0.768. Statutory net profit after tax was $13.4 million, 28% lower than prior year. Now this is a surprise, but I'll explain why it was lower and 2025 was $18.6 million. Our statutory earnings per share is $0.425 and 2025 was $0.589. I can explain this as a reduction in attributable entirely to a one-off asset penalty, including assets enable costs which came to $7.95 million and this was recognized during the year. Excluding this nonrecurring item, the Group's underlying momentum remains only positive across all 3 operating segments. The Group continues to maintain a clean balance sheet and remains debt-free with a positive working capital and cash flow position. The Board may consider for capital raising or debt funding were suitable acquisitions, all business growth opportunities are expected to deliver corresponding earnings per share. Final dividend. The Board remains prudent while retaining confidence in the business. As a result, a fully franked dividend of $0.282 per share was declared for the second half of the year, bringing the total fully framed dividend declared for the 2026 financial year to $0.537 per share. In 2025, it was $0.466, an Increase of 15% over the previous financial year. A full year dividend represents 70% of the underlying net profit after tax or cash profit for the year. The final dividend was paid on 14th September 2026 in respect to shares held on 31st of August 2026. The fact to note is that a shareholder invested $1,000 in Fiducian shares in 2012 will now be receiving $554 as a fully franked dividend which could be equated to around $790 after franking credits. During the year, no shares bought back on market, leaving 21.44 million shares on issue at year-end. Cash flow and liquidity. Group generated operating cash flows of $24.9 million in financial year 2026. In 2025, it was $22.4 million. After funding strategic acquisitions, providing development loans, funding to franchisees, paying a higher dividend and meeting these obligations, cash and cash equivalents increased by $2.2 million to $37.1 million. In 30 June 2025, it was $34.9 million. And that enables the group to continue a strong liquidity position. Notwithstanding the 15% increase in underlying net profit after tax, the Executive Chairman, that's me, did not receive any option in respect to the year ended 30 June 2026. I'd like to present something on financial planning, but I'll ask Robby Southall. Robby, can you please come up. Robby is the consecutive Chairman of Fiducian Financial Services. And I request him to present the report on the company's financial planning activities and services.

During the year, funds under advice grew from $5 billion in June 2025 to $5.5 billion in June 2026. Our financial advisers continue to deliver superior quality advice predominantly through face-to-face interactions, which should play a key role in driving net inflows. At the same time, we are steadily expanding our delivery of digital class solutions for clients who for a variety of reasons may be unable to attend by the interview or portfolio review sessions in person. We have a program in place to implement the application of AI agents in all the activities across financial planning. This could lift productivity and enable an adviser to significantly grow the number of clients they can serve. The first tranche of AI agents for client meeting notes and client records is being implemented now. We anticipate that with this technology enhancement, our advisers will have the capacity to increase their client base significantly over the coming 6 to 18 months. I believe that this is a paradigm shift to a growth in financial planning businesses is going to be perceived. The objective is to increase profitability through productivity and not increasing numbers of advisers, as the same adviser should be able to service many more clients. It can also improve accuracy, have the number of support staff we employ and reduce our compliance costs. Fiducian expects the high standards of compliance and client service from the financial planning network. We believe we may have one of the highest supervisory management to financial adviser ratios in Australia. While this comes to the cost, we consider it essential to maintain the quality, consistency and integrity of the advice provided. Our compliance focus concentrates on adviser development. We have established an advice delivery manager and an AFSL coach to assist all of our advisers to deliver excellent outcomes to our clients as well as ensuring the highest level of standards are being maintained. The Group provided loan funding of $1.2 million to assist several of our franchisees in acquiring financial planning practices during the financial year we acquired $3.4 million worth of client books. Fiducian Financial Services generated net inflows of $264 million during the financial year. Our practice managers and marketing teams remain focused on helping financial advisers with revenue, attract new clients and build their businesses. Our focus will continue to be on generating inflows through both organic and inorganic growth, including future acquisitions of client bases, that can readily be simulated into the way that we do business and the onboarding of franchise offices that demonstrate a strong cultural fit to our existing network. Two new franchises are being finalized, one in Brisbane and one in Riverwood, Sydney. We are currently working with several potential new advisers looking to join Fiducian. Company-owned offices with salaried advisers are now established across New South Wales, Victoria, Western Australia, South Australia, Northern Territory and Tasmania and they contribute meaningfully to the Group's overall results. Our salary offices account for approximately 50% of our funds under advice supported by 37 advisers. Franchise offices make up the remaining 50% of funds under advice comprising 38 franchise financial advisers nationally. [indiscernible]

