I think two very important shareholders are here, David Smith, who's helped start Fiducian, and Peter Murray, who's always here except for last time, and our biggest supporter, I think, and the board. So it's now past the appointed hour. So, ladies and gentlemen, welcome to the 27th Annual General Meeting and of Shareholders of the Fiducian Group. My name is Indy Singh, the Executive Chairman of the company. Today's meeting is being held in our offices at One York Street, Sydney, and online via the Computershare platform. This allows shareholders, proxies, and guests to attend the meeting in person and virtually. In addition, shareholders and proxies have the ability to ask questions and submit votes. Now, as the introduction, I would like to introduce you to certain individuals that are here in attendance. Your directors, Robert Bucknell, Frank Khouri. Please raise your hand.
Sam Hallab and Kerry Skellern at the end. In addition, we also have in attendance our General Counsel and Company Secretary, Mr. Paul Gubecka, our Group Chief Financial Officer, Mr. Rahul Guha, and our company auditor, Mr. Andrew Reeves from KPMG, who will be able to answer any questions relevant to them. It is past the appointed time of 10:00 A.M., and Mr. Gubecka has advised me that there is a quorum through attendees at One York Street and on the Computershare platform. So I declare the meeting, which is to be held at a reasonable time and place, convenient to shareholders, open. I'll advise you about questions. Questions can be submitted at any time. To ask a question, you may select the messaging tab within the Computershare platform, or alternatively, directly ask a question to the chairman.
The Computershare platform provides guidance on how to lodge any questions. Please note that while you can submit questions from now on, I will not address them until after we have put forward the final report and resolutions for consideration at this meeting, after which we will address all questions together, one after another. Please also note that your questions will be received by Mr. Paul Gubecka, General Counsel and Company Secretary, and may be moderated, or if we receive similar questions, may be amalgamated. Due to time constraints, we may run out of time to answer all your questions. If this happens, we will answer them in due course and will post our responses on our website.
There were 1,453 shareholders registered as holding 31,477,623 shares at 10:00 A.M. on the nineteenth of October, 2023. The number of shareholders in attendance immediately prior to the commencement of this annual general meeting was 26 shareholders. Now I'll explain the voting method. The procedures for voting will be carried out in the following manner. As disclosed in the notice of meeting, voting today will be conducted by way of a poll on all items of business. As a poll is being conducted, the minutes of this meeting will record the total number of proxy votes exercisable by all proxies validly appointed, the directions of the proxy forms, and the total votes in favor, total votes against, and total abstentions, in accordance with Section 251AA of the Corporations Act.
The persons entitled to vote on this poll are all shareholders, representatives, and attorneys of shareholders and proxy holders who hold color admission cards or have logged into the Computershare platform. If you are eligible to vote at this meeting and attending in person, on the reverse of your color admission card is your voting paper and instructions. If you are eligible to vote at this meeting and attending virtually, a polling icon will appear within the Computershare platform. Selecting this icon will bring up a list of resolutions and present you with voting options. To cast your vote, simply select one of the options. There is no need to hit Submit or the Enter button, as the vote is automatically recorded. You do, however, have the ability to change your vote up until the time I declare voting closed.
I now declare voting open on all items of business. The voting tab will soon appear. Please submit your votes at any time. Voting will end within two minutes of the closure of the meeting. I will give you a warning before the closure of the meeting to remind you to cast your vote.... Now proxies. Computershare, the company's share registry, received 73 proxies comprising 56.2% of the securities issued by the company and totaling 17,691,385 shares, including those received electronically by 10 A.M. on the seventeenth of October, 2023.
Of these proxies, resolution one, that the remuneration report be adopted, 6,689,260 or 99.49% +0.32% of open board appointed proxies, which I will vote for, totaling 99.81% of eligible proxies cast are in favor of resolution one, that the remuneration report be adopted. Resolution two, which is to re-elect Mrs. Kerry Skellern as a director, 16,770,764 or 99.81%, +0.13% of open board appointed proxies, which I will vote for, totaling 99.94% of eligible proxies cast are in favor of the motion. All proxy votes have been cast at the discretion of the executive chairman, and I have said will be voted for.
