oOh!media Limited (OML) Earnings Call Transcript & Summary

Good morning, everyone. I'm Tony Faure, Chair of the Board of Directors of oOh!media Limited. It's now 11:00, which is the scheduled time for the Annual General Meeting, and I'm advised that necessary quorum is present. I, therefore, have the pleasure of declaring the 2021 oOh!media Annual General Meeting open. Due to the impact of COVID-19 and to allow for maximum shareholder participation, we're having our first-ever hybrid Annual General Meeting. We're joined by shareholders in person here in North Sydney and virtually through the online platform. We've worked hard to ensure shareholders can fully participate in the meeting today, whether they are attending in person or virtually. If you are attending the meeting through the online platform, I recommend keeping the virtual meeting guide nearby in case you have any difficulties. This guide covers how to vote and ask questions. Some of my fellow directors join me today in person. We have CEO and Managing Director, Cathy O'Connor; and non-executive directors, Philippa Kelly, Tim Miles, Darren Smorgon, Andrew Stevens and David Wiadrowski. And joining virtually, we have non-executive director, Mick Hellman. Also here today in person is Sheila Lines, our Chief Financial Officer; Maria Polczynski, our Company Secretary and General Counsel; and oOh!media's external auditor, KPMG, represented by audit partner, Trent Duvall. You'll notice that Joanne Crewes is not with us in the meeting today. Having served as a director since September 2017, Joanne has retired as a director effective 11 a.m. this morning. I'll provide additional information about that later in the meeting. So I will now present the Chair's address. Ladies and gentlemen, in my Chair address today, I'll focus on the company's priorities over the past year, first, in managing through the COVID-19 pandemic; and second, in ensuring that our business was equipped to respond to the short-term market volatility whilst remaining in a strong competitive position for the medium term. I'll discuss our financial results in 2020, our continued focus on capital management and changes to our Board, including the appointment of a new Managing Director and CEO, Cathy O'Connor. COVID-19 had a major impact on advertising spend throughout 2020. The Out of Home sector was impacted more heavily than other forms of media, given the significant audience decline as a direct result of the restrictions on the movement of people caused by the pandemic. Our response was considered and decisive. Our priority was to ensure the company's balance sheet remains sufficiently robust to manage through the volatile conditions whilst supporting our competitive position for the medium to long term as structural growth returns. We also focused on returning the company's costs -- sorry, on reducing the company's costs to adjust the significant -- to the significantly reduced revenue environment with a specific emphasis on negotiating rent relief from our commercial partners and swiftly and significantly reducing the company's capital and operating expenditure for 2020. As a result of these direct initiatives, oOh! has successfully negotiated the myriad challenges faced during 2020. We saw improvements across some of our formats from the third quarter of the year onwards, and we remain focused on maintaining the strength of our business in the short term while preserving our assets and resources to ensure revenue and earnings recovery as audiences return to our advertising environments in the medium to long term. In a very challenging market, total revenue fell 34% to $426.5 million. In our key formats of Road, Retail, Street Furniture and New Zealand, revenue started to recover in the third quarter as government restrictions were relaxed. However, the Fly, Rail and Office formats remained impacted by travel and working restrictions. The 34% decline in revenue resulted in a gross profit of $180.2 million, which was down 36% on the prior year. This decline reflects a significantly lower revenue, only partially offset by fixed rent relief negotiated with our commercial partners and lower variable rent during the period. Underlying EBITDA, pre-AASB 16, declined by 55% to $63.2 million. The net loss after tax, pre-AASB 16, was $23.9 million compared to a net profit after tax for the prior year of $27.2 million. And on a reported basis, including the adoption of AASB 16, the net loss after tax was $35.7 million. Cathy will discuss the financial results in further detail in her address. In response to the significant uncertainty caused by COVID-19, we responded quickly to ensure the company was well equipped to manage through the short-term volatility. We took the prudent decision to strengthen the balance sheet with $167 million equity raising in March 2020. Our priority in undertaking this raising was to protect the rights of our existing shareholders to the fullest extent possible with 91% of the institutional entitlement offer and 73% of the retail offer subscribed to by existing shareholders. I want to thank and acknowledge shareholders for your support during this raising. As at the 31st of December 2020, net debt was $112.2 million, reduced from $354.5 million at the start of the year. The company's gearing ratio, net debt divided by underlying EBITDA, as at the 31st of December 2020, was 1.8x compared to the bank covenant level of 4x, which will reduce to 3.25x by September 2021. As we announced at the time of the equity raising, we have temporarily suspended dividends. As a result, no dividends were payable for calendar year '20. We will revisit this intent in future periods based on the prevailing market conditions and with the consent of our lenders. There were some changes to the Board during the year. Mick Hellman joined the Board as a non-executive director in April 2020, and his election was supported by shareholders at last year's AGM. Mick is founder and managing partner of investment management company, HMI Capital, which is the largest shareholder in oOh! and brings significant international investment experience to the Board, including investments in several Out of Home companies. Andrew Stevens joined the Board as an independent non-executive director in September 2020. Andrew has extensive experience in technology and consulting, including as Managing Director of IBM Australia and New Zealand from 2011 to 2014, and previously, several consulting roles at PwC before being appointed Managing Partner of PwC Consulting across Asia Pacific. Andrew is standing for election at today's AGM and, subject to shareholders' support, we look forward to his continued contribution to the Board. Finally, I'd like to acknowledge Joanne Crewes, who has retired from the Board for personal reasons with effect from 11 a.m. this morning. Joanne joined our Board in 2017 and has made a valuable significant contribution to the Board over that time. I know I speak on behalf of all Board members and management in offering Joanne our very best wishes for the future. We are currently engaged in a process to appoint a replacement for Joanne. Shareholders will recall that Brendon Cook indicated his intention to step down as Managing Director and CEO and from the Board during 2020. Brendon founded oOh! in 1989 and has been an innovator and passionate industry leader for the past 30 years. Given the significant uncertainty caused by the pandemic, Brendon agreed to remain as CEO through to the end of the year, and his last day was the 31st of December 2020. Separately, Brendon has agreed to remain with oOh! in a nonexecutive consulting role, which means the company continues to benefit from his unparalleled knowledge and industry insights. On behalf of the company, I want to personally thank Brendon for his enormous commitment and dedication to building and leading our business for the past 30 years. We are very pleased to welcome Cathy O'Connor as oOh!'s new Managing Director and Chief Executive Officer in January this year. Cathy brings extensive experience from her 35 years working for Australian media organizations, including the last 12 as CEO of Nova Entertainment Group and 5 years prior to that as Managing Director of DMG Radio. Cathy is recognized as one of the most influential leaders in Australian media. Her outstanding qualities, including her proven success in steering media sales organizations by leading strategy and driving organic growth initiatives even in the most challenging of environments will be of enormous benefits to oOh!. You will have the opportunity to hear from Cathy shortly. In closing, I want to acknowledge and thank all of our people at oOh! for their focus and dedication in what has been an extraordinarily challenging year. Whilst the market remains uncertain, as the market leader in Out of Home across Australia and New Zealand, oOh! remains well positioned to leverage the ongoing recovery in audience growth and advertiser sentiment. Our strategy remains focused on capitalizing on the positive key structural drivers of growth in Out of Home and leveraging our diverse product portfolio backed by data to deliver results for advertisers to create value for our shareholders. Thank you once again for your support. I'll now hand over to Cathy.

