Syntara Limited (SNT) Earnings Call Transcript & Summary

Morning. Welcome to the 2021. [Technical Difficulty]

Sorry, now your audio just dropped out as you started talking.

[Indiscernible] I don't know, our producer is giving you some guidance here. Today's meeting is being held as a virtual meeting via live webcast with the use of the Zoho platform and also the Lumi platform for voting. This allows shareholders, proxies and guests to participate in the meeting virtually. Shareholders and proxies have the ability to ask questions via Zoho and submit votes by Lumi. You need to be logged on to both of these platforms if you wish to exercise your vote today or change a proxy that's been lodged previously. Firstly, let me introduce the other Board members and my colleagues. [indiscernible] Gary Phillips, our CEO. Good morning, Gary.

Good Morning.

Will Delaat, Non-Executive Director; Neil Graham, a Non-Executive Director, who is joining us from New York.

Good morning.

And Dr. Kathleen Metters, Non-Executive director who is joining us from London.

Hello, good morning.

And David McGarvey, our CFO and Company Secretary, who is here with me at Frenchs Forest.

Good morning.

We also have representatives of our auditors, PwC, and this is Mark Dow's last appearance. So thanks, Mark. Thanks for joining us, and David Ronald. We'll take the notice of meeting and the proposed resolutions as read, but we'll also display them as the meeting progresses. And on your screen now, you can see the agenda for this meeting with the formal business items as item #5. Questions can be submitted online at any time. [Operator Instructions] Please note that you can submit questions from now on. I'll not address them until the relevant time in the meeting for CEO and the CFO's presentations, and then again after proposing each item of business. [Operator Instructions] When the presenter prompts you to ask, your question you'll be provided with microphone access, and the system will ask you to confirm your microphone settings and once confirmed you'll be able to speak and you'll be heard by the audience. Please also note that the facilitate an orderly meeting. Questions will be moderated. And if we receive multiple questions on 1 topic, amalgamated together. Finally, due to time constraints, we may run out of time to answer all your questions. If this happens, we will try to answer them in due course via e-mail or posting responses on our website. Voting today will be conducted by way of a poll on all items of business using the Lumi platform. In order to provide you with enough time to vote, I'll shut them for the meeting until I call an end to the poll. At that time, it's eligible to vote at the meeting, a new polling icon will appear on Lumi desktop. Selecting this icon will bring up a list of resolutions and present you with voting options. To cast your vote simply select 1 of the options that known that hit or submit or enter button as the vote is automatically recorded. If you have -- or you have the ability to change your vote up until the time I declare voting closed, which will be towards the end of the meeting. So I now declare voting open on all items. The polling icon will soon appear, and please submit your votes at any time, and I'll give you warning as I said before I move to close voting. I'll now just make a few comments about the year. Last year had its challenges as we again adapted our personal community and business lives to the now ongoing presence of COVID-19. I'm pleased to say that Pharmaxis has distinguished itself by continuing uninterrupted work in clinical trials and manufacturing and achieving the significant milestones. Firstly, we progressed our lead asset PXS-5505 in the clinical trials