MoneyMe Limited (MME) Earnings Call Transcript & Summary

Good morning, everyone, and welcome to our 2022 Annual General Meeting for MoneyMe. My name is Peter Coad, and I'm the Chair of MoneyMe. Let me start by apologizing for the delay in the start today. We wanted to make sure that all shareholders who wanted to register had the ability to do so. And we had a small technical glitch, but now we're ready to go. I'd like to begin by acknowledging the Traditional Custodians of the land on which we meet today, the Gadigal People of the Eora Nation and the Traditional Custodians of the other lands from which people are joining the virtual meeting today, and their connections to land, sea and community. I pay my respects to their elders past, present and extend that respect to all Aboriginal and Torres Strait Islander people attending the meeting today. It's now approximately 11:10 and I've been told by our Company Secretary that a quorum is present. So I'm pleased to open the meeting today. Joining me here today is Clayton Howes, our CEO and Managing Director; Susan Wynne, Non-Executive Director and Chair of our Remuneration and Nominations Committee; Jonathan Lechte, Non-Executive Director and Chair of the Audit and Risk Management Committee; Dave Taylor, who is a Non-Executive Director; Mark Stretton, the audit partner from our auditor, Deloitte; Neal Hawkins, our Chief Financial Officer; and Jonathan Swain, our Company Secretary. Joining via the online platform is Non-Executive Director, Scott Emery. The agenda for today's meeting is set out in the Notice of Meeting. The Notice of Meeting was made available to shareholders and lodged with the ASX on the 21st of October 2022, and I propose to take that as read. Before we proceed with the formal part of the meeting, I'll give a short address, and you'll then hear from Clayton Howes, our Managing Director and CEO. I will make some brief comments about the company's renewed mission, our results in the 2022 financial year and our corporate governance framework and sustainability report before handing over to Clayton who will take you through the group's most recent performance, our response to the macroeconomic environment and our strategy and outlook for the year ahead. MoneyMe is a digital nonbank lender and an Australian disruptor. We leverage our market-leading technology to deliver financial products to customers who in an increasingly digital world want seamless access to finance. MoneyMe has made tremendous progress in recent years, and our continuous innovation has allowed us to stay ahead in a competitive landscape. The group today boasts an ecosystem of products that span a large part of the life cycle of our customers' financial life cycle. With innovation being created within the business, we recently added a financial wellness product to our offering, which is receiving strong adoption by our customers. With our growth and expansion into new verticals came the need to rethink how we present ourselves. And earlier this year, we refreshed our brand and our company mission to reflect our ambition to be the #1 challenger to the banks. Reflecting on my address from last year's AGM, much has changed in the past 12 months. The geopolitical tensions, rising inflation and increasing market uncertainty have been impacting our industry. The 2022 financial year was a successful year in creating long-term value, and we are proud of the strides that we've made as a company. While these achievements have not yet been directly reflected in the value gained for our shareholders, they are tremendous results and show MoneyMe's ability to service high demand and scale up. MoneyMe grew its gross customer receivables from $333 million to $1.35 billion, reflecting a 4x increase in our loan book. MoneyMe's tech-enabled business model allowed us to scale fast and efficiently while maintaining our leading customer satisfaction ratings as well as improving the overall credit quality of our book. The scale of these increases was made possible through further development and diversification of our debt funding program, increasing our funding capacity from $300 million in full year '21 to $1.7 billion in full year '22. Organic growth from across our product range accounted for the majority of our growth led by the success of Autopay which has been a game changer in the auto finance industry. Another key highlight, of course, was the acquisition of SocietyOne, which has added a further $400 million of high-quality assets to our book. The acquisition also extended our distribution channels, opened up significant cross-sell opportunities to a larger customer base and provided access to strategically important partnerships and IP. It's pleasing to note that the integration of SocietyOne business is proceeding well ahead of plan with our expectations on benefits from the operational efficiency, credit portfolio diversification and enhanced origination opportunities all being realized. MoneyMe's cash profit, revenue and gross customer receivables were all substantially up on previous years. It's particularly pleasing to note that growth in gross customer receivables was achieved alongside a triple-digit increase in revenue and a strong cash profit of $20 million, reducing net loss rates and the realization of clear operating efficiencies within the business. Our ongoing focus on credit quality and