Good morning, everyone. It's my privilege to present my first address to shareholders at the AGM as Managing Director and CEO of oOh!media, and I'm certainly honored to serve in this position. Today, I'd like to provide my initial observations since joining the company with a focus on the strong platform I believe we have to grow our business to deliver sustainable value creation for our shareholders. I will also provide some further information regarding our financial results for financial year '20 and conclude with some commentary on our trading for the first quarter of this year as an update on current market conditions, including audience metrics across our key formats. Firstly, I want to acknowledge the significant contribution of Brendon Cook as Founder and CEO of oOh! for the past 30 years. As Tony has just said, Brendon has been a true pioneer in the Out of Home industry, and his enormous contribution to the business will be felt for many years to come. While I joined the company only 4 months ago, having worked in the media industry for 36 years, I have long been an admirer of oOh! and indeed the Out of Home sector more broadly. Having now had the opportunity over that time to interact with our people, our clients and our business partners, I'm even more excited by the opportunity we have to grow our business. Let me start with the Out of Home sector in a broad sense. It is a media sector that has a number of natural strategic advantages as a mass reach medium. While COVID-19 has clearly reduced Out of Home audiences for the first time in the company's history, the long-term trends of continued population growth and urbanization remain very supportive for audience growth across Out of Home formats. That provides the unmatched scale, which enables the medium to reach millions of Australians and New Zealanders every day. While traditional media continue to be disrupted by digitization, Out of Home continues to benefit from changes to digital technology. Digitization and technology provide a number of benefits to the Out of Home sector. It allows us to improve our physical assets to provide compelling creative media opportunities for advertisers. It improves the measurement of the sector and our ease of transacting, and it will enhance the way content can be distributed in dynamic ways. These drivers lead to improved return on investment for advertisers, which is the key fundamental for continued share growth in Out of Home compared to other forms of media. The PwC media outlook report predicts the continued growth of Out of Home in taking share from other forms of media through to 2024. Let me now turn specifically to oOh!media. As the market leader across Australia and New Zealand, oOh! is uniquely placed to capitalize on the expected growth in Out of Home. oOh! has unrivaled scale and diversity of formats to deliver for advertisers. This scale enables us to reach 77% of all metropolitan and regional Australians across more than 35,000 locations across our diverse formats. In New Zealand, we reach a similar percentage of the population with over 4,000 locations. The combination of these formats ensures that we can provide maximum reach and frequency for advertisers. At the same time, our data capability means that we can combine oOh!'s audience environments and our extensive audience data sets, such as Quantium, to determine the best inventory to use, when to engage with the desired audiences to maximize campaign effectiveness. We continue to educate our clients on how they can harness the power of oOh!'s diversity of formats and its compelling reach. As an example, we recently launched the Audience Intelligence Hub, which is a new online data resource to provide clients with up-to-date insights for engaging Out of Home audiences. The platform references from over -- references data from over 4,000 Out of Home locations across Australia for deep insight into people movement patterns and audience and behavioral trends across roadside billboards, shopping centers, offices, cafés and university campuses in Australia. As the people movement patterns remain dynamic due to COVID-19, this capability enables us to assist advertisers to target audiences more effectively in the current environment. While I've mentioned the diversity of our formats, let me also mention the balance and diversity of our lease profile. This is an important aspect of the diversity of our revenue base across multiple formats and concessions. No individual concession contributes more than 6% of group revenue. That provides a high degree of revenue diversification and also supports our strategy to remain disciplined on contract renewals. We have continued to add quality assets to our network, including digital large formats in iconic locations in the Eastern Suburbs and Northern Beaches of Sydney. Looking forward, we have a pipeline of 5 new large format digitals and between 50 to 100 small format digitals across Street Furniture and Retail in the next few months. And we were very pleased to renew our partnership with Melbourne Airport earlier this year. Meanwhile, nearly 60% of pre-COVID-19 2019 revenue by concession is attached to contracts that expire beyond 2023. Notwithstanding the key strengths of the business I have just mentioned, it is the people across oOh! that continue to be our greatest asset. Over the past months, I have been greatly impressed by the experience, the caliber and also the resilience of our staff in delivering results for advertisers. oOh! has a very strong culture, and this was never more evident than during 2020 when our people responded admirably to the challenges of COVID-19 to deliver a financial result that exceeded our initial