On behalf of the board and management, I would like to welcome you to the 2024 Annual General Meeting of the Australian Finance Group Limited. My name is Greg Medcraft, and I'm the Chair of AFG. To begin with, I would like to acknowledge the traditional custodians of the land we are meeting on, the Whadjuk people of the Noongar Nation, and acknowledge and respect their continuing culture and the contribution they make to the life of this city and this region. Today's Annual General Meeting is a hybrid meeting, and it is being held physically at the Perth offices of AFG, and I extend a warm welcome to shareholders and visitors who have attended in person.
The meeting is also being conducted online via the Link Market Services virtual meeting platform, and I welcome shareholders, proxies, and guests, attending the meeting virtually. As a hybrid meeting, shareholders and proxies attending online may ask questions and submit votes during the meeting, and instructions on participating in the online meeting can be found in the notice of meeting available on the ASX platform. For those present, obviously as a courtesy, please turn off or silence your mobile phone. It's obviously past 9:00 A.M., and we have a quorum present, and I'll declare the meeting open. For those of you here in Perth, please ensure you have registered, and even if you aren't a shareholder, you've obtained a registration card.
So the meeting agenda will be as follows: introduction, housekeeping, secondly, address by myself, the Chair, thirdly, the CEO's address, and fourth, the formal business, and five, close the meeting. In Perth, we are joined by non-executive directors Brett McKeon, Craig Carter, Jane MuirSmith, and Annette King. Non-executive director Malcolm Watkins is an apology for today's meeting. I'd also like to introduce our CEO, David Bailey, and our CFO, Luca Pietropiccolo , and our company secretary, Michelle Palethorpe. We also welcome Fiona Drummond, who's on the phone, Timothy Dachs and Sarah Van Gent from Ernst & Young, the company's auditors, and they are in attendance and will be available to take questions from shareholders. And Cathy Noon, representing our share registry, Link Market Services, is also in attendance.
The company secretary has confirmed, other than the apology I mentioned, that no apologies have been recorded, and before I move on to the formal part of the meeting, I'd now like to provide a brief address and then invite our CEO, David Bailey, to address the meeting, so over the past twelve months, AFG has made positive progress in enhancing its strategy and is well-positioned to enhance its market presence. Market conditions are driving the expansion of the mortgage broking channel, as we all know, bringing renewed optimism for growth and opportunities for the year ahead. We have further diversified our income sources, and we've strengthened our network with recruitment of the country's top mortgage broking groups. Our distribution business saw increased profits, and our technology initiatives have kept us at the forefront of the market.
Although NPAT for the year was AUD 29 million, down AUD 8.3 million from last year due to competitive market conditions, our manufacturing business rebounded in the second half. AFG Securities settlements more than doubled, highlighting the crucial role non-banks play in providing competition in this country. Our loan book remained steady at AUD 4.4 billion, with second half NPAT stabilizing. We had a very pleasing return to growth through the first quarter of the new fiscal year, which David will provide more detail on in a moment. Our distribution network is expanding and now exceeds 4000 brokers. We remain an aggregator of choice and a distribution powerhouse.
With the closure of over 2,100 bank branches between 2017 and 2023, mortgage brokers delivering value as a variable cost base for lenders continue to provide a critical solution and service to banks and Australian borrowers. They have become an essential community partner and now handling over 74% of new loans in Australia, and we expect broker market share to surpass 80%, with one in ten loans in this country currently arranged by an AFG broker, and we expect that number to grow. For our manufacturing business, demand for competitive alternatives to the major banks is becoming increasingly critical to provide Australian borrowers with choice and competition. AFG Securities has captured three times the market share of the nearest non-bank lender on our panel.
Structural changes are needed, though, to ensure a sustainable and competitive lending market in Australia that will enhance access to affordable housing accommodation, housing finance, and following my appearance before the House of Representatives Standing Committee on Economics last year, the committee has subsequently made a bipartisan recommendation for a government-backed Residential Mortgage-Backed Security , similar to that that's operated in Canada for nearly four decades. The recommendation has subsequently been referred by the government to the Council of Financial Regulators for review, and we have made a submission supporting the recommendation. This scheme could dramatically reshape competition in the residential lending market, and we look forward to seeing progress in this area. AFG continues to develop new income streams across our white label, asset finance, and AFG Securities products, aided by our investments.
