MoneyMe Limited (MME) Earnings Call Transcript & Summary

Good morning, everyone, and welcome to the 2024 Annual General Meeting of MONEYME. I'm Jamie McPhee, the Chair of MONEYME. I would like to begin the meeting 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 meeting virtually today, and their connections to land, sea and community. I pay my respects to their elders, past and present, and extend all that respect -- extend that respect to all Aboriginal and Torres Strait Islander people joining the meeting today. It's 11:00 a.m. in Sydney, which is [Audio Gap] joining me here today at the venue are Clayton Howes, our Managing Director; Rachel Gatehouse [Audio Gap] and Chair of the Audit [Audio Gap] Dave Taylor [Audio Gap] David Wright [Audio Gap] The agenda for today's meeting is set out in the Notice of Meeting. The Notice of Meeting was made available to shareholders [Audio Gap] I propose to take this as read [Audio Gap] and we're also providing an audio webcast of the meeting [Audio Gap] I'll give a short address [Audio Gap] I'll now give a brief introduction to MONEYME and provide an update [Audio Gap] before handing over to Clayton, who will take you through our results for the first quarter [Audio Gap] strategy going forward. MONEYME is a founder-led digital lender B Corporation [Audio Gap] a portfolio of credit products designed [Audio Gap] who seek fast, flexible [Audio Gap] The core products, car loans, personal loans and credit cards [Audio Gap] with over 500,000 developer [Audio Gap] it creates a competitive edge, allowing MONEYME to assess credit applications [Audio Gap] MONEYME has come a long way [Audio Gap] and continuous innovation has allowed the company [Audio Gap] excellent progress has been made in years, scaling the business through organic growth [Audio Gap] To date, the group has served [Audio Gap] MONEYME is committed to the high standards of sustainability and governance [Audio Gap] As this is my first [Audio Gap] to shareholders as Chair, [Audio Gap] enthusiasm for the company and its future. I believe MONEYME's forward-thinking [Audio Gap] positions us well in the [Audio Gap] Let me now turn to the broader macroeconomic [Audio Gap] in response to the challenges and opportunities [Audio Gap] MONEYME operate in an environment characterized [Audio Gap] Additionally, access to capital markets became [Audio Gap] in response to these factors, MONEYME adjusted [Audio Gap] targeted high-quality borrowers [Audio Gap] approximately 70% of MONEYME's [Audio Gap] allowing it to effectively [Audio Gap] portion of secured assets, has helped offset external credit risk pressures. We expect it to continue to protect the business against interest rate pressures and a projected increase in unemployment in FY '25. During FY '24, the funding program was renewed and expanded on more favorable terms, positioning the business for capital-efficient growth in FY '25. Despite the headwinds, MONEYME capitalized on emerging market opportunities. Shifting priorities of the major banks and their withdrawal from the auto finance sector have created significant opportunity for nonbank lenders. MONEYME has responded by creating market-leading product experiences that outpace the industry standard, particularly for auto financing, and continue to invest in both technology and AI capability in '24. MONEYME's B Corporation certification underscores our commitment to sustainability. This ethos drives both operational success and long-term value creation as we invest in initiatives that promote inclusivity, equity and environmental responsibility. Sustainability is not just a differentiator for MONEYME. It helps us attract top talent, engage socially conscious consumers, and enhance access to capital as ESG criteria becomes increasingly significant to investors. Over the past year, we've made meaningful progress across all ESG pillars. This includes high employee engagement, strengthened governance, new charity partnerships, and enhanced support for customers facing financial hardship. To provide transparency and accountability, we published a comprehensive Sustainability Report, aligned with leading disclosure standards. I encourage all shareholders to review it on our investor website. Now I'd like to look at the strengths that make MONEYME a leader in the digital lending space. At the heart of the company's success is a superior customer value proposition, delivering fast, seamless and innovative lending solutions. The $1.3 billion loan book reflects a robust mix of secured and unsecured lending, supported by the Horizon technology platform, which enables rapid scaling and consistent innovation. With a proven track record of AAA-rated securitization deals, an operating cost-to-income ratio of below 25%, and a capital-efficient funding program, MONEYME is positioned to deliver profitable growth. These strengths provide the company with the foundation to scale further, continue innovating and meet the evolving needs of customers, while delivering attractive return for shareholders. Before I hand over to Clayton, I'd like to recognize and thank my fellow Board members for their expertise and contribution throughout the year. I'd particularly like to extend thanks to Peter Coad, MONEYME's former Chair, for his able stewardship. Peter has left behind a strong foundation that will support MONEYME in future years. Additionally, the company welcomed Susan Hansen as a Non-Executive Director in December 2023. Susan's extensive experience and expertise make her a very valuable addition to the Board and the Audit and Risk Management Committee. I'd also like to thank Clayton and the MONEYME team for all their dedication and hard work during the year. Their efforts have ensured that MONEYME remains resilient and is well positioned for the future. With that, Clay, I'll now hand over to yourself.

