Navigator Global Investments Limited (NGI) Earnings Call Transcript & Summary

Well, good morning, ladies and gentlemen. Thank you for standing by if you're online, and welcome to the Navigator Global Investment Limited's Annual General Meeting. I would like to - sorry, I'm reading my introduction. My apologies. I spoke here. I'm Mike Shepherd, as just mentioned, and I'm Chair of Navigator Global Investments Limited and Chair of today's meeting. Very pleased to welcome you to Navigator Global Investments Limited 2024 Annual General Meeting. Just after 10 a.m., and I've been informed by our Company Secretary that a quorum is present. So now I declare the meeting open.     The agenda for today's meeting will be as follows: after introducing our directors, I will give my Chairman's address. Navigator's CEO, Mr. Stephen Darke, will then address the meeting, following which we will conduct the formal business of the meeting. And finally, there will be an opportunity for participants to ask any other questions they may have. Firstly, some housekeeping matters, quite a few actually. Shareholders can participate online via webcast, which allows shareholders to watch and listen to the meeting and to ask questions online.   For those of you online who have a question that you would like to put to the meeting today, we suggest that you enter your questions now, and we'll use our best endeavors to address them at the appropriate time during the meeting. Due to time constraints, we may not be able to get to every question. If this happens, we'll be in touch as soon as possible to answer your questions after the meeting. Recording of this meeting will be available on our website shortly after the meeting has concluded.    Shareholders will also be able to join via teleconference and ask any questions by voice. To utilize this teleconference facility, holders must have contacted Link Market Services at least 48 hours prior to the meeting to be provided with the unique PIN. [Operator Instructions]. If we experience any technical difficulties today, a short recess or adjournment may be required depending on the number of shareholders being affected. If this occurs, I shall advise you accordingly. I would now like to introduce to you your other directors and executives.   Those here in person today are Mr. Suvan de Soysa, I might ask you to raise your hands when I do this , who is an Independent Non-Executive Director and joined the Board in September 2021, is also Chair of our Audit and Risk Committee. Ms. Nicola Grenham, also an Independent Non-Executive Director, who has been a Director since October 2020 and is a member of the Remuneration and Nominations Committee. Ms. Lindsay Wright who joined the Board in November last year, is an Independent Non-Executive Director and a member of the Audit and Risk Committee; Mr. Stephen Darke, the Chief Executive Officer of the company; and finally, Ms. Amber Stoney, our Chief Financial Officer and Company Secretary at the end.   Participating virtually, Mr. Sean McGould, an Executive Director and the Chief Executive Officer and Chief Investment Officer of our wholly owned subsidiary, Lighthouse Investment Partners. Mr. Mark Pillemer, who joined the Board in February of this year and who is also Managing Director of Blue Owl, a major shareholder of Navigator. Mark is also a member of the Remuneration and Nominations Committee. Mr. Ross Zachary, the Chief Investment Officer and Head of NGI Strategic Investments. Also attending today in person is Mr. [ Nathan Young ], a partner from our auditor, [ Ernst Young ] . Meeting procedure; For the meeting formalities, the notice of the meeting was duly given and the meeting has been properly convened.    We will turn to resolutions later in the meeting. Please note that only shareholders, proxy holders or shareholder company representatives may vote. Voting on all occasions will be conducted by way of a poll. Shareholders attending the meeting in person should ensure that they have registered their attendance with Link Market Services representative and have been issued a voting card. If they haven't done so, they may wish to do that now. Shareholders attending the meeting online will be able to cast their vote using the electronic voting card received when online registration is validated.   Please refer to the virtual meeting online portal guide or use the help line specified. Following the voting, general business questions will be taken. Those watching online today will be able to ask questions in written format via the online portal or by voice using the teleconference facility during the meeting. I'll provide sufficient notice for shareholders to ask questions in these formats. Shareholders and proxy holders attending the meeting online and wishing to ask a question through the virtual media website, please click the Ask Question button, type in your question and click submit. If you are having any issues being able to ask a question, please refer to the virtual AGM guide or call the helpline number that is on your screen. I encourage shareholders who are attending the AGM online and have a question, submit those as soon as possible. In the event we receive multiple questions on a similar topic, questions will be condensed so as be able to answer as many questions as possible. I will endeavor to answer all relevant questions from shareholders during today's meeting. However, I reserve the right as Chair to rule questions as not pertaining to the AGM and out of order and to take questions on notice.    I propose that the order of taking questions will be as follows: Firstly, any shareholders in physical attendance at the meeting; secondly, from shareholders using the teleconference facility by voice; and finally, from any shareholders who have asked a question online via written text. There  were no shareholder questions received prior to the meeting, although I do understand some have come in just very recently. Okay. Now having got through all the housekeeping, we get to the business of the meeting.    2024 was again a year of change for NGI. The company completed the acquisition of all remaining interest in the 6 manager stakes acquired in 2021 from Blue Owl, 2.5 years ahead of the original scheduled settlement date. This was an important transaction that contributed to strong financial results in 2024, which has enabled NGI to strengthen its balance sheet and improve its ability to support the execution of our growth strategy. The transaction delivers the full earnings of the NGI strategic portfolio, equating to an additional $34.3 million of distribution income earned by NGI in financial year '24. Even when taking into account the new shares issued as a consideration for the transaction, it was EPS accretive.   In financial year '24, NGI delivered a record adjusted EBITDA of USD 90.5 million, up 85% year-on-year and ahead of the upgraded earnings guidance provided in June of 2024. Earnings per share grew by 15%, and the Board was pleased to declare a final dividend of $0.03 per share, in line with our stated dividend policy. Following the announcement of the transaction, NGI made several key changes to the senior executive team to add further leadership capability and enable a greater focus on the Lighthouse and NGI strategic business.   In October 2023, we welcomed Stephen Darke as CEO of NGI and based in Australia. Stephen brings deep expertise in alternative asset management and leads efforts to expand NGI's global growth initiative by a focus on the Australian market. Sean McGould, who was previously the CEO of both NGI and its wholly owned subsidiary, Lighthouse Investment Partners, has transitioned to focus fully on the ongoing evolution and expansion of Lighthouse, which continues to perform well in a challenging environment. We thank Sean for his leadership over the last 15 years as his vision has been a key in evolving Navigator into the diversified platform of alternative managers that it is today. Sean continues in his role as an Executive Director of NGI and remains a significant shareholder.   Our Board also saw changes this year. In addition to Stephen joining us as Managing Director, Lindsay Wright joined as an Independent Non-Executive Director. In March 2024, Marc Pillemer joined the Board as a Nominee Director of Blue Owl. Cathy Hales resigned from the Board in October of 2023 to pursue a full-time executive role, and we extend our gratitude for her contributions and wish her well in her future endeavors. The Board now consists of bringing a diverse range of skills and experience critical to Navigator's continued growth and global diversification within the alternative asset management sector. The Board remains committed to strong governance and Board renewal, and we will continue to evaluate the skills and experience necessary to steward the company's ongoing growth.   On behalf of my fellow directors, I would like to thank the management team for their diligence and commitment in a transformative year for NGI, not only transformative, but extremely a lot of hard work went into it. So, my personal thanks as well as that of the Board. I would also like to encourage our dedicated employees whose hard work and focus have been instrumental in driving Navigator's success. And again, they have worked diligently throughout the year. Thanks also to you, our shareholders, for your continued support of the company. We are excited about the future and confident in the continued evolution and growth of our business. I'll now hand over to our CEO, Stephen Darke.

