Morning. I thank you all for joining us at Cedar Woods 2025 Annual General Meeting. My name is William Hames, and I am Chairman of Cedar Woods. As it is now after 10:00 A.M., a quorum is present. I formally declare this meeting open. I welcome all of our shareholders who are joining us today in person or they're joining on the web platform. Welcome to you all. Turning to our agenda, I will provide a recap of our strategy, discuss our financial performance for 2025, and comment on the share price, which I noted first thing this morning, AUD 8.78. We will then hear from our Managing Director, Nathan Blackburne, who will provide a business update, showcase some of our projects, comment on the market conditions, and then finally comment on our future outlook.
I will return to the formal proceedings as set out in the notice of the meeting. Voting on all resolutions will be conducted by way of a poll. Shareholders will be able to submit their questions in writing on the open briefing platform at any time until the end of the meeting. If you have any questions, I encourage you to submit them as early as possible because we have a moderator in place who will receive the questions, and they will provide them to me. Given the agenda and the limited time, we may not be able to answer all of your questions today, but we will endeavour to get back to you if we don't answer them today. If you have a question, it will help us if you can note the resolution to which it relates, unless it is a general question.
This session is being recorded, and a webcast of today's presentation will be available via the ASX and also our website after this meeting. The notice convening the meeting and related documents have been made available to shareholders on our website. I propose that this notice be taken as read. The minutes of the previous general meeting of members have been signed by the chair and have been placed on the Shareholders' Minute Book. I would like to welcome also my fellow directors and members of our executive team who are here today. Nathan Blackburne, our Managing Director. All right. Robert Brown, our Deputy Chairman. Valerie Davies, our Independent Non-Executive Director. Jane Muirsmith, Independent Non-Executive Director. Sarah Reilly, Company Secretary and General Counsel. Also joining the meeting by telephone is Paul Say, who is an Independent Non-Executive Director, and he is based in Sydney.
Also in attendance is Pierre Dreyer , Lead Audit Partner of the company's auditor, Ernst & Young, to answer any questions on the conduct of the audit and also the auditor's report. Now, to our strategy. Our strategy is to grow and develop our national project portfolio, diversified by geography, product type, and price point. So that it continues to hold a broad customer appeal and performs well over a range of market conditions. The strategy is a key differentiator of our business. And has been for a long time. The strategy is proving successful with strong relative financial returns that we've been able to deliver over the long term. Cedar Woods has multiple product types in four states and different price points, which we appeal to our varying buyer profiles. This is important as ever so that we can have a product that attracts different product buyers p rofiles, and ultimately delivers better earnings outcomes. We have been executing this strategy and now have very diversified, high-performing projects. We constantly refine our site acquisitions brief to target areas and products that we project will meet future demand sweet spots. The projects we have acquired in recent years and in line with this strategy are already delivering good earnings results and will continue to deliver earnings for the business over many years. And in part, this has been done through also our partnering strategy, which our Managing Director will expand on shortly. Now for a summary of our financial results. We are pleased with the outcomes for 2025. We delivered a net profit after tax of AUD 48.1 million. This was ahead of the guidance we and it also represented 19% growth in earnings.
That profit was generated from a revenue of AUD 466 million, which was up 21% on last year, and it came from selling 1,125 properties. This resulted in a return on equity of 10% and an earnings per share of AUD 0.584, which is up 19% on 2024 figures. The board delivered a final dividend of AUD 0.19, fully franked, taking the full-year dividend to AUD 0.29. This reflects a payout ratio of 50% of NPAT and a favorable fully franked yield of near 4%. Over the year, strong sales were achieved. Our Managing Director will talk about the latest outcomes reported recently in our first quarter update. Share price. Our share price. Let's look at our performance over the last two financial years and so far in the current market. I think the market has just woken up to Cedar Woods.
The chart shows our performance against the Small Industrials Index. We have worked diligently to grow the portfolio and get projects designed and approved in readiness for the conditions that we are now experiencing. We have good momentum supported by healthy economic conditions, and we have a very strong balance sheet. The earnings look or the earnings outlook is the best it has ever been. Now, that's a big statement. We have guided for even further earnings growth in 2026. Trading conditions were good in 2025, but conditions have even further strengthened in the first quarter of 2026. We hope for continued outperformance against the benchmark indices. I'll now ask Nathan to address us.
