Good morning, ladies and gentlemen. My name is Dr. Adir Shiffman, and I'm the Executive Chairman of Catapult Group International Limited. In accordance with the company's constitution, as the company's Chairman, I am also Chair of this meeting. On behalf of the Board, it is my pleasure to welcome you to Catapult's 2025 Annual General Meeting. Before I go any further, I would like to acknowledge the many traditional owners of the lands on which we are joining the meeting today. Catapult acknowledges the traditional custodians of country throughout Australia and their connections to land, sea, and community. We pay our respects to their elders, past and present, and extend our respects to all Aboriginal and Torres Strait Islander peoples. Before commencing the meeting, I would like to ask our CEO and Managing Director, Mr. Will Lopes, to provide an address.
Thank you, Adir, and good morning and good evening to everyone on today's call. I'm very pleased to join you at Catapult 's 2025 Annual General Meeting. Today, I will reflect on the year that was, the year, and the opportunity ahead, before handing back to Adir to conduct the formal business of the meeting. FY25 was an exceptional year for Catapult , a year where we again extended our position in setting the global standard in performance technology for pro sports. We now serve over 4,600 teams across 40 sports and more than 100 countries. That's an increase of nearly 400 teams year- over- year. In FY25, we welcomed elite organizations such as the Brazilian National Soccer Federation, the Saudi Pro League, and the English National Rugby Union, demonstrating the market's trust in Catapult 's product leadership and long-term vision.
This year, we executed with discipline and delivered profitable growth. Key financial highlights were as follows: total revenue grew 19% year- over- year, reaching $116.5 million, reflecting significant scale of the business. Our annualized contract value grew by 18% year- over- year to exceed $100 million for the first time and reached $101.2 million. Management EBITDA, our key measure of operating performance, was 13%, driven by an $11 million year-over-year improvement. Under Rule of 40, combining our ACV growth percentage and our management EBITDA margin percentage, we've achieved an all-time high of 31%. That is a significant 28-point gain from 3% two years prior, indicating a healthy balance between growth and profitability. Free cash flow nearly doubled, reaching $8.6 million, an increase of $4 million from FY24. Our incremental profit margins, our focus on retaining new revenue as profits, resulted in a record incremental profit margin of 65%.
This means $0.65 of every new revenue dollar was retained as profit, demonstrating sustainable operating leverage at scale. Catapult 's SaaS engine remains also exceptionally strong. Our ACV retention rate was an impressive 96%. That is comparable to the most successful enterprise software companies worldwide, highlighting our platform stickiness and value delivery. ACV per pro team, this is our ARPU measure, rose 12% year- over- year to almost $27,000, accelerating from a 7% growth in FY24. This reflects the increased cross-sell of multivertical products and upsell to our existing customers. Multivertical teams, the number of pro teams using more than one Catapult solution, grew 53% in FY25, with nearly 300 new multivertical teams added. This cross-sell success is driving the strong unit economics of our business. Catapult delivered significant innovations for our customers, building on years of focused R&D.
These innovations embed Catapult more deeply into the daily workflows of pro teams, and these included Vector 8, a transformative leap in athlete performance monitoring, featuring a next-generation wearable with advanced microprocessors and inertial sensors, paired with a powerful smart dock, a new receiver, and a relay network. This system supports up to 120 athletes across a 70% larger coverage area, delivering live data at an unprecedented fidelity and speed. The initial rollout is now focused on American football, with the expansion planned over the next two financial years. Hub Pro, our next-generation coaching platform, is designed to unify our legacy and new video solutions into a single powerful experience. It integrates seamlessly with Match Tracker to form the most advanced video and data capture system worldwide.
Focus Live for practice, following the successful launch of Focus Live for game day in partnership with the SEC, we have now introduced a new module for training environments. This module...
We have temporarily lost connection to Mr. Lopes' line. Please hold, and the conference will resume shortly.
Apologies for that. My call dropped, and we're back. As I was saying, Focus Live for practice, following the successful launch of Focus Live for game day, in partnership with the SEC, we introduced a new module for training environments. This module integrates sideline video technology directly with wearable technology, creating a unified system that links live video with real-time athlete data. Beyond Vector 8, we continue to introduce, in performance and health, new AI algorithms for advanced metabolic power measurement and sport-specific parameters for basketball, rugby, and tennis. We also collaborated with leagues and federations such as UEFA for Euro 2024 and the French Rugby League to deliver live insights and broadcast performance data, bringing fans closer to the action. Our Vector Core product, commonly used by academy teams, was expanded into more sports and now includes new language support, broadening its accessibility and reach.
