Good afternoon, ladies and gentlemen. On behalf of the Board of Directors, it is my pleasure to welcome you to the 2024 Annual Security Holders Meeting of Charter Hall Long WALE REIT, or CLW, as we call it for short. My name is Glenn Fraser, and I'm the Chair of the Charter Hall Long WALE REIT Board of Directors. As it is now midday, and as a necessary quorum is present, I declare this meeting properly constituted and open. I would like to commence today's presentation with an acknowledgement of country. Charter Hall Long WALE REIT acknowledges the traditional custodians of the lands on which we work and gather. We pay our respects to elders past, present, and recognize their continued care and contribution to country. This afternoon, I'll provide a brief overview of the REIT's strategy and some commentary on performance over FY 2024.
The Charter Hall Long WALE REIT Fund Manager, Avi Anger, will then provide an update on the operational and financial performance. We'll then move to the formal business of the meeting and the resolutions for your consideration. There are two resolutions for consideration today, and that involves election of Mr. Ray Fazzolari and the re-election of Ms. Ceinwen Kirk-Lennox. I'll ask Ray and Ceinwen to say a few words at that time, providing some personal background and reasons why they believe they should be elected and re-elected, respectively. I just apologize, I have had a cold for a week, and today's the first time I've left my house in seven days, so I may have to stop and get my throat going properly. Excuse me.
I would now like to introduce my fellow board directors: Ray Fazzolari, Non-Executive Director, who is Chair of the Audit, Risk and Compliance Committee; Ceinwen Kirk-Lennox, Non-Executive Director; David Harrison, Charter Hall Group's Managing Director and Group CEO; and Carmel Hourigan, Executive Director and Charter Hall Group CEO of Office. Also present today, and I welcome, Avi Anger, Diversified CEO and Fund Manager of the Long WALE REIT; Daryl Chua, Deputy Fund Manager for the Long WALE REIT; Scott Martin, Head of Long WALE REIT Finance; and Mark Bryant, our Company Secretary. Clinton Hankin from our auditor, PricewaterhouseCoopers, will be available to answer questions about their audit of our financial statements. I'd like to start by acknowledging the contribution made by our former chair, Peeyush Gupta, AM.
In April this year, after eight years, Peeyush resigned as a director and chair of the board to pursue a directorship with another ASX-listed REIT. Peeyush made a significant contribution to CLW from its inception in 2016, and we thank Peeyush for his dedication, leadership, and guidance as chair. Following Peeyush's resignation, I was appointed as chair. I have also been on the board of CLW since its inception. Consequently, my appointment ensured a seamless transition and continuity for CLW security holders. At the same time, the board also appointed Ray Fazzolari as a Non-Executive Director. Ray brings over 40 years' experience across all aspects of real estate funds management through multiple property cycles, and his expertise will no doubt assist the board to continue executing on strategy. CLW is Australia's largest diversified Long WALE REIT, with a market-leading defensive 10.5-year WALE.
It invests in commercial properties, primarily leased to major corporates and government tenants on long-term leases. The FY 2024 financial year saw a continuation of the economic challenges of recent years in Australia. During the year, the Reserve Bank's cash rate rose yet again from 4.1% - 4.35%, and it remains there today. The outlook for future interest rates remains uncertain, with persistent inflation leading to a higher, longer interest rate environment. The commercial property sector, and CLW, was not immune to the adverse consequences, with high interest costs negatively impacting both sector earnings and property valuations. CLW's operating earnings were down 7% from the FY 2023 financial year to AUD 0.26 per security, primarily as a result of higher interest costs and the impact of the asset sales, more than offsetting the portfolio's net property income growth.
Pleasingly, though, and in line with our guidance, distributions per security of AUD 0.26 per share were paid to our shareholders, representing a 100% payout ratio. CLW continues to actively manage its balance sheet to remain defensive in this high interest rate environment. As flagged at our 2023 AGM, CLW implemented an asset sale program to reduce gearing throughout the financial year. Management has worked extremely hard during a very difficult market conditions to execute twelve separate successful sales across all areas of our portfolio. Persistently high interest rates also saw capitalization rates across the portfolio move from a weighted average of 4.8% last year to 5.4% at 30 June. CLW booked AUD 626 million of net fair value movements across the portfolio as a consequence.