further diversification of our customer base saw MoneyMe materially shift the composition of our loan book in 2022. The average Equifax score of our customers continues to improve, as we prioritize higher credit quality customers while reducing exposure to lower quality assets in our portfolio. The success of Autopay has also been a key driver of the increased secured assets in our book, which increased from 2% in full year '21 to 38% at the end of full year '22. Our strong credit performance is reflected in a reduction of our net losses to 4% in full year '22. In September, management provided 2 revised financial statement disclosures to notes 11.2.1 and 11.2.2 on Page 82 of the Annual Report. The updated notes reflect the correct Stage allocation of gross customer receivables with a reduction in Stage 3 and 2 balances and changes to the corresponding ratios. It's important to note that the revisions do not impact any other part of the annual report, including no impact on the consolidated statement of profit and loss, and there is no change to the total provision or impairment expenses. The group has established a strong track record in completing high-quality financial reporting, and it's disappointing that the need for these revisions were not identified in the year-end financial reporting process. The need for the update reflects the complexity involved in the consolidation of SocietyOne from its now legacy accounting systems, which has now been addressed as part of the integration. The full year '23 half year financial reports will include the revised disclosures. The group will so provide an update to its list of 20 largest registered shareholders of fully paid ordinary shares as at the 11th of July 2022 in October. The revised list included escrowed shares that were inadvertently admitted (sic) [ omitted ] from the list included in the full year '22 annual report. Enhanced verification processes have now been established in these areas. Following the release of our inaugural sustainability report as stated earlier in 2021, the group has issued a comprehensive sustainability report reflecting an ongoing commitment and significant progression on our ESG agenda. Among other factors, the sustainability report includes measurements of the group's greenhouse gas emissions as well as the disclosures adopting the Task Force on the Climate-Related Financial Disclosures, TCFD framework. I'm pleased to note that our sustainability report now also includes third-party assurance in relation to our Scope 1, 2 and 3 emissions. A stand-alone copy of MoneyMe's sustainability report is available on MoneyMe's investor website, and I would strongly encourage all of our shareholders to review it. We have aligned our ESG approach to the internationally recognized B Corp framework with the aim of becoming a certified B Corporation. B Corp Certification requires a change to our constitution, which we're asking shareholders to approve later today. MoneyMe is determined to do the right thing by our customers, employees, community and the environment. The B Corp framework allows us to measure and improve our impact in the way that is understandable, verifiable and recognizable. As ESG reporting is not yet regulated in Australia, we recognize the need to align our ambition to a framework that gives us all and all of our stakeholders confidence in our sustainability initiatives. This is not only important for our people and the planet but it's also in the best interest of our shareholders. Strong sustainability performance has been proven to lead better business outcomes, and we see a great opportunity in being an ESG leader. The constitutional change that we are seeking approval for cements these values into our governing documents to ensure that we will always consider the impact of our actions on our people, community and the environment. I'd like to take this opportunity to recognize and thank my fellow Board members for their commitment and the expertise they have provided to the business in the past year. Jonathan Lechte, our Non-Executive Director and Chair of the Audit and Risk Management Committee, has now decided it's time for him to retire as a director effective 30th of November. Jon has Chief Executive responsibilities with another ASX-listed company, and he'd like to ensure that he continues to devote his full executive attention to that role. I'd like to take this opportunity to thank Jon for his contributions to the Board and stewardship through the company in his 3-year term as a director and also during his previous contribution to the development of the company as a member of its advisory board. Thanks, Jon. To replace Jon and in line with the group's full year '22 governance statement, the Board intends to appoint an additional female director with senior executive experience in financial accounting and reporting, corporate finance and internal controls. Subject to formalities, we expect to announce the appointment early in December. On behalf of the Board of Directors, I would like to thank Team MoneyMe for their unwavering commitment to finding innovative groundbreaking solutions to customer pain points, also for their ongoing focus on delivering shareholder value in what has been a very challenging year for the industry. With that, I'll stop there, and I'd like to hand over to Clay for his presentation. Thank you.