Thank you, Robby. Robby's operating and financial services business for some years now and done a marvelous job. They are about 110 people or more and does a great job. Thank you, Robby. He'll be around, if you have any questions, I'm sure Robby can answer them. Now let's talk about portfolio administration. Portfolio administration provides administration across some valuation investment services to financial advisers, complemented by separately managed accounts investors direct access to select shares and funds managed separately on their behalf. Fiducian labeled platforms focus wealth for our line financial advisers are now complemented batch platforms and a dedicated offering for the external independent financial adviser. Our administration system, Fasttrack, is comfortably servicing diverse and often complex requirements to externalize is for chosen and investment services in preference to the established larger providers. Momentum is building, the funds under administration transferring to Auxilium growing steadily. To date, we have 92 external financial advisers we have registered with Auxilium, of which 18 have begun using Auxilium. We believe Auxilium has genuine potential to become a meaningful contributor to Group revenue over time. Total funds under administration on our platform stood at $4.31 billion at 30th of June, 2026. With overall growth in net funds under administration, driven by a healthy combination of new inflows and market appreciation. Funds under administration attributable to IFRS now represent around 13% of the total. Efforts continue to forge new relationships and lift net inflows from non-aligned financial adviser groups and the distribution team has grown. I think there are now 5 people who are working there to build on this background and on Auxilium exposure. Superannuation Trustee Board established in March 2015 for the Fiducian Superannuation Fund, our public offer Superannuation fund, comprises a majority of independent directors and continues to operate professionally and with genuine independence. The Board is finding well and the starting its duties diligently supported by the Office of Superannuation Trustee. Some Directors are due to retire in 2027 and steps have been taken to bring our new Directors who are already attending board meetings and will seamlessly fill any vacancies that arise. Now during the year, following an industry-wide dramatic review of Superannuation funds all offered through platforms regulator imposed additional license conditions on a number of such funds, in fact, most, including our fund, Fiducian Portfolio Services Limited, which is the trustee from 2nd of April 2026. The review suggested enhancement in the onboarding and ongoing monitoring of over 230 investment options that can be used by financial advisers for their clients on our platforms. The management of any conflicts of interest, the Board governance and oversight that is required for this product. To comply with these conditions, the trustee appointed independent experts to review all investment options being offered on our platforms, all 230 of them. It's investment governance, this conflict management frameworks and the effectiveness of its board and committees. Work is ongoing and progressing well, and no matters of any significant concern pagers to date. This work will enable the trustee to elect uplift plans consistent with our press observations. It is pertinent to point out that what really drove this thematic review was the at First Guardian funds that cost invested over $1 billion in assets in losses like, sorry -- $1 billion of losses. And I can report none of these are offered by Fiducian. Tied to that, there have been no failures of investment products on Fiducian platforms. Nevertheless, we continue with this semantic review and all the requirements of our fund. Now just to mention there, some of these items for uplifts have to be reported to December. And I think we're pretty far ahead in doing that. Some in February and some in March. And most of these already action has been taken, and we can't find any issues that should cause concern. But these will be reported to the external experts, and then there will be with the regulator. The funds management in 2026 occurrence, which I actually spoke about the last AGM. The group resolved so by proceedings brought by security that investment against subsidiaries investment management services in relation to the production diversified social aspirations fund, an ESG style fund that operated for 9 years before being closed in May 2024 due to lack of scale. As we mentioned before, we were losing money. There were hardly any new money coming and so we decided it wasn't going to run this fund anymore, but to offer the underlying assets to the investors. however, later that the fund's product disclosure statement contained some statements liable to mislead as to its environmental, social and governance characteristics. So from that business discharge is responsible entity duties with requisite care and diligence. As advised at last year's AGM, the Board choose to resolve the matter and avoid protective litigation. Following court order mediation, agreed to pay and I repeat this on the court order mediation, agreed to pay a penalty of $7.3 million together with the contribution to costs of $650,000. The settlement has been finalized by the Supreme Court of New South Wales in August this year. I'd just like to mention importantly that $7.3 million, the fund only has $15.4 million on closure. No investors suffered any financial loss. The fund