Stadio Holdings Limited (SDO) Earnings Call Transcript & Summary

Good morning, ladies and gentlemen. It is my pleasure to welcome each and every one of you to the Stadio Holdings Annual General Meeting. My name is Vincent Maphai, and I Chair the Stadio Holdings Board. I would also like to extend a special welcome to all executives and employees at large, and to all members of the Board present here today. Let us firstly reflect briefly on what has been achieved in the past 12 months. In looking back at 2022, I'm proud to see the fruits of the Stadio Group's strategy beginning to emerge and to demonstrate a solid set of financial results. An 89% increase in the group's second dividend. This is phenomenal by any means. More importantly, with the Stadio Group living up to its mission of widening access to quality, higher education for more individuals and servicing in excess of 41,000 students in 2022. The Stadio Group has made enormous strides in positioning itself as the best choice institution for students by offering affordable high-quality education with access to excellent staffing resources and a supportive learning environment. It is through the continued effort of the Stadio Group and its institutions that we can play a meaningful role in the overall wellbeing of our country. We contribute positively to tackling the many socioeconomic challenges within South Africa. As the former Director General of [ Invesco, Irina Boga ] said, "Education is the most powerful tool for socioeconomic development. It empowers individuals, strengthens communities and transforms nations." Thank you for making time to attend the AGM today. The AGM is being conducted entirely by electronic means. I experiences that electronic meetings have increased attendance, reduced costs and provided a more convenient way for shareholders to participate in our AGM. There's always risk of power and WiFi interruption, but we have made provision for that, and we guarantee that the meeting will continue uninterrupted. Some housekeeping matters to familiarize you with how our meeting will be conducted this morning. While microphones have been muted, and you will only be able to hear from myself and other speakers. I will shortly proceed with the constitution of the meeting, and the presentation of the company's annual statements, as well as the resolutions in the same order as set out in the notice of this Annual General Meeting. Upon registration, shareholders, which have received instructions on how voting will occur on the electronic platform. The voting at this meeting will be conducted by pool. I will then hand over to Mr. Chris Vorster, the Stadio CEO, to take you through a short presentation. Following him, Dr. Busisiwe Vilakazi, Chair of the Transformation, Social and Ethics Committee will present feedback from the Transformation, Social and Ethics Committee. After that, we will then answer any questions which can only be submitted through the platform. Questions can be asked by selecting a Q&A icon in the platform and trying -- and typing their questions in text box at the bottom. I will then direct the responses as appropriate. Please feel free to begin submitting your questions, as we proceed through the meeting. Voting will then be closed and Computershare, our registrars who will be at scrutineers as well will tally the votes. Finally, I will make the results of the vote available to you once the poll has been closed. These results will be displayed on the screen. Computershare as scrutineers have confirmed that we have a quorum present in attendance or by proxy. And I declare this to be a properly constituted Annual General Meeting of the shareholders of the company. On 28th April 2023, the Stadio Holdings Notice of Annual General Meeting was distributed to shareholders. This notice of AGM containing the audited financial statements for the year 31 December 2022, as well as reports of directors, audit and risk committees and the remuneration report. Accordingly, the financial statements have been presented as required in terms of the Company's Act and the Stadio Holdings Memorandum of Incorporation. The annual integrated report for the year ended 31 December 2022, and the audited financial statements of the group are available on the group's website and can be obtained from the company at its registered office, if required. The notice convening this Annual General Meeting was posted to shareholders on 28th April 2023, allowing sufficient time for members to produce the content. I therefore propose that the notice be taken as read. As previously mentioned, on registering for this Annual General Meeting, shareholders would have received instructions on how the voting will take place on the electronic platform. The voting will now be opened for all voting. We require an approval for the following ordinary resolutions. Ordinary Resolution #1, to reelect Dr. Busisiwe Vilakazi as an Independent Loan Executive Director. Please record your vote. [Voting]

Thank you. Ordinary Resolution #2, to reelect Dr. Tom Brown as an Independent Non-Executive Director. Please record your vote. [Voting]

Thank you. To reappoint Ms. Mathukana Mokoka as a member and Chairperson of the Audit and Risk Committee of the company. Please record your vote. [Voting]

Thank you. Ordinary Resolution #4, to reappoint Dr. Busisiwe Vilakazi as a member of the Audit and Risk Committee of the company. Please record your vote. [Voting]

Thank you. Ordinary resolution #6, to reappoint Dr. Tom Brown as a member of the Audit and Risk Committee of the company. Please record your vote. [Voting]