targets. This included negotiation with property partners to deliver $63 million in net fixed rent savings, capital expenditure reduction of $49 million and operational cost savings of $16 million, excluding JobKeeper. Total revenue in calendar year '20 decreased by 34% to $426.5 million, impacted by people movement restrictions which caused an immediate and steep decline in revenue in the second and third quarters. Underlying EBITDA pre-AASB 16 declined by 55% to $63.2 million, reflecting the decline in revenue which was partially mitigated by the significant reduction in costs across the business I have just mentioned. Underlying NPATA, pre-AASB 16, was a loss of $8 million. On a reported basis, which includes the adoption of AASB 16, net loss after tax was $35.7 million. Following the strong focus on capital management initiatives, net debt at December 30, 2020 -- December 31, 2020, was $111.2 million and a reduction of $243 million from the prior year. oOh! remains committed to operating as a sustainable business. Our focus in 2020 was the health and safety of our people to enable working from home, mental health and other initiatives to ensure our people have been supported through the pandemic and can continue to deliver for our clients. We take our responsibility for public messaging seriously, and this was particularly important during the pandemic in conveying important health updates and advice to the public. oOh! was able to play a central role in the dissemination of important public messaging by leveraging our nationwide network of inventory across Australia and New Zealand. We also continued to support a range of community and charitable organizations. In Australia, during the year, oOh! supported various causes and donated 7 media packages at a value of $295,000 each and provided over $25 million in media space to charity and community causes. I will now provide an update on revenue for the first quarter and the current audience and revenue pacing. oOh!'s key formats of Road, Retail, Street Furniture and New Zealand account for approximately 75% of group revenue in a pre-COVID environment. These formats have continued to recover strongly from the impact of COVID-19 in the first quarter of financial year '21 and, in aggregate, are performing at approximately 95% of the first quarter of both 2019 and 2020 and represented approximately 88% of Q1 revenue in financial year '21. Road, in particular, has performed well, consistently pacing above 2019. The other more affected COVID formats of Fly, Office, Rail and Youth traditionally account for about 25% of group revenue. And given the reduction in audiences, revenue in these formats is expected to recover over financial year '21 and financial year '22. In the first quarter, these more affected audience formats were trading at approximately 36% of the first quarter in 2019 and 2020 and represented approximately 12% of Q1 revenue in financial year '21. For the first quarter of financial year '21, oOh! total revenue in Australia declined by 22% compared to the prior corresponding quarter. This decline compares to an overall 24% decline in the broader Out of Home sector as measured by the Outdoor Media Association. In New Zealand, first quarter of financial year '21 revenue declined 6% compared to an overall 8% decline for the Out of Home sector. April 2021 paced at a similar level as Q1 overall and was a softer month for the Out of Home market, but May pacing is stronger. The Road format, in particular, remains in strong demand. Market share was gained during the first quarter and preliminary April data indicates that oOh! has held share April year-to-date. Separately, COVID rent abatements of approximately $11 million (sic) [ $12 million ] are expected in the first half of the year. These are subject to final confirmation of audience and revenue attached to specific contracts or environments and are expected to reduce in the second half, consistent with the expected improvement in audience and revenue in environments still affected, including Fly. As we outlined at the interim results in February, capital expenditure for calendar year '21 is expected to be materially lower than in FY '19, that figure was $56 million, with decisions aligned to revenue growth opportunities and concession renewals. oOh! remains well positioned to leverage the audience and revenue recovery already evident across our key formats. We continue to promote our metropolitan, suburban and regional audience strength as the market leader. For example, in Retail, oOh! is present in over 460 retail centers, of which over 50% are large or medium centers. This delivers the #1 overall network and largest concentration in large and medium centers in Australia. We continue to invest across our asset base. oOh! has an identified pipeline of between $100 million and -- to $150 million for investment into revenue-generating assets over the next 4 years. Ladies and gentlemen, over the past year, oOh! demonstrated its adaptability and flexibility to meet the unprecedented challenges caused by COVID-19. This is a testament to our people and also the strong relationships oOh! maintains with all our stakeholders, including banks, commercial partners and various governments and, of course, our shareholders. We remain grateful for your ongoing support. We are well placed to leverage the improvement in market conditions and audience growth with the most comprehensive network of assets across Australia and New Zealand and the most insightful data to help advertisers reach desired audiences. As I said at the start of my address, I'm excited by this opportunity, and I look forward to sharing our continued progress with shareholders.

