Ridley Corporation Limited (RIC) Earnings Call Transcript & Summary

Good morning, everyone, and welcome to the 37th Annual General Meeting of Ridley Corporation Limited. My name is Mick McMahon, and I'm pleased to address the meeting as your Chair. I declare the meeting open and confirm we have a quorum. I'm delighted to be able to extend a warm welcome to our shareholders today, and thank you for joining either here in the room or via our webcast. For those of you in the room, in the event of an emergency, please follow the emergency signs -- exit signs and the instructions of the new staff. In addition to being webcast, this meeting is being recorded for the purposes of its own minutes. And for those in the room, we ask that you ensure any devices are on silent or turned off. I'd like to take the opportunity to introduce our Board to you: Managing Director, Quinton Hildebrand; Rhys Jones, who is presenting for reelection today; Melanie Laing; Julie Raffe; and Daniel Masters, who is also presenting for election at this meeting. As announced earlier this year, Ejnar Knudsen has retired from the Board in October following a long-standing contribution over many years. On behalf of the Board, I extend a sincere thanks to Ejnar for his support and contribution to the success of the company. He leaves Ridley very well positioned. We welcome Daniel Masters to the Board in Ejnar's place. Daniel joined the Board in October, and as mentioned, will be standing for election today. I also welcome Richard Betts, our CFO; Company Secretary, Kirsty Clarke; as well as KPMG partner, Julie Carey, representing our external auditors. The minutes of the last AGM held on 21st of November 2023 have been signed by myself as Chair of that meeting. Our Company Secretary has a copy of the minutes for inspection by any member. Copies of the Notice of Meeting have been made available to all members and can be found in the Investors section of the company's website. Coming off on some procedural matters, we will begin the meeting with a short presentation and then go to formal proceedings, which this year will comprise of 6 items to be decided by poll in accordance with Ridley's constitution. Results of the poll will be released shortly after the meeting on the ASX Announcements Platform and on the Ridley website. For virtual meeting participants, voting on the resolutions is now open, and you can vote any time until I declare the voting closed. You can also change your vote at any time throughout the proceedings. I will give you a clear prompt later in the meeting to warn of the close of voting. For those attending virtually, if you are eligible to vote, once voting opens, press the Vote icon and all resolutions will be activated with voting options. To cast your vote, simply select one of the options for each resolution. There is no need to hit a submit or enter button as a vote is automatically recorded. You will receive a vote confirmation notification on your screen. You can change your vote up until the time I declare voting closed. Please note that only shareholders, proxy holders, or authorized shareholder representatives may vote. Any directed proxies given to you by a shareholder will automatically be cast as directed when the poll is closed. For those of you joining us in person, you have been issued with voting cards on registration. When the poll is closed, our share registrar, Computershare, will collect your voting cards. After introducing each item, I will take questions from those in the room first, then from those participating online. For those in the room, please first raise your red or yellow shareholder admission card, so we can see it, and please say your name before asking your question. Online attendees can submit questions at any time. [Operator Instructions] While you can submit questions from now on, I will not address them until the relevant time in the meeting. Your questions may be moderated, or if we receive multiple questions on one topic, amalgamated together. We will also address any questions received prior to this meeting at the relevant item of business or in general questions prior to the close of the meeting. Online attendees can ask a verbal question by following the instructions written below the broadcast. If you have any difficulties voting or submitting questions, please refer to the user guide located on the right-hand side of the webcast screen or refer to instructions within our Notice of Meeting. If you experience technical difficulties during the meeting, we will assess next steps and will update via a posted message on the webcast. In the unlikely event of a complete failure of technology, our share registrar, Computershare, will contact shareholders via e-mail, if you've provided one, to advise of any adjournment. We may also provide an update on the ASX. For the formalities of the meeting, each resolution and the valid proxy details in respect of that resolution will appear on the screen. As Chairman, I intend to vote any proxies in my favor and support of all motions put, including any undirected proxies in relation to Items 2, 4, and 5, which relate to remuneration issues. Thank you, and I now hand over to our CEO and Managing Director, Quinton, to provide a brief business update.