delivered a return of 7.62% per year over its 9-year life given some investors have started the return of something like 80-odd percent. Around close 75% of the investors chose to stay with the 2 underlying funds offered through the DSAF with the rest moving to other Fudician funds and a few of them posting the holding. For this unfortunate one-off penalty has reduced profit for the year, I'm pleased to say it has not impacted the underlying strength, profitability or growth of the group. Following the attic action, the Group engaged an independent expert to review all product disclosure statements across our funds range. And even there, there were no matters of material method nature drawn to our action. So even so we continue to invest in additional staff and strengthening our governance, compliance and monitoring frameworks so that the high standards our clients expect are consistently upfront. Our in-house management manager system of investment continues to attract the majority of retail funds placed with us. Fiducian funds have performed well over the medium to long term in the restrictive categories have suggested investment terms. As we diversify the assets through carefully selected range and blended underlying fund manager range to reduce risk and volatility. Our clients are long-term investors since we invested to build over many years, the superannuation investment assets with us. We aim to deliver above average terms with the low average risk through the combination of some 28 different underlying fund managers in our diversified asset sector funds, which hold around 60% of the money under management. An investment operations and control team which is separate from the investment team, has been established to review and monitor all investment products offered on our platform. I'll talk about IT now. The Fiducian information technology development team has continued to deliver a steady stream of system enhancements that improve efficiency and broaden functionality across our suite to proprietary systems. Fourth, our financial planning system. Fastrack, our platform administration system. Fiducian Online, client facing and account reporting tool. Cybersecurity and protection of our systems and client data remains fully front-end and they continue to guide our ongoing investment in resilience and safeguards. Now I can see James Randall. I have IT that if anyone has any questions, you're welcome to speak to the after this session. For the first time, actually, an external dealer group -- a handful of actually sell dealer groups have registered to use force our financial planning software for their businesses. Now this is a welcome development because never had that before and that's come through from the distribution team. We have also begun to progressively embed artificial intelligence across our systems, in particular, with agents created for our financial advisers, which will lift the productivity and permit for servicing for many more clients by them, as mentioned by Robby Southall. A senior AI software engineer has been appointed to develop AI agents for ongoing reporting to clients and developing financial lands in accordance with our proprietary models. On the network front, work as demand to move all our data onto a cloud system. This should be completed by year-end. At Fiducian, we've always regarded our people as our most important and valuable action, and we remain deeply committed to nurturing their growth personally and professionally. For the last 30 years, our enduring philosophy are treating our staff as 1 large Fiducian family to good signs and challenging wise has continued to serve us well. In turn, our staff have reciprocated with unwavering loyalty and superior performance. Management has fully embraced the worldwide shift towards flexible hybrid working. We're also mindful of the very real pressures that ongoing cost of living crisis has placed on our people, and we've responded with meaningful increases in salaries and bonuses to help ease that burden and recognize their value contribution. Employee diversity. I'd like to mention that Fiducian is a proud -- is proud to be an equal opportunity employer and generally value and celebrate diversity in all its forms. We recognize that diversity extends well beyond gender, age, ethnicity and cultural background. Our diversity policy actually encourages people of all genders, ethnic backgrounds, ages and skill sets to participate fully have to receive recognition reward and responsibility, commensurate with their performance and contribution. This improvement culture is reflected across our workflows workforce, which comprise the staff from more than 27 countries of origin with 23% aged over 55 years and 44% of employees being women of whom 58% in senior roles. I must speak about the financial advisers council, which comprises franchise and salary financial advisers. We generally see volunteer their time and expertise to the council. Over the past year, it has again made a significant and value contribution to the company, serving as a trusted sounding board for management and the Board. The council remains an invaluable resource, bringing frontline insight to emerging financial planning issues and helping to guide meaningful enhancements through the functionality of force, Fasttrack and Fiducian Online. The perspective and the engagement to continue to strengthen both our service offering and the network as a whole. With the Board of Directors throughout the year, the Board and management have continued to work together cohesively and constructively underpinned by a culture of mutual respect and trust. The strong and collaborative leadership combined with a clear understanding of each other distinct roles and responsibilities enable