Looking forward, our FY 2025 operating earnings guidance of AUD 0.25 reflects the impact of the divestments that CLW made during the year and a gradual increase in our finance costs as interest rate hedging rolls off. We continue to actively manage the portfolio to ensure long-term performance. While we've not been unaffected during this turbulent period, the robustness of our portfolio continues to provide a strong foundation for future growth. Notwithstanding high interest costs, CLW's underlying portfolio continues to deliver strong, consistent rental growth, reflecting the quality of the properties and our tenant covenants and our 10.5-year WALE. Importantly, we have a balanced mix of rental growth, with 51% of our leases featuring annual rent reviews linked to CPI, and the remainder of leases being fixed, with average fixed annual increases of 3.1%.
This blend of exposure to CPI-linked and fixed annual rent increases provides a growing rental stream and resilience in both low and high inflation scenarios. This combination delivered a 4.7% like-for-like rental growth in FY 2024. Our portfolio has an occupancy level of 99.9% and continues to be diversified by tenant, industry, geography, and property type, which contributes to the stability of our income stream. At 30 June 2024, CLW had 55% of its income coming from triple net lease properties. This is an important differentiating feature of the CLW portfolio, given that under a triple net lease structure, the tenant is responsible for all outgoings, all maintenance, and all capital expenditure. The security of the income of CLW is also reinforced by the high quality income stream generated from its blue chip tenant base.
99% of our tenants consist of either government, ASX-listed companies, multinational or national businesses. Our largest tenants are the Endeavour Group, federal and state governments, Telstra and BP. We completed a number of debt capital initiatives during the year in order to hedge some of the impact of rising interest rates while continuing to position our REIT for long-term growth. As we look forward, we continue to selectively put in place further hedging into FY 2026 and beyond, while also being mindful of preserving some exposure to any rate cuts that may occur in future years. Excuse me. We remain focused on implementing sustainability initiatives across our portfolio and consider ESG as a driver of long-term value for investor and tenant customers.
This year, we achieved net zero Scope 1 and Scope 2 emissions for assets under our operational control, supported by our approach to renewables and execution of our nature-based offset strategy. We also set long-term and interim targets for Scope 3 emissions. CLW has 6.5 MW of on-site solar installed across its portfolio, an increase of 4.5 MW since FY 2023, 100% of which directly supplies our tenants. CLW continues to enjoy strong environmental credentials for its portfolio, with a portfolio rating of 5.3 stars for NABERS Energy and 5 stars for NABERS Water ratings. Good governance is an important element of ESG and is something your board of directors is focused on. Our role as directors is to ensure management adhere to the strategy of the REIT and manage all aspects of the REIT's operations professionally.
I would like to assure security holders that your directors are ever mindful of their responsibilities to act in the interests of all security holders. We endeavor to ensure CLW continues to provide investors with a stable and secure income, and the potential for both income and capital growth through an exposure to a portfolio of high-quality properties and tenants with a long WALE. The board remains committed to aligning best practice frameworks to support transparency and disclosure. While valuations have been a persistent challenge for the commercial property sector over the last two years, I'm encouraged by general market views that the Australian commercial property sector is approaching a trough of valuations, and that the prospects for real estate are much stronger than they were twelve months ago. With this backdrop, I'd like to thank you for your attendance today and your ongoing support and interest in CLW.
I'll now hand over to Avi Anger, Fund Manager of CLW, to review this year's financial and operating performance and discuss the outlook for FY 2025.
Thank you, Glenn. I'd like to start by briefly discussing the financial performance of the REIT in FY 2024 and some of the highlights for the year. Slide 8, FY 2024 full year highlights. I'm pleased to report that we delivered operating earnings per security of AUD 0.26 per security, in line with FY 2024 operating earnings guidance provided. Our NTA, net tangible assets, per security at 30 June 2024 is AUD 4.66. The portfolio delivered 4.7% like-for-like net property income growth, benefiting from the 51% of the REIT being CPI linked. During the year, we completed AUD 762 million of divestments, with the proceeds received being used to reduce debt.
The portfolio is sitting at a very high occupancy of 99.9%, and CLW has a long WALE of ten and a half years, providing security and continuity of income to our investors. We remain focused on prudent capital management. Balance sheet gearing after completion of the current investment program is at 30.1%, in the middle of the target range of 25%-35%, and look-through gearing post-asset sales is 37.6%. 72% of drawn debt of the REIT is hedged, providing protection against interest rate volatility. In July 2024, Moody's reaffirmed its Baa1 investment-grade credit rating, demonstrating its support of CLW's de-risked credit profile. Slide nine. Central to our achievements in FY 2024 was the completion of CLW's strategic asset divestment program.