Thanks, Jamie. Good morning, everyone. It's a privilege to speak with you today as we review MONEYME's performance, key achievements for FY '24, and our strategic priorities for FY '25. Amidst high inflation and rising interest rates, we executed a clear 5-point strategy in FY '24. The first, enhanced loan book quality by targeting secured and high-credit quality assets, with secured loans now compromising 55% of our portfolio. Second, expanded funding capacity with favorable terms supporting capital-efficient growth and reducing cash drag through initiatives like funding the broker and dealer commissions through our warehouse facilities. Three, improved operating leverage by reducing operating costs despite a growing loan book, maintaining a cost-to-income ratio below 25%. Four, strengthened our technology edge, leveraging automation and the Horizon platform to reduce loan approval and settlement times. And five, bolstered data security to safeguard customers amidst an evolving cyber risk landscape. Through disciplined execution of this strategy in FY '24, we not only navigated a challenging environment but positioned MONEYME for sustainable growth. FY '24 was a year of resilience and adaptability for MONEYME. Despite economic headwinds, we delivered a statutory net profit after tax of $23 million. This achievement was underpinned by several key factors. Strong revenue. We achieved $214 million in revenue, reflecting steady contributions from our loan book and disciplined pricing strategies. Portfolio optimization. We shifted the composition of our loan book to focus on higher credit quality borrowers and increased the proportion of secured assets to 55%, improving risk-adjusted returns. Cost efficiency. By reducing operating costs and maintaining a cost-to-income ratio of 22%, we preserved strong margins even as we scaled. Deferred tax asset realization. As part of this year's result, we recognized a deferred tax asset, contributing to the $23 million profit outcome. Additionally, our ongoing credit risk management strategy and reduced credit losses to 4.5% of the portfolio, further underpinning our profitable results. FY '24 also marked a return to growth in the quarter 4, with a 23% increase in loan originations. This momentum underscores our ability to adapt and thrive in a competitive market, setting the stage for continued success in FY '25. The momentum from FY '24 carried into the first quarter of FY '25 with several key milestones. Loan growth. We originated $211 million in new loans, increasing our loan book to $1.3 billion, reflecting strong demand and a focus on high credit quality borrowers. Portfolio strengthening. Secured loans rose to 58% of the portfolio, further improving credit quality and risk-adjusted returns. Successful securitization. We completed a $178 million personal loan ABS issue and our debut auto ABS issue of $517.5 million, both attracting strong investor demand. The latest transaction unlocks capacity to almost double our existing Autopay loan book, capitalizing on growing opportunities in auto finance. These achievements reinforce our ability to scale efficiently while maintaining a strong focus on credit quality and capital-efficient growth. At MONEYME, we understand that time is a valuable resource for our customers. That's why our products and approach are designed to deliver fast, efficient and seamless experiences that reduce friction in the lending process. Through our proprietary Horizon platform, we offer near real-time loan approvals and settlements, aligning with the expectations of today's customers. This commitment to speed and simplicity is reflected in our customer satisfaction metrics, where we had an industry-leading Net Promoter Score of 69; a Google Reviews rating of 4.6, extending -- exceeding industry benchmarks; high engagement with our mobile app, where over 42% of funded applications originate, and 30% of customers have had 2 or more products with us. By valuing our customers' time and leveraging cutting-edge technology, MONEYME continues to set the standard for digital-first lending, driving both loyalty and advocacy. Looking ahead, our strategy for FY '25 focuses on 5 key pillars. One, extending our technology advantage. We'll invest further in automation and artificial intelligence to enhance customer experiences and operational efficiency. Two, increasing asset-backed finance. We aim to grow secured lending, particularly in auto finance, leveraging our expanded funding capacity. Three, optimizing our funding program. Following 2 successful securitization transactions, we will continue to expand and diversify funding to support growth. Four, leading with ESG. And as a certified B Corporation, we remain committed to strong ESG practices, which resonate with socially conscious customers and investors. And five, expanding product offerings. We'll launch a new credit card product and enhance Autopay's features and distribution to capture more market share. By staying focused on these priorities, we are confident in delivering sustainable growth, operational efficiency and long-term shareholder value. In closing, I extend my deepest gratitude to the entire MONEYME team for their relentless dedication, our Board for their invaluable guidance, and our customers and shareholders for their trust and partnership. Together, we're driving meaningful innovation and delivering sustainable growth. Thank you. I look forward to answering any questions you may have later, and I'll hand you back to Jamie for the formal part of the meeting.