The integration of the Fintelligence Group is progressing well, and we have increased our shareholding to 83%. Our investment in commercial lender Thinktank yielded a modest profit of AUD 2.1 million despite a reduction in its net interest margin, as it faced similar competitive challenges to those experienced by our manufacturing business. The Thinktank loan book expanded to AUD 5.8 billion for 2024, positioning the business favorably for a return to more normalized operating conditions in the current year. The integration of the BrokerEngine platform has successfully launched and will enhance our technology suite and drive efficiency and appeal for our brokers. Subscriber numbers are up 140% since acquisition. AFG is committed to sound sustainability practices, addressing the risks and responsibilities to create long-term value for our stakeholders.
We prioritize compliance and regulatory discipline, and our dedicated staff play a crucial role in AFG's success and that of our brokers. They are our biggest asset. We want every individual to feel valued, safe, and included. We therefore strive to provide a safe and diverse work environment and provide a culture of respect. Workplace diversity remains the top-performing area of our employee survey for the fourth consecutive year. We're also proud, very proud of our community partner, Foyer Foundation, and their achievements in helping young people. We continue to drive on our path to drive down carbon emissions where possible and have once again purchased carbon offsets to account for the impact of our unavoidable business travel. In terms of outlook, AFG remains well-capitalized with AUD 190 million in liquid assets and high-performing investments.
Our broker market share continues to rise, and we are strategically positioned to expand further and enhance competition and choice within the Australian market for lending. In closing, I again extend my thanks to those of you able to attend our meeting in person or online today, and for all our shareholders who have taken the time to participate in today's meeting through the proxy voting process. I'd also like to personally extend my thanks to our brokers for the value they deliver to customers and look forward to the year ahead as we work to deliver on our core premise of creating a fairer financial future for all. I'd like to now hand over to our CEO, David Bailey.
Thanks, Greg. Good morning. I'd also like to extend my thanks to our shareholders, both here and online, for joining us here today. The Australian housing market remained resilient in FY 2024, supported by key economic factors such as population growth, housing demand, and steady employment. This resilience has positively impacted the mortgage broking market, where AFG's broker network continues to grow and our fundamentals remain strong. Our strategy remains unchanged, focusing on three key pillars: growing our distribution, delivering high-margin products, and harnessing technology to be more agile, competitive, and profitable. Our value proposition remains compelling. As Greg mentioned, we have successfully recruited more brokers, supporting their growth through efficient, compliant, and technology-enabled solutions, backed by a full-service support model. Residential settlements grew 3%, and final quarter lodgements were the highest Q4 on record. Moving into the first quarter of the new financial year, that momentum is continuing.
We have just had our highest first quarter on record. That uplifting activity is also being seen in our AFG Securities business, with our own products making up more than half of our AFG home loans flows. In the first half of FY 2024, our manufacturing division was challenged by high funding costs and an uneven playing field for all non-major lenders. AFG Securities remained, maintained a disciplined approach to credit appetite and capital returns, which impacted both our volumes and margins for that period. As a result, earnings for the division fell by 53% to AUD 15 million, but our credit quality remains intact.
However, the second half of FY 2024 brought significant improvements in market dynamics, leading to strong inflows and return to growth, and in the first quarter of FY 2025, the AFG Securities loan book closed at AUD 4.8 billion, up 14% on just six months ago. The steep rise in interest rates has been challenging for many customers, but our customers have shown resilience, supported by a strong employment market and our personalized credit approach. We continue to work with customers facing difficulties and have maintained a period of no losses for our securities book. As we celebrate AFG's 30th year, our company remains focused on shared success with our broker network. Rising fixed costs are driving consolidation, and AFG is well-positioned to support our brokers through these changes.
Our solid financial foundation, conservative balance sheet management, and reliable revenue streams enable us to expand and introduce innovative solutions and opportunities. The outlook for the residential and commercial markets remains strong, with interest rates believed to be at or near their peak. AFG stands in an enviable position, ready to increase our market share and deliver on our strategy to diversify and grow our earnings profile. I'm optimistic about the year ahead. Our distribution business has never been stronger. Our technology enhancements are set to improve overall broker productivity, and importantly, our manufacturing business is in growth mode once more, supported by strong credit policy and arrears performance. I express my gratitude to our dedicated employees, brokers, customers, lending partners, and shareholders for their continued support. I will now hand back to Greg to conduct the formal business of the meeting.