Thanks, William, and welcome, everyone. We appreciate you all joining us here today and online. I'm going to provide an overview of the year's activities and achievements, review some of our projects. I'll touch on market conditions, and then I'll talk finally about the outlook. So I'm very pleased with the performance of our business, and I reiterate what our Chairman has just said, that the outlook has never been stronger. Our vision is to be the best Australian property company renowned for performance and quality, and as Managing Director, I regularly talk to our team in Cedar Woods about our reasons for being, which are captured in our purpose, vision, and values. Our commitment to quality, sustainability, and community are evident in everything that we deliver.
We strive to create communities from the ground up, where people can live and thrive, and we understand that there are many elements to building a community. Owning a home remains one of the most common aspirations in Australia, and we respect how big that decision is for each individual and our customers. We also, of course, understand the importance of what we do to our investors, and we respect that many of our investors rely upon our dividends. To these ends, we have a diversified product suite that helps us both have a wide product offering for our customers, and at the same time, generate reliable and growing earnings for our shareholders. In an industry where it's easy to follow the trends, we're always working hard to be ahead of the curve, and it's this focus that sets us apart from our peers.
With the proven strategy, projects across four states, and a very favorable trading environment, it's an exciting time to be part of Cedar Woods, and part of this journey that we're on, and I'm privileged to lead the business. We have worked hard to create the best working environment that we can for our staff, and I'm pleased with the strong staff satisfaction results that we've been consistently getting. Our value proposition for staff is compelling, especially in the opportunity to work on many different types of projects, coupled with our strong financial position and growth aspirations. We continue to make our investment in systems and tech, particularly cybersecurity, but also the further integration of our financial systems. Meaningful efficiency gains are expected to be made this year, particularly in the area of integration of those financial systems.
There is a very supportive policy environment at the moment, with all levels of government working hard to unlock meaningful levels of supply around the country. There are significant tailwinds for the new housing sector, with all the fundamentals that we look to serving our business well and creating favorable trading conditions that we think will persist for some time yet. Last week, we released our first quarter update, which contained a lot of positive news for shareholders. There is good momentum with high sales volumes and continued price growth. As the company releases new stages and new projects into a significantly undersupplied housing market. Price growth in the first quarter alone has been strong, and this has continued into October, and accordingly, group margins are very strong and growing across the business.
Pre-sales have now accumulated to a record AUD 763 million at the end of Q1, which is up 36% on the solid pre-sales result of AUD 560 million that we had at this same time last year. This chart up on the screen shows the quarterly sales going back to FY23. And as you can see, our sales volumes are elevated and have been progressively growing over the last three quarters. There are variations with state performance, with WA now the strongest, followed by Queensland, then South Australia, and finally Victoria, but we are starting to see some early signs of growing sales volumes and even prices in our Victorian projects in the last month. Our balance sheet is strong. We have maintained low gearing and have significant un-drawn finance facilities that are available to us in delivering our portfolio and acquiring projects.
All of this has led to a material upgrade in earnings that we have recently provided. We now expect net profit after tax growth of 15%, which is up from the 10% number previously targeted. Importantly, the expected NPAT growth is on top of the 19% growth that we delivered last year. We have made good progress with our partnering strategy. The objective of this is to scale up the business and the earnings in a capital-efficient manner. But these partnerships also serve to improve our return metrics for shareholders, leverage the existing skills base of the company to generate recurring fee income for us, and to diversify our funding sources. The two partnering arrangements that we have in place are with QIC and Tokyo Gas Real Estate. Two projects have been completed under these partnering arrangements, and we have three underway at present.
The Robina project in Queensland has secured planning approvals, and we are trying to secure a builder at present, though it is a very tight and tough construction market at the moment there. Both partnerships have the intention of expanding beyond the current few projects, and we expect that some future acquisitions will be made under these partnering arrangements, so we continue to deliver on our ESG strategy with significant investment in climate-responsive developments. Both in design and the material selection, we are ensuring the sustainability of our core projects. There are many great examples across our portfolio where we are leading the way in sustainable development, including the award-winning energy-efficient apartments that we're delivering at Glenside, and the electricity microgrid that we have in place and that was commissioned during the year at Eglinton Village.