In totality, CLW completed AUD 762 million of property sales, strengthening the REIT's balance sheet and delivering capacity for capital management initiatives. The disposed properties represent approximately 11% of the portfolio, with some of the properties disposed having near-term lease expiries, reducing the near-term expiry risk for our investors. The remaining portfolio delivers investors high exposure to prime quality assets in core markets, low capital intensive triple net leases, and CPI-linked rent reviews. The majority of the proceeds of the asset sales have been used to repay debt, thereby reducing gearing. In addition, we've also been able to use the sale proceeds to undertake a buyback of up to AUD 50 million of CLW securities.
We see this as an important capital management initiative to take advantage of CLW's current attractive trading price, significant discount to net tangible assets, and an opportunity to deliver earnings accretion to our investors. Today, we are approximately 45% of the way through the buyback and are pleased with the positive response to date. Moreover, we have taken the opportunity to enter into a zero-cost hedge restructure to increase the REIT's hedge profile beyond FY 2025. As Glenn has already noted, we will look to selectively put in place further hedging in FY 2026 and beyond, while still preserving some exposure to any rate cuts that may occur. Slide 10.
Similarly, as Glenn has outlined, we're encouraged by the general market views that the Australian commercial property market is approaching a trough in valuations. As we look forward to where CLW's portfolio may go in future years, it is instructive to look at how CLW's portfolio values have moved in the past by reviewing CLW's portfolio sector cap rates over the past four years. The cyclical nature of the property cycle is demonstrated by the movement in capitalization rates across CLW's portfolio. On a like-for-like basis, across CLW's diversified real estate portfolio, sector cap rates have, on average, expanded over the past two years by the same amount that they compressed during the period of June 2020 - June 2022.
So despite cap rate expansion over the past two years, like-for-like capital values across CLW's portfolio are, on average, 14% higher in 2024 compared to 2020, driven by the contracted and market rental growth in the portfolio. Our demonstrated focus on properties with long leases to the best quality tenants with structural rent increases has served us well. Slide 11. During the year, CLW continued delivering on strategy, improving both the quality and metrics of our portfolio. At the end of the year, the REIT had 540 properties valued at AUD 5.8 billion, with a WALE of 10.5 years and a 99.9% portfolio occupancy. The percentage of the REIT's properties with triple net leases was 55% of the portfolio net income.
At the end of the period, the portfolio weighted average cap rate was 5.4%, up from 4.8% in 2023, reflecting the high quality of the property's income security afforded by the tenants and desirable locations of the assets. Slide 12. CLW's best-in-class tenant register provides portfolio quality and diversity. 99% of the REIT's portfolio is leased to government, ASX-listed, multinational, and national tenants. Importantly, these blue-chip tenants are in resilient industries, and the REIT continues to generate strong rental growth. We also have a high proportion of tenants operating in the non-discretionary grocery and food sectors, such as Woolworths, Coles, Arnott's, and Metcash, and our BP Australia and New Zealand portfolios are on long triple net leases, providing us with exposure to the resilient fuel and convenience retail sectors. On Slide 13, I'd like to reaffirm our FY 2025 earnings guidance.
Based on information currently available, including current interest rates and inflation expectations, and barring unforeseen events, CLW provides for FY 2025 operating earnings per security guidance of AUD 0.25 and distribution per security guidance of twenty-five percent... twenty-five cents. Based on Friday's closing price, this represents a 6.1% distribution yield. In closing, I'd like to thank the directors of CLW for their ongoing guidance and support in the running of CLW, and to you, our security holders, for your trust and support. We remain focused on delivering a long WALE, resilient portfolio, lease to high-quality tenants, and providing investors with both income and capital growth over the long term. I would now like to hand back to our chair to conduct the formal business of the meeting.
Yeah, okay. Thanks. Thank you, Avi. Prior to moving to the formal resolutions for the meeting today, I'll pause and ask if there are any questions from investors here today. If you hold a yellow or blue card, you may ask questions, and if you hold a red card, you are welcome as a guest, but not entitled to ask a question. If you could please introduce yourself, and if representing a company, advise where you are from.