Thank you, David. Before I open the floor to questions, I would like to outline the question and voting procedures. Each person who signed in today will have received either a yellow voting card, a blue card, or a red card. If you're holding a yellow card, you may vote and ask questions. If you're holding a blue card, you may ask questions, but you cannot vote. Red cards are for visitors who may neither ask questions nor vote. The shareholders and proxy holders attending the meeting online who wish to ask a question through the virtual meeting platform, please ask the question, click the Ask Question button, and type your question and click Submit. Due to time constraints, we may not be able to get to every question. If this happens, we will get in touch as soon as possible to answer your question after the meeting.
I propose that the order for taking questions will be as follows: firstly, questions from the floor. Please state your name and whether you are a shareholder in your own right or an attorney, proxy, or corporate representative of a shareholder. You'll be invited to ask questions now, or we, as we discuss each resolution at the end of the formal part of the meeting. Secondly, I will take questions from any holders who have asked question online. With regard to voting and further information for shareholders in the notice of meeting, in the interest of equitably representing the views of shareholders, and in accordance with the ASX Corporate Governance Council's corporate governance principles and recommendations, we intend to call a poll in relation to each of the resolutions considered at this meeting.
The poll will be conducted at the end of the meeting. I will outline the poll procedures prior to conducting the poll. The results of the poll will be released to the ASX after the votes have been counted, and we refer you to the notice of meeting for details of voting exclusions. Copies of the notice are available at the front of the room in Perth. For proxy results for each resolution will be shown on the screen behind me. For those online, you will see the results for each resolution presented in the virtual meeting platform. To the extent that open proxies are held by the chair of the meeting, those proxies will be cast in favor of the resolution. I'll now open the floor to questions. Please begin by clearly stating your name. Okay, if there's no questions, then-
Greg McLeod, a shareholder.
Yes. Greg McLeod, a shareholder. Three questions, really. Page fifty-one of the report, statement of cash flows, partway down, a line called "Net loans and advances to borrowers," and there was a big change in the value between 2024 and 2023, and I don't think in a positive direction. I don't know or understand what that item is about. I would appreciate if you could explain that a bit. If I give my next question?
Yes.
Yeah. The further down on that page, repayments of warehouse facility, that, again, a big change, I don't think in a positive direction, and again, I don't understand what that item is about, and would appreciate if you would explain that a bit. And finally, can you confirm that there's no dividend reinvestment plan currently available in AFG?
Okay, good. Dave, would you like to take those?
Thanks for your questions. The first two questions are actually interrelated, and I'm going to look at our CFO here, just to confirm this, are interrelated and relate to our AFG Securities or our manufacturing business. So you would have seen during the year, during FY 2024, it's been very difficult for that business to grow its business, simply because of the level of competition in the market from ostensibly the major banks. So what's actually happened is our loan book, of which are our own manufactured loans, has reduced. So those loans have reduced, so therefore, when the loans get reduced, repayments go back to the warehouse providers, and obviously, the loan balance reduces as well.
So repayments and money in and money out mean because we're in a non-growth mode during that period, it will reduce. The good news is, moving into the new financial year, as we've said, the book's grown back up to about AUD 4.8 billion. The good news is that those numbers would start to reverse on the assumption that we continue to grow at that rate. And in terms of the dividend reinvestment plan, we don't have one of those plans enacted at the moment.
Thank you.
Thank you.
Thanks, David. Okay, no other questions? Okay, good. From the floor, are there any relevant questions from shareholders or proxies participating online?
Yes, Chair, we have one question from shareholder Stephen Mayne. He asks: "Thank you for bucking the normal trend for Perth-based companies and ticking all the key boxes with today's AGM. You've offered a full hybrid video, disclosed the proxies early with the formals to the ASX, received no material protest votes, and not waited until late November to hold the AGM. Whose idea was it to be so different from other Perth-based companies, which force East Coast shareholders to fly into the world's most isolated city to participate?
Hello, Stephen. Good to hear from you. I don't. I think that was a comment more than a question.
I think so.
Yeah, but thank you, Stephen. It's good to hear from you. Okay, if there'd be any further other questions, I'll continue on and confirm that there was a question that was submitted prior to the AGM, and this question actually cannot be addressed at this forum as it didn't actually relate to the management of the company or the business of the AGM. We are comfortable that it has been answered directly with the shareholder. As there's no further questions, I shall move on to the formal proceedings of the meeting. I have been advised by the Company Secretary that the notice of meeting has been properly circulated, and there is no objections, and I'll take the notice of meeting as read.