Thank you. To reappoint PriceWaterhouseCoopers as the auditor. Please record your vote. [Voting]

Thank you. Number 7 -- sorry just a minute. Following discussions with shareholders since issuing the notice of AGM, the Board has decided to withdraw this resolution noting it is not the company's intention to issue shares for cash. Thank you. Ordinary Resolution #8. Please record your vote. [Voting]

Thank you. Ordinary Resolution #9. Please record your vote. [Voting]

Thank you. We also require your approval for the following special resolutions. Special Resolution #1, remuneration of the Chairperson of the Board. Please record your vote. [Voting]

Thank you. Special Resolution #2, remuneration of members of the Board. Please record your vote. [Voting]

Thank you. Special Resolution #3, remuneration of the chairperson of the Audit and Risk Committee. Please record your vote. [Voting]

Thank you. Special Resolution #4. Remuneration of members of the Audit and Risk Committee. Please record your vote. [Voting]

Thank you. Special Resolution #6 -- just a minute, #5, remuneration of Chairperson of the Remuneration and Nominations Committee. Please record your vote. [Voting]

Thank you. Special Resolution #6, remuneration of members of the Remuneration and Nominations Committee. Please record your vote. [Voting]

Thank you. Special Resolution #7, remuneration of Chairperson of the Transformation and Social Ethics Committee. Please record your vote. [Voting]

Thank you. Special Resolution #8, remuneration of members of the Transformation Social and Ethics Committee. Please record your vote. [Voting]

Thank you. Special Resolution #9, general authority to provide intercompany financial assistance, please record your vote. [Voting]

Thank you. Special Resolution #10, general authority to provide financial assistance for the subscription for/and/or the acquisition of shares in company or related or interrelated company. Please record your vote. [Voting]

Thank you. Special Resolution #11, general authority to repurchase shares by the company or its subsidiaries. Please record your vote. [Voting]

Thank you. I will now hand you over to the CEO, Mr. Chris Vorster for his brief presentation. Chris?