Thank you, Peter. Good morning. To our shareholders and staff, I would like to thank you for your support and strong conviction for what we are creating at MoneyMe. I'm pleased to present our strategy for the year ahead, the trading results from our first quarter, our funding strategy and the outlook for the rest of FY '23. The market environment in Australia has changed in 2022. Whilst there are challenges, the changing market conditions also present significant opportunities for our business, a model that we can use to adapt. The demand for our products continue to be very strong as our digital first, simple and fast product experience gained significant traction with customers. We adopted a strategy to move prices with the RBA rising rates to protect margins in our products. From the high demand, we are prioritizing higher credit quality customer segments, which has skewed the loan book significantly to above the average Australian Equifax credit score. After a year of significant customer and loan book expansion, we made the shift to moderate new originations growth to manage our liquidity in the business and bring the timing for statutory returns forward. Our ambition to grow market share by leveraging technology advantages, and our expanding product range remains high. And the project we've commenced to find strategic new capital will help exploit the opportunities we have before us. I'm pleased with MoneyMe's execution of its strategy of building profitability, delivering gross revenue of $57 million in the first quarter of FY '23 and the integration of SocietyOne progressing ahead of the planned cost synergies. Gross customer receivables at the quarter were $1.28 billion, that's up 183% year-on-year. New originations were $130 million, that's down 25%, but in line with our current strategy. Net losses 5% compared to 5% in the first quarter of '22. Tech-enabling SocietyOne's new business originations on the Horizon Technology Platform was another major milestone, accelerated by the group as we realize the synergy benefits from the acquisition. This allows us to also provide new SocietyOne customers the same leading experience that MoneyMe is known for. I'm excited to share that MoneyMe was recently named Digital Disruptor of the Year in the 2022 Finder Innovations Awards, following our Canstar Innovation Excellence Award earlier this year. The Finder innovation awards elaborate the most innovative and forward-thinking businesses in Australia and it was great to see the contributions to modernizing and shaking up the financial services industry, being recognized by this award. MoneyMe was also a finalist in the Best Lending Innovation and Best Tech Innovation categories for Autopay and our in-house built AI engine, AIDEN. Capitalizing the business to fund asset growth and support debt facilities was an important and positive step for the business. Despite the discount that was required as a result of competitive equity market conditions, and generally market support for the nonbank lending sector. We completed the $21 million equity capital raise in October this year, following shareholder support at the EGM. We're grateful for the ongoing support from existing shareholders, including Directors who participated, and pleased to welcome a number of new high-quality institutional investors onto our share register. We believed it was important to offer shareholders the opportunity to participate in the raise at the same offer price as under the placement under advisement. So we did a share purchase plan. We did not accept any funding under the share purchase plan given that the market price of MoneyMe shares were lower than the offered price at the end of the offer period. During FY '23, we have experienced more challenging securitization term-out and capital market conditions as well as high interest rate environment, all of which have made it more difficult to achieve and maintain the level of capital needed to take advantage of the substantial growth opportunities available in the business. This has come to the top of generally challenging equity market conditions for most of the year, which led to a decision to increase the size of MoneyMe's senior secured financing facility with our Pacific Equity Partners by $25 million in February 2022 to fund the acquisition of SocietyOne. In light of the macroeconomic environment and other conditions, it's become clear to MoneyMe that maintaining its corporate debt facility at the full $75 million level to term is no longer optimal for our business. To address this, the group is negotiating binding legal documentation with PEP to put revised facility covenants in place in the second quarter of FY '23 with the recalibration of covenant settings that reflect the more challenging market environment, and together commitment by MoneyMe to meet agreed milestones relating to the progression and implementation of the strategic capital initiative, including announcement of a transaction under this initiative by the start of the fourth quarter FY '23. The group will also agree with PEP to repay $25 million of funding plus associated costs under the PEP facility in the second half of FY '23 or the first half of FY '24, depending on the nature of the transaction structure we adopt as part of the strategic capital initiative. This will restore the senior secured finance facility back to its original size of $50 million. The group's decision to initiate a competitive process to identify new capital solutions aims to enable MoneyMe to take advantage of the substantial growth opportunities in Australian consumer and auto finance markets. Morgan Stanley has been engaged to assist with this process. The group is targeting the announcement of a transaction by the start of the first -- fourth quarter of FY '23. A broad range of capital and strategic solutions are being considered with potential transactions, including a strategic capital investment, partnership and other strategic transactions. I note that despite our positive expectations, there's just no certainty that any transaction will eventuate. The group's operating cash flows continue to be supportive by the $1 billion-plus loan book. The steps taken to moderate originations and the realization of SocietyOne related cost synergies with unrestricted cash balances of $19 million at the 31st of October '22. Our undrawn warehouse funding facility -- capacity was $0.4 billion at the 31st of October '22, with revised settings put in place in the second quarter of FY '23 in respect of trust Tangible Net Worth Covenants as we've previously foreshadowed. The group expects to complete further securitization term-outs in the second half of FY '23, market conditions permitting and recognizing that current market conditions whilst they are still challenging. While the macroeconomic outlook continues to be challenged, I believe we are uniquely positioned to deliver innovation while achieving our strategic initiative of generating stat returns. Our proprietary tech platform is our competitive edge, enabling us to be incredibly cost-efficient, but also innovate, change and roll out new products at speed. We made some significant technology advancements in FY '22, including the latest release of our artificial intelligence, AIDEN 3.0, and further automation capabilities, and we'll continue to invest in our technology in FY '23. Autopay continues to be a priority for the business as we prepare to unlock the opportunity in the auto finance market. With the exciting new product innovation in the pipeline that will transform the car buying experience for consumers even further. The business remains on track to achieve revenue of greater than $200 million for FY '23 and expects its progress to statutory profit to be reflected in its FY '23 results. We will continue to moderate our growth in the immediate term and have adjusted our customer acquisition strategy accordingly which includes a reduction of our marketing spend that was used to launch our new brand and focus on our more cost-efficient acquisition channels. Replatforming SocietyOne operations to the efficient MoneyMe Horizon platform to deliver better customer experiences and cost efficiencies is being executed well and ahead of plan with annualized cost synergy benefits of greater than $17 million. As noted earlier, our ambition to leverage the opportunity created in MoneyMe is high and the strategic capital initiative outcome is expected to be announced by the start of the fourth quarter FY '23. Expanding the proportion of secured asset finance and prioritizing the high credit rated customer segments will continue to be our focus in executing our growth plans and in turn, working to safeguard the loan book for what might be a tougher macro environment. And importantly, to our employees, shareholders, and customers. We're looking forward to leading industry on ESG with a B Corp Certification focus in FY '23. Our business is designed to be a challenger. And our confidence in our ability to execute on the strategy for the year ahead is high as our driven and capable team remains focused on seizing the opportunities in front of us. I'd like to thank Team MoneyMe for their relentless execution and dedication to our mission; our Board, for the expert guidance; our customers for giving us the opportunity to service their needs; and our shareholders for your support today. And throughout the year ahead. I look forward to answering any questions you may have later on. And Peter, I'll hand this back over to you now.