Now, looking to the year ahead, I wanted to make a quick comment on the acquisition of Perch that we announced after our FY25 results. While we're not providing ACV guidance on the acquisition, I'm incredibly pleased to report that the integration is going well, and we are feeling really good about the acquisition. We will say more about that in November at our first half FY26 results. At the time of our FY25 results, our outlook for FY26 was to continue to focus on profitable growth, consistent with the outcomes we delivered in FY25. For FY26, we guided to ACV growth remaining strong with low churn, continued improvement in cost margins towards our targets, and higher free cash flow as the business continues to scale. I am pleased to announce today that we are reaffirming that guidance.
In FY26 and beyond, Catapult 's opportunity in pro sports is significant. The professional sports technology market is projected to exceed $71 billion by 2030, doubling in the next five years. This unprecedented investment in live sports, as a bastion of live entertainment, positions Catapult as a global category leader. The $6.1 billion sale of the Boston Celtics earlier this year underscores this thematic. Catapult 's unified SaaS platform helps teams make faster, smarter decisions by saving time, contextualizing data, and integrating seamlessly into team workflows, thus providing us a competitive edge. Our comprehensive breadth of solutions, acting as an integrated partner across every major performance and coaching workflow, is unmatched in our industry. This has meant that we have built a strong competitive moat based on our one-stop platform, proprietary data stack, global scale, and multi-sport intelligence.
We aim to continue widening this moat as the market continues to expand. As I said in the annual report, I would again like to take this opportunity to thank our Board and executive team for their stewardship and partnership as we pursue this generational opportunity. I also want to thank you, our shareholders, for your support and belief in Catapult. In closing, FY25 was an exceptional year for Catapult, categorized by strong performance and strong execution. The company is powered by a disciplined focus on profitable growth and delivering significant operating leverage, indicative of a leading SaaS company. Our product engine is firing, unit economics are best in class, and the platform is compounding in value. Catapult is uniquely positioned to help pro teams achieve peak performance through our all-in-one SaaS platform, through our data, science, and innovation.
We remain confident in our future trajectory and vital role we will play in helping the best pro sports teams in the world. With that, I will now hand back to Adir to conduct today's meeting.
Thank you, Will. Ladies and gentlemen, the time indicated in the notice of meeting has passed, and as there is a quorum present, I declare the meeting open. As this AGM is being conducted as a virtual-only meeting, technical issues beyond our control may arise. If this occurs, I will adjourn the meeting, and it will resume at 1:00 P.M. Melbourne time. If resumption is not possible, we will issue an ASX announcement with further information. The notice of meeting for this AGM was published, and a covering letter was sent to shareholders on July 4, 2025. As is customary, with the approval of the meeting, I will take the notice of meeting as read.
I would like to remind shareholders that while this meeting is being streamed via the MUFG virtual meeting platform and a linked telecom facility, only shareholders and proxy holders may vote or ask questions during the meeting. Details of how to do this are set out in my letter to shareholders of July 4, the notice of meeting, and the appended MUFG virtual meeting online guide. I would now like to introduce you to the rest of the board: Mr. Will Lopes, who I introduced previously; Mr. Tom Bogan, Independent Non-Executive Director and Chair of our SaaS Scaling Committee; Ms. Michelle Guthrie, Independent Non-Executive Director and Chair of our Nomination and Remuneration Committee; Mr. Shaun Holthouse, Non-Executive Director and Co-Founder; Mr. Jim Orlando, Lead Independent Director and Chair of our Audit and Risk Committee; and Mr. Igor van de Griendt, Non-Executive Director and Co-Founder.
Also in attendance are our CFO, Mr. Bob Cruickshank, and our Group Company Secretary, Mr. Jonathan Garland. I also welcome to the meeting the company's auditor, Mr. Ashley Butler of Ernst & Young. As noted in my letter to shareholders of July 4, we will not be giving a presentation of results at today's meeting. Instead, shareholders are encouraged to view the recorded video presentation of the FY25 results, which is available at the Investor section of Catapult 's website. We welcome any questions from shareholders relating to that presentation. Therefore, the agenda for today's meeting is to consider the formal business followed by shareholder questions. We have adopted the same format as in previous years to make the meeting efficient and to enhance the experience for attendees as a whole. The process will be as follows: I will introduce and describe all of the agenda items for consideration.