Thank you, Chair. Good morning from my side, ladies and gentlemen. Yes, from a cold and very wet Western Cape. Chair, I know that you've already welcomed all our shareholders, but please grant me the opportunity just to welcome our new Khulisa student shareholders. This is their first AGM that they are attending. So special weather welcome the Khulisa shareholders. Ladies and gentlemen, Stadio Holdings' purpose is to empower the nation by widening access to quality higher education. We do this through our 3 distinct institutions or 3 distinct brands, consisting firstly, of Milpark Education, which is a niche brand mainly or exclusively online learning base, focusing on the accounting, financial and banking sectors. On the right-hand side, you see the AFDA after our very well-known international film school, predominantly contact learning. And then in the middle, we have Stadio Higher Education, our newer comprehensive institution, comprehensive in the sense that it offer multimode, both contact and online, as well as multi-faculty multi programs. Our strategy and basically, everything we do at Stadio is underpinned by the WWS standing for widening access, meaning giving more people access to higher education, alignment with the world of work, ensuring that our programs are relevant and that our graduates are sought after in the world of work. And then thirdly, student centeredness, that meaning supporting our students, making sure that they would be successful with their studies. Ladies and gentlemen, looking back at our financial results for the year ended 31 December 2022. During the year, we've seeing student numbers grow by 11% for the first semester and 8% in the second semester, closing the year at 41,296 students. Revenue increased by 11% to ZAR 1.2 billion. And then exciting, I think, for us, to see efficiencies starting to come through in the business. Our EBITDA margins up from 28% to 29%. Profit after tax, a big jump to 36%. That was mainly due to the impairments that we occurred in the previous year. And then our core headline earnings and core headline earnings per share, both up 18%. So again, I think a solid set of results, taking into account the difficult economic climate that we operated in last year and still due this year. Good news, I think, for shareholders, is the fact that Stadio is starting to return cash to our shareholders. As the chair already indicated, we declared our first dividend in 2021, that are ZAR 0.047. Last year, we've increased the dividend payment by 89% to ZAR 0.089 per share. That is about 44% of free cash flow that was paid out to shareholders. And our ultimate goal is to reach up to 85% our free cash flow to be paid to shareholders. Also good news for shareholders is we see that our return on equity is also moving in the right direction, up from 9% last year to 10% in 2022. If we look at the last 7 years or 6 years, we see that it makes for good reading with good solid growth over the period in basically all those indicators. Stadio has a stable and strong balance sheet as at the end of December 2022, we have approximately ZAR 148 million on -- cash on hand, that with no gearing as well as with debt facilities available if needed. That puts the institution in a very strong position to act on our growth strategy, but also to be able to act on any good growth opportunity that comes our way. But looking forward, ladies and gentlemen, I think that there are really big opportunities for private higher education in South Africa. In 2021, 1.3 million students studied higher education, that is up by 25% since 2011. 18% of those students studied by private high education, which is also up from 10% in 2011. The Stadio Group is taking market share in 2019. Stadio had 15% of the private higher education market share, and that is now -- it increased to 16.4% in 2021. Then important to note in 2021, approximately 450,000 Grade 12s qualified for university studies in 2021. Only 37% of those students were accommodated at public universities. This scenario is increasing every year, so the market really exists for private higher education institution. If we look at the National Senior Certificate passes with degree entry, we see that, that has also increased by 112% since 2011. To support the demand for higher education even further, when we looked at unemployment rates that were released in the first quarter of 2023. It was evident to note that only 2.7% of people that find themselves currently unemployed were tertiary graduates. So a real opportunity exists in the private higher education space. Ladies and gentlemen, we believe that the Stadio strategy is a solid strategy and that we are very well positioned for the future to take this business forward. What is important to know is that we are still in our infancy phase. We only listed the business in 2017, and the business migration and launch of Stadio Higher Education, the comprehensive institution was less than 3 years ago, only in October 2020. So to establish a higher education brand really takes time. And I think for such a short period of time, we've done remarkably well in establishing Stadio as a respected high education brand in the industry. We will continue to look at alternative and innovative ways to accelerate to establish the brand in the market. We have invested and we are still investing quite heavily in our infrastructure, processes, policies staff and general quality of the institution, not just to cover the growth of student numbers, but also to put us in a position when legislation allows us to do so then to apply for university status. So we're investing now already to put us in a position to be ready when the time comes to apply for university status. We are very happy with our strategy, as I already said, and that it is obviously showing in the growth of student numbers. Our growth strategy is based on 5 pillars. The first one that of accrediting new in-demand programs. How do we determine these in-demand programs. We do it by way of market research, but then more importantly, by engagement with industry, both local and internationally as well as with government. Second pillar in our growth strategy is that of taking programs to new sites. In the past, we've seen that our sites and campuses were normally single faculty, single-school sites with only 1 or 2 programs being offered at the site. By taking more programs to that site, really open up that site to accelerate growth. The third pillar there is opening of new faculties and schools. This is to support the comprehensiveness strategy that we have, especially for Stadio Higher Education. Last year, we've included or introduced the new faculty of architecture into the business. And in 2023, we introduced the faculty of humanities with the new programming humanities being offered in the second semester this year by way of distance learning. We are also very well positioned in expanding our faculty of innovation and technology, which is very exciting for us. Opening of our new comprehensive campus, this is the new campus that we are planning here in the Western Cape, in the Durbanville area, but I will come back to the new Durbanville campus in the later slide. And then lastly there, exploring new geographical regions. This is not just in the Southern African region, but also looking at the broader continent as well as opportunities outside the continent. We've realized that this would be a long process. And we will have a more dedicated approach towards this in the 2024 academic year, where we will start applying for accreditation outside of South Africa. When looking at our new program growth. Currently, we have 86 certified programs in the group with 31 new pipeline qualifications. In 2023, there are 12 qualifications that are already accreted by the council on higher education, and we are awaiting SAQA and DHET approval. So a very exciting pipeline of new qualifications coming into the business for the 2024 and years to come. As a reminder, just we undergo exactly the same regulatory improvement as any of the public universities, including the council on high education. The South African Qualifications Authority as well as the Department of High Education and Training. We still experienced delays in the regulatory improvements. This is hindering our growth and it is at sometimes very frustrating. But at the same time, it is also a barrier to entry. And therefore, we have now learned to make or to plan better and when we can expect to offer a