Thank you, Chairman, and good morning, everybody. Since joining the business in October of last year, I've enjoyed being part of a dynamic team operating a business in a relatively new but fast-growing sector of investment management, which is the acquisition and management of a portfolio of ownership stakes in leading established asset managers globally. There are meaningful tailwinds supporting both the broader alternative asset management industry and firms like Navigator that support the growth of their partner firms. In this exciting environment and with the support of our strategic partners, I look forward to helping develop and accelerate Navigator's growth and success.   As the Chair mentioned, FY '24 was a watershed year for NGI with the completion of a transformative transaction and strong underlying growth momentum from our partner firms, positioning the company for continued growth. This momentum was reflected in: one, the financial outperformance, which reflects the earnings power of the business; 2, the strong investment performance generated consistently across our partner firms in challenging investment markets; 3, successful action taken earlier this year to strengthen NGI's balance sheet and materially increase our free cash flow, which will support continued growth and increase EPS for our shareholders. And then finally, this is in an environment where alternatives are the fastest-growing segment of asset management and are projected to generate over 55% of the global industry's revenues by 2027.   As the only pure-play alternatives firm listed on the ASX, Navigator remains focused on partnering with leading asset managers globally, expanding our portfolio of partner firms and benefiting from the secular shifts in alternatives. Our 11 partner firms collectively manage AUD 110 billion across 42 strategies and 199 investment products. During the year, our managers established and raised capital for new strategies in commodities, royalties and real estate in a difficult fundraising environment globally. With established platforms, our firms are identifying scalable adjacent opportunities to drive organic growth, and we're excited to see how those new initiatives translate into organic growth of our partner firms in the coming years.   NGI's partner firm strategies typically have low correlation to global equity and fixed income markets and to one another, ensuring resilience across market cycles. Private credit remains a standout, consistently attracting strong capital flows, while hedge funds, particularly those led by top-tier managers offering uncorrelated returns are gaining traction given the increased market volatility over the last 12 months. Navigator ownership adjusted AUM increased 3% during the financial year to USD 26.2 billion, driven by strong investment performance. Revenue grew by 46% to $172 million. And after upgrading earnings guidance in June, we were pleased to report adjusted EBITDA of $90.5 million, an 85% increase from the prior year and 4% ahead of upgraded guidance. Pro forma adjusted EPS per share accretion of year-on-year of 9% despite the material equity issuance during the year. Key drivers of this great result included increase in the AUM and management fees across NGI Strategic and Lighthouse, consistent performance fees generated across market cycles and strong distributions from the NGI strategic portfolio, including an additional $34.8 million from the early settlement of the NGI Strategic portfolio acquisition this year.   Pleasingly, private market investments contributed $11.5 million, more than doubling their prior year results. It was especially pleasing to see not only a lack of pressure on fee rates across NGI's portfolio, but indeed increasing average fee rates for both Lighthouse and NGI Strategic, reflecting the sustained demand by investors for quality performing alternative managers and strategies. Given the challenges facing the traditional asset management sector and the sector and leading positions within those sectors that Navigators firms occupy, I believe we are well placed to continue to grow and maintain their strong fee yields.   In a challenging fundraising environment globally, Navigator ownership adjusted AUM increased 3% in the 12 months to September '24 with growth across all segments, but particularly reflected in our NGI strategic private markets. Looking ahead, Navigator expects institutional investors globally to increase their exposure to high-quality firms that diversify equity risk and generate alpha in uncertain market conditions.   NGI has 4 earnings drivers: one, increased net inflows across partner firms; 2, positive sustained investment performance generating fund returns and resilience performance fees at high rates. 3, high operating margins and improving profitability at our partner firms as they scale; and 4, investments in additional partner firms, bringing fee-paying AUM and further diversifying our revenue base. NGI's unique position as the owner of a portfolio of scaled asset managers enables us to drive earnings and AUM growth even in a climate of lower net inflows.   As you can see from the revenue composition slide, our partner firms have strong alignment with the economic performance of their strategies and the returns they generate for investors. We share in this profitability and the growth of those firms alongside the founders and principles. All of our partner firms have strategies that generate annual performance fees. Accordingly, NGI receives revenues derived from both management fees and performance fees.   Over the past 3 years, base management fees have grown at a compound rate of 8%, in line with AUM growth with improved fee yields across all segments of the business. 2/3 of Navigator's revenues now comes from management fees, which are recurring in nature and generated from a diversified portfolio. We have also consistently generated core performance fees, thanks to our partner firm's investment performance. The uncorrelated nature of their strategies and the diversified portfolio provides a resilient source of income for Navigator, and we expect this to continue.   Disciplined and measured capital allocation is central to our strategy. By investing in areas of highest growth and returns, we have and continue to create material incremental value. Valuation and an aligned acquisition structure are fundamental in the consideration of our new investments. We remain focused on those managers that further diversify the portfolio and scale with a preference for those who also generate a higher proportion of fees from base fee earnings and from longer locked-up capital.   We are prudent and measured in our identification, assessment and execution of these new investments as they are important long-term investments with material upside for our shareholders if underwritten diligently. Our competitive advantages include our strategic relationship with Blue Owl, our proprietary origination network globally and strong permanent capital and cash flow generation. It enables us to deliver differentiated profitability to our shareholders.   Our earnings stability is driven by portfolio diversification, alignment of interest and high cash generation. Our FY '24 results underscore the earnings power of our business model with growing AUM, increased profitability and the robust performance of our firms. We expect continued AUM growth and resilient management and performance fee revenues. I am proud of our performance in 2024, and I believe NGI has established a strong platform for future success. We are working on some exciting new growth initiatives, and we look forward to sharing those developments with you.   I would like to thank Mike, Sean and the rest of the Board for their commitment and guidance this year. I've enjoyed the strategic relationship with Blue Owl, and I'm looking forward to working with them to grow NGI. Thanks to the NGI management team, in particular, Ross and Amber, the NGI Lighthouse Partners team globally, all of the employees, and we congratulate our underlying partner firms for their continued success in 2024. Thanks to you, our shareholders, for your continued support and interest. And with that, I'll hand back to the Chairman for the formal business of the meeting.