Thanks, Clay. We'll now move to the formal part of the meeting. I will start by explaining the arrangements for asking questions and voting on the formal items of business. As set out in the Notice of Meeting, shareholders can raise questions at this meeting from the floor here in Sydney. Only shareholders and proxy holders, holding yellow voting cards or blue nonvoting cards, will be entitled to ask questions from the floor. Visitors holding red cards will not be entitled to speak at this meeting. If you wish to raise a question from the floor, could you please hold up your yellow or blue card? When I call on you to ask your question, our revolving microphone will be brought to you. Would you please then identify yourself and if you are a proxy or representative of another shareholder, the name of that shareholder, and then you may ask your question. Shareholders were also given the opportunity to lodge questions on notice in advance of today's meeting via the Link Market Services Investor Center. Link Market Services have confirmed that no questions were lodged via the Investor Center. If I could just ask all shareholders to keep your questions short and to the point, so that all shareholders have a reasonable opportunity to comment and ask questions. We do reserve the right toward any questions that do not relate to the business of the meeting or questions that are substantially the same or similar questions that have been asked before, and we'll obviously endeavor to answer as many questions as we can. As Chair of the Board, I've determined that voting on each of the resolutions to be considered at this meeting will be conducted by a poll. Shareholders were given the opportunity to exercise a direct vote before the start of this meeting by lodging the voting form that accompanied the Notice of Meeting. Shareholders were also given the opportunity to appoint a proxy to vote on the meeting -- 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 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 have not exercised a direct vote before this 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 located at the registration desk just outside this room. Shareholders and proxy holders holding yellow voting cards will be invited 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 the voting boxes after all resolutions have been discussed and before the poll closes. Shareholders who have joined our audio webcast this morning will not be able to ask questions or vote via the webcast. The first item of formal business is to receive and consider the company's financial statements and reports for the financial year ended the 30th of June 2024, as set out in the financial year '24 annual report. This item of business does not require shareholders to vote on a resolution or to formally adopt the reports. Shareholders or their proxies may comment on or ask questions about the financial statements and reports or about the management of the company. Shareholders may also ask questions of the company's auditor, Grant Thornton, in relation to the conduct of the audit, the preparation and content of the audit report, accounting policies adopted by the company, and the independence of the auditor in carrying out their audit. I will now address any questions related to this item of business or any other general business questions. So are there any questions? Okay. Thank you. There seems to be no questions on this item of business. We will now move on to the consideration of the resolutions for which shareholder approval is sought at this meeting. Shareholders are asked to consider 8 resolutions set out in the Notice of Meeting dated on the 17th of October 2024. For each proposed resolution, I will introduce the resolution and there will be an opportunity for shareholders present at the meeting 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 this meeting. As I previously explained, voting on each resolution is 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 then be released on the ASX company announcements platform and made available on the company's website after the close of the meeting. Right. We will now consider Resolution 1, which is the nonbinding and advisory vote on the company's remuneration report for the year ended the 30th of June 2024. The remuneration report is set out at Pages 27 to 39 of the financial year '24 annual report. I will now move that the company remuneration report for the financial year ended 30th of June 2024 be adopted. I'll now address any questions related to this resolution. Are there any questions? 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 this meeting are shown on this slide. We will now move to consider Resolution 2. Resolution 2 is for the reelection of Susan Hansen as Director. Susan is required to retire at this meeting in accordance with the company's constitution and, being eligible, offers herself for reelection. Information relevant to Susan's proposed reelection is set out in the explanatory notes that accompany the Notice of Meeting, and I note that each of the other directors supports her reelection. I'll now invite you, Susan, to address the meeting.