program at a specific site. So why do we say our growth strategy works? There is just a practical example. Ladies and gentlemen, if you look at the green table first, there is a practical example of one of our sites, where in the past, we only offered 2 programs on the site referred to there as program X and Y. For example, in 2022, we offered program X with 402 students on the site. Program Y were 40 students on this site, giving us a total of 442 students for that specific site. And then in 2023, we introduced a new program to that site. And that gave us an additional 101 students to that site, boosting the student numbers to 653. If we remain with only programs X and Y, we would have shown only 15% growth on that site. But with bringing new programs to this site, we now see a 43% growth in student numbers at that specific site. New student numbers or new student intake is generally have a very positive impact on the business if it is a positive or a good growth intake. That means that student cohort will move into the second and third year, and it will then set the scene for a 3-year period to grow student numbers. At the same time, under contrary, if you have a bad new student number intake, it also have a negative effect for 3 years. We've seen that during the COVID years, where we had 2 bad intakes in 2021 and 2022. And that was the reason why we see low or even a decline in contact learning student numbers during 2021 and 2022. Stadio strategy, ladies and gentlemen, is not to have a campus in each town, but rather to have a comprehensive campus in key locations. Comprehensive campus, we believe is the way for us to go because that will give us the opportunity to offer our students a real student experience, where we have scalability on those campuses. And ultimately, that will also lead to having a more profitable campus. Where students can't access these key locations or the campuses that we have. We will service those students via our distance mode of delivery. And the strategy still remains very clear. 80% of our students would be accommodated by way of distance learning and 20% by way of contact learning. So the infrastructure that we want to put down for the contact learning will also -- will always be to accommodate 20% of our student numbers. The aim going forward is to have 4 comprehensive campuses. That would be the Centurion Campus that we've opened this year. And I'm excited to say this morning that we see very good student number growth on that campus for 2023. The Waterfall Campus that we are starting to develop into a comprehensive campus, then our Musgrave Campus in Durban and then the new campus here in Durbanville in the Western Cape that we're planning for the future. Please note, ladies and gentlemen, that these comprehensive campuses does not include our AFDA brand. AFDA will continue with their smaller niche campuses as it is a very niche program and product that they offer. Following discussions with the regulators earlier in this month, I must say that it looks unlikely to Stadio to open our Durbanville comprehensive campus before 2026. The plan is more to start with construction of the Durbanville campus in 2024 to move the current students and staff on the Bellville campus over to the new campus mid-2025. So that will then give us enough time to properly market that new Durbanville campus for a 2026 academic intake. All of these plans, ladies and gentlemen, are still subject to final board approval. These planned expansions will be funded by our current cash levels as well as going into minimum debt level. We plan to be capital-light and to remain so in the future. There is a picture of our new Krugersdorp Logistics Center that opened earlier this year. This will put us in the position to improve our service delivery to our distance learning students and strengthen our really strong position in the distance learning space. All our new buildings, we consider going green as far as possible. We've already started the group's solar plans, and we've commenced by a campus on-campus basis. Our campuses currently have sufficient alternative power resources, and we see no hindrance on our teaching and learning at the different campuses with power outages. From an academic perspective, ladies and gentlemen, artificial intelligence is a very topical item at the moment with apps such as ChatGPT disrupting higher education, not just in South Africa, but worldwide. Our academic team is hard at work, looking at ways of integrating our -- integrating artificial intelligence into our academic programs where it is relevant, but ensuring that our academic integrity is protected. Also to protect our academic integrity, we've decided beginning of this year also to go back to venue-based examinations, especially in the Stadio Higher Education brand. Very good news 7,809 students graduated from the 2022 academic year. Stadio Higher Education also offered its first 2 doctorate degrees, a very important milestone for us as an academic institution. The Milpark Education PGDA achieved the highest pass rate of all business learning institutions for the SAICA ITC Board exams. Our AFDA brand, the AFDA graduation firms have won the Simon Sabela Best Student Film Award for the eighth year running. And then, ladies and gentlemen, we continue to roll out the student -- Khulisa Student Share Scheme to more students each year. Just very briefly, those are our 2023 agreed focus areas. We're much focused on aligning and getting us in line for university status when the opportunity becomes available to do so. Our focus is also then to execute agreed technologies, enable efficiencies, improve student experience, focus on student retention and then the optimization of staff campuses and structures. But your strategy must help you to grow your student numbers and reach your targets. If we see where we are currently to get to our new target -- excuse me, 56,000 students by 2026, we need to grow at least 8%. An update on our 2023 first semester student numbers. I'm glad to report back that we see good growth once again in our distance learning offering of 10%, with student numbers growing to 35,822 students. In the distance learning space, these numbers are now for up to the end of May, and it is not the final semester numbers as the semester only concludes at the end of June. Then exciting for us as an institution, a very small, but yet it is a growth of 2% in our contact learning side of the business, we really believe that we've turned the corner in the contact learning with a small growth of 2% in our total contact learning student numbers. 8% overall growth, which we think is acceptable considering the economic environment we are currently operating in. Exciting really is the 15% growth in our new contact learning students. This will then have an effect, and we will see accelerated growth in the contact learning space in the next few years to come. Ladies and gentlemen, I tried not to focus on the struggling South African economy this morning, but rather to focus on how Stadio is positioning itself for the future. And I think if we really want to change things in South Africa, we should give more people access to higher education. And we believe that we are well placed to support more students and to give them access to higher education. We offer a quality -- we offer quality programs with quality academic staff and student support. Our programs are affordable, accessible and relevant, which is really important for us. Milpark is becoming a leader in the accounting and financial offerings. AFDA remains the #1 film school and leader in Southern African region in this industry. Stadio Higher Education is positioned as a comprehensive institution, offering multi modes of delivery, and we are positioning this institution to be a real alternative to the bigger public universities. We see efficiencies starting to come through in the business with margins that went up last year 29%, our overall target in this regard is to get to EBITDA margins of between 30% to 35%. The business is a highly cash-generative business, minimal debt, and we are well positioned to meet all of our expansion plans with debt facilities in place if we need to make use of that. I think -- with that chair, I want to conclude, I say that our focus is really at Stadio is we want to be the higher education institution of choice in South Africa. Thank you, ladies and gentlemen. I will now hand over to Dr. Busi Vilakazi, for her presentation.