I have received confirmation that the presentation materials for today's annual general meeting have been lodged with the ASX in accordance with the listing rules. All directed proxies will be voted as directed. Any undirected proxies that default to the Chair of the meeting will be voted in favor of the resolutions, including the resolutions connected directly or indirectly with the remuneration of key management personnel. A copy of the minutes of the last AGM of the company, held on 24 November 2023, are available at this meeting if any shareholders wish to inspect them. The first item on today's agenda relates to the financial report of the company for the financial year ended 30 June 2024, together with the directors' report and the auditors' report. It is not necessary to formally pass the 2024 financial reports.
However, as the shareholders have gathered here today, it is a convenient time to ask shareholders whether they wish to address any matters in those documents. I now invite shareholders to comment or ask questions on the reports. Questions may also be asked of the auditors in relation to the conduct of the audit, the conduct of the audit report, accounting policies adopted by the company, and the independence of the auditor in carrying out the audit. If any shareholders on the floor have a question or comment, please raise your yellow or blue card, and again, please begin by clearly stating your name. Okay, have any questions been submitted online prior to the meeting? Okay, as there are no further business, further questions, I will move on to the next item of business.
As advised earlier, we will conduct a poll in relation to each of the resolutions considered at the meeting. For those physically attending, the persons entitled to vote on this poll are holding yellow voting cards. Mark either for or against for each resolution on your voting card for your vote to count. And once you have finished marking your card, please place it in one of the ballot boxes circulating in this room after all the resolutions have been read. If there are any aspects of the voting which you are uncertain, please do not hesitate to ask the Link staff, who will be circulating the ballot boxes after reading again all the resolutions. For those attending virtually, click on Get a Voting Card and enter the shareholder credentials per instructions, and click For or Against button to your vote to count and select Submit.
We now move on to item two on the items of business, which is the first resolution, the adoption of the Remuneration Report for the financial year ended thirty June 2024. Under the Corporations Act 2001, listed companies are required to include, as part of their directors' report, a remuneration report, which includes specified information. Directors have prepared a remuneration report for the period ended thirty June 2024, and it is included on pages thirty-four to thirty-seven of the 2024 annual report, which has been made available to shareholders. The Corporations Act also requires companies to put to shareholders a non-binding vote to enable shareholders to voice their opinion on matters included in the remuneration report. And I remind key management personnel and their associated parties that voting exclusions apply to this resolution under the Corporations Act, and excluded parties should not vote.
So I accordingly move that the following resolution, that the remuneration report for the company for the year ended thirty June 2024 , be adopted. The proxies have been received and displayed on the screen, show in favor of the resolution. Are there any questions or comments from the floor? Okay. Are there any questions submitted online or prior to the meeting?
Yes, Chair. There's one question from Stephen Mayne. "Do any of the five main proxy advisors, ACSI, Ownership Matters, Glass Lewis, ISS, and ASA, cover us, and which of them recommend a vote in favor of the rem report? Best practice is now to disclose the poll results, by including for and against votes by both chairs and shareholders, like with the scheme arrangement.
Mm-hmm.
Are you prepared to do this, given many others now do?
Dave, would you like to, or-
Chair, would you like me to answer that as company secretary?
Would you like to answer? Yes, sure.
So we are covered by ACSI, Glass Lewis, and ISS.
and we engage heavily with our proxy advisors
... and have many meetings with them to discuss the resolutions at the upcoming AGM.
Including the Chair of Remuneration Committee. Mm-hmm.
That's true.
Yeah.
The chair of the Remuneration Committee, Remuneration and Nomination Committee, also attends those meetings. We haven't, in the past, published those results, as those are reports from those entities, and we don't own those reports. And we don't, at this point, intend to publish those results.
Okay. Thank you, Michelle. Annette?
I think they did the three proxy advisors that issued-
Sorry, do you wanna just say that?
Go again.
Hi, it's Annette King here, Chair of the Remuneration and Nominations Committee. The three proxy advisors that did issue their reports to us ahead of time did all vote in favor of the remuneration report.
Thank you. I think that answers your question, Stephen. Thank you. Are there any other questions online, Michelle?
Not on that one.