a robust discussion, sound decision making at the sector move side. It remains the defining strength of the group and continues to serve shareholders well in the pursue to optimal performance as sustainable long-term value creation. And I must add, there has been a great support for me and Fiducian. The Board has undergone an external expert assessment for the Board's independence this year. And this expert assessment on for that the Board may consider all nonexecutive directors to be independent. This followed on from the review for superannuation, which has also undergone a full review and therefore, add a similar result. Now we always support communities, and we believe that strong communities are built through long-term relationships and meaningful local support. Through our national financial planning network, we continue to invest in community organization that's sporting clubs across Australia proudly sponsoring around sporting and community projects spanning a diverse range of disciplines. These partitions help create opportunities for grassroots participants to develop their skills, build confidence and pursue their sporting ambitions. This also marks our fourth year of supporting the junior development program at Avondale Golf Club in Sydney. Although our contribution is modest, it is rewarding to see the program continues to produce outstanding results. Several promising young female golfer have progressed to compete on the U.S. LPGA tour, including a recent we're not other proudly represented Australia and New South Wales, and internationally, we have secured national amateur titles and we go the professional working periods. We are pleased to play a small part of supporting the next generation And I must say that I and the quality and the talent is just amazing. [indiscernible] which is iteratively sponsored by the Fiducian Group has continued its life-changing work in hospitals across India, Myanmar, Nepal and Cambodia. We did more than 61,000 men, women and children living in poverty have had the precious gift of sight resorted and vital surgical equipment has also been related to as overseas. In addition, some 18,000 have been screened by disabilities in the rural areas of Nepal. Fiducian staff generously quality, the accounting, administration, marketing expertise to ensuring that every single dollar contributed by our donors was directly towards eliminating preventable visual impairment around the world. And I'll ask a then what happened to central plan in Nepal hospital that can support. Well, we have to cancel it because just before a flight, we realized that there was an uprising in the hotel [indiscernible] has been exceptionally that exceptional work around the world. Now the current economic and market environment I have to mention, and I must thank 1 for is sitting at the back, I had on investments for contributing most of this. And Conrad will remain after the presentation if you have any questions. The global economy is forecast to slow marginally this year, partly due to a lift in inflation and a consequent small increase in interest rates in some economies in recent months. The international Monetary Fund, the IMF, noted in its latest report in July, said the global economy as a whole has so far weathered the shock from the war in the Middle East better than feared. The key reason for the solid outcome is the momentum in the global technology cycle, thanks to artificial intelligence and its adoption such that over inflation has remained relatively stable to date in most countries. An ongoing issue for some of the major economies is the persistence of large government deficits which has have seen government debt balloon to excessive levels in some cases, including the U.S. While the economic outlook remains positive in the view of the risks to the outlook as it to the downside. The advanced economies of the group, however, our forecast to grow by 1.7% this year and 1.8% in 2027. While developing economies are forecast to grow by 3.8% in 2026 and then 4.5% in 2027. This year, those major stock markets have recovered from a heavy fall after the outbreak of the Iran war. Markets began to recover from early April. And by October, major markets witnessed strong positive movements. But this year, corporate earnings are forecast to grow strongly in most jurisdictions by around 34% in the U.S., largely driven by the IT boom, 18% in Japan, 8% in Germany, 14% in China, 10% in India and they even forecast 12% in Australia, who are into MSCI data as of October and research. As always, we recommend that investors should consult their Fiducian financial advisers to develop financial plans with the aim of achieving diversified investment strategies that over time would help investors to realize their financial goals. Now the outlook, which I usually give at the end. And I can say that over the past 30 years, the consistency of our strategy has served the group well and enables us to build the business to where we are today. By pursuing disciplined growth strategies, we have been able to scale up existing capacity while leveraging our control relatively low fixed cost base. This approach has proven its resilience through difficult and uncertain times consistently delivering increasing revenues and grow profits. However, going forward, we have new political risks from the Ukraine and Iran was booming state elections to be followed by the federal election with the emergence of 1 nation as a potential competitor for the traditional parties. And as well, recent tax changes, and capital gains that they have contributed to falling home prices in combinations seems like a perfect storm that can make investors nervous and to sit on the While gross inflows are continuing at a slower pace, we are seeing