My name is Darshan Punjabi, and on evaluation of office values have gone down by 13%. So do you intend to add more office buildings in your portfolio, or you want to reduce it in the future?
I think in respect of office, office is experiencing probably the most difficult time it's experienced over a number of decades. We have a portfolio that includes or 16%-17% at current. We're comfortable with that level. During our divestment sales program over the last 12 months, we did sell some small office buildings that had short leases remaining. So in a sense, we've improved the quality of the office portfolio that we retained, and we still see prospects for that sector, but it wouldn't be the first asset on our list to buy, would be an office. I think opportunities are reviewed on their merits by the management team, but I would think in the short term, I wouldn't expect us to be increasing office, but that doesn't mean we won't look at opportunities.
... Hello, my name is Joanna Chung. I have to ask you a question regarding, I'm a shareholder of Hotel Property Investments. Is it really Charter Hall Group who, understanding as retail, as assume retail shareholders of HPI, offers to buy our shares, or is that a scam email?
No, that's not a scam email.
Well-
I think Charter Hall Group has made a bid for HPI, but the Charter Hall Group is not part of this business here today.
I might just add, it's. The public documents clearly state that the bid for HPI is from a Charter Hall managed fund. That fund is owned 50% by another Charter Hall REIT called Charter Hall Retail REIT, ticker code CQR, and one of Australia's largest superannuation funds, Hostplus. So they are the joint bidders with the cash offer for HPI. I know it's a little confusing, 'cause this REIT, CLW, some years ago joined with Hostplus to buy another pub REIT called ALE. But Charter Hall Group is not the bidder. It is the manager of a fund that is owned 50/50 by CQR and Hostplus. Nothing to do with this REIT, CLW.
S- okay.
Yeah.
I'm still confused, so I don't think I'll take-
We might get someone to help you out.
Yeah, yeah. When we, when we finish doing this, afterwards, for a cup of tea, and we'll explain it.
Yeah, Glenn, just... Sorry, Robert Tagliaferro, Tagliaferro Investments. I've noticed there's no list of properties in the annual report, which is odd. I know it's 540 properties, but there's no actual list of properties, if I'm not mistaken.
So the properties are noted in the presentation, results presentation for the full year. They're not in the accounts
... but they're in the presentation that's public information.
Oh, okay. Okay, got that one.
So we lodge with our results that are released in August each year.
... we give a complete rundown of the portfolio.
I'm just curious, the lady mentioned CQR. Is there a comparison within Charter Hall of the different funds, the performances? And how does CLW stack up with all the other Charter Hall funds?
That's a good question, but that's not something we've actually looked at. Their CQR is an office REIT.
No, no.
Not, not just CQR, but there's, there's several, Charter Hall-
Look, on the group, and you can grab, we have three managed REITs. CLW is a diversified REIT, has a whole range of different sectors from industrial, social infrastructure, office, and convenience retail. Then we have a convenience retail REIT, which is called CQR, and then we have a social infrastructure REIT, whose ticker code is CQE. So we've got two REITs that are sector-specific, social infrastructure or convenience retail. CLW provides investors a diversification across all of those sectors.
How does the performance compare?
We can give you performance, but it depends on which timeframe over the last five, eight, 10 years. CQR has been listed for 23 years. CQE's been listed for about 18 years. And as the chair outlined, CLW was listed eight years ago. So it depends on the timeframe.
One last point, looking forward to the distributions not falling, flattening out and hopefully increasing over time.
Me too.
We're all shareholders. We're all aligned there. But of course-
Nice to see the share price pull back from the brink, though. It was testing AUD 3.
I think-
Now it's about AUD 4.10, the last time I looked anyway.
Yeah, I think it's a much more comfortable annual general meeting when your shares have gone up 30% in a year. But to be fair, we made comments last year how we felt that the market wasn't paying due attention to the quality of the CLW portfolio, and that we would address gearing, and we did through a divestment program. So I think it's not surprising to us that the share price has responded in the way it has. And we feel that the future outlook is, in terms of our portfolio, we're very comfortable with the quality of our portfolio. The biggest factor in the short term is going to be what happens with the interest rates in the world, and over what timeframe.