Thanks, Stephen. As Stephen said, that brings us to the formal business of the meeting, matters requiring resolution, which are outlined in the Notice of Meeting. The Notice of Meeting was dispatched to all shareholders, and I propose that the notice of the meeting be taken as read. The resolutions for consideration today may only be voted on by shareholders, proxy holders and shareholder corporate representatives. Shareholders online through the virtual meeting platform have the opportunity to ask questions on each matter being put to shareholders.   Now, moving on to the resolutions. I propose to call a poll on each of these resolutions. After outlining each resolution, I will invite any questions that pertain to that particular motion and then pause to allow voting via the electronic voting cards. Votes may, of course, be submitted at any time during the meeting. But I confirm that as Chairman today, I've been appointed as a proxy by some shareholders. I intend to vote undirected proxies in favor of each item of the business, although personally I may not be able to vote my own shares.   I also note that there are voting exclusions, which apply to key management personnel in relation to some items of business. These excluded votes, which you'll see on the slides are included in the total of disregarded votes as displayed on this slide. First item of ordinary business is the tabling of the financial report, the directors' report and the auditor's report for the financial year-ended 30th of June 2024. The reports are laid before the meeting as required by the Corporations Act of 2001 but are not the subject of a separate resolution. The earlier addresses including discussion of the company's performance or the financial year.   I now invite you to submit any questions that you may have in relation to reports. I would ask that the questions on any of the other items of business be deferred until we come to that particular item. Also, items of questions of a general nature, can we please leave those to the end. Questions may also be asked of our auditor, Mr. Nathan Young, in relation to the conduct of the audit, the content of the audit report, accounting policies adopted by the company and the independence of the audit in carrying out the audit.   Are there any questions from shareholders who are physically with us today? Are there any questions from teleconference participants on item one?