Thank you, Jamie. Thank you for this opportunity to stand for reelection to the MONEYME Board. I joined the MONEYME Board in December last year, and I'm a member of the Board's Audit and Risk Management Committee. I have over 40 years of experience in finance, risk assessment and governance. I have served as a Non-Executive Director at listed and non-listed companies in Australia, New Zealand and the United Kingdom since 2001, including Resimac Group, where I am currently also the Interim Chief Executive Officer. It's a privilege to serve on the company's Board. I really enjoy working with Clay, my fellow Board members and the executive team, and I would welcome the opportunity to continue in my position as a Director of your company. Thank you, Jamie.

Thank you, Susan. I now have pleasure in moving that Susan Hansen, who retires in accordance with Rule 7.1(e) of the company's constitution and, being eligible, offers herself for reelection, is reelected as a Director of the company.

I'll now address any questions relating to this resolution. Are there any questions? Yes.

Yes. Charlie Kingston, K Capital. Just a quick question for Susan, just noting the Resimac relationship. And I think they are a significant shareholder in MONEYME. But are there any sort of conflicts or synergies that could be generated from that relationship between your position in Resimac or for MONEYME directly? I don't think we compete in the -- I'm not sure if Resimac is a car business. But clearly, the Somers Group, they're a big shareholder here and as is Resimac, which they control. But if you could touch on that relationship and any benefits for the MONEYME business and shareholders, please.

So as I talk as a Director of MONEYME, I assure you I will always act in the best interest of MONEYME. And if there are any synergistic opportunities, then I hope that we can deliver them. Does that answer your question?

Any more detail? Could we work together or -- Resimac and MONEYME, is there any synergy there? Do they offer car loans or...

So as I say, I will always act in the best interest of the company. And if those opportunities arise, then we will do our best to certainly look after MONEYME.

Yes. Thanks, Susan. Thanks for the question. I'd just like to say, as the Chair, that I think Susan's contribution to the Board is excellent. And any sort of potential conflicts of interest, I'm very comfortable they're very, very well handled. So thank you for that question. Are there any further questions?

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 are shown on this slide. Right. We'll now move to consider Resolution 3. As this resolution concerns my reelection, I'll ask my fellow Director, Dave Taylor, to assume the chair during consideration of this resolution.

Thanks, Jamie. As indicated, this Resolution 3 is for the reelection of Jamie McPhee as a Director of the company. Jamie is required to retire at this meeting in accordance with the company's constitution and, being eligible, offers himself for reelection. Information relevant to Jamie's proposed reelection is set out in the explanatory notes that accompany the notice of the meeting. And I note that each of the other directors strongly supports Jamie's reelection. I will now invite Jamie to address the meeting.

Great. Thanks, Dave. Ladies and gentlemen, I'm pleased to be standing here today for reelection to the MONEYME Board. I joined the Board as a Non-Executive Director in March of this year and took up the position of Chair of the Board upon the retirement of Peter Coad in June. I'm also a member of the Board's Remuneration and Nominations Committee. I have more than 35 years' experience in banking and financial services as a Senior Executive and Director, including the CEO of ME Bank from 2010 to 2020. And prior to that, an Executive Director of Bendigo and Adelaide Bank and Managing Director of Adelaide Bank. I'm currently a Director of G&C Mutual Bank and was also the Chair of the Board of SocietyOne prior to its acquisition by MONEYME in 2022. I believe my broad banking and financial service experience enables me to make a valuable contribution to the MONEYME Board. If reelected, I look forward to continuing to work with the Board and management and the management team to assist the company to realize its full potential for the benefit of all shareholders. Thank you.

Thanks, Jamie. So I have pleasure in moving now that Mr. James McPhee, who retires in accordance with Rule 7.1(e) of the company's constitution and, being eligible, offers himself for reelection, is reelected as a Director of the company.

I will now address any questions relating to this resolution. Are there any questions? Thank you. As there are no questions, oh, sorry...

Charlie Kingston again. Just noting you were Chair of SocietyOne and, sorry, I haven't done my homework. But I forget the price at which MONEYME bought SocietyOne, and I think it was heavily [ script ]. I think the stock was closer to $2 from memory. But could you just give us your thoughts? Clearly, today, we're at $0.12, so something has gone wrong in the interim. Not blaming that merger by any means. But the merger, as it stands, it was a very large transaction. You were the Chair. Do you think the merits of that are still sound? And going forward, has there been any change to SocietyOne? Or has the merger -- are we heading in the right direction? And is it really going to benefit the business going forward? Noting that you were Chair, so I suppose you're well sold. Could you just give us your high-level thoughts compared to when the merger occurred to where we stand today, please? And the trajectory back to a similar sort of share price levels, notwithstanding, of course, the heavy recap recently.