withdrawals being vehicle is had made cost to pressures which is sorting and reduced, but still positive People are afraid People are afraid when you have a property that you talked was worth $2 million and now no one buy for $1.5 million and would rather sit on the sidelines and maybe leave the money in the bank to get a 3% or 4% or 5% earning rate on that deposit. And that's hardly the time to people say, hey go out and invest in the technology front. But people are coming and we're still positive. We're still having positive net inflows. The Board always, as before, remains to bring scale and deliver consistent double-digit earnings growth over the quarter. And management is determined to stay committed and focused on achieving that growth. On behalf of the Board and management, I would like to thank all participants for their individual contributions to the success of Fiducian. Thank you. Continuing with other slides. First item just to remind you, please provide your questions via the Computershare platform and we will address them shortly. Now the first is the adoption of remuneration report, already read out to the shareholders and their votes. Remuneration report is set out in the 2023 Annual Report on Pages 30 to 26. The Board on this resolution is advisory only and does not bind the Directors of the company. However, I note that pursuant to the Act, the 25% or more of votes that are cast are voted against the adoption of the remuneration report. On 2 consecutive annual general meetings, shareholders will be required to vote at the second AGM on a resolution, which is called resolution for another meeting to be held within 90 days of the second AGM at which all the company's directors other than the executive chairman must stand for reelection. I don't think that is necessary now. But the following ordinary resolution is proposed in the Notice of Meeting as the remuneration report is adopted. Please ensure that you have voted on the Computershare platform. The next is to elect Mrs. Kerry Skellern OAM as a Director of the company. Mrs. Skellern's personal details included in the explanatory memorandum attached to the Notice of Meeting. The following motion has to be passed as an ordinary resolution. And Mrs. Kerry Skellern OAM being a Director retiring by rotation and being eligible for election is reelected as a Director of the company. Again, I remind you to please ensure that you have voted on the Computershare platform. [indiscernible] have been received to deal with other business in accordance with the company's constitution and the Corporation Act as there is no other business, we will turn to any questions as shareholders have wished to ask the company. As part of our Notice of Meeting, we ask shareholders to send questions through Computershare for a response Computershare haveconfirmd that there was no questions received by this meeting. Our Accounting Secretary, Paul Gubecka, will now identifying any shareholders from the Computershare platform who wish to ask a question and then you will have the opportunity to ask your question. Paul, are there any questions?

There are no questions from the platform.

So no questions. Any questions from the floor? [indiscernible]

[indiscernible] I think on behalf of the shareholders, we have to congratulate you on 30 years and an excellent result. So well done. I can remember, Indy, when [indiscernible] state library look around the various ideas and came back with Fiducian. But it sounds solid you choose the logo of lion [indiscernible] you think of the lion, it just steadily walks through the and it's strong, knows where it's going. Of course, it sees an opportunity like fresh gazelle or something, it pounces. And when you look back over our 30 years, we've been really solid, steady, clear long-term goals, which you attained. And the opportunities have come up, and the organization has taken notice and jumped. And so, Indy, to reach $100 million turnover including [indiscernible] claim, long-term congratulations.

It isn't that simple. We get pass today. I have a whole list, and I said and I my daughter [indiscernible] name. One of the strange ones that came up was which means sunrise [indiscernible] in frustration because we had relations. I thought Pinnacle would be good. And I thought if we had to give our golf balls is pinnacle already that has been with the pinnacle 380-something pinnacles. And it was in frustration that has it opened like and english dictionary [indiscernible] which is fidelity and I told to myself, I said if I go back to David and others, and say I've got a company called Fidelity, they'll say, what are you thinking about, mate? Infidelity or fidelity? And then as I closed the book, the [indiscernible] fiduciary, which is trust, integrity, people you trust in fiduciary capacity. And then I brought it back, I think say, okay, we like this. And that's how we got it. But as I said, David was the founding partner of mine and if he had said no, there would be no Fiducian. Rob was the first chairman stand up staff to see again [indiscernible] older at this. [indiscernible] So thank you, Thank you. Thank you [indiscernible] Any other questions? [indiscernible] I suppose. [indiscernible] then I suppose and now no further questions. A person from Computershare would collect any voting cards or the colored voting cards [indiscernible] voting papers. Now I'd like to remind you that if you have voted on the Computershare platform, voting will end at the end of 2 minutes following the closure of this meeting. The outcome of the resolution will be launched at the ASX as soon as after the closure of voting. Thank you for your attendance and confidence in Fiducian. And the meeting is now closed at 11:00 a.m. exactly. Thank you very much.