Shareholders will then have the opportunity to ask questions about or make comments on all agenda items rather than dealing with each item in turn. We want to allow as many shareholders as possible to ask questions. To ensure the process runs smoothly, please keep your questions succinct and relevant to this meeting. Where there are multiple questions that are the same or have a similar theme, we will group these into a single question. Further, while we will try to answer as many questions as possible, it may not be practicable to answer every question, but we will do our best. Eligible participants may submit a question at any time during the meeting via the MUFG platform on their mobile device or computer. To do so, participants should click or tap the Ask a Question button on the MUFG platform web page.
Eligible participants may also ask audio questions via the MUFG telephone facility, which is connected to the MUFG platform. To do so, participants should pause the broadcast on the MUFG platform and then telephone one of the numbers set out in the notice of meeting. For verification purposes, shareholders will need to enter a unique PIN to ask a question. Participants should note that the telephone facility cannot be used for voting. The process is explained in detail in the notice of meeting, MUFG virtual meeting online guide, and the MUFG platform itself. Before moving to the formal business of today's meeting, I will say a few words about the process of voting at the meeting. Each item of business in the formal notice of meeting that requires a vote will be by poll, and I will formally open the poll on all items now.
The poll will remain open until the end of today's meeting, so please ensure that you vote before the end of the meeting. Shareholders and proxy holders may vote at any time during the meeting via the MUFG platform on their mobile device or computer. To do so, these participants should register by clicking or tapping the Get a Voting Card button on the MUFG platform. After registration, participants will be able to submit full or partial votes and edit those votes at any point up until the poll is closed. Before the shareholder question session commences, we will display the proxy votes for each item of business that calls for a vote. The voting restrictions for all items are included in the voting restrictions section of the notice of meeting. If voting on a poll, proxy holders must vote as directed, subject to any applicable voting restrictions.
Any directed proxies that are not voted at the meeting will automatically default to the Chairman, and I'm required to vote those proxies as directed. The Board recommends that shareholders vote in favor of each item of business that requires a vote. Further, any open proxies that have appointed me as Chairman of the meeting or any of the Company Directors will be voted in favor of each item. These Board recommendations in the voting of open proxies by me are subject to any applicable voting restrictions. I will now introduce the items of business on the formal agenda. The first item of business is to receive and consider Catapult's financial statements and reports for the financial year ended March 31, 2025, and the reports of the Directors and the Auditor. The next item of business is the reelection of Directors.
First, I retire at this meeting and, being eligible, offer myself for reelection. Second, Igor van de Griendt retires at this meeting and, being eligible, offers himself for reelection. We now come to the non-binding advisory vote on the adoption of the remuneration report. The remuneration report is included in Catapult's 2025 annual reports, which is available on our website. It sets out Catapult's remuneration policy and arrangements for Non-Executive Directors, the CEO and Managing Director, and senior management. The next item is to ratify for the purposes of ASX Listing Rule 7.4, the prior issue of the first and second tranches of share consideration to the purchase vendors pursuant to the purchase acquisition. These tranches comprise 2,498,227 fully paid ordinary shares in aggregate.
In item five, the Company is seeking to ratify for the purposes of ASX Listing Rule 7.4, the prior issue of 14,662,950 securities to participants of the Company's ESOP. The purpose of item six is to grant equity incentives to our CEO and Managing Director, Will Lopes. Finally, item seven is a special resolution and concerns the change of name of the Company to Catapult Sports Limited. As the Company's constitution contains references to the Company's name, this special resolution also amends these references. An amended version of the Company's constitution showing the proposed markups was made available on Catapult's investor website. I now formally propose each of the resolutions that are specified in the notice of meeting. Item 2(a), 2(b), items 2(a), 2(b), four, five, and six are ordinary resolutions. Item three, which is the adoption of the remuneration report, is a non-binding resolution.
Item seven is a special resolution. For the benefit of shareholders, the proxies received prior to the meeting on each of the items calling for a vote are now shown. These votes do not include those to be voted in the meeting today. However, based on the results we are anticipating, I would like to thank shareholders for their strong support. I now move to the shareholder question session of the meeting. It is my duty as Chairman to allow a reasonable opportunity for shareholders as a whole at the meeting to ask questions about or make comments on the management of the company, audit matters, the remuneration report, and other items of business before the meeting today. All questions will be directed to me as Chairman. Questions to the auditor must be related to audit matters and will be directed to me in the first instance.