Thanks, Clay. We'll now move on to the formal part of the meeting. I'll start by explaining the arrangements for asking questions and voting on the formal items of business. As set out in the Notice of Meeting, there are 3 ways that shareholders can raise questions at this meeting from the floor here in Sydney, via the online platform or via telephone. For those shareholders and proxy holders who are present at the venue here today, I'll invite questions from the floor in the usual way. Only shareholders and proxy holders holding yellow voting cards or blue nonvoting cards be entitled to ask questions from the floor. Visitors holding red visitor cards will not be entitled to speak at this meeting. [Operator Instructions] You can submit questions now or at any stage before the meeting considers the item of business for which your question relates, and they will be dealt with at the appropriate time. If you have a question already prepared, I encourage you to submit it now so that as many questions as possible can be answered. All questions submitted via the online platform will go through our Company Secretary, Jonathan Swain, as the moderator for the meeting. Jonathan will identify each person who asks a question, and then will read out the question. To ask questions via telephone, you will need to dial into the meeting using the numbers displayed on the screen. Shareholders wishing to access the meeting will need to use their unique PIN provided to them by Link Market Services in accordance with the instructions set out in the Notice of the Meeting and the virtual online meeting guide. If you don't have a PIN, and would like to ask a question, please phone Link on 1 (800) 990-363 to get your PIN. [Operator Instructions] For each item of business, we'll take questions from the floor first, then telephone questions and then questions received via the online platform. I ask shareholders asking questions from the floor, telephone or via the online platform to keep questions short and to the point so that all shareholders have a reasonable opportunity to comment and ask questions. We ask that shareholders do not ask more than 2 questions at a time. We reserve the right to rule out questions that do not relate to the business of the meeting. We will also not answer questions that are the same or substantially similar to questions that have already been answered. Otherwise, we'll endeavor to answer all the questions that are possible. As the Chair, I've determined that voting on each of the resolutions will be considered at this meeting via a poll. Shareholders were given the opportunity to exercise a direct vote before the start of the meeting by lodging their voting form that accompany the Notice of the Meeting. Shareholders are also given the opportunity to find a proxy to vote on their behalf at this meeting by lodging the voting form that accompanied the Notice of Meeting. As set out in the Notice of the Meeting as Chair, I'll vote all directed proxies in accordance with the directions provided by shareholders, and will vote all undirected proxies in favor of all resolutions. Shareholders and proxy holders who are attending the meeting in person today and who have not exercised a direct vote before the meeting should have received a yellow voting card on entry to the meeting. If you did not receive a yellow voting card, please see the representatives of Link Market Services who are outside the door here. Shareholders and proxy holders holding yellow voting cards, we invite you to cast their votes on all resolutions by completing the voting cards and placing them in voting boxes. Representatives of Link Market Services will circulate voting boxes after all resolutions have been discussed and before the poll closes. Shareholders and proxy holders who are attending via the online platform may cast a direct vote during this meeting using the electronic voting card given to them via registration on the online platform. Those persons may cast a direct vote at any time from now through to 5 minutes after the close of the meeting. If you have any questions about casting your vote online, please refer to the virtual online meeting guide. This can be accessed via the download section at the bottom right-hand side of your screen. Shareholders will not be able to vote by telephone today. The first formal item of business is to receive and consider the company's financial statements and reports for the financial year ended 30th of June 2022, as set out in the full year '22 annual report. This item of business does not require shareholders to vote on a resolution or formally adopt the reports. Shareholders or their proxies may comment on or ask questions about the financial statements and the reports or about the management of the company. Shareholders may also ask questions of the company's auditor, Deloitte, in relation to the conduct of the audit, the preparation and content of the audit, accounting policies adopted by the company and the independence of the auditor in carrying out the audit. I'll now address any questions relating to this item of business or any general business questions. As I said, we'll start from the floor. So are there any questions from the floor? Thank you. Thanks for joining us, and thanks for your question.