Thank you, Mick. Good morning, everyone, and thank you for joining us today. As Mick's indicated, I'm going to provide a brief summary on the performance of the business in FY '24 and outline our progress on the FY '23 to '25 growth plan, including an update on our recent acquisitions. FY '24 was the year in which the diversified platform of Ridley came to the fore to deliver a solid platform -- a solid performance despite some challenging market conditions. We were put to the test with lower broiler chicken feed demand due to industry breeding constraints, falling tallow prices with the delay in the construction of renewable diesel plants in the U.S., an outbreak of avian influenza in Australia and general inflationary cost pressures. Yet the Ridley portfolio has demonstrated its resilience, delivering an EBITDA before individually significant items of $92.8 million, up 4.9% on the prior year. Importantly, this was reinforced by a strong operating cash flow. We continue to invest capital into the business in a disciplined way, ensuring that we enhance our capacity and capability to provide earnings growth. In FY '24, $14.5 million was committed to maintenance capital and $18.4 million to growth capital projects. On the back of our financial performance, the strength of our balance sheet, and the outlook for the business, all paid a fully franked $0.0905 per share dividend, up 12% on the prior year. Furthermore, in August, with the share price trading around $2.20, the Board announced an on-market buyback of up to $20 million. However, with the subsequent strength of the share price, none of this has been executed. Pleasingly, in FY '24, the bulk stock feeds segment continued its virtuous cycle, using its integrated scale and capability to grow with existing customers and win new customers. In an economy facing high levels of inflation, Ridley was able to actually offset cost increases to those customers, by part, to these customers by passing on savings from our efficiency projects and by leveraging volume increases. We invested capital to accommodate this growth, which included the debottlenecking projects with the packing and ruminant feed mill and the Clifton monogastric feed mill and various other capability enhancing projects. Ridley Direct, in its second year of operation, doubled its sales such that this business now accounts for 6% of the Bulk Stockfeeds volumes. It's about the size of an average feed mill. This initiative provides the opportunity to generate returns by leveraging our raw material procurement scale and making sales to customers with whom we would traditionally have had no dealings. Overall, our Bulk Stockfeeds business has gained market share in a number of sectors, which today we estimate that we feed 1 in 4 commercially fed animals in Australia. Within the Packaged Feeds and Ingredients segment, the Ingredient recovery business continued to climb the wall of value by extending its product offering and capability with the acquisition of Oceania Meat Processors. OMP is a premium provider of mechanically deboned meat in frozen block form for the global pet food industry with operations in Melbourne and Timaru, New Zealand. This opens the door for Ridley to access new pet food customers domestically and internationally. During the year, both ingredient recovery facilities benefited from increased raw material supply with over half of these volumes contracted on multiyear contracts. The Maroota facility in New South Wales experienced a significant uplift in volumes following the closure of the nearby renderer. And the business is now looking at the options for capital expenditures, so as to optimize the returns on this increased volume. Packaged products business continues to develop new branded products for the rural market. During FY '24, the poultry feed range branding was refreshed and smaller pack sizes introduced for the peri-urban market. In addition, the new packing facility in Narangba, Queensland was completed in December 2023, automating the packing of smaller pack sizes for the petfood range. With the aquafeed sector underperforming, we have relinquished some low-returning aquafeed sales and combined the aquafeed and NovaqPro business units to prioritize servicing the prawn market and commercializing NovaqPro. The Narangba extrusion facility is restructured -- was restructured in the second half of FY '24 from a 7-day operation to a 5-day operation, and we now have extrusion capacity to pursue petfood growth opportunities. At the end of the day, the success of our operations is directly linked to the performance of our people. While employing suitably skilled people a prerequisite, it is the engagement of those employees that makes a difference. And I'm pleased to report our engagement score in recent employee opinion survey. Particularly pleasing was that the highest rating by employees with the safety culture in the business. And I call this out because safety is a key focus area for improvement in Ridley, particularly with the sites that we have recently joined the business through acquisition. Ridley sees the increasing requirements around sustainability as an opportunity for the business to gain a potential competitive advantage in our sector. In FY '24, the Ridley Innovation and Operations Committee transitioned into a