Thanks, Cathy. And the notice of the meeting was duly given, and the meeting has been properly convened. I'll take the notice of the meeting as read. Before moving on to the various resolutions to be considered today, for those here in person, I'd like to draw your attention to the voting and question procedures for today's meeting, which are shown on the screen. For those shareholders joining the meeting through the online platform, please pay close attention to the slide currently on your screens. In order to vote or ask a question virtually during the meeting, you will have to register for a voting card. You can do this by clicking on the Get a Voting Card box. It appears at both the top and bottom of the site. You will then need to enter your shareholder number and postcode or proxy number. Please note that only shareholders, proxy holders or shareholder company representatives may vote. Eligible shareholders will be able to cast their meeting -- sorry, cast their vote for, against or abstain for each resolution during the meeting. Once you finish voting on all resolutions you choose to vote on, you must submit your vote by clicking the Submit Vote or Submit Partial Vote button at the bottom of the page. You will be able to edit your votes by clicking the Edit Card until voting is closed at the end of the meeting. You'll be given 5 minutes at the end of the meeting to finalize your voting. A countdown timer will appear at the top of the page, so you know how much time is left to cast your vote. Once you have registered to vote, you'll be able to ask a question during the meeting through the Ask a Question box at the top and bottom of the page. Virtual attendees, who have registered to vote, can either select to ask a general question or ask a question on a specific resolution. You must select the Submit Question box to lodge your question. If you're asking multiple questions, please submit each question separately. I encourage shareholders attending virtually who have questions to send their questions through as soon as possible. If we answer your question during the meeting and you want to reply, please do so by asking a new question. We will attempt to answer all questions raised during the meeting, both in person and through the online platform. But if the same or a similar question is received multiple times, we will only answer the question once. Most of the questions received before the meeting have been addressed in the CEO and Chair addresses. Are there any general questions? Questions relating to a specific resolution should be held until the resolution being considered. While we're waiting for and responding to questions from those attending in person, shareholders attending virtually should submit their questions now. We will address general questions submitted virtually now and any questions specific to a resolution during consideration of the relevant resolution. I do reserve the right as Chair to rule questions as not pertaining to the AGM or out of order.