That will be the biggest determinant of what our distributions are in the very short term. But we focus on what we can control, and we can control our portfolio. And we're very happy with where it sits, how diversified it is, how long the WALE is, how good our quality of tenants are. And we've got a growing property income line. And so throughout the cycles, wherever we find ourselves within the cycles, we focus on where does our portfolio sit? Because that's what we can control. Any other questions?
Hello. So it's Joanna Chung again. So this is the AGM of CLW?
Correct.
... I've never. I'm also a shareholder of CQE. I've never had any announcement of any AGL by CQE.
An Annual General Meeting?
Yes.
I think CQE-
That's right. We inherited the management of CQE when we took over a company called Folkestone-
That's right
... back in 2018.
Yes, I know.
CQE has never had AGMs in its old life, managed by Folkestone or even the prior manager. That's why you haven't had an AGM.
but it's a public company, though, CQE?
Yes, it is a public company.
So it should have an AGM.
That's something we can take on board.
I hope that's registered. Thank you.
Okay.
Any other questions from the floor? Avi, questions online?
Sorry, Dariusz Paczek. I just have a quick question on why don't we have, like, a total return to shareholders from the beginning of the CLW when it was listed in 2016, right? And what was the original price? AUD 3.80, I think.
Avi, do you want to address the-
Yeah, can we have, like, sort of like the numbers, like, how we progressed from the... over the years with total return to shareholders, to unitholders, I'm sorry?
Yeah, so obviously it depends on the period, but since IPO, the IPO price was four dollars per security, and, you know, obviously, given where the share price has performed, it's been, well above that at some periods, and it's been below that at some periods. We've always paid a distribution of, depending on the price, but, based on the current price, it's 6%. It's been much higher than that in prior years. So you security holders have received a very good annual return along the way, plus, as of today, some share price appreciation, and we're still trading at more than 10% discount to NTA. So based on the NTA of the stock, together with the distributions, the total return would be circa, probably circa 10%, but I'd have to just do those numbers, work that out.
Any further questions from the floor? Now, Avi, I believe we have had a question online.
We have a question.
The question is from IT Nickel Pty Limited, and it was received on the 15th of October. The question is: What is the purpose of the buyback? Hopefully, pay increased dividend to remaining shareholders, question mark. It seems Barrenjoey missed the opportunity to buy back well below AUD 4 when interest rates were at their peak in the U.S. Perhaps if I can pass to Avi to give a little bit of background on the buyback.
Thanks, Glenn. Well, I think, if we go back to August, twenty twenty-three, and the start of last financial year, we had stated that we were planning on selling some properties to reduce our gearing, and we had put a target of circa AUD 500-AUD 600 million of sales that we were going to embark upon. We were very pleased with the response to that asset sale program and ended up selling more than that in the end, close to AUD 800 million of sales. So at results in August of this year, we said that we're going to use some of that excess proceeds to undertake a buyback of up to AUD 50 million. Under ASX listing rules, after you give that notification, you need to wait two weeks until you can actually commence that buyback.
So as soon as we were able to, we commenced the buyback, which was around the 16th August, and we've been buying back consistently ever since. So that starting price of the buyback was around AUD 3.73 on the first day. It was, it's been under AUD 4 for the first month, and then the share price has been above AUD 4 since around the middle of September. Our average price of the buyback is below AUD 4. I think it's about AUD 3.94 to date. So we have bought below AUD 4 in answer to that question. The final part of that question is the benefits of the buyback, the purpose of the buyback. So the purpose is, I guess twofold.
It is accretive to earnings, which is beneficial to shareholders, and also, I think it sends a message to the market that our securities were undervalued and still are undervalued, and management and the board believe that it's an attractive time to purchase, which is why we have undertaken that buyback. In relation to the question around increasing of the dividends as a result, the impact of the buyback are included in the guidance that we have provided to the market for this financial year of AUD 0.25 per security, distribution, and earnings, and we today have reaffirmed that guidance, so that remains, like we may remain on track to achieve that target.
Have there been any other online questions?
No, there haven't.
No. Okay. Okay, then, we shall now proceed to the formal business of the meeting. The first item is, I'll table a notice of the meeting dated 25 September 2024, which contains the resolution up for today's consideration. Copies of the notice of the meeting and the annual report would have been made available to you by post, email or available to view on the webpage.... Copies are also available here at the registration desk. I'll take the notice of meeting as read. The two items for consideration today are the election of Mr. Ray Fazzolari as director, and the re-election of Ms. Ceinwen Kirk-Lennox as director. Both resolutions today will be decided by poll. Before I open the poll, I'd like to ask Ray to say a few words detailing his background and experience for the benefit of security holders.