with myelofibrosis patients. Despite the potential for COVID delays, we commenced and successfully completed the Phase IC study to assess safety and determine the appropriate dose for the subsequent Phase IIa study, which recently commenced dosing. The use of 5505 in myelofibrosis has been championed by Dr. Gabriela Hobbs, the Assisted Professor of Medicine at Harvard Medical School and Clinical Director of Leukemia at Massachusetts General Hospital. In commenting on the progression of the Phase Ic results, Dr. Hobbs said, this confirms what's been shown in healthy controls as well as mouse models that this drug can inhibit the locks enzymes in patients. Inhibiting these enzymes is a novel approach to the treatment of myelofibrosis for preventing the deposition of fibrosis and ultimately reversing the fibrosis that characterizes this disease. The completion of this clinical trial by the end of 2022 is our primary focus. We also have a number of exciting long-term scientific collaborations, we've done oncology centers of excellence across the world investigating the use of 5505 and other cancers designed to increase the value of this key asset. Secondly, we commenced and successfully completed a Phase I safety study of our drug 6302, the skin scarring. This drug is now ready to move on to clinical trials of patients with scars and is generating significant interest. The study is being overseen by leading burns expert, Professor Fiona Wood, and researchers at the University of Western Australia and Fiona Stanley Hospital. The Professor Wood has commented on the trial by saying "It's exciting for the research team to explore a novel path to reduce scarring and be moving closer to that goal, scarless healing is the vision that's motivated our work over many decades." The study will shortly commence dosing patients and will report by the end of 2022. And finally, we received approval for the sale of Bronchitol in the U.S. from the U.S. FDA leading to the receipt of USD 10 million of milestone payments from our partner, Chiesi. Significantly, the additional revenues from the sale of Bronchitol in the U.S. are transformational to the profitability of our mannitol business. They enhanced this -- we enhanced this progress with the sale of our Russian and Australian distribution rights generating a further $4 million in milestones and the subsequent material reduction in annual operating expenses, turning this asset into a cash-generating business. We ended financial year '21 in good financial shape on a pro forma basis, including the cash received in July from the sale of the Australian distribution rights. We had approximately $21 million cash available to fund our business. Speed with which we've completed the first stage of the myelofibrosis clinical trial and quickly moved to recruit the second Phase IIa stage is demonstration of our determination to build the market value of Pharmaxis to better represent the underlying value of our pipeline and our approved products. The recent increase in the Pharmaxis share price has been encouraging, but we see this is only the beginning. I'd like to thank our CEO, Gary Phillips, the management team here at Pharmaxis and all our employees for overcoming the serious obstacles that 2021 has presented for staying firmly focused on the exciting tasks ahead with no measurable COVID-19-related issues. I'd also like to thank my board colleagues that I've introduced previously for their support and their enthusiasm for our projects and their wisdom through long and well-established careers in life sciences throughout the year. Thank you for that. Gary Phillips is now going to give a presentation on the business, and then David McGarvey will talk about the financial results.