Thank you, Mr. Chairman. My name is [ Bernie Ryan ] I'm representing my self-managed super fund called [indiscernible] Super Fund. I'm just wondering if you could comment. Before I came to this meeting, I just looked up a chart, and I see the share price of this company on the 31st of December was $2.21, and today, it's $0.375. We've heard fairly optimistic views expressed by both yourself and Managing Director. I wonder if you can give me some idea why you think that's taken place and what you see as a resolution to that?

Thank you. I appreciate your question. Since the time that you mentioned, there's been a considerable change in both the geopolitical and also Australian economic environment. And unfortunately, that has meant there has been a considerable change in investors' viewpoints on the valuation levels and on the opportunities for companies like ourselves in a nonbank financial services area. This is due to the rise in interest rates. It's due to the global sort of action that central banks are taking to fight inflation. And also due to significantly decreased investor appetite due to concerns about what's happening in Russia and the Ukraine and other geopolitical issues that are going on. We're unhappy, very unhappy with the current share price, and we believe it does not truly reflect on the work and the strategic developments and the growth that has occurred within the firm really since its inception and since its listing. Our focus, as Clayton mentioned in his update is now to make sure that we are focused on producing strong revenue during the course of this year and producing statutory profits. That's our best way of ensuring that people can recognize that the company is running well, is sustainable and well developed. And we believe that in due course, those focuses and the continued delivery of our innovative products and the way in which we're running the business will take us back to further growth in the share price. But unfortunately, at the moment, we think a considerable amount of what's going on is really market and geopolitical related and impacting companies like ourselves, not just in Australia but also internationally. Are there any other questions from the floor? As there are no further questions from the floor, I now would address any questions via the online or the telephone rather. Are there any telephone questions?

No questions on the phone line.

Thank you, operator. I'll now address any questions, Jon, that are coming in via the online platform.

Thank you, Peter. There is one question from the online platform. This is from Daniel Brady. The question is, "If alternative capital solutions were not achieved, then what would be Plan B to solve it?"

Okay. Thanks for that question. As Clayton mentioned, we are positive about the opportunities that we see in the market and the engagement we're receiving around our alternative capital process. And we've got time to work through that, and we believe that will produce -- has a strong potential to produce a good outcome for us, which enables us to not only manage the company in its current environment but also to progress the opportunity of increasing our participation and growth in parts of the market domestically where we think there are real opportunities with the right risk approach for us. If the capital isn't raised, then we will move on to other alternatives. And in that case, we will let you know and advise the market as appropriate if those decisions are made. We'll focus and continue to focus on keeping shareholders updated under our continuous disclosure requirements, and we'll make sure that you're aware of any changes that come about as we know about them ourselves. Jon, are there any other questions from the platform?

No further questions at this time, Peter.

Okay. As there are no further questions on this item of business, we'll move on to consideration of resolutions for which shareholder approval is sought at this meeting. Shareholders are asked to consider 7 resolutions set out in the Notice of the Meeting dated 21st of October 2022. For each proposed resolution, I'll introduce the resolution. There will an opportunity for shareholders to ask questions on the resolution. Once there are no further questions, I'll call for shareholders to vote on the resolution and display a slide showing the total direct and proxy votes received on that resolution prior to the meeting. As I previously explained, voting on each resolution by poll. The poll for each resolution is now open and will close 5 minutes after the end of the meeting. The results of the poll will be released on the ASX company announcements platform and made available on the company's website after the close of the meeting. We now consider Resolution 1, which is the nonbinding and advisory vote on the company's remuneration report for the year ended 30th of June 2022. The remuneration report is set out on Pages 41 to 53 of the full year '22 annual report. I now move that the company's remuneration report for the financial year ended 30th of June 2022 to be adopted. I'll now address any questions relating to this resolution. First of all, any questions from the floor? As there are no questions from the floor, I'll now address any questions coming in on the telephone. Operator, are there any questions via telephone?