I will now ask Dave Schiller, our Head of Investor Relations, to advise whether any shareholders have submitted questions in advance or through the MUFG platform, and if so, to identify them and read their questions.
Thanks, Adir. Initially, we received two questions from Mr. Wayne Arthur in advance of today's meeting. The first question reads as follows: Can you explain how the company generates its revenue and the breakup of the sorts of entities from which it gets its revenue?
Thank you for your question, Wayne, and for being a shareholder of the company. We are predominantly a SaaS business, so most of our revenue comes from subscriptions. Those subscriptions are predominantly from the world's most elite sporting teams across more than 100 different countries. Around 95% of our subscription revenue comes from these professional teams, and we retain them at a retention rate of about 96%. Since moving to a subscription-based business, it's been extremely positive for the company, and it's significantly benefited the economics of the company. I think this subscription rate shows the incredible value that these teams derive from our technology, and it gives us confidence that we can generate more revenue for Catapult by cross-selling different products to existing teams while continuing to add more and more professional teams to our lineup of teams. I hope that gives you a comprehensive answer to that question.
Thanks, Adir. The second question reads as follows: How scalable is the business? In other words, once you have systems in place, can you generate a lot more revenue without much of an increase in costs?
Thank you for the fantastic question. This goes to the heart of our success as a company. I'm not sure how long you've been a shareholder for, but many of our shareholders have been investors since the IPO, and they've been rewarded with about a 28% share price compound annual growth rate over the last 11 years. I'm very happy for all of our shareholders who have ridden this sometimes bumpy but ultimately very rewarding journey, and I'm very grateful for their ongoing support. Our focus from the start of this business was to build a business that would pass a threshold of scalability, where a significant portion of that incremental revenue will flow through to our profit. You've heard that Will has mentioned earlier the phrase incremental profit margins. That's essentially the nature of the question that you're asking.
What it means is that year on year, we have a relatively modest increase in our fixed cost base, and that enables us to retain a significant percentage of the incremental revenue we generate each year as incremental profit for the company, and that gives us operating leverage. Will has spoken about this extensively, but in FY25 we managed to retain 65% of that incremental revenue as our incremental profit margin. Another way to say that is that $0.65 in every dollar of incremental revenue flows through in the business. That, to us, is reaping the rewards of having spent many years building this business, transitioning to a software subscription model, and creating a business that's past that inflection point of being scalable. Obviously, we're extremely pleased with the operating leverage we have built in this business.
We think it positions us exceptionally well for the road ahead, and we think that will flow through to strong long-term returns for shareholders.
Thanks, Adir. We've received a number of questions through the MUFG platform. I will begin with five questions we have received from Mr. Stephen Mayne. The first question reads as follows: Did we really need to put items four and five up for approval today? Couldn't they just have been handled under the normal 15% cap on placements in each 12-month period? Please don't put any placement capacity refresh items up at next year's AGM, and if you need to do a capital raise, will you commit to doing a pro-rata offer that treats all shareholders equally rather than selective placements to anyone you like? What is our history in terms of capital raising structures?
Thank you, Mr. Mayne, for being a shareholder and for taking an interest in the business. It's a fairly technical question. I'm going to answer it with a response that I think goes to the heart of the nature of your question. You're absolutely right that, firstly, let me make clear that we don't need to raise capital. I just want to be crystal clear about that. Will has said that, you know, fairly or very consistently. I do want to talk about the valid point that you've made about resolutions four and five and the fact that we didn't necessarily have to put those up as resolutions at this AGM. Our view on these matters is always to try to provide as much transparency as we can.
That is why we put these items up as resolutions for shareholder votes at AGMs, because we think that when we are raising capital, we would like to make that very clear to shareholders, and we would like to try to ensure the maximum transparency on that that we possibly can. I think that's a good philosophy, and it's our intention to continue to do that. In terms of the second part of your question, which is doing a pro-rata offer so that all shareholders are treated equally, in the previous capital raising that we did, we did adopt that approach and include a share purchase plan. Certainly, a big focus for us, as I've just said, is ensuring that shareholders feel that they're treated well by this business. We have a significant number of very long-term shareholders in this company.
I'm not going to respond to hypotheticals about how we might do placements next time. The history of how we've done raising is in the public domain. I do want to reiterate that making sure that shareholders are treated fairly, including providing a very high level of transparency if we are going to raise capital, is one of the cornerstones of the way that this board operates.