Over the last three years, we've mapped our corporate carbon footprint, and we're well on the way in our preparations for mandatory climate reporting, which we expect from FY27. Cedar Woods continues its national partnership with The Smith Family, which is Australia's leading children's education charity. Our flagship community grants program is another initiative that we are very proud of that sees monies or a portion of profits from each of our projects allocated to grassroots community organizations, and over FY25 alone, we supported 35 clubs and organizations with small donations. Our latest staff survey recorded strong staff satisfaction scores, 82% in fact for that year, indicating that our staff value the rewarding workplace that we've worked hard to create. Our FY25 ESG and climate reports are available on the sustainability page of our website if anyone wants further information, so now on to market conditions.
There are considerable tailwinds for our business, which we expect to persist for some time. The chronic shortfall in housing remains a pressing issue, with the supply of new housing being close to the lowest levels they've been in a decade. Housing completions are expected to fall short of the government's target by over 390,000 for the combined capitals by 2029. Our view is that it will take several years for meaningful levels of supply to be brought to market to address this shortfall, and that is across product types and across the locations that we operate in. This fact will support sales volumes and our pricing going forward, and Cedar Woods has 35 projects and over 9,400-odd lots, dwellings, and units to deploy into this undersupplied market. There is unprecedented policy support for the new housing sector at present.
Approvals are faster, and some state governments are providing infrastructure contributions to help with the viability gap of some built-form projects within the industry, so there's a national effort to help make a difference on the supply side of things, but there is also support on the demand side of things with various grants in place and the First Home Owner Deposit Guarantee Scheme. On house prices, the outlook is for further growth driven by this undersupply and the strong demand fundamentals. Oxford Economics expects the combined capital city house price is expected to grow 9% over FY26 and with further growth into FY27 and FY28, and we're certainly seeing evidence of this in the first quarter outcomes across our own projects.
Melbourne is expected to lead the market in terms of this price growth, coming off a low base and not having seen the growth that the other capitals have over the last couple of years, so the interest rate reductions this cycle have served to further strengthen property markets around the country. First home buyers in particular benefit from rate cuts, and this is a dominant buyer cohort for our business around the country. On employment, job security is a key factor determining sales volumes, as it is very closely tied to buyer confidence. The tight skills market across the states for skilled workers means that buyers are feeling secure in their employment. On population growth, this too is supporting our sector.
The growth rate is sitting at around the 10-year average of 1.7%, and the outlook is that it continues at these levels, supporting the need for skilled migration around the country. With all of these factors, we have a favorable set of conditions that bode well for our business and our sector for the medium term. Now to a look at a couple of our projects. Well-designed and sustainable projects are key to our approach, and to give you some insight into this, I wanted to show you two projects that we're currently working on. The Millars Landing project is a major master plan community with over 1,500 lots, of which we've completed 300 and therefore have 1,200 left to go. It's located 30 km south of Perth in the suburb of Baldivis.
There has been high demand for this estate, and good sales have been achieved over the past 12 months in particular, and solid price growth has been achieved over FY25. In fact, 10% price growth was achieved over that period and more since then. This project is, in fact, the highest performing project out of all 35 in our national portfolio, and the project appeals primarily to first home buyers. Flourish is another project that is located in the suburb of South Maclean, which is 46 km south of Brisbane. It consists of 577 residential lots, of which 250 have been completed to date. The estate has also been one of our best performing over the last 12 months, and very good margins are coming from this project. It achieved 35% price growth over FY25, and very strong price growth in the first quarter of FY26 on top of that.
Southeast Queensland has experienced very strong demand for residential lot product like we're delivering at this estate. Our buyers are predominantly first home buyers, and the products that we've settled to date, we have very happy customers with what we've delivered for them. Looking ahead, Cedar Woods is well placed for further growth in earnings. Conditions for the housing sector are favorable in three of our four states, but we expect Victoria to make a recovery and see some evidence of this occurring at the moment. Low supply levels, easing interest rates, population growth, low unemployment, and a supportive policy environment all bode well for our business for the medium term. We have very strong pre-sales with that record of AUD 763 million secured as at 30th of September.
We have a strong balance sheet with low gearing, significant undrawn facilities, and the capacity to fund our existing portfolio and future acquisitions. Our partnerships with QIC and Tokyo Gas are progressing well, and with further acquisitions planned under that strategy. We are now guiding, as I said, for full-year NPAT growth of approximately 15%, which is up from the 10% previously expected. Finally, Cedar Woods is well placed with its pipeline of 35 projects and over 9,400 lots. So thank you very much for listening to me, and I'll now hand back to our chairman.