There are no questions on the phone line.

As there are no questions by phone. We'll now move on to the online platform. So Jon, do we have any questions on the online platform?

No, Peter, no questions on the online platform.

Okay. Thank you. As there are no further questions or no questions on this resolution, I'll now put the resolution to the meeting. The direct and proxy votes received for this resolution prior to the meeting are shown on the screen. If you wish to vote on Resolution 1 using your online electronic voting card, please vote now. [Voting]

We now consider Resolution 2. This resolution concerns my reelection. And I'll ask my fellow Non-Executive Director, Susan Wynne, to take over from me during this resolution.

Thank you, Peter. So Resolution 2 is for the reelection of Peter Coad as a Director. Peter is required to retire at this meeting in accordance with the company's constitution. And being eligible, offers himself for reelection. Information relevant to Peter's proposed reelection is set out in the explanatory notes that accompanied the Notice of Meeting. And I note that myself and fellow directors support Peter's reelection. I will now invite Peter to address the meeting. Right, where you are?

Right here. Let's switch again. Thank you, Susan. Ladies and gentlemen, I'm very pleased to be standing for reelection to the MoneyMe Board. I joined the Board as an Independent Non-Executive Chair in October 2019 in the lead-up to the company's IPO and listing on the Australian Securities Exchange. I'm a member of the Board's Audit and Risk Management Committee and its Remuneration and Nomination Committee, which I chaired until November '21. I have more than 30 years' experience in domestic and international banking, having held a number of senior executive roles across financial and capital markets, funds management and commercial banking, and I have a particular expertise in financial services risk management. I believe my broad banking and financial services experience enables me to make a value contribution to the work of the Board and the committees on which I serve. I very much enjoyed working with Clay, the executive team and my fellow directors. And if elected, I look forward to continuing this work to assist the company to realize its full potential for the benefit of all shareholders. Thank you.

Thanks, Peter, and I have pleasure in moving that Mr. Peter Coad, who retires in accordance with Rule 6.1(f)(i) of the company's constitution and being eligible, offers himself for reelection, is reelected as a director of the company. So I will now address any questions relating to this resolution. Are there any questions from the floor? No, no questions from the floor. Do we have any questions from the telephone?

There are no questions on the phone line.

Thank you, operator. And do we have any online questions, Jonathan?

No, Susan. There are no questions online.

Wonderful. So as there are no questions at all of this resolution, I will now put the resolution to the meeting. The direct and proxy votes received for this resolution prior to the meeting as shown on this slide. And if you wish to vote on Resolution 2 online using your electronic voting card, please vote now, and Peter will now reassume the chair. [Voting]

That's great. Thank you, Susan. And also thank you to our shareholders who are voting to support me. We'll now move on to Resolution 3, which is for the reelection of Dave Taylor as a director. Dave was appointed as a Director by the Board in March '22, following the completion of the acquisition of SocietyOne. Dave is required to retire at this Board meeting in accordance with the company's constitution and being eligible, offers himself for reelection. Information relevant to Dave's proposed reelection is set out in the explanatory meeting notes that accompany the Notice of the Meeting. And I note that each of the directors supports Dave's reelection. I'll now invite Dave to address the meeting. Thank you, Dave.

Thanks, Peter, and thanks for the opportunity to briefly address the meeting. I'm very pleased to be given the opportunity to continue on the Board of MoneyMe. I joined the Board, as Peter mentioned earlier in the year, in March, following the merger with SocietyOne, and I had previously been on that Board of SocietyOne since 2018. And since that time, I've had the privilege of working with Clay and the team and the Board and have thoroughly enjoyed it. I've had over 30 years of financial services experience across retail and wholesale banking, payment systems, funds management and capital markets, including 11 years most recently as the CEO of G&C Mutual Bank, where I remain a Director following my retirement as their CEO last year. I previously held senior executive and board roles in several financial services organizations, including on the Boards of 2 banks and 2 superannuation funds and as an appointed government appointed member of the Australian Payment Systems Council. I'm very passionate about harnessing innovation and technology to deliver values-based banking services, which is obviously something that we do here at MoneyMe. I'm a very strong supporter of the Global Alliance for Banking on Values of which G&C Mutual Bank was and still is a member. It's been a great pleasure to work with the MoneyMe team over the past 8 months. And I've been particularly impressed by the smooth integration of the SocietyOne and MoneyMe businesses and look forward to seeing the delivery of further synergy benefits in the year ahead. I believe my broad banking and financial services experience will enable me to continue making a valuable contribution to the work of the MoneyMe Board and look forward to the support of all shareholders. Thank you.