Thanks, Adir. The second question reads as follows. Thank you for disclosing the proxies early, along with the formal addresses. There was a 17% protest vote against the remuneration report. Which of the five main proxy advisors, Axi, Ownership Matters, Glass Lewis, ISS, and ASA covered us this year and did any recommend a vote against the REM report? If so, what reasons did they give? Please don't say proxy advisor recommendations are confidential. It is standard for companies to be across this detail on the voting recommendations and inform shareholders where relevant.
I personally met with four proxy advisors: Axi, Ownership Matters, Glass Lewis, and ISS. Three of the four of those proxy advisors, to the exclusion of ISS, my understanding is they all recommended that shareholders vote in favor of all resolutions. I know you're not enthusiastic about me telling you about the confidential nature of proxy recommendations, but the truth is that we are not provided with a copy of the report to understand why there were recommendations to vote against resolutions by ISS. I do think it's a mischaracterization, a complete mischaracterization to call it a protest vote. There's a strong vote in favor, and the feedback we received when we met with proxies was consistent with our view that the remuneration is appropriate for an ASX-listed company like ours. It is appropriate and motivating for executives.
We've been transparent in the remuneration report, which has included more information than we included last year as a direct response to some of the feedback we received from shareholders. We continue down a path of increasing governance over time, particularly as we're now in the ASX 300. We take governance very seriously, and we'll continue to engage with shareholders and proxies around the remuneration report. In general, my personal experience having engaged with more than a dozen shareholders as well as the proxies is there was an understanding of the remuneration report and an acknowledgement that we've continued to provide more transparency around that remuneration report year- on- year.
Thanks, Adir. The third question reads as follows. Could Adir Shiffman please comment on the 13.8% proxy vote against his reelection? Was it caused by industry firms concerned about the lack of gender diversity on the board? It was striking to look at today's 18 AGM slides and see three slides with pictures of female sporting stars, yet only one of our six directors is female, and we have no female executives in the top five. Why? Does Adir also agree this protest vote includes a message that it is time we adopted the normal governance model of having an independent non-executive chair?
This is a very smart question because it's three questions matched to one question. Let me break it into pieces. Firstly, how do I feel about not getting 100% of the vote in favor? Very sad. I would much rather have preferred 100% of the vote in favor, but I acknowledge that it is shareholders' right to vote on all of these resolutions in various ways. Once again, I say to you, it certainly did not feel like a protest vote to me in the extensive meeting that I had with shareholders and proxies. What was communicated to me in those meetings was very strong support for the management of the business and very strong support for the board composition of the business and an acknowledgement of the remark I made earlier, which is a commitment to continuing down the path of improving governance over time.
I think the question about diversity is a very important question. I think it's great that you've raised this question. Operating predominantly outside Australia, the diversity question involves more than gender diversity in the U.S. Given that you've spoken here about gender diversity, I'm going to limit my comments to that. We take it very importantly. The motion that you flagged is absolutely spot on. We work with lots of female athletes. It's very important for us to have gender diversity inside the organization. We have processes and structures inside the organization that are led by our Head of People and Culture, who is a female. She's not in the presentation yet, but we do have female leadership in the company. That structure is enshrined in the organization.
We regularly report up to board level what the gender mix is at all individual levels of the organization and the trend of that. In terms of the board, I think you've raised another good question. At the moment, Michelle is the only female on the board. As I've said, over time, our plan is to continue down the path of governance that is more consistent with an ASX 300 or perhaps even an ASX 200 type business. I think, again, that's a very important point. I'll refute once more that I don't think that there was a particular protest vote on any of these topics, full stop, that occurred on this particular resolution. I do think that you've raised an important point. The last point that you've raised is also completely reasonable and pertains to my title as Executive Chairman.
It's worthwhile saying a couple of lines about what the executive part of that role actually entails. To be crystal clear, the business is run by management led by Will , and I have absolutely no involvement and frankly never have in this organization in the actual management and executive running of the company. The executive component of my role has always been limited to engaging around the world with various parties that are deeply embedded into the sports tech landscape. It's a very globalized industry. I feed that information back into the sales and management team to help in strategy, and they will then take whatever strategy they determine is right and bring that to the board for conversation. That's the nature of my executive involvement. I think it's served the business very well over the past more than a decade.