Thank you. There are no questions from shareholders participating by teleconference.

Thank you. Are there any further questions from telephone participants? Thank you. Sorry, Amber? Okay. Sorry, I'll say that again, as they say in the news online. So, are there any questions from online? Okay. If there are no further questions, we'll move to the next item of business. Remuneration report. Under the Corporations Act of 2001, listed companies are required to include as part of their directors' report, a remuneration report, which includes specified information. Directors have prepared a remuneration report to the 30th of June 2024 and is included in the annual report on Pages 20 to 36 and has been made available to shareholders.   The act also requires company to put to shareholders a nonbinding vote to enable shareholders to voice their opinion on matters included in the report. The Board will consider the outcome of the vote and comments made by shareholders on the remuneration report at the meeting when reviewing the company's remuneration policies. I now put Resolution 2 to the meeting being that the remuneration report for the financial year-ended 30th of June 2024, be adopted by passing an ordinary resolution as set out in the notice of meeting. Are any questions from those physically present? Any from those on the phone?

Thank you. There are no questions from shareholders participating by teleconference.   And for those online. Do you want me to read it out? Did any of the 5 main proxy advisers, ASE, ACSI, Ownership Matters, Glass Lewis, ISS and ASA produce a report ahead of today's AGM? And if so, did any of them recommend against any of today's resolutions, including this remuneration report item? If so, what reasons did they give? And will you disclose the proxy votes before the debate on each resolution so shareholders can ask questions about the reasons if there have been any protest votes.   Finally, why not disclose the proxies to the ASX and with the formal addresses next year. Taking those not necessarily in order. I think you'll find that the proxies are displayed and they're online, I believe. those looking at. So that's one thing. As regards the advice of those various proxy advisers, look, I believe that's a matter. The people are a matter for them and their clients. They send advice to their clients. And whilst we might hear sometimes about what that advice might be, we are not officially advised by all of them about what their advice is.   And in fact, it's difficult to know which shareholders vote against. In fact, the Board doesn't get advice. We just get the sum total. We don't get individuals. And it's hard because so many of the shares are held by way of custodian and nominee. And so, we don't have any idea. I think it is a matter of privacy. And so, I think we're probably -- we can only do what we already do. We're more than happy to answer further questions from the individual afterwards.   Yes. We certainly take all feedback from shareholders seriously. And whilst we may not be formally advised by all of these proxy advisers, we certainly have significant communication with shareholders, and they give us feedback on those they wish, on all the items that they wish to, and we certainly take that very seriously. So now we have to put the resolution to the meeting and those online, and we'll pause. We're going straight. We'll pause for people to vote if they can. Thanks, Amber. We've got more.  [Voting]