Thanks. And welcome all of you to the AGM. So my presentation will be brief, and I'll give a slight forward-looking view on where we're heading in the next 6 to 18 months, usual forward-looking statement. And so Pharmaxis as a company is a clinical stage drug development company, meaning that we have drugs, which are not just in preclinical and animal models, we are now putting our drugs into patients and targeting 2 different therapeutic areas: 1 is fibrosis and the other 1 in cancer. We have 2 lead assets, 5505 and 6302. 5505 is our lead. It's the one where we focused the most of our investment and is currently in a program in myelofibrosis, which I'll explain a bit more about in a moment. That same drug also has potential in other oncology indications. When we think adding it on to existing chemotherapy will lead to improvements in outcomes for patients in a number of different times. 6302 is a scarring drug, and it's being going to be used in patients who have scars that come from burns or from surgery, and hope we hope to improve both function and appearance of those scars. And that's progressing into a Phase Ic trial in patients quite soon. [indiscernible] is a specific corporate strategy, which Malcolm has alluded to, where we've delivered already quite a lot of non-dilutive cash from our mannitol business, which is a commercial stage business with a factory of -- FDA-approved factory here at Frenchs Forest, and cost savings from that business are ongoing. So we're in a strong position at this point to fund a very focused clinical program going forward. So looking at the highlights for the last little period. As I mentioned, our lead drug is 5505, which has now progressed into a myelofibrosis Phase IIa study. We completed the Phase Ic study recently with the third and highest dose demonstrating a very good tolerability profile and excellent insight inhibition. It did everything that we asked of it. And the safety committee as a result of that endorse the decision to progress it through into a Phase II study straight away. And in fact, we've already commenced recruitment with some of the patients who were in that dose escalation phase, the 1c deciding and choosing to roll over into the longer-term study. So this slide just shows a little bit of background to the drug and the results that we had in the 1c. On the left-hand side of this chart shows the animal model. So this is in mice, which are genetically bread in order to develop myelofibrosis. You can see on the far left bar is a normal mass and the y-axis here shows the level of fibrosis in the bones of these mice. In the genetically modified mice, you can see that the level of fibrosis is quite significant, the second bar across. The 2 bars on the right here show what happens when you add our drug 5505 to that animal model. And then the normal mice, obviously, we have -- there's no change from the normalized with a very low level of fibrosis. But in the mice with myelofibrosis, you can see a significant reduction in the amount of fibrosis in the bone marrow of those mice. This is what we're looking for. The existing treatments in myelofibrosis are symptomatic. They treat some of the symptoms of the disease. They can cause a reduction in the volume of the spleen, which gets enlarged in these patients and some of the fever and night sweats of bone pain that these patients experience, but it doesn't do anything about the root cause of myelofibrosis, which is the start issue build up fibrosis of the bone marrow, which is the body's engine for producing red cells, white cells and platelets. So to see this level of reduction in the bone marrow fibrosis with our drug in the gold standard model of myelofibrosis is very encouraging, and it demonstrates that our drug has a potential disease-modifying effect these pace -- these mice as well as having reduced fibrosis also showed reduced spleen size as well and improved blood counts, red cells and white cells and platelets. On the right-hand side, this is now clicking from the animal model through to actual myelofibrosis patients. And in this 1c study, which we've just completed. Patients were asked to take 3 different doses of the drug, 1 after the other. It's an escalation study. So we started the lowest dose. They take it for 1 month. And then after a washout period, go to the dose and the second highest dose and take it for a further 1 month and then do the same again for the final date. And you can see there that we see a very nice dose response. This is measuring the level of activity of the enzyme we were going after the lysyl oxidase enzyme. At the highest dose, dose 3, we saw a very, very pleasing level of reduction in activity of the lysyl oxidase enzyme. And at the same time, saw a very good safety profile with no adverse events at the highest dose. This, we believe, is going to be very important because it's likely that going forward, the treatment protocols in myelofibrosis patients will include more than 1 drug. And the drugs which are currently used in myelofibrosis and many of the drugs in clinical development already suffer from quite a poor tolerability profile. So many of the patients taking these drugs can't sustain taking over a long period of time. So it's very important that a new drug coming through as a low -- as a very good tolerability profile. So we're not adding to the problem. But at the same time, we are looking to modify the course of the disease and add efficacy to the existing drug regimens. So a very encouraging start. And as I said, the Phase Ic did all that we could have asked for it. Next slide, please. This is a graphic just showing the progression of the study. And I've circled here in red, just the stage that we're at now. So having completed the dose escalation study this is in patients who are unsuitable or ineligible for -- and eligible for those drugs any longer. So many of the patients in this study are