Thanks, Nathan. Now on to the formal business of the meeting. Ordinary business, consideration of reports. The first item of business is to receive and to consider the financial report for the year ended 30th of June 2025 and the accompanying director's report, director's declaration, and also the auditor's report.
I now table these documents and invite any questions from shareholders that relate to the financial report. Questions on the conduct of the auditor's report and the audit maybe also be directed to Pierre, right, if I can't answer them. Thank you, Pierre. All right. Any questions in regard to the financial report? Anything from the? We do have one online. One online?
Yeah. So we have a question from Stephen Mayne. Mr. Mayne asks, "When was the last—sorry, when was the external audit last competitively tendered, and when will it next be competitively tendered? How long have Ernst & Young had the external audit work, and how many tenders have they won during their tenure besides this first one?"
So I'm happy to answer that question. So it was just over a year ago that we tendered the audit work for Cedar Woods.
And EY have just completed their first audit with Cedar Woods.
Any other questions? Okay. Well, now. No more questions? Thank you.
No. No more online.
We'll now turn to the resolutions to be put to the meeting. We'll move directly to the poll for all remaining items of business, all right? There is anyone here in person who believes they are entitled to vote but have not registered to vote, please raise your hand for assistance. All right? Okay. Persons entitled to vote are all shareholders, representatives, attorneys of shareholders, and proxy holders who hold the green admission cards like the one on the screen. All right? On the back of your admission card is your voting card and instructions. Proxy holders have a summary of proxy votes attached to their admission cards, which details the voting instructions for the items of business.
In respect to any open votes, you may mark the box beside each motion to indicate how you wish to cast your open votes. Shareholders also need to mark the box beside each motion to indicate how you wish to cast your votes. Please ensure you print your name where indicated. At the end of the formal business, please lodge your completed voting cards in the ballot box to ensure that your votes are counted. Thank you. Ordinary resolutions one relates to the re-election of retiring director Mr. Robert S. Brown, having retired in accordance with the company's constitution and being eligible, offers himself for re-election to be re-elected as a director of the company. The explanatory memorandum sets out Rob's credentials. The notice of meeting states that the other directors unanimously support the resolution. The proxy votes for this resolution are shown on the slide.
Are there any questions from shareholders on this resolution?
We do have one online question, Mr. Chair. We have another question from Stephen Mayne. He says, "Thank you for disclosing the proxy votes early with the formal addresses. There was a 16.86% protest vote against the re-election of Robert Brown." Stephen Mayne asked, "Did one of the proxy advisors recommend against, and did our largest institutional shareholder, AustralianSuper, with 11.4%, vote against his re-election? Was it an independence or tenure question?" From Mr. Mayne's point of view, Cedar Woods is performing well, so Robert should stay on the board but perhaps add one more independent director or more to an independent chair model.
So I'm happy to answer that question. Yes. All right. So we have two proxy advisor firms that cover Cedar Woods. All recommendations, resolutions were voted in favor of except for one proxy advisor.
One of those proxy advisors voted against the re-election of Robert Brown on the basis of a perceived lack of independence. And then the matter relating to AustralianSuper, they are no longer a shareholder in the company.
Any other questions in regard to ordinary resolution one?
No further online questions.
Thank you. Ordinary resolution two relates to the company's remuneration report. The report is set out in a director's report on pages 33 to 51 of the 2025 annual report. All right? Further information on the remuneration report is contained in the explanatory memorandum attached to the notice of meeting. We have good support for our remuneration report in recent years. At last year's AGM, less than 1% of the shareholders voted against the remuneration report.
A summary of the significant matters dealt with during the year are set out on page 33 of our proxy votes received for this resolution are shown on the slide. Please note that directors, key management personnel, and persons associated with them are not eligible to vote in favor of this resolution, and this is reflected in the proxy votes shown. I now table the remuneration report and invite any questions from shareholders that relate to it. If asking a question, please state your name, who you represent, and ask your question. All right. Anything from?
Nothing online.
No. Right. I now put the following resolutions to the meeting: that the remuneration report that forms part of the director's report for the financial year, 30th of June 2025, be adopted.