Sustainability Committee, provides strategic oversight on sustainability and client-related risks and opportunities. Our first stand-alone sustainability report was published last month we'll see in the report that we've made some meaningful progress in FY '24. I only highlight 2 of these initiatives today. Firstly, that we upskilled our nutritionists in life cycle assessments so that we can provide customers options regarding greenhouse gas emissions in their feed supply. Secondly, we recorded a 4.4% reduction in our CO2 per tonne of finished product through the delivery of energy efficiency capital projects. I've been focused on the right things. We believe that we are making a difference for the environment and the communities in which we operate whilst ensuring profitable outcomes for our customers and for Ridley. By way of an update, the integration of OMP has been progressing to plan since we acquired the business on the 28th of March. Construction of the new leasehold facility, including the custom-built plant into Maroon New Zealand is on schedule to complete by October 2025 and you can see that in some of the photos on the screen. When complete this will replace the currently leased facility in Timaru, enhancing the OMP offering, lowering our operating costs and providing capacity for future growth. In anticipation for this increased capacity, we plan to use the current calendar year '25 contracting cycle to broaden our supply base and our customer access. At this point, we have secured half of our contractual requirements for 2025 and this is in line with the expectations. As the largest renderer in Australia and with frozen block offering in Australia and New Zealand, with unparalleled access to a range of mid protein species that provides a unique opportunity to service pet food manufacturers domestically and internationally, in support of this opportunity, we've been building our petfood capability by hiring petfood expertise so that we can deliver on the expectations of these customers. At the end of FY '24, Ridley made an offer for Carrick feed mill in Tasmania, which completed at the end of August. This feed mill will this enhance Ridley's ability to supply dairy customers in Tasmania, but also in Gippsland, Victoria. As this releases capacity at the Pakenham Ruminant feed mill, which has been supplying the Tasmanian market. I'm pleased to report that the team have moved quickly to resource a second shift at Carrick and also progress the $2 million capital expenditure to automate and debottleneck the feed mill. With the response from the new customers interested in receiving quality feed from a local supplier. We are hopeful that we'll take this feed mill from 12,000 tonnes per annum to 60,000 tonnes per annum in the next few years. Through the acquisition of these 2 businesses, we are deliberately learning and building capabilities so that we can be prepared should other growth opportunities present. Under the direction of the Board, we have also embarked on a program to develop the leadership skills in the business, comprising a development program for existing leaders recruiting new capabilities to augment a wider management team. Looking forward, our outlook statement remains unchanged from the position communicated at the FY '24 results presentation on the 21st of August through this business portfolio, with a diversified spread of operations and markets that provides a platform to deliver consistent growth. In FY '25, Ridley expects earnings growth in the Packaged and Ingredients segment from continued premiumization in the petfood sector, and in the Bulk Stockfeeds segment, from volume increases enabled by the debottlenecking projects. Business continues to take steps to reduce the adverse impact of inflationary pressures by security events and changes in commodity cycles. Cash generated from operations and a strong balance sheet support the $20 million buyback and payment of progressive dividends while still promoting ongoing investment in the business to pursue growth opportunities. Lastly, I'd like to make some acknowledgments for the contributions to Ridley during FY '24 and our success. I'm privileged to work with such a high-caliber chair and directors who bring invaluable experience and a mix of skills to Ridley. Thank you for your wise counsel over the last year and the leadership in positioning Ridley for the future. On behalf of the Board, I wish to thank and recognize the broader leadership team with Ridley. Improved performance year-on-year can only be achieved by effectively enhancing collective effort of our employees and through disciplined execution of our team. To all Ridley employees, thank you for your high levels of commitment to each other, to our customers and suppliers and to the business. We'll drive every day to improve both individually and collectively as building Ridley into a remarkable place to work. I also wish to acknowledge the business relationships we enjoy with a broad range of partners across Ridley from customers and suppliers, service providers and regulators. Thank you for your ongoing support, which underpins the business. Finally, to our shareholders, we appreciate the confidence that you have readily and rest assured, we don't take for granted the opportunity that your investment provides us.