There's one pre-submitted shareholder question, which is, what is the update on the Sydney Trains contract? And I think I'll answer that one by saying, it's our policy not to comment on live tenders. However, what I can say in an overall sense is, as Cathy said, no one contract represents more than 6% of our revenue or more than 1% of the reach of our network. As with all contracts, we are very aware that winning or retaining a contract is not a financial win if the rent commitment do not support the economic returns on the contract. And I'd note that the diversity of our profile allows us to remain very disciplined on contract renegotiations. Are there any other questions?

Chair, there are no questions submitted online.

Thank you. So if that's the case, we'll come to the matters for formal consideration at the meeting today. All resolutions being put to this meeting are on your yellow voting card for those in person or on your virtual voting card if you are attending through the online platform. You will be able to vote on the resolutions at any stage during the meeting, but I will prompt you to record your votes throughout the meeting. For those voting through the online platform, once you are finished voting on all resolutions, you must submit your vote. Once submitted, you may still edit your vote until voting closes by selecting the Edit Card and then resubmitting your voting card. The 2020 Annual Report contains the financial report, directors' report and the independent auditor's report. A copy of the annual report was made available on the company's website, loaded to the ASX and was sent electronically or in hard copy to all shareholders. The financial statements have been approved by the directors and audited by KPMG. The first item is the receipt and consideration of the financial reports of oOh!media. This is not a resolution. I'll take the financial reports as read. And at this time, I'd like to invite shareholders to ask the auditor questions relevant to the conduct of the audit and preparation and content of the auditor's report. We'll pause briefly to allow for questions. To ask a question on Item 1, please raise your yellow or blue cards now or submit any questions through the online platform. No questions have been submitted?

Chair, no questions have been submitted online.

Thank you. Are there any further questions from the audience today? With no further questions, we'll move on to the resolutions of the meeting. There are 4 of those in total. We'll discuss and vote on each in turn. In accordance with the company's constitution and as set out in the notice of meeting, as Chair, I have determined that voting on each of the resolutions will be conducted by a poll. The results of the polls will be declared and released to the ASX as soon as possible after the conclusion of the business of this meeting. Each resolution is to be considered as an ordinary resolution and as such, must be approved by a simple majority of the votes cast by shareholders entitled to vote and voting on the resolution. I now declare the poll open. Where the Chair has been appointed as proxy, the Chair intends to vote all undirected proxies in favor of each resolution. Resolution 1 is the adoption of the remuneration report. I now move to that. The remuneration report was contained within the 2020 directors' report, which is available as part of the 2020 Annual Report on the company's website and was loaded to the ASX and sent electronically or in hard copy to shareholders. Further details about the resolution are also contained in the explanatory memorandum that accompanied the notice of meeting. This vote is advisory only and is not binding on the company or the directors. The resolution and proxy votes are set out on the current slide. Please note, we will exclude any votes cast on Resolution 1 by or on behalf of any key management personnel or a closely related party whose remuneration details are included in the report. This exclusion means HMI cannot vote on Resolution 1. We'll pause briefly to allow for questions on Resolution 1. Are there any questions? Please raise your yellow or blue cards if you have a question in person. Virtual attendees, please submit any questions now.

Chair, no questions have been submitted online.