Shareholders are advised that the vote on this resolution is advisory only and does not bind the directors of the company. Please enter your vote on the voting paper for resolution two, and we will now move to the next item of business. Resolution three requests shareholder approval for the issue of 35,863 Zero-Price Options to the managing director or his nominee under the Deferred STI Plan. For the 2025 financial year. Full details of the Deferred STI Plan are set out in the explanatory memorandum. The directors, other than Mr. Blackburne, recommend that shareholders vote in favor of resolution three. Mr. Blackburne makes no recommendation in respect to resolution three due to his personal interest and outcome. Proxy votes received for this resolution are shown on the slide. Are there any questions from shareholders on this item? No online questions for this one. No online questions? Right. Thank you.
I will now put the motion. Please enter your vote on the voting paper for resolution three. Resolution four requests shareholder approval for the issue of 111,416 Performance Rights to the managing director or his nominee under the LTI plan for the 2026 financial year. Full details of the LTI plan are set out in the explanatory memorandum. The directors, other than Mr. Blackburne, recommend that the shareholders vote in favor of resolution four. Mr. Blackburne makes no recommendation in respect to resolution four due to his personal interest in the outcome. Proxy votes received for this resolution are shown on the slide. Are there any questions from shareholders on this item? From the?
Yeah, no online questions for resolution.
No online questions? Okay. Thank you. I'll now put the motion. Please enter your vote on the voting paper for resolution four. That is the last resolution.
Please now sign the form at the bottom when you have completed it. Please hand your cards in for collection, and Computershare personnel will come around and collect them. Thank you very much. Questions. I now open the floor for any general questions from the shareholders regarding the company and its performance. Depending on the question, I may direct that question to one of my fellow directors. I will work out whom I will direct them once I know the question. We will then consider any online questions that came before or during the meeting. Okay? Any questions from the floor? Yes.
Yes. Michael Callum.
Hello, Michael.
Congratulations on great results. Thank you. Good momentum. Nice to see. Just if you state the WA standard very well, particularly with land states on volumes, as in your last update, has the pricing been.
Increasing as well, and how are the contractors' price and their availability and squeezes there, household traveling, particularly within the WA land state markets?
Well, I can say there. Is substantial price increases. Millars Landing is a perfect example. I mean, if you go back to COVID, just to give you a pattern on that. Estate. The number of surrounding estates were all suffering difficulties because they had overborrowed, and they drove the price down. To a point that they might have been paying their interest, but they certainly weren't making any money for their shareholders. We actually withdrew Millars Landing off the market. Right? And we just mothballed it for just a short period of time. It has now come back with a vengeance. Particularly because we've got AUKUS about to build submarines there and service submarines, and it's going to grow and grow and grow.
In particular because Nathan will know more about the exact percentages than me. I'm going to hand it over to Nathan to give some examples, other examples in Western Australia or across the portfolio if you want.
Yes. Over FY24 there was, on average, 30% price growth across our land estates. Pricing was stable over FY25. And in the first quarter of FY26 there has been very strong price growth across all of our land projects. As buyers scramble to get hold of very limited supply. We expect further strong growth in pricing over the balance of FY26, further improving margins of West Australian projects. And it's fair to say that we've increased our prices across WA land estates in the first quarter by at least 5-10%. Just in the first three months. In terms of cost growth, so revenue growth is far outstripping the cost growth rate.
Costs are expected to continue to grow. And it would be fair to assume that the growth rate will also increase, but we're not concerned about that because of the strong growth in prices that we've had relative to costs over the past two and a bit years.
In regard to construction costs, I can add that we have factored into our models between 3-5% growth in construction costs nationally, and we apply that on a state-by-state basis, project-by-project basis. So it's sort of somewhere between 3-5%, but we very precisely allocate it to what our competition is in the marketplace, the state, what the growth rate is in the state, what the employment rates are. So we put a lot of research into it as we build our model going forward. But we have factored in between 3-5% nationally for this next period. All right. Any more questions?
We have some online.
Some online, yes.
I have a few general business questions from Mr. Mayne. He says, "Thank you for, again, offering a best practice hybrid AGM, unlike so many Perth-based companies, particularly in the resources sector. Would it be possible to introduce live online voting next year, not just written questions? Also, when disclosing the poll results to ASX, could you please disclose how many shareholders voted for and against?" And he adds, "This will make public retail shareholder sentiment and encourage future voting participation at a company where voting outcomes are dominated by the largest shareholders." He also adds, "Keep up the great work.