Okay, good. Thank you. No further questions. I'll now put the resolution to a poll. Please complete your voting card or submit your online vote for this resolution. I'll now refer to item three and resolution two of the agenda, the re-election of Malcolm Watkins as a director. As stated in the notice of meeting, in accordance with the company's constitution, a director must retire from office no later than the longer of the third annual general meeting and three years from the following the director's last election or appointment. Retiring directors are eligible for re-election. Malcolm Watkins was last elected as a director at the 2021 annual general meeting. Mr. Watkins therefore retires, and being eligible, offers himself for re-election to the board of the company.
All directors' details are set out in the directors' report on pages 27 to 32 of the 2024 annual report, and Mr. Watkins' details are on pages 9 and 10 of the notice of meeting. So I won't, will not repeat those details. I move the following resolution: that Malcolm Watkins, who retires as a director of the company in accordance with Rule 8.1E of the company's constitution, and being eligible, be re-elected as a director of the company. The proxies received for the resolution 2 are displayed on the screen and show in favor of the resolution. Are there any questions or comments from the floor? Okay. Have any questions been submitted online or prior to the meeting? Okay, if there's no further questions, I'll now put the resolution to a poll.
Please again, complete your voting card, or submit your online vote for this resolution. I will now refer to item four and resolution three of the agenda, the re-election of Craig Carter as a director. As stated in the notice of meeting, in accordance with the company's constitution, a director must retire from office no later than the longer of the third annual general meeting and three years following that director's last election or appointment. Retiring directors are eligible for re-election. Craig Carter was last elected as director at the 2021 annual general meeting. Mr. Carter therefore retires, and being eligible, offers himself for re-election to the board of the company. All directors' details are set out in the directors' report on pages 27 to 32 of the 2024 annual report, and pages 9 and 10 of the notice of meeting.
So again, I won't repeat those details. For item four, I move the following resolution: that Craig Carter, who retires as a director of the company in accordance with Rule eight point one E of the company's constitution, and being eligible, be re-elected as a director of the company. The proxies received for resolution three are displayed on the screen and show in favor of the resolution. Are there any questions or comments from the floor? Have any questions been submitted online to the meeting? Okay, no further questions. I'll now put the resolution to a poll. Again, please, complete your voting card and submit your vote online for this resolution. And I'll now hand over to my fellow director, Jane Muir-Smith, to conduct item five, resolution four.
Thanks, Greg. I now refer to item five and resolution four of the agenda for the re-election of Greg Medcraft as a director. As stated in the notice of meeting, in accordance with the company's constitution, a director must retire from office no later than the longer of the third annual general meeting and three years following that director's last election or appointment. Retiring directors are eligible for re-election. Greg was last elected as director at the 2021 AGM. Mr. Greg Medcraft therefore retires, and being eligible, offers himself for re-election to the board of the company. All directors' details are set out in the directors' report on pages 27 to 32 of the 2024 annual report and at pages nine and ten of the notice of meeting, so I will not repeat those details.
For item five, I move the following resolution: That Greg Medcraft, who retires as a director of the company in accordance with Rule eight point one D of the company's constitution, and being eligible, be elected as a director of the company. The proxies received for Resolution Four are displayed on the screen and show in favor of the resolution. Are there any questions or comments from the floor? Are there any questions submitted online or prior to the meeting?
Yes, we have one question from Stephen Mayne.
Okay.
In June 2020, AFG did a AUD 60 million capital raising, comprising a AUD 15 million placement at a 17.3% discount of AUD 1.15, followed by a non-renounceable one for 5.5 at a AUD 1.15, with certain insiders partially underwriting the retail offer. Retail couldn't apply for overs. The retail offer was only 78% subscribed, with AUD 10.1 million raised and an additional AUD 2.96 million coming from the underwriters. Does Chair Greg Medcraft agree this was badly structured, diluting retail without compensation? Will future raisings be fairly structured, and don't you owe retail an SPP?
Right. I'm just wondering, do we deal with that now with the re-election, or take that to general business, Michelle?
We can take that to general business.
Yeah. So Stephen, we'll answer that in the general business questions then. Are there any other questions pertaining to the resolution? So please complete your voting card or submit your online vote for this resolution, and I'll hand this back to Greg to complete the balance of the formalities.