Thank you, Chris. Good morning, ladies and gentlemen. As Chris has indicated, my name is Busisiwe Vilakazi. I am the Chairperson of the Transformation, Social and Ethics Committee of the Board. This morning, I will be providing a brief overview of the activities undertaken by the committee in 2022. During 2022, TSEC reviewed and monetized the group performance against its transformation target. In this regard, the group implemented specific projects in its ongoing commitment to transformation. This included staff development initiative staff study assistance bursary schemes as well as it also launched the Staff Phantom Share Scheme. In regard to B-BBEE, Milpark Education maintained its level to the B-BBEE rating, while the group improved its rating from a Level 8 in 2021 to a Level 7 in 2022. When looking at the employment equity, the 2 figures above show the current ratio and gender profile of the group. And the committee continues to monitor the Employment Equity Plan against the set target, but also since there is the new Employment Equity Act came into plan, the group is actually looking at developing a new Employment Equity Plan to ensure that it's aligned out the specific sector target set in the new Employment Equity Plan. In terms of -- as Chris has highlighted, I mean, the main aim of the group is to empower the nation by widening access to education. And this speaks to providing quality education and also, Chris highlighted that the challenges around social economic that the country faces then by default, our mainstay products, which are the student also faces which also speaks to the issue of affordability. In this regard, the group has taken various initiatives and in 2022, it spent ZAR 31 million on bursaries discount and scholarship to ensure that it continues to widen access to ensuring that it continues to offer affordable education and assist student where possible in accessing education. And also through the Stadio Khulisa Student Share Scheme, and Chris welcome the Khulisa Share Scheme shareholders earlier, 2,320 graduates were offered shared and also were offered access to short-courses to ensure that they become financially literate and also ensuring that they're able to build a financially sustainable future for themselves. And then ultimately, now we actually have [indiscernible] the first in the world where we turn our graduates into our shareholders. When it comes to health and wellness, the group continued its partnership with the South African Depression and Anxiety Group to ensure that it continues supporting both students and staff around issues of mental health. As you all know, that is the responsibility of the Board to ensure that it creates an ethical culture within the organization and TSEC supported the Board in this regard. In 2022, the group revisited its values, which will lay the foundation in terms of the ethical and the social -- socially culture that is within the group. And on the slide, you can actually see those values, I won't go them one by one because I think they're also there in the report. And in that regard, also the group also approved the Ethics Hotline to ensure that the mechanisms that encourages employees and all our stakeholders to report any an ethical misconduct within the group. And the group does take seriously the role that it can play in equipping its current students, which are current leaders and also will be future leaders with the skills required for them to advocate and navigate the issues around sustainable development as well as the climate-related risk and the group continues doing this by including the skill and training and tool sets within its curriculum and the projects undertaken by students. And ultimately, to ensure that a Stadio graduate is a graduate that is socially conscious and is able to go into the world and be able to have an impact around some of the climate we needed challenges faced by the world. And in terms of the ESG reporting, the committee continues to monitor the progress done by the group around the ESG reporting, and it also supports the Board and integrating sustainability within everyday activities of the group. And with that, I would like to thank you, ladies and gentlemen, for listening to the brief report from the TSEC and I will hand over to Chair.