Sure. Thanks for the question. So any merger is a decision between 2 companies and their shareholders. So that's really not for me to comment on other than my personal belief is that scale in financial services is important. And MONEYME now has scale, and we can talk about it further. But I generally believe that the strategy, as I mentioned in my opening address, the strategy now that MONEYME has in place is well positioned for the future and to benefit from the economies of scale that it has in place. I think the products that it offers to the marketplace are first class. And I think the technology that underpinning it provides a genuine competitive advantage.

Thanks, Jamie. Just for completeness, I might just add a couple of comments on that, given if you don't know already, it will be evident in a moment that -- and be mentioned that I was also previously on the SocietyOne Board and indeed was on that Board for 4 years prior to the acquisition, so a longer period than Jamie. And I think, obviously, I endorse what Jamie said. But it's also interesting to note that I think whilst the market conditions changed post that acquisition and that affected everyone in the sector, the assets that constituted the SocietyOne part of the book have actually performed extremely well. There have been some challenges as all shareholders are aware on what has been gone through in the subsequent few years, including the need for that capital raising, which has affected the share price, which we all think is lower than where this company needs it to be or where it should be. And hopefully, many of the measures that are in place and have been discussed today by Clay and Jamie will have us on that right path. So now where was I?

As there are no further questions, I will now put the resolution to the meeting. The direct and proxy votes voted received for this resolution prior to the meeting are shown on the slide. And I'll now ask Jamie to resume the Chair.

Thanks, Dave, and you probably don't need to sit back in your chair because we need you in a second. So I'm now going to move to Resolution 4, which is for the reelection of Dave Taylor as a Director. Dave is required to retire at this 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 notes that accompany the Notice of Meeting, and I note that each of the other directors supports Dave's reelection. I'll now invite Dave to address the meeting.

Thanks, Jamie. Musical chairs here. I'm very pleased to be given this opportunity to seek reelection as a Director of MONEYME. I joined the Board -- MONEYME Board in March 2022, following the company's acquisition of SocietyOne, where I had previously served as a Director for 4 years. And earlier this year, I became Chair of MONEYME's Remuneration and Nominations Committee. I have more than 35 years' experience in banking and financial services as both a senior executive and a Director and a particular expertise in consumer finance, capital management, strategic planning and governance. I was the CEO of G&C Mutual Bank from 2010 until 2021, and I remain there at G&C as a Director. I'm also currently the Chair of CUFSS Limited and a Director of Our Guard Mutual Limited and Shared Services Partners Limited Proprietary Limited. I believe my extensive experience in banking and financial services will enable me to continue making a valuable contribution to the MONEYME Board. If reelected, I look forward to continuing to work with Clay, the management team and my Board colleagues to help MONEYME grow and prosper. Thank you.