Thank you, Jane. This item of business involves the reinsertion of the proportional takeover provisions contained in the Rule Six of the company's constitution. Under the Corporations Act, such provisions must be reinserted every three years. The provisions were first incorporated in the constitution approved at the general meeting of the company on 24 April 2015, and they were further approved at the annual general meetings of the company on 23 November 2018 and 26th November 2021. Therefore, the provisions currently contained in Rule Six of the constitution will expire on 26th June 2024.
It's for this reason that shareholder approval is sought for the reinsertion of the proportional takeover provisions, and full details of Item Six, Resolution Five, are on pages eleven and twelve of the notice of meeting, so I will not repeat those details. For Item Six, I move the following: The shareholders consider, and if thought, pass the following resolution as a special resolution of the company, that the proportional takeover approval provisions contained in Rule Six of the constitution of the company, as last approved by the shareholders, be reinserted for a further period of three years from the meeting of the company convened by this notice of meeting. The proxies received for Resolution Five are displayed on the screen and show in favor of the resolution. Are there any questions or comments from the floor?
Have any questions been submitted online prior to or on the meeting?
Not about this question.
Okay, good. Thank you. If there are no further questions, I'll now put the resolution to a poll. Please complete your voting card and submit your online vote for this resolution. Now that all the resolutions have been read, please ensure that you've properly completed your voting card and kindly lodge your voting cards in the ballot boxes circulating in the room. If you have not already done so, shareholders and proxy holders participating via virtual meeting platform should now submit their votes.
Chair, we have a general business question.
In addition to the one or-
Okay. Should we consider that now?
I think so, probably.
Sure. Okay. Is it the one that was already raised or...?
It's a second question.
A second question, sure.
So the second general business question is from Stephen Mayne. He asks: "What has REA getting into the mortgage broking industry with a AUD 300 million takeover of Mortgage Choice down to the market? Don't these monopolists have an unfair advantage? How important is REA for our business, and does REA prioritize promotion of their own brokers?
Okay, so I think, let me answer the first question, and I'll pass the second question and perhaps some elaboration on the first question to David. In relation to the first question, Stephen, I can't really comment on that question. I was not in Australia, I wasn't on the board when this particular matter happened. So I can't really answer that question, and it depends, I expect, on the circumstances. As you know, when we had the global financial crisis, we did have that same issue when I was chairman of ASIC or at ASIC, with share discounts to recapitalize companies in that needed capital in a hurry. But, and I, you know, the view of ASIC on that.
So perhaps, if you wanna add anything to that, David, and perhaps you can respond to the second question. Yeah.
Thanks, Greg. If I recall back in 2020 , when that capital raising was undertaken, we were very in unique circumstances during the onset of the pandemic, and as part of that process, we assessed the needs of the business and raised the capital to help facilitate the business moving forward in terms of its warehouse facilities and its ongoing commitments to our brokers. So the circumstances at that time drove a capital structure or a capital raising structure on the recommendation of our advisors. Moving forward, should we do a future capital raising, we would consider the retail offering as part of that process moving forward. In terms of REA, REA have been...
Mortgage Choice is a business which has been a competitor of AFG for as long as I can remember. They offer a different type of product and different type of brokering service to the ones that AFG provide. Mortgage Choice is effectively a franchise offering, whereas ours as opposed is a wholesale offering direct to brokers to run their own business under their own brand. In terms of who ultimately owns Mortgage Choice, we've been through this industry has been through a number of periods where mortgage aggregators or broking aggregators have been owned by various types of individuals and organizations, including Challenger at one point. We've had NAB own three aggregators in PLAN, FAST and Choice.
We've had CBA involved with Aussie, the Aussie franchises, and I think they're still involved in that business. At the end of the day, what does it do in terms of our brokers? Our brokers' relationship remains with their clients and their customers, and so our role is to provide services to our brokers like the other aggregators do and provide opportunities for those businesses to grow their businesses, and so each broker who chooses an aggregator chooses to use an aggregator for the services they provide, and so our role, irrespective of who owns our competitors, is to provide a service which is first and foremost, and provide opportunities for that business to grow. So...
Thank you. No further questions.
And thank you for your questions, Stephen. And, remind everybody that brokers have a Best interests duty legally to their customers. People that go to banks don't have that benefit, and that largely explains why we are and will continue to grow. So thank you. That concludes the formal business of the AGM. Thank you all for your attendance and participation in today's meeting, and we look forward to your continued support in the coming year, and I declare the meeting closed. Thank you.