Thank you. As there are no questions, I now put Resolution 1 to the meeting. Please now record your vote by selecting the for, against or abstain box against Resolution 1 on the yellow voting card if you're here in person or the virtual voting card if you're attending virtually. [Voting]

Resolution 2 relates to the election of Andrew Stevens. Resolution 2 is that Mr. Andrew Stevens, who retires in accordance with the company's constitution, and being eligible, is elected as a director of the company. The resolution and proxy votes are set out on the screen behind me. I'll just ask Andrew to address the meeting about his election.

Thank you very much, Tony, and good morning, ladies and gentlemen. Thank you for joining us at the AGM of your company oOh!media, and thank you for your ongoing support. I'm Andrew Stevens, and I'm pleased to have served as a nonexecutive director since September 2020 and as a member of the audit and risk and technology committees. The notice of meeting has details of some of my background and experience, so I won't repeat those, but I will point out my relevant qualifications and experience for my ongoing role as non-executive director of your company. I'm Chair of the federal government's Industry, Innovation and Science Australia advisory board and Chair of the Data Standards Body for the Consumer Data Right in Australia, which you may know as Open Banking. I also spent 10 years, as Tony mentioned earlier, the last nearly 5 as Managing Director of IBM Australia and New Zealand. I'm a fellow of Chartered Accountants Australia and New Zealand, which keeps me connected with the profession, the conduct of members in practice and in commerce and helps me to stay current, relevant and up to date. Therefore, I believe I have specific capability and experience in the operational and technology issues that oOh!media is likely to encounter as we help our customers access the audiences they seek and become more successful in their campaigns as a result. It is an honor to serve you in this capacity and, again, I thank you for your ongoing support. Thank you.

Thanks, Andrew. We'll pause briefly to allow for questions on Resolution 2. Again, raise the cards if you're here in person and submit any questions virtually, please, now.

Chair, no questions have been submitted.

No questions? Thanks, Maria. As there are no questions, I'll put Resolution 2 to the meeting. The directors, with Andrew Stevens abstaining, unanimously recommend that shareholders vote in favor of this resolution. Please record your vote now by selecting the for, against or abstain box against Resolution 2 on the yellow voting card if you're here in person or on the virtual voting card if you are attending virtually. [Voting]

I'll move on to Resolution 3, which relates to the approval to issue securities under the equity incentive plan. The approval of shareholders is sought to permit the company to issue securities under the equity incentive plan over the next 3 years. Further details about the resolution are contained in the explanatory memorandum that accompanied the notice of meeting. The resolution and proxy votes are set out on the screen behind me. Please note, we will exclude any votes cast on Resolution 3 by or on behalf of any person eligible to participate in the equity incentive plan or an associate of those persons. We'll pause briefly to allow for questions on Resolution 3. Again, please raise your yellow or blue cards if you have a question in person or submit virtually now.

Chair, no questions have been submitted online.

Thanks, Maria. As there are no questions, I now put Resolution 3 to the meeting. The directors, with Cathy O'Connor abstaining, unanimously recommend that shareholders vote in favor of this resolution. And again, please record your vote by selecting the appropriate box on the yellow voting card or the virtual voting card if you're not here in person. [Voting]

Okay. We'll move on to Resolution 4, which relates to the approval of the Managing Director's participation in the oOh!media equity incentive plan. The approval of shareholders is sought to permit Cathy O'Connor, oOh!media's Managing Director and CEO, to participate in the company's equity incentive plan by being allocated performance rights in the financial year commencing the 1st of January 2021. The plan forms part of oOh!media's remuneration strategy. The resolution and proxy votes are set out on the screen behind me and, again, we'll pause briefly to allow for questions. Are there any questions?

Chair, no questions have been submitted online.

Thanks, Maria, in which case I'll put Resolution 4 to the meeting. The directors, with Cathy O'Connor abstaining, unanimously recommend that shareholders vote in favor of this resolution. Please do so by -- or record your vote by putting the -- whatever, for, against, abstain, et cetera. [Voting]

Okay. Have all shareholders who wish to vote in person done so? A representative from Link Market Services will now collect the voting cards for those here in person. And once all the cards are collected, the votes will be counted. Shareholders attending the meeting virtually are reminded they can submit their vote online until 5 minutes after the meeting closes. The results of the poll will be announced to the ASX later today. That concludes the business of the meeting. On behalf of the Board, I'd like to thank you all for your support and your attendance and participation in this meeting, and I now declare the meeting closed.