Thanks very much, Dave. I have the pleasure in moving that Mr. David Taylor, Dave, who retires in accordance with Rule 6.1(e) of the company's constitution and being eligible, offers himself for reelection, and is reelected as a Director of the company. I'll now address any questions relating to this resolution. We'll start out with any questions from the floor. There are no questions from the floor. I'll now address any telephone questions on this resolution. Operator, any questions on the telephone?

There are no questions on the phone line.

Thank you. Jon, do we have any questions that have come in via the platform?

No, there are no questions via the platform.

Okay, thank you. As there are no questions on this resolution, I'll now put the resolution to the meeting. The direct and proxy votes received for this resolution prior to the meeting are shown on the slide. If you wish to vote on Resolution 3 online using your electronic voting card, can you please vote now. [Voting]

We'll now move on to Resolution 4, which seeks approval to amend the company's constitution. This resolution is proposed as a special resolution, which means that in order for it to be passed, at least 75% of votes cast by the shareholders voting in person or in proxy must be in favor of the resolution. There are 2 sets of amendments covered by this resolution. The first set of amendments supports the company's intention to achieve the B Corp Certification, which measures the business' social and environmental impact and may be applied by companies who wish to balance the pursuit of shareholder returns with having a broader positive impact. This reflects the company's ongoing commitment to its Environment, Social and Governance mission. The second set of amendments is intended to reflect certain changes to corporate governance practices since the company was listed on the ASX in December 2019, in particular, to further facilitate the use of technology, at meetings of shareholders and to improve the efficiency and flexibility of administrative matters. Details of the proposed amendments to the constitution are set out in the Notice of the Meeting. A copy of the constitution marked up to show all of the proposed amendments is here at the meeting and has been available on the company's website since the Notice of the Meeting was published. I now move to Resolution 4 as set out in the Notice of the Meeting -- I now move Resolution 4 as set out in the Notice of the Meeting. I now address any questions on this resolution. Are there any questions from the floor? There's no questions from the floor. So I'll move to any questions by the telephone line. Operator, do we have any questions via the phone?

There are no questions on the phone line.

Thank you, operator. Jon, we'll now move to the online platform. Do we have any questions from the online platform?

No, Peter, no questions via the platform. Sorry, one has just come in as I was talking. The question is from [ Stephen Dealy ]. And the question is, "Could you please talk a bit more about the benefits of being a B Corp?"

Thank you. I appreciate the question. At MoneyMe, we have been very focused on the overall values and impact that our company has to shareholders, to our employees, to our broader stakeholders, including service providers and the broader community and also the impact on the environment. The move to B Corp status really just represents the next stage in the evolution of that commitment. And we believe that the B Corp certification represents a very observable and regulated way that we can describe to all of our stakeholders the commitment we are making. It's important to note that the commitments we may make under the B Corp arrangements and under the changes to constitution do not require us to prioritize particular items over the other. So we can continue to be a business that is focused heavily on shareholder returns and also which we believe is important focus on the impact that we have in our community environment and the society in which we live. We believe those commitments will help us in many ways, one of which is that our employees and our staff and the stakeholders that we engage with see this as a very positive and engaging thing that we are committed to this as an organization. And for our shareholders, we have a strong view that being a well-run sustainable organization that focuses on our broader impacts not just to the financial bottom line, but across the impact we have in our community, our other stakeholders, the environment, is long term very healthy for our business and will actually enhance longer-term opportunities for us. Jon, do we have any more questions?

There are no further questions at this time, Peter.

Thank you. As there are no further questions on this resolution, I'll now put the resolution to the meeting. The direct and proxy votes received for this resolution prior to the meeting is shown on the slide. If you wish to vote on Resolution 4 using your electronic voting card, can you please vote now? [Voting]

We'll move on now to Resolution 5, which seeks approval for the provision of financial assistance by certain of the company's subsidiary entities to support the financing of the acquisition of their company in March this year. The resolution is proposed as a special resolution, which means that in order for it to be passed, at least 75% of votes cast by shareholders voting in person or by proxy have to be in favor of the resolution. The Notice of the Meeting contains a detailed explanation as to why this resolution is proposed and the nature of the financial assistance for which the approval is sought. I do not propose to go into any more detail on these topics today, unless shareholders have questions. I now move the Resolution 5 as set out in the Notice of the Meeting, and I'll address any questions relating to this resolution. Are there any questions from the floor? No questions from the floor. Any questions on the telephone?