See you next year." I'm happy to take, given it's kind of a procedural question, happy to take the first part, being that for online voting, this is something that the company has offered in the past at a considerable expense to shareholders. And in our experience, very few shareholders actually use that online voting facility. So that was the basis for not having online voting available to online attendees for this AGM. However, it is something that we'll revisit for future AGMs if it makes sense, and we believe it will promote better shareholder participation at meetings, subject to price and it making business sense. In terms of publishing the proxy votes early, that's something the company has done for a number of years and believes that's a matter of good governance and transparency.
There's no ASX listing rules or Corporations Act requirement to disclose the number of shareholders voting at the AGM by proxy or in person. And I'm not aware of having received a request to do so previously. It's something we may consider, but it's not a requirement. So I think that covers off the two parts of that question. We have a further question, which I think I'll direct to Nathan. "How many full-time equivalent staff do we have currently, and is this likely to fall over the coming 12 months with the rapid rollout of AI? Which parts of our business and operations are most prospective for AI productivity gains, and how energetically are we embracing those AI opportunities?"
So Cedar Woods has just under 100 staff. We were keen to embrace AI across the business early. And we are early in the journey of doing so.
So we're really looking at it in two respects: personal productivity and business productivity. Everyone has AI software integrated across all of their key programs. And we're currently dealing with an external consultancy with regards to further and wider adoption of AI across our business. We don't see it as something that will affect staff numbers, but rather just improve business productivity. And there's some quite exciting opportunities, in fact, for embracing AI for further business productivity, particularly in the financial and marketing areas.
Thank you. And a last general business question so far online. "I'm sick of hearing journalistic experts like Alan Kohler dominating the public debate on the so-called housing crisis, soaring house prices, record levels of immigration, falling construction productivity. And the like. Our leadership are real industry experts.
What would the CEO and chair do on housing policy if they were federal housing minister for a day or suddenly in charge of planning policy across all states and territories? And what do they believe is causing the house prices to keep rising to new record levels, and is this a problem?"
I'm happy to answer that one. I'm saying
Housing minister for a day? Right. Can I just say. Who asked that question?
Mr. Mayne.
Yeah. Stephen, thank you for asking that question. But I think everyone is struggling with it. I personally believe it started 20 or 30 years ago, right, when governments stepped out of public housing. I started my career in the housing commissions of two states. At that point in time, 30 or 40 years ago. Governments were actively building housing and encouraging people to have ownership of a house.
It was a bipartisan commitment 30, 40 years ago. And that's the journey we started on. Then all of a sudden, governments stepped out of housing. Because they said private enterprise could do it better. Right at present, I've got some statistics here. I just happened to think that I might be asked something like this. Do you realize, as of October 2025, 66%-67% of Australian households own their own home? That's with people with a mortgage and people without a mortgage. And that's about 32% with a mortgage and 35% without a mortgage. Right? That's the home ownership as of October. Do you think any politician is going to want to drop housing prices? I think 67% of people in Australia wouldn't agree. So we're going to have to learn to live with it. Whether we like it or not.
And we are trying at Cedar Woods to build communities. If you look at the number of first homeowners that are taking up our product. Right? We've got a lot. And what we have tried to do is, as I said earlier, our strategy is to diversify our product. Both geographically and product type so that we're appealing to everybody. Because if we can get somebody that is sitting in a five-bedroom, three-bathroom, whatever house, and they're rattling around in there by themselves. If we could get them to sell those and then move across, right. It releases another house for somebody as they change their family choice, that family life cycles. We are building small apartments. We are building bigger, better, brighter houses. Our product mix is huge. We do an enormous amount of research. Right?
This is the one thing that I love about Cedar Woods and the team, the executive, and the board members, is that we do so much research of the areas and the marketplace and what's occurring and how this is happening, and then we make our acquisition strategy based on that research. And right at present, we seem to be getting it right. Because we're delivering the product that our markets want to buy. So hopefully, that answers Stephen's question. If I was leader for a day, I'd be getting back into social housing. Any others?
No further online questions at this time.
Okay. Well, as there are no more questions, I advise that the results of the poll will be published to the ASX and our website after this meeting. And I thank you for your attendance today. I now declare the meeting closed.
And I'm looking forward to having some coffee with you and some conversation that isn't recorded. Okay. Thank you very much.