Thanks, Dave. I have pleasure in moving that Mr. Dave Taylor, who retires in accordance with Rule 7.1(f)(i) of the company's constitution and, being eligible, offers himself for reelection, is reelected as a Director of the company. I'll now address any questions relating to this resolution. Are there any questions? Okay. Thank you. Seeing there's 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. We will now move to Resolution 5, which is the appointment of Grant Thornton Audit as auditor of the company. The Corporations Act requires shareholders to approve the appointment of the auditor. Following a competitive tender process, Grant Thornton was appointed as the new auditor of MONEYME following ASIC's consent to the resignation of Deloitte Touche Tohmatsu as auditor of the company. Under the Corporations Act, the appointment of Grant Thornton Audit by the directors lasts until next Annual General Meeting following that appointment. Accordingly, the office of auditor falls vacant today, and it is proposed that the company reappoint Grant Thornton Audit to fill that vacancy. In accordance with the Corporations Act, MONEYME has received written notice from a shareholder nominating Grant Thornton as the auditor. A copy of the notice is included as attachment to of the Notice of Meeting. I now move that in accordance with Section 327B(1)(b) of the Corporations Act and for all other purposes, Grant Thornton Audit, having been nominated by a member of the company in accordance with Section 328B(1) of the Corporations Act, and having consented in writing to act as the auditor of the company, be appointed as the auditor of the company. I will now address any questions relating to this resolution. Are there any questions? Okay. Thank you. As there are no questions on this resolution, I will now put the resolution to the meeting. The direct and proxy votes received for this resolution prior to the meeting are shown on this slide. We will now move to Resolution 6, which is for the approval of the future issue of up to 40 million performance rights under the company's Employee Equity Incentive Plan. Performance rights are issued as the long-term incentive component of the remuneration package of MONEYME employees, which is tied to a fixed dollar amount. Because of the company's current share price, the number of performance rights proposed to be issued under Resolution 6 represents approximately 5% of issued capital. The Board acknowledges this is significantly higher than the historical average, which is typically 1% of issued capital each year. Though I do note last year's performance rights issuance, which is subject to Resolution 8, was also higher than the historical average due to the then current share price of the company. The directors consider that the granting of performance rights under MONEYME's Employee Equity Incentive Plan is an integral part of retaining, rewarding and incentivizing employees in a way that aligns their interest with the interest of shareholders, providing an opportunity for employees to receive an equity interest in the company and work towards long-term success of the company. If Resolution 6 is approved, the Board will ensure that the performance rights are granted judiciously and on conditions that ensure appropriate alignment between the interest of shareholders and the interest of employees. Further details of the reason why these performance rights are being issued are set out in the Notice of Meeting. If this resolution is approved, the issue of these performance rights 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 shareholders' approval over the 12-month period following the issue date of the performance rights. I move that for the purposes of ASX Listing Rule 7.2, Exception 13 and for all other purposes, shareholders approve the issue of up to 40 million performance rights under the MONEYME Employee Equity Incentive Plan as an exception to ASX Listing Rule 7.1. I'll now address any questions relating to this resolution. Are there any questions? 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 this slide. We will now move to Resolution 7, which is for the approval to issue 9,209,091 performance rights to Clayton Howes, the company's Managing Director and CEO, under the company's Employee Equity Incentive Plan. The number of performance rights proposed to be issued represents approximately 1% of the issued capital of the company. Consistent with my comments in relation to Resolution 6, the directors consider that the proposed issue of performance rights is an integral part of effectively rewarding and incentivizing Clayton in a manner that aligns his interest with those of shareholders and is a key component of an appropriately structured remuneration package. Details of Clayton's current remuneration package as Managing Director and CEO are set out in the Notice of Meeting. Further details about this resolution are contained in the explanatory notes to the Notice of Meeting. I now move that for the purpose of ASX Listing Rule 10.14 and for all other purposes, shareholders approve the issue of 9,209,091 performance rights to Mr. Clayton Howes, the company's Managing Director and CEO, under the MONEYME Employee Equity Incentive Plan and otherwise on the terms and conditions described in the explanatory notes of the Notice of Meeting. I'll now address any questions relating to this resolution. Are there any questions? 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. Right. We'll now move to Resolution 8, our final resolution today, which is for shareholder ratification of the issue of a total of 49,879,501 performance rights to employees under the MONEYME Employee Equity Incentive Plan for the 2024 financial year. The comments I've made earlier in relation to the proposed issue of performance rights under Resolution 6 also apply to this resolution. Further details about this resolution are contained in the explanatory notes to the Notice of Meeting. If this resolution is approved, the issue of these performance rights will be excluded in calculating the company's 10% limit on issuing equity securities in ASX Listing Rule 7.1. I will now move that the prior issue of 49,879,501 performance rights under the MONEYME Employee Incentive Plan, as described in the explanatory notes of the Notice of Meeting, is ratified for all purposes, including for the purpose of ASX Listing Rule 7.4. I'll now address any questions relating to this resolution. Are there any questions? Okay. Thank you. As there are no further questions on this resolution, I will 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. So that ends the formal part of our 2024 Annual General Meeting, and I now declare the meeting closed. Would all shareholders and proxy holders who are present here at the venue and wish to vote on the resolutions proposed today, please now complete your yellow voting cards and then place them in the voting boxes being circulated by representatives of Link Market Services. [Voting]

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 the meeting. Genuinely, thank you for participating in our Annual General Meeting today, and we genuinely look forward to your continuing support over the coming year. Shareholders here at this meeting are now invited to join management and the directors for light refreshments. Thank you.