quite sick. The phase we've entered now is a 6-month study. The patients will take the highest dose to be trialed in the Ic study and take it for 6 months. The end points that we're looking for at the end of that 6 months treatment period are primarily safety. But then we're adding a lot of secondary efficacy end points, which look at the inhibition of the enzyme in these patients over a 6-month period, just to check that they are still hitting the target that we're looking for. We're also looking for the grade of bone marrow fibrosis. So we'll be taking bone biopsies at the beginning, at the end of the study and that's measuring whether we are reversing the fibrotic process within these patients. If we do that, and as we expect to do and as we've seen in the animal models, and we also expect to see an improvement in spleen volume, so a reduction in the spleen volume and also an improvement in the hematology cancer we'll be doing on red cells, white cells and platelets and improved symptom scores. So this study is currently recruiting. We expect to have it fully recruited by the middle of next year and have data by the end of next year. Next slide, David. So going on to the other highlights of the program at the moment. I'm just staying with 5505. I mentioned at the beginning that this drug has potential use in other indications. In the last quarter, the University of Rochester in New York, released the first data from the collaboration they've had with us, showing preclinical evidence of 5505, significantly improving survival in liver cancer. And in this case, liver cancer, pancreatic cancer and some other solid tumors are being found to be very difficult to treat, even existing therapies, chemotherapies that are being used to not need to greatly improve outcomes for these patients. Life expectancy is generally quite sure in pancreatic cancer, it's a matter of months and liver cancer also by the short length of time. The reason that we believe that these current chemotherapies do not have a good impact on these diseases is because these tumors are quite fibrotic in nature. So the fibrous tissue within the tumor stops access of the chemotherapy to the tumor and stops it having its action that we would expect to see in these tumors. So by undoing the fibrosis by treating them with 5505, we expect to see a better outcomes for these patients. And in the animal models that we've run, in particular, the data that was released from Rochester earlier in the year. What we saw was reduced tumor growth, we saw greater perfusion of the tumor by the chemotherapy that was given to the animals and we saw improved survival. This is very encouraging and it's something that we'll be continuing to look at in the months to come. The other study that we're progressing is 6302 in skin scarring [indiscernible] have turned away for quite some time with Fiona Wood and her scientific and research clinical group in the University of Western Australia. They've conducted preclinical models with our drug showing that we can undo the fibrosis in the skin and reduce the scarring process. Thus far, we put 6302 into a Phase I study. So this is healthy volunteers. And we showed 2 things. One was good tolerability. So we can show that by treating these healthy volunteers, we don't see any adverse reactions to the drug being put onto their skin. Secondly, with skin boxes we showed that again that by applying the cream with the drug in, we fully inhibit the lysyl oxidase enzymes in the skin. And at the same time, we don't see significant inhibition of those same enzymes in the systemic circulation. This is an important point that shows the way towards a well-tolerated and from the same profile. The next stage for this drug is to go into a study with patients who have an established scar where we are -- this connection with the server has been interrupted, trying to reconnect. I'm presuming that the audience can't hear me at this point just pausing whilst the technical issue gets resolved. As I was saying, the 6302 in the scarring studies [Indiscernible] in the next [indiscernible]. And in that study, we'll be never there, but 3 months what we look at -- safety of the drug in those patients than [indiscernible] volunteers, but we'll also be looking at the scar and looking at several measures of the [indiscernible] for scar and also some structure of this growth [indiscernible]. Large market with a very high unmet need. There are no other drugs which treat from a pharmacological point of view, scarring. So we're hoping that this will be certainly a first-in-class and something that brings real relief to patients globally. Next slide. So what can you expect going forward from the company? Malcolm referenced that we've seen an increase in the share price over the last few months, and that's been driven, as you would expect, by data. It's been driven by a news flow, which has come from the company achieving milestones over the last period, which has been the culmination of a significant amount of work from the company behind the scenes. Going forward, we are now going to bear the fruits from those labors where we start to see both of those studies that I have mentioned reduced results by the end of next year. So we'll be reporting in the rest of this year on the topical drug 6302, starting that investigator study in established scars. We believe there's more news flow to come from the mannitol business in terms of annual cost savings that we are making, and we'll be seeing more publications on other cancers from 5505 that we expect to be put into the public domain before the end of the year. In the next calendar year, the news flow will be dominated by progress in those 2 clinical studies, the recruitment of the studies, and then the results coming from those in the second half of the year. That concludes my presentation, and I'm now going to hand over to David McGarvey to cover the finances.