Okay. Thank you. So that brings us to the reelection of directors. The next item on the agenda is the election and reelection of directors. Ms. Lindsay Wright and Mr. Mark Pillemmer were both appointed to the Board since the last Annual General Meeting and as required under the company's constitution, must be elected at the next shareholder meeting following their appointment. Mr. Shaw McGill, who was previously exempt from reelection under the company's constitution as he was the NGI Group CEO, retires at this meeting and offers himself for reelection.   The background and experience of each of these directors is set out in the explanatory notes to the meeting, and so I will not repeat these details. Separate resolutions are put to the meeting for each director. First resolution is the election of Ms. Lindsay Wright, and you can see the votes there for and against, et cetera. And I'll put that to the meeting, and that will be via a poll. And I'll pause for a second or 2, sorry, I should ask, are there any questions in the room, online, on the phone, I've probably done that in the wrong order. Okay. All good. We have put bigger pardon, sorry. Could new Director, Lindsay Wright and the Chair comment on the recruitment process that led to Lindsay's appointment to the Board? Was a headhunter involved? Did the full Board interview Lindsay and did they interview any other candidates? Did Lindsay know of any other directors before -- did Lindsay know of any, did they know of any of our directors before engaging with the recruitment process?    The method that the Board uses for recruiting directors is not by one channel alone. There was a recruitment company involved. There also the Board uses its own knowledge for any individual that they may be considering. I am not sure that a lot of the Board did speak to Lindsay, if not all of them. Yes, I'm having nods here. So did Lindsay know any of our directors for engaging? Certainly not me, but through the whole process, I got to know Lindsay very well.

As part of the process, I did not know any of the Board members prior. I was aware from years ago, the outgoing director, Cathy Hales, who I had worked with at Bankers Trust, but prior to the appointment or going through the appointment process we did not know any of the directors.

Okay. I think that answers that question. So we just pause briefly for people to vote on the poll. A second question, sorry, coming in thick and fast. When disclosing the outcome of voting on all resolutions today, including Lindsay Wright's election, could you please advise the ASX how many shareholders voted for and against each item? Similar to the scheme of arrangement, this will provide a better gauge of retail shareholder sentiment and insight into the chronically low retail shareholder participation rate. I voted for Lindsay today and would like to know how many other shareholders did this. The likes of Qantas, ASX, Metcash, AUI, Dexus, Tabcorp and Myer all did this. I'm sorry, we didn't. We have the total votes. Nor are we required to do it. Yes. Yes, we'll consider that, but we don't have the ability to do that right now. So is there any more questions? Okay. Now you can vote on Lindsay.   [Voting]

The next resolution is the election of Mr. Mark Pillemer. We've got the numbers up there. Are there any questions in the room? Any questions online? Okay. And nothing on the phone. Thank you. So that will be put to the vote.  [Voting]

Yes, thanks. I know what to do with that. Resolution 3c, reelection of Sean McGould. Again, these are displayed up there, and we will go through the process of questions online. Are there any on the phone or in the room first? I know I'm not taking these in the right order. online. Nothing online. Thank you very much. So that will now go to vote. Thank you.  [Voting]

Next item for approval is the issue of performance rights to Mr. Stephen Darke. The terms and conditions are outlined in the explanatory notes of the Notice of Meeting as required by ASX Listing Rule 10.14. And do we have any questions in the room on phone, online. Could the CEO summarize his past LTI grants as to whether they have vested or lapsed. Also, has he ever sold any ordinary shares in the company or bought any on market without relying on an incentive scheme to build his equity position in the company. Please don't say, look it up at the annual report and through ASX announcements. It's complicated, and the CEO could factually summarize the situation in 60 seconds. Before I actually ask Stephen to reply to this, I will point out it is in the annual report. And not only is it in the annual report, and I know that Stephen has bought shares. It is notified through company announcements when the specified period, which I think is 48 hours. So that information is available. But having said that, and I noticed Mr. Mayne has asked for Stephen to-- So I'll ask Stephen to do that. I wouldn't bother standing up.