I think it continues to serve the business well. In my conversations with other directors and the CEO, my understanding is that we're all totally aligned on that view. I think it's appropriate that I have Jim Orlando, who's our Lead Independent Director, also address this matter rather than just me speaking on it. I'll hand over to you, Jim.
Thanks, Adir. Yeah, look, the Board's been very clear on the scope of Adir's executive role. It's been exceptionally important, and it's served the company well and its shareholders over many, many years. Under Adir's leadership as Executive Chairman, Catapult has really transitioned from an early-stage founder-led business to a global market leader, and as we know, creating significant value for shareholders. In particular, the company values Adir's deep involvement in strategy development and the technology roadmap. The Board considers that the company and its shareholders are best served by Dr. Shiffman continuing in this role as Executive Chairman. Thanks.
Thank you, Jim. I'll hand back to Dave.
Thanks, Adir. The fourth question reads as follows. The six most valuable U.S. big tech stocks: Microsoft, Apple, Amazon, Meta, Alphabet, and NVIDIA are together worth more than $20 trillion, largely because they have enormous pricing power and are overcharging customers the world over. Could the Chair and CEO comment on which of the big global technology companies we are most reliant on, and what would we do if these suddenly put up prices by 30%?
Okay, thank you. That question is quite a particular question about supplier arrangements. Let me again answer that broadly. Like probably every business around the world, we use cloud providers heavily. Most of those cloud providers, we use a variety of them. Most of them are owned by big tech. I've got no comment to make about whether they are or aren't overcharging their customers. Thankfully, that's not one of my problems. I feel like we have an approach with regards to all of our suppliers about how we might deal with price increases. I don't think this is any different to that. We don't feel like price increases from our suppliers will have a material effect on our earnings or our guidance, etc.
I think this is just one of our suppliers, and you know we're constantly thinking through our various supplier relationships and how changes in pricing might affect our decision-making.
Thanks, Adir. The fifth question reads as follows. As the newest member of the Nomination and Remuneration Committee, could Igor please comment on whether he is committed to adding at least one more female director to the board before next year's AGM and what he plans to do in response to the two substantial remuneration protests both today on both the REM report and the LTI grant to the CEO?
I don't think it's appropriate to ask individual directors their comments on specific individual issues. I've already made clear comments that me, as Chairman, and speaking on behalf of the board, think that female representation on the board is very important, and we continue to focus on improving governance further, consistent with being an ASX 300 business or beyond. I would say that that is not paying lip service. The fact that you've raised the issue that Igor is a new addition to that committee, that has come about as a result of me stepping off that committee specifically to ensure that our governance practices do improve. I think that the appointment of a Lead Independent Director, that step that I just outlined, demonstrates the seriousness with which we consider governance in this organization.
I really want to reiterate that these are important to us, and the entire board is on board with heading down that continuous improvement pathway with respect to governance.
Thanks, Adir. We have a question from [Mr. John Sadrak]. Could you outline why you feel it is necessary to change the company name?
I like this question. The company name as it currently stands, I think we created that Catapult Group International name at IPO, and it has always been a source of confusion because it doesn't have the word sports in it. Our clients know us as Catapult Sports. I would say most of our employees know us as Catapult Sports. The world in general talks about us as Catapult Sports, and we want to bring our name and naming convention in line with the way that we're colloquially referred to in the marketplace. We think that will have a significant brand equity benefit on the business as well. I think we're just trying to make our formal name reflect the way that we think about ourselves as an organization and our customers think about us.
Thanks, Dave.
Thanks, Adir. There are no further questions on the MUFG platform.
Thanks, Dave. I will now ask the MUFG teleconference moderator to advise whether there are any shareholders who wish to ask questions via the telephone facility, and if so, to introduce them.
Mr. Chairman, there are no shareholders who wish to ask questions via the telephone facility.
As there are no further questions, the shareholder question session is now closed. We will therefore proceed to vote on all of the resolutions. To cast a vote today, participants must enter their votes via the MUFG platform on their mobile device or computer. As I mentioned previously, participants should register by clicking or tapping the Get a Voting Card button on the MUFG platform. After registration, participants will be able to submit full or partial votes and edit those votes at any point up until the poll is closed. Processing the votes may take some time. Rather than wait for the results, I will formally close the meeting shortly with the results to be announced on the ASX later today. The poll will close five minutes after the end of this meeting.
A countdown timer will appear on the MUFG platform at the top of the webcast and slide strings, advising participants of the remaining voting time. There being no further business, I now declare the meeting closed. I thank you all for your attendance today.