Good morning, ladies and gentlemen. The slide I put before you now is the way we format our financial to describe how we think about -- we think about it in discrete segments, the drug development segment, the mannitol [indiscernible] business segment and the corporate. New drug development, which is the primary focus of the business and that itself is primarily focused on the oral locks program. That is the program that includes the work we're doing in myelofibrosis and also the work we are supporting in a small way with the University of Rochester. And you'll see that, that is the largest part of our external spend in the last year. Other programs been in the '21 year was $1.8 million. That is -- those other programs are reducing in the quorum end of the synergy of investment in drug discovery. And that includes the topical skin scarring work that Gary spoke of and also some work that we're doing, which is jointly funded by BTB government brand program. You'll notice that we had -- did not book R&D tax credit in relation to the '21 year although we did in prior years, that was because our revenue main fiscal '21 was greater than the $22 million [indiscernible]. Clearly, it was down. The good news of our Chiesi and the milestone that pushes through that. We do expect to be as R&D tax credit in Q2 most fuel to our revenue as [indiscernible] mannitol respiratory business that have 2 products Bronchitol [indiscernible] manufactured here. You can see the actual sales of the product sale really mostly even year-on-year because we tend to ship to distribute several times a year in large shipments so for instance, some sales. We had at 1 time they occurred in June fell forward in to [Indiscernible]. The other revenue there, the big item is the Chiesi milestones of about $14 million and about $2 million in relation to the sale of our Russian distribution [indiscernible] significant contributors to cash in the year. There's another about $600,000 due to its -- in the first quarter of next year in relation to [indiscernible]. The expenses of this business unit, they do move around between the line items a little bit the consistency and the total expenses over the year. In the current year, we've seen a move -- a slight reduction in employee costs increase in other. Some of that has been a transfer of actually monitoring from an internal resource on external resource and some additional one-off costs also mainly associated around our safety [indiscernible]. When it comes to the cash flow or the cash position to start well with it as it's been discussed before, we finished the year with $18.7 million [indiscernible], as a result of the sale of the Australian distribution rights to $2 million that we received. We received number $2 million shortly after [indiscernible] July. So that's -- we started the year effectively in the [indiscernible]. If you look at the net increase for the year, we had an increase of $3.8 million cash balance for the year. That was after a small capital placement early in the year. If you exclude that, we're about breakeven on a cash basis with a pleasing outcome and again, driven by the significant milestone. On the right-hand side here, you'll see combined shareholders, BVF based in the U.S. [indiscernible] based in Hong Kong, but with Australian business as well in DNA. We work [indiscernible] to the register during the year in that by way that's replacement. We're very glad to have them. They are well respected investor in the Australian biotech space. All 3 of those principal major shareholders participated in the placement and the placement was conducted at a share price at a [indiscernible]. Now I will spoke of share price increase over recent times, and we can see in this 12 months graph, basically, as we enter this new financial year, I think the way to use positive news of -- yes, but the support of our shareholders and that increase come through. I do also point out that the enterprise value of the company. So that's the market cap is cash on hand as of today to go in under the calculation. We had a market cap of 57. We had cash '21. So we've got an enterprise value of $36 million, which comparative basis with other companies in the ASX is forward stage of development. It is extremely by at this point in time. That finishes my presentation. We will now move to questions. We have already received 1 question. Mr. Chairman, at least we received it by way of a wave, and that is from Peter. And Peter, I'll just find you on here, I believe it's you, allow you to talk. Peter, can you talk to us when you can -- still seems to be turning on at the Moment.