Thank you, Quinton we'll now move on to the formal business of the meeting. The first item of business is the consideration of Ridley's financial reports for the year ended 30th of June 2024, which are available on our website. There's no requirement for shareholders to vote on, approve or adopt these reports. However, shareholders may ask questions concerning the financial statements of the company and the company's auditors are present to answer any questions relating to the conduct of the audit. I invite shareholders to ask any questions regarding this item of business. Kirsty will advise of any questions received in respect to this item online. First of all, are there any questions on this item from shareholders in the room? Yes.

[ Peter Ed ] from the Australian Shareholders' Association. Today, I hold proxies from 48 shareholders and over 570,000 shares. In your directors' joint review, you commented the first priority of Ridley Board and management is the safety of employees, but your key safety measures both worsened again this year. and quite significantly, I would say. What changes are you making in the management approach to safety?

I'll let Quinton answer that one. But I think the context that we are trying to look at safety is that we're part of an agricultural industry where my experience would say that we all, as an industry, have a long way to go on safety. Ridley is part of that. There's been a lot of effort and improvement go into systems and our performance is not where we would like it to be. As Quinton mentioned, that's made more challenging as we acquire businesses with which it's fair to say have further to go on safety than what we do and we try to extend our safety system for each business. So we know it's a challenge, and I'll let Quinton talk about what we're actually doing to improve.

Peter, we're also disappointed by the safety performance of FY '24. And it is a top priority for management and was an oversight. I think the key areas in which we have been focusing is around inductions as well as contract engagement throughout the business with those been within the contractor area, we've had a high incidence of safety occurrences. So from a leadership point of view, this focus particularly in sites where there is recurring events, greater management presence, greater emphasis on some of the standard operating procedures and audits. So that remains our focus and -- to make sure though that whilst putting all this effort into it, that we remain authentic in the management of our safety and ensure that the reporting continues to be made within the business. So that is something that we are encouraged by and also has it reporting lots of engagement by our staff members to ensure that we all have this at the top of our [ growth ].

Thanks, Quinton. Are there questions in the room? Do we have any -- sorry, Peter.

I'll go again if you don't mind. I'd just like to note that your profit growth over the last 3 years has been fairly flat. And with the share price -- sorry, with your share buyback sucking up cash, do you see the outlook for dividends in the coming year changing anyway?

First of all, to answer the last question, we don't see the dividend outlook changing at all. We have a consistent policy of returning cash to shareholders. Probably the key -- one of the key changes in the last few years, the capital allocation which we've introduced that provides the internal discipline and the ability to communicate on the basis on which we decide how much investment is required into the business, how much is available for acquisitions, how much is available for growth for dividends we're issuing to shareholders. And you'll see that we've, essentially, had a progressive dividend policy on over recent years. We don't see that changing. So the share buyback is an opportunity to further return capital to shareholders. If and when we have better uses for the capital inside the business, then we might make different choices around things like buybacks, but we would look to remain consistent on them. Any questions in the room? I will be asking Ms. Kirsty to see if there are questions online..

No, we have no questions online.

Thank you. Thanks, Kirsty. We will now move on to item 2, consideration of the remuneration report. I ask members to consider and adopt the remuneration report as set out on Pages 21 to 30 on the 2024 Annual Report. Corporations Act requires the rem report to be put to the vote. Please note that the vote on this item is advisory only and does not bind the directors or the company. The remuneration report sets out the policy for the remuneration of the directors, the CEO and other designated senior executives and details how their rem is structured. It also contains remuneration details for the directors and senior executives for the year ended 30 June 2024. Noting that each director has a personal interest in their own remuneration from the company as set out in the remuneration report, the directors recommend that shareholders vote in favor of adopting the remuneration report. No votes may be cast on this resolution by key management personnel details whose remuneration are included in the report and their closely related parties. As Chair, I will be voting as proxy only and only where I am entitled to do so. Resolution and a summary of the proxies are displayed on the screen. Are there any shareholders in the room who would like to ask any questions or make a comment on the rem report? None. Are there any questions online?

We have no questions online, Mick.

Moving on to item 3 with the election of the Director, Daniel Masters, was appointed by the Board on 4th of October 4, 2024. Daniel is a partner and founding member of AGR Partners, LLC. AGR Partners is an associated entity and Ridley's largest shareholder, AGR Agricultural Investments. Daniel serves on the AGR Partners Investment Committee and on several -- on the Boards of several AGR portfolio companies. Daniel's current Board positions include SEMO Milling, Rembrandt Foods Holdings and Dairy Technology Services Limited in New Zealand. Prior to AGR, Daniel served as Investment Manager at 2 Australian-based captive private equity funds. The resolution and a summary of the proxies are displayed on the screen. Are there any questions on this item from shareholders in the room? Yes, Peter?

Just a general question, if you wouldn't mind. The -- you lost 2 experienced directors last year, and Mr. Knudsen has now retired and you have a replacement for him. Do you have any plans to appoint additional directors considering that -- the amount of experience you've lost in the last 12 months?