Thanks, Busi. I will now ask the questions and answers that have come through and the -- to the question-and-answer bar. For those who are looking to send through questions, you can go to the Q&A icon in the platform and then type your question into the text box. The voting will then be closed by the chair following the questions and answers. So Chair, I'm going to kick off with the questions. So we have a few questions from Anthony Cla. Morning, Anthony. So Chris, some of them, you have addressed through your presentation, but you can just note that. So morning, Chris, a read your voluntary update and the pleasing growth in learners and the clear and growth percentage of online learning. Will that growth now possibly scale back or just further building up your Capetown campus and other expansion initiatives that's getting back your CapEx demands?

Thank you, Anthony. As we've seen, we're very excited about the new intake in our contact learning students. We believe that we've turned the corner. We see for example, at the comprehensive campus in Centurion, 35% student growth in new students. So the demand for contact learning is definitely looking very good going forward for Stadio. Our belief is that we really need, and the demand is very high for such a comprehensive campus here in the Western Cape. But as I've said, it is not our intention to build campuses in each town rather to have these few 4 comprehensive campuses at strategic points. So the question or the answer would be we still want to go ahead with the CapEx spend for the Durbanville Campus, as we believe we will see a very good return on that investment. But knowing that we are a capital-light institution and that we will not open campuses in each city or town.

Anthony again, so we asked for an update on progress of the accreditation of new publication and then how many have been accredited student, which I think you touched on. This is of the new qualification gains. Can you tell me how much traction has been gained in regards intake/uptake? And are you planning on adding any further new courses to the existing pipeline to keep you ahead of your peers?

Yes. Most definitely, we are adding new programs continuously, as it is indicated by industry or our market research. 12 new programs accredited here in the 2023 academic year thus far. Obviously, not all 12 of those qualifications are ready to be offered yet, but some of them are still with the Department of Higher Education. But we should really see a very nice traction into the 2024 academic year regarding these programs. Looking back, bringing in new programs. We've seen it in the School of Law. When we introduced the BCom Law. It really have a very good effect, especially in that score. So very exciting with all 12 qualifications expecting for the 2024 academic year to come through.

Thanks, Chris. And another question from Anthony, Brimstone stake in Stadio matures in 2024. What provision have you considered should Brimstone wish to exit the debt and will the Brimstone is considering streamlining its portfolio to reduce debt and restructure to cut the wide discount. My personal view is they will exit this diverse debt? Any comment regards to the extent its holding, would you consider buying back the stake at maturity?

Yes. We've been in conversation with Brimstone. And also with other potential BEE partners going forward. So it is a work in progress at this point.

Another question from Anthony. And if it's the question to ponder. I'm aware private education is in fined in the constitution with government pricing or government pressing ahead with NHI, are you somewhat concerned that the government in the years ahead in a populous move may try to stand broad-based scheme with tertiary education given the state cannot cope with the current demand?

So I think higher education is very much part of the whole educational landscape at the moment. We really see the relationship between government and private institutions improving every year. So I don't foresee that as a real fit at this point.

Thanks, Chris. A question from Adam. What is the target payout ratio as a dividend in the financial year 2023? Samara?

Yes. So as we've mentioned before, we target a long-term payout ratio of 85%. But given the existing capital requirements that we have with the Durbanville campus, we will be looking between 40% and 50%. It is something that we would evaluate as part of our year-end results, but that's effectively the ballpark that we will start looking at.

I see the question. There was another question from Anthony Cla. I'm not sure if you can put it back up.

It was the same question as previously dealt with.

Okay. Then I see -- I don't see any other questions coming through. And so with that, if anyone does have further questions, feel free to e-mail [email protected] and we can then -- can revert and get back to you on that. And with that, Chair, I'm going to hand back to you.

Thank you. Well, ladies and gentlemen, thank you. Thank you very much for your questions. The polls are now closed, and all votes will be counted by the scrutineers. The results of the poll taken on the resolutions are shown on the screen. And I will, in summary, take you through them. Putting Ordinary Resolution #1, #2 and #3, #4, #5, #6, #8, #9 have all been passed with requisite majority. Special Resolution #1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, all of them have equally been passed with requisite majority. What is left for me is to thank you, our valued shareholders, for your continued support and for attending our Annual General Meeting. Although the economic uncertainty of 2023 may present some challenges, I continue to believe that the success of the Stadio Group is both a moral and financial imperative for South Africa, one in which the commercial benefits will follow. I now declare the meeting closed, and once again, thank you.