Peter, can you hear us.

Yes. I'll leave it to.

Yes, we can hear. Peter, you have a question?

I just push the button by accident, in fact. So no question.

Thanks, Peter. We will respond to general questions now at this time of the meeting. I don't think we have any -- David have we got any written questions?

No.

No. There are no written questions, but feel free to put them in during the meeting, and we'll come back to them at any stage. And Peter, I think you can put your signal down. Thank you. So you do written questions via the Zoho platform and select the Q&A option on the left-hand side bar and then type that to question in the text box and press blue ask a question button when ready to submit if you want to ask a verbal question, as we just demonstrated, raise the hand button on the bottom of the left-hand side brand, we'll activate your microphone and camera. We haven't got any questions, so we'll just progress on through the meeting at this stage and come back to questions on each resolution as we move forward. I'd also remind you that voting is now open for the poll. The first order of business is to receive and consider the financial report, directors' report and the auditor's report for the company for the year ended 30th of June 2021. These reports are contained in the statutory annual report of the company, which I tabled before the meeting. Are there any questions in regard to the accounts. We can always come back to questions. Preclude that the financial report, directors' report, directors' declaration and the auditor's report for the financial year ended 30 June 2021 have been received and adopted by the meeting. Resolution 1 is an ordinary resolution that relates to the adoption of the remuneration report. The remuneration report describes the approach taken by the Board in regard to salary reviews, short-term incentives and how they relate to the corporate performance of the company and the granting of performance rights. The vote is an advisory vote and voting exclusions of play. The proxy votes received prior to the meeting are displayed on the screen now. I won't read them out the overwhelmingly support of the resolution, which is much appreciated. Are there any questions in relation to this resolution.

No questions, Mr. Chair.

No written questions and no verbal questions at this stage. But therefore, I will move to Resolution 2. We will declare the outcome of all the resolutions when the poll closes at the end of the meeting and will be posting those results, obviously, on the ASX as soon as possible later today. So I won't be declaring the outcome of any poll until that is published. Resolution 2 relates to my reelection. Accordingly, I'll hand over the chair to Gary Phillips for this portion of the meeting.

Resolution 2 is an ordinary resolution that relates to the reelection of Mr. Malcolm McComas, as Non-Executive Director of the company. Before proceeding, with the resolution, I'd like to ask Malcolm to say a few words about his background and his contribution to the Board.

Thanks, Gary. Malcolm McComas, as you probably know most of me. I'm a non-Executive Director and the Board has appointed me Chairman of the company for about the last 7 or 8 years. I'm -- I do this as my business. I'm also an active investor and I've got a long-term career of over 25 years in leadership roles in investment banking. The most prominent role was probably 10 years the Head of Citigroup Investment Banking in Australia, where I was also Head of Investment Banking and Head of the health care franchise. I've had some experience in life sciences for more than 20 years with board roles at Pharmaxis. I was also a Foundation Director of what is now clean your [indiscernible], the $1.2 billion skin company. I'm also a Director of Actinogen, which is involved in clinical trials and cognitive impairment. I'm also as a voluntary role Finance Director of ALLG, which is the Australian Leukemia and Lymphoma Group, which is the association of Australian hematologists focused on clinical trials in blood cancers. So it has some direct relevance to our program in myelofibrosis. And I've also been involved in device companies in the health care industry as well as a fashion director of Sunshine Heart. I have a long-term career experience in equity capital markets and privatizations in particular. I have been involved with probably more than 100 primary and secondary capital raisings over my career in equity capital markets, probably the most significant transaction was the privatization on behalf of the Federal Government of the Commonwealth Bank of Australia. I've had a focus on small- and mid-cap growth companies in my career as well. I took over as Chairman of Pharmaxis 7 years ago from the Foundation Chair Dennis Handley, and I've been in that role since then. My contribution, I think, to the company, both Pharmaxis and my other involvements in business are at various levels, strategic leadership level, developing commercial business plans and funding those plans through the commercialization. The commercialization of our own assets, I've been involved with the management team, our partners in Chiesi and [indiscernible]. And our financial partners in the past. I've also been involved in, obviously, the funding and capital adequacy issues involving the company over its time since an IPO. And I've also had a long career in governance both as investment banker and a former lawyer many, many years ago and in roles as non-executive directors committed with that space as well. My primary focus is shareholder value. That's not a straight line, but we think that we have stepped the Pharmaxis business up to deliver considerable increases in shareholder value moving forward today. Thank you, Gary.

Thank you, Malcolm. Additional details about Malcolm are set out in the notice of meeting. The proxy votes that we received prior to the meeting set out on the slide that's online now. I have a delay in the slide on the screen. Okay, we're back again. Apologies again for the slight hiccup in the next seat. So these are the proxy votes received prior to the meetings set out online. Just ask now if there are any questions.

Nothing registered.