Yes. I think we explained last year that we will always keep a watching brief on what we need on the Board. We have periodically looked at available directors. The capacity to add another director to the Board and we may well do that in the next period. In terms of skills and experience on the board, yes, we have lost the planned succession, I suppose, of 3 experienced directors. All of them are on the Board 10, 12, 13 years. So these things have a natural course. And we're very pleased with the skill experience makeup with the Board. And, though, I stay alive and keep the option open to add another director to the Board. Are there other questions in the room? Any questions online?

We have no questions online, Mick.

You're sure you're punched in? I will now move to item 3, the reelection of Rhys Jones as an Independent Non-Executive Director. Under Ridley's Constitution, one for directors with the exception of [indiscernible] Rhys Jones, being eligible, has offered himself for reelection. Rhys was first appointed on 27th of August 2020, and he has a 30-year career working in Australasian building, manufacturing and packaging industries. Rhys is currently the Managing Director and CEO of Vulcan Steel Limited, an ASX/NZX listed steel distributor with over 70 business units Australasia. He is formerly a Director of Metro Performance Glass Pty Limited. And prior to joining Vulcan in 2006, Rhys held senior roles in particular with Carter Holt Harvey and Fletcher Challenge, including as Chief Operating Officer of the Pulp, Paper and Packaging businesses of Carter Holt Harvey. The resolution and the summary of the proxies are displayed on the screen. Are there any questions from shareholders in the room? Yes, Peter?

I don't wish to be rude, but Mr. Jones is MD and CEO of Vulcan. And given the recent performance of Vulcan, I would have expected that should have had an impact on his workload. So I ask whether you are happy with the attention he is providing to Ridley?

Yes is the answer to the question. But to expand upon that, Rhys is a very experienced commercial person, but also a very experienced director and makes a very strong contribution to Ridley. So we're delighted to have him on the Board. He has been around business long enough. You know that challenges come and challenges go, but all adds up to experience, which is -- and that experience is to the benefit of Ridley and so we want to have Rhys on the Board. Thank you. Are there are other questions in the room?

We have no questions online.

We now move on to item 4. Ridley Corporation Limited long-term incentive plan, part of the company's remuneration policy of providing long-term rewards linked to shareholder returns. ASX Listing Rule 10.14 requires shareholder approval for the issue of new securities to a director under an employee incentive scheme. Mr. Quinton Hildebrand is a Director of the company. Subject to the receipt of shareholder approval under this resolution, the Board has resolved to offer the Managing Director 626,312 performance rights. These rights will convert in fully paid ordinary Ridley shares subject to the achievement of all relevant performance criteria over a 3-year period from the 1st of July 2024 to the 30th of June 2027. A detailed summary of the terms and conditions of the proposed offer is provided in the Notice of Meeting. The resolution and a summary of the proxies are displayed on the screen. Are there any questions on this item from shareholders in the room? No. Are there any questions online?

No questions online, Mick.

Thank you. Now moving to item 5. The Board intends to continue to make regular grants under the LTIP to eligible folks. Resolution 5 seeks the approval of shareholders for issues of performance rights under the LTIP for the purposes of ASX Listing Rule 7.2, exception 13(b) and for all other purposes. ASX Listing Rule 7.1 requires shareholder approval for an issue of equity securities if over a 12-month period the number of equity securities issued is more than 15% of the number of ordinary shares on issue at the start of that 12-month period. ASX Listing Rule 7.2, exception 13(b) provides an issue of securities under an employee incentive scheme is not counted when calculating the available 15% limit under ASX Listing Rule 7.1, if approval sought in accordance with [ 13(b) ]. Accordingly, approval is sought for the purposes of ASX Listing Rule 7.2, exception 13(b), the issue of rights to employees under the LTIP so that such issues do not detract from Ridley's available 15% rule. This approval continues for 3 years, at which time it must be renewed or it will expire. Shareholder approval was last received on 24th of November 2021. In the absence of shareholder approval, issues of rights under the LTIP must be made within Ridley's available 15% capacity at the time of the grant unless a separate shareholder approval is obtained for those issues under the listing rule [ 7.1 ]. Board considers that this resolution will assist the company in continuing to manage its capital requirements efficiently by ensuring that 15% limit is not diminished by issues of grants under the LTIP, capacity is available for capital management and initiatives as may be necessary. A detailed summary of the terms of the LTIP is provided in the Notice of Meeting. The maximum number of rights proposed to be issued under the scheme over the next 3 years is 15 million. The resolution and a summary of the proxies are displayed on the screen. Are there any questions on this item from the shareholders in the room? Are there any questions from shareholders online?