No. Thanks, Mike. First of all, in relation to past LTIP, this is my first grant of LTIP. So I have not been issued and none has lapsed and therefore, none has vested. I own shares in this company before I was appointed as NGI CEO, and I have acquired shares in every window since, and I have not sold anything. it's less than 3 seconds.

Okay. So can that go to the poll, please? [Voting]

Thank you. Next item 5 is the approval of potential termination benefits. This requests that shareholders approve potential termination benefits as set out in the explanatory notes to the Notice of Meeting to eligible employees. This is a 3-year approval to, i.e., to the conclusion of the 2027 AGM for certain potential termination benefits. The approval is sought in accordance with Sections 200B and 200E of the Corporations Act to allow the giving of benefits to each current and future eligible senior executive as described in the explanatory notes to this Notice of Meeting in connection with the retirement of that person from any office in the company or related body corporate referred to in Section 200B.  I'll point out that the reasons are in the remuneration report. These are legacy contracts. which predates the listing. Have we got anything on that one? Anything in the room? Given the interesting discussions across a range of topics today, again, from Mr. Stephen Mayne. Given the interesting discussions across a range of topics today, including this termination benefits item, could the Chair undertake to make an archived copy of the webcast plus a full transcript of the proceedings available on the company website, the likes of 9, AGL, ASX, ANZ, Domino's, IAG, Lendlease and Woolworths all routinely produce transcripts. Would you follow suit today? I wasn't able to find a copy of last year's AGM webcast this morning on your website, but there was a copy of the results webcast. We did put it up. We probably pull it down when the next year has come around.  So I think it has been there in past years as not a transcript so much as actually the full webcast, which I think is probably superior and it's taken down just prior to the following year. So we'll take, whether we use a transcript or not, we'll think about. So if there are no other questions in the room or online, all good. Okay. Thank you. We'll put that to the vote.  [Voting]

Now that brings to an end the formal resolutions.

I'd just like to ask what's the process for increasing your portfolio of investments?

Look, I'll answer very briefly, and then I'll let Stephen it's a rigorous process. Look, I'm going to be rep. I'll let Stephen answer the question because he's been deeply involved.

Thanks very much for the question. And also, I don't know whether my colleagues are on the phone, but assuming Ross Zachary is, he could comment. But yes, we have a number of different sourcing channels for new manager investments. One of them is via Blue Owl and their network. Another one is our own contacts. Once investments have been identified, we usually meet with that target a number of times, understand their strategy and their edge. We have a pipeline meeting every 2 weeks, which has representatives from Blue Owl as well as Ross and myself where we vet that pipeline. And if the transactions progress through to modeling stage and there's agreement on valuation and structure, then we move to term sheet stage and quite a significant amount of diligence and then documentation if indeed the parties reach agreement and there are no issues during due diligence and then those transactions are executed. Ross, if you're on the line, very happy for you to supplement that.

Stephen, can you hear me okay?

Yes, you're good.

Great. [ Brian ], thank you for the question. As Stephen said, that does summarize the process. The only thing I would add is the very starting point is obviously where the current portfolio sits from the exposure from an asset class, investment strategy nature of the earnings as well as nature of the underlying client base of the partner firms that we have. And we start off under the premise of trying to diversify the growth drivers and the exposure we have, and that really informs where we focus our sourcing efforts. And as Stephen said, once we get to know firms from first, a strategic and an investment strategy perspective, we move forward with trying to understand their growth objectives and then how we can support that through a transaction.

Any further questions in the room or on the phone? No. Okay. And we have nothing online. So that brings us to the closing of the meeting. As previously mentioned, shareholders advised, they can submit their vote online until 5 minutes after the meeting closes. So basically got another 5 minutes. Ladies and gentlemen, on behalf of the Board, I would like to thank you for your support, and I now declare the meeting closed. Just to emphasize that the results of all the polls will be available. They will be returned to the ASX, and they will be available on our website and on the ASX website. So thank you all for your attendance, and have a good day.