There are no questions on the phone line.

Okay. I'll now take any questions on this resolution from the online platform.

No, there are no questions on this resolution, Peter.

Okay. Thank you. As there are no questions on this resolution, I'll now put the resolution to the meeting. The direct and proxy votes received for this resolution prior to the meeting is shown on the slide. If you wish to ask -- if you wish to vote, rather, on Resolution 5 using your online voting card, can you please vote now? [Voting]

We'll now move on to Resolution 6, which seeks approval for issue of 3 million fully paid ordinary shares to MoneyMe Finance Proprietary Limited as trustee for the MoneyMe Share Plan Trust. This resolution is passed -- Sorry, if this resolution is passed, the issue of these shares will be excluded in calculating the company's 15% limit on issuing equity securities in ASX Listing Rule 7.1. This will effectively increase the number of equity securities that the company can issue without shareholder approval over a 12-month period following the issue date of the shares. Further details of the reason why these shares are being issued is set out in the Notice of the Meeting. I now move for the purposes of ASX Listing Rule 7.1 and for all other purposes, shareholders approve the issue of 3 million fully paid ordinary shares to the MoneyMe Finance Proprietary Limited as trustee for MoneyMe Share Plan Trust on the terms and conditions described in the explanatory notes accompanying the Notice of the Meeting. I'll now address any questions relating to this resolution. Are there any questions from the floor. As there are no questions from the floor, I'll now address any telephone questions. Operator, do we have any telephone questions?

There are no questions on the phone line.

As there are no further questions from -- no questions from the telephone, Jon, do we have any via the online?

No questions on the online platform, Peter.

Thank you. As there are no further questions or no questions on this resolution, I'll put the resolution to the meeting. The direct and proxy votes received for this resolution prior to the meeting are shown on the slide. If you wish to vote on Resolution 6 online using your electronic voting card, could you please vote now. [Voting]

We now move on to Resolution 7, which approval -- which is for approval to issue 338,710 performance rights to Clayton Howes, the company's Managing Director and CEO under the company's Employee Equity Incentive Plan. Details of Mr. Howes' remuneration package as a Managing Director and CEO and the basis upon which the remuneration was determined is set out in the remuneration report, which can be found in the company's full year '22 annual report. The directors consider that the proposed issue of Performance Rights is an integral part of effectively rewarding and incentivizing executive management in a manner that aligns the interest of management and shareholders and is a key component to an appropriately structured remuneration package for Mr. Howes. Further details about this resolution are contained in the explanatory notes in the Notice of the Meeting. I now move for the purpose of ASX Listing Rule 10.14 and for all other purposes, shareholders approve the issue of 338,710 Performance Rights to Mr. Clayton Howes under the MoneyMe Employee Equity Incentive Plan and otherwise, on terms set out in the explanatory notes, which form part of the Notice of the Meeting. I'll now address any questions relating to this resolution. Are there any questions from the floor? As there are no questions from the floor, I'll now address any questions that come in over telephone line.

There are no questions on the phone line.

Thank you. Jon, as there are no other questions from the floor or the telephone line, any questions from the online platform?

No questions via the platform, Peter.

Okay. Well, as there are no further questions or no questions at all on this resolution, I'll now put the resolution to the meeting. The direct and proxy votes received for this resolution prior to the meeting as shown on the slide. If you wish to vote on Resolution 7 online using your electronic voting card, please vote now. [Voting]

That ends the formal part of our 2022 Annual General Meeting, and I now declare the meeting closed. As I said earlier, the poll will remain open for a further 5 minutes and shareholders who have not already voted may lodge their online votes during that time. Would all shareholders and proxy voters who are present here at the venue and wish to vote on this resolution proposed today, please now complete your yellow voting cards and place them in the voting boxes, which will be circulated by representatives of Link Market Services. The results of the meeting will be announced on the ASX company announcements platform and will be available on the company's website as soon as possible after the close of this meeting. I'd like to thank you for participating in our hybrid meeting today. We look forward to your continuing support in the year ahead. And I'd particularly like to thank all of our shareholders who raised questions today. It's important that we understand what our shareholders are looking to hear from us. Thank you for participating in a hybrid meeting. We look forward to your continued support. Any shareholders who are here at the meeting in-person are welcome to join the directors and some of our staff outside for drinks after the meeting. Thank you.