We have no questions from online.

And finally, we move to item 6. Under the Corporations Act, the company may include, in its constitution, provision to enable the company to refuse to register shares acquired and a proportional takeover bid unless a resolution is passed by the members in a General Meeting approving the vote. The Board considers that it is in the best interest of Ridley members for the company to have a proportional takeover provision in its constitution. Proportional takeover approval provisions are currently included in the company's constitution and require a member approval of a proportional takeover bid. These provisions expire 3 years after the last adoption [ which was taken ] in 24 November 2021. Without further adoption, the existing provisions cease to have effect on 24 November 2024. After consideration of the advantages and disadvantages, as outlined in the Notice of meeting, the Board considers that it is in the best interest of its members for the company to operate with proportional takeover provisions embedded in this constitution with a return of 3 years from the date of this meeting. A detailed summary of the proposed provisions is provided in the Notice of Meeting. The resolution and a summary of the proxies are displayed on the screen. Are there any questions on this item from shareholders in the room? Are there any questions online?

No questions online.

All right. I would like to now advise that the voting on all resolutions will close in approximately 1 minute. Please fill in and sign your voting cards and submit votes online to ensure your vote is counted. Computershare representatives will start collecting voting cards physically in the room from you after the voting is closed. The voting results for all of today's resolutions will be released in the ASX and also made available on the Ridley website after the conclusion of the meeting. I now declare physical and online voting closed. Please provide your signed voting cards to Computershare representatives in the room. The business is now -- business of the meeting is now completed and I declare the meeting closed. However, we would like to provide an opportunity for you to ask any general questions that you may have. So again we'll start with questions in the room. Are there any questions -- general questions from the shareholders in the room? Peter, yes.

I was just looking at my voting -- the -- I'd like to congratulate you on the publication of your sustainability report and that the Board now has a Sustainability Committee. I note the meeting attendance in your annual report. And do you expect Mr. Hildebrand to continue to be on that Board Committee? And do you have any comment about directors attending those meetings?

And first of all, thanks for your acknowledgment of setting out the Sustainability Committee. I'd probably struggle to say exactly who's on the committee, and the reason for that is that we have a practice in Ridley of all directors attending all meetings, therefore the formal membership [ Rhys ] and attendance of directors as recorded in various reports. Almost without exception, I think all directors have attended all committee meetings and of course, the -- we do think it's important that Quinton, even if he's not on the committee, is at those committee meetings, because as he's been discussed, we see sustainability important in what we do will and we'll be doing our best to both pursue a productive sustainability agenda while making sure that the actual sustainability of the business for our customers, for our suppliers and for our shareholders. Do we have anything in terms of the management of the committee? I think that's it.

We do record the members of the committee attending, but what we don't record for publication is who actually attends, so I'll just reinforce what we've said that we generally have the full Board at our committee meetings.

Okay. Are there any other questions? Are there any questions online?

We do have a question online from [ Brian Engar ]. It's a general question, can the CEO provide an update on the first 4 [ meetings he had ]?

I will hand over to Quinton.

So I would be happy to state that trading in the first 4 months of the year is in line with expectations. We chose, today, just to reiterate our outlook statement from the first half -- from the full year results, which demonstrates that we expect to see growth in both the Packaged and Ingredients segment as well as the Bulk Stockfeeds segment. Really, we are mindful -- it's not a practice for Ridley to put out formal guidance for the first half or for the full year. We're mindful of the analysts that cover the business and that they have a consensus, and we obviously keep an eye on that. And if there was any reason to put anything -- a statement out because it was too high or too low, we would do so. So in that case, we're comfortable with the trading performance of the business in the first 4 months of the -- of this FY '25 and pleased that it's tracking to expectations.

Thanks, Quinton. Are there other questions online?

There are no further questions online.

One last chance for questions in the room. Thank you. So now I think it's just to thank everybody for the -- your participation today, and I will now officially close the Ridley '24 AGM. Thanks very much.