Okay. Thank you very much. I will now pass back to Malcolm for Resolution 3.

Thanks, Gary. Resolution 3 is an ordinary resolution that relates to the grant performance rights to Gary Phillips, our CEO. If shareholders approve the resolution, the performance rights will be granted after this meeting pursuant to our employee incentive plan. The terms of the performance rights are set out in the notice of meeting. As further explained in the 2021 remuneration report and the Notice of Meeting, these performance rights have vesting conditions. At the end of the 2022 financial year, the Board will assess achievements of the long-term related corporate objectives set by the Board for the 2022 year and lapse performance rights to the extent that the long-term corporate objectives were not achieved. 50% of the remaining performance rights will vest at each of 30 June 2023, and 30 June 2024 and subject to and develops continued employment with the company. Performance rights are being granted with the aim of rewarding incentivizing and retaining develops in the long term. Voting exclusions apply in respect to Resolution 3. The proxy votes received prior to the meeting is set out on the screen now, again, overwhelmingly in support of this resolution. Are there any questions in relation to this resolution?

None have come through.

There are no written questions, and I can't see any oral questions. But again, we can take those any time during the meeting. I'll now move on to Resolution 4, just noting again that people can vote online their physical shares today, and we will be reporting the outcome of all these holes that we're declaring for each resolution at the end of the meeting or actually after the meeting is closed. Resolution 4 is a special resolution that relates to the amendment of the constitution of the company, changes that are primarily more easily facilitate virtual meetings such as this one. In the future and to reflect recent and potential changes in the law and the ASX rules. The proxy votes received prior to the meeting are set out online. They displayed on the screen. And again, the proxy votes indicate overwhelming support for this resolution. If there are any questions in relation to Resolution 4.

No questions?

No written questions and there are no signaled oral questions. So we'll move to Resolution 5, which is an ordinary resolution that relates to the ratification of the issue of shares that we issued as part of the placement we undertook in April of 2021 at $0.08 a share. Voting exclusions applying in respect of both to Resolution 5. The proxy votes received in relation to this on the screen now you can see a significant number proxy votes have been excluded from the voting that it's otherwise overwhelmingly in support of the resolution. Are there any questions in relation to Resolution 5.

No.

We have no written questions and we have no physical questions appearing on the screen. So I'll move to Resolution 6, which is an ordinary resolution. It relates to the ratification of the issue of performance rights and shares that we issued to employees in August 2021 as a part of our wider employee incentive scheme. Voting exclusions apply in respect to Resolution 6 as well. This resolution is on the screen and the proxy votes lodged prior to the meeting also on the screen. I should have said at the [indiscernible] that I will be voting all of the proxies that have been given to me in favor of all the resolutions. As you can see on the bottom of each resolution that items noted. Are there any questions in relation to Resolution 6.

No.

There are no written questions and there are no hands up for oral questions in relation to that resolution. So I'll move to Resolution 7, which is an ordinary resolution that relates to the approval of our employee incentive scheme. Voting exclusions apply in respect of Resolution 7 as well. Proxy votes received prior to the meeting is set out on the screen. And you can see that, that is also overwhelmingly in favor of resolution 7. Are there any questions in relation to Resolution 7.

No.

There are no written questions at this stage, and there are no hands up for oral questions at this stage. So that is the last resolution of the meeting. So that concludes our discussion on the items of business. Now the next stage is to close the voting system. So about to close that. And please ensure that you've cast your votes on all resolutions. And I will pause briefly to allow you for a time to finalize those votes. I'm not seeing any hands up, but I can't -- I don't think we have any written questions, so I will now declare that the poll and voting is closed. The results of the votes will be released at the stock exchange at the conclusion of this meeting later today. There are no further questions that we can see on the screen, and there are no further hands up. So as there is no further business, we can conduct at this meeting, and there are no further questions. I will declare the meeting closed. Thank you very much for attending, and I hope you [indiscernible].

The webinar has ended. Thank you for joining. Goodbye.