As explained in the notice of the meeting, only the shareholder of Charter Hall Long WALE REIT, being the Charter Hall Group, may appoint a director. Accordingly, it is noted that today's resolution is advisory only and non-binding. Notwithstanding this, directors will, of course, give due consideration to the results of the resolution. Ray?
Thank you. Thanks, Glenn, and good morning, everybody. My experience runs back to about 45 years in commercial finance development across various sectors of the market, in various times of economic situations in the market. Like, I started out my career at Citibank as a heading up a commercial lending division in New South Wales. I had further 18 years on direct development exposure with two private companies, very large private companies, Leda Holdings and St Hilliers, who were constructors, developers of retail, commercial, and industrial property. Further 15 years involved in excess of AUD 6 billion of managing commercial mortgage debt for Balmain Asset Management, Morgan Stanley, Blackstone, Goldman Sachs, and Deutsche Bank.
I've served approximately 18 years as a Non-Executive Director of Charter Hall Wholesale Fund in office and industrial, which they began its humble beginnings, and now worth in excess of funds under management of AUD 20 billion. Happy to take some questions if someone wants to look further.
Thanks for that, Ray. I don't have any doubt that Ray will make a terrific contribution to the board of CLW. To get an executive who's spent so much of his career in both parts, the critical parts of the industry, in actually managing properties and understanding the financial side of lending to properties, is a great asset to the company. I'll now ask Ceinwen to say a few words detailing her background and experience for the benefit of security holders.
Thanks, Glenn. I'd like to take the opportunity ahead of the vote, to provide some background to support my eligibility for re-election, as a Non-Executive Director of the Charter Hall Long WALE REIT, or CLW. I joined the board at IPO in 2016, and as a board member, have been actively engaged in the management of the portfolio, both tactically and strategically over that period of time. Like my other Non-Executive Directors, I've honed my property industry skills over the last 40 years, including 26 years with Lendlease, where I was responsible for both businesses and functional roles across all aspects of the organization. Over the past decade plus, I continue to play a role in both private and public sectors, listed and unlisted companies, in either a board, advisory, or technical role.
I also sit on the Greater Sydney Parklands Board and chair their Audit and Risk Committee. Greater Sydney Parklands, just for your information, is responsible for 6,000 hectares of parks for the people of Greater Sydney, including Centennial Park and Moore Park, and the entertainment quarter in the press today, Western Sydney Parklands, Parramatta Park, and Callan Park. I'm also an expert reviewer for major projects for Infrastructure New South Wales, and provide transaction advice to services and agencies within New South Wales Government for the procurement of large urban renewal projects. For example, the recently completed Waterloo Renewal and the current old fish market sites on the market, if you know that part of the world. The diversity of roles mean I can stay connected with the industry at many levels. These roles require objectivity, independence, and a constructive approach to all stakeholders involved.
As a director of CLW, I will continue to act in the best interests of all security holders, so I ask you to consider voting in favor of my re-election as a Non-Executive Director today. Thank you.
Thank you, Ceinwen. I now declare the poll open and ask all security holders to cast their votes for or against the resolutions A and B by marking the box on their voting card for the resolution. The resolution is an ordinary resolution, and as you can see, is displayed on the screen. The results of the proxies received are now displayed on the screen. If you haven't done so already, I invite you to mark your voting card. Would you now hand those forms to the Link representative, who will take and collate them? Yeah.
To your box, mate.
No, I can't. I can get you to, but I... Yeah.
While the final results of the resolution won't be known until after the conclusion of the meeting, it is clear from the proxies that Mr. Ray Fazzolari will be elected. The results of the proxies received in respect of Ceinwen Kirk-Lennox are now displayed on the screen. Again, if you haven't done so, I already invite you to mark your voting on the card. The final results of the poll today will be made available on the ASX and put on our website later today. As there's no other business to be considered today, I now declare the formal business of the meeting closed. I thank you all for your attendance today, your ongoing support for CLW. And have we got anything outside? Can we... Nothing. Okay, we're all done.
If anyone would like to ask anybody a question, feel free to do it after the meeting.