No proxies have been declared invalid. Now, notice of the meeting. The notice of the meeting has been circulated through shareholders and sets out the purpose of the meeting, being to discuss the financial report, adopt the remuneration report, re-elect Kerry Skellern as a director, and deal with other business in accordance with the company's constitution and the Corporations Act 2001. No notices have been received in respect of other business. Having set out the business within the notice of meeting, the notice of meeting is taken as read. The minutes of the previous shareholder meetings, copies of the minutes of the AGM for 2022 of Fiducian Group Limited, were reviewed and signed at the next meeting of the directors. Shareholders may request a copy of the minutes from the company secretary, if you wish to see them.
The first item of notified business is a consideration of the financial report for the year ended 30th of June, 2023. The consolidated financial report and the reports of the directors and auditor were made available on both the Fiducian and ASX websites and issued to shareholders on request. Before dealing with the report, though, I would like to give a short review of the progress and outlook for the group. As Executive Chairman and on behalf of the directors, I am pleased to present this report on the consolidated operating performance of Fiducian Group Limited, and its controlled operating entities for the year ended 30th of June, 2023. Fiducian is now in its 27th year of operation and remains a profit-generating company.
The board's mandate to management to operate a stable business, to deliver steady growth based on the principles of people, profit, and planet, is being delivered. Our fintech capability continues to churn out new features and functionality for FORCe, our financial planning software, and Fas Track, our platform administration system, which is also used to administer Auxilium, our new product for the external IFA market. The interest from independent financial advisors, or IFAs, as they're called, has been encouraging. In a short period, we now have around AUD 210 million under administration in Auxilium and Badged products, which we expect would become a valuable revenue generator and add to our core business. The core Fiducian Label business of platform administration, funds management, and financial planning, have operated efficiently and delivered revenue as expected.
We began this eventful year, and now become more eventful, at AUD 10.9 billion of funds under management advice and administration, which I might refer to as FUMAA. So we started at AUD 10.9 billion. Share markets, which are the key driver of our assets, turned upwards between October 2022 and January 2023, and then drifted sideways. This resilience of the market, supported by inflows to our funds and platforms, helped us end the financial year with FUMAA, just AUD 12.3 billion, just over AUD 12.3 billion, about 17%-20% higher than we started last year. This is a higher starting point, and subject to market movements over the next 12 months, could deliver positive revenue growth. The platform administration fee adjustment in June 2022, which reduced revenue by almost AUD 1 million, is now absorbed.
So too is the revenue lost at integration and the additional salary cost of 40 new employees from the acquisition of the financial planning businesses of People's Choice Credit Union, PCCU, in Australia. This was a large acquisition that we made previously. The rate of improvement in South Australia is reassuring, and the performance exhibited over recent months could well propel it to the position of our largest contributor to new funds inflow in 2023-24. Over the year, our advisors have spent a great deal of time adjusting portfolios of pre-retiree clients by executing recontribution strategies on a client best interest basis. On a client's passing, this strategy will enable their beneficiaries to pay less tax when inheriting their benefits. New inflows to Fiducian platforms for the financial year have come in at AUD 265 million.
This excludes net inflows of around AUD 100 million in the Badged platform from external IFAs stated earlier. Over the next financial year, our expanded network of financial advisors is expected to deliver funds flows that exceed those of the current financial year. Investment markets appear impacted by global increase in interest rates to bring down inflation, and also uncertainty from Russia's war to invade Ukraine. Inflation is coming down, but we feel it is still too high, and the risk is that high interest rates could cause a recession in North America, Europe and Australia, we feel within the next 6-12 months. However, as has historically been the case, post-recession periods have delivered strong share market growth for years to come, and we intend to capitalize on this transformation for the benefit of our shareholders, stakeholders and people.
To expand sources of revenue generation, effort is being directed to distribution of platform administration services through Auxilium and Badged products, which could disrupt the established platform market. We also remain on the lookout for further earnings per share, accretive acquisitions of client bases, and growing our Fiducian franchise network. Greater emphasis on promoting our successes through marketing is planned. Management remains committed to achieving the goals and objectives set out in next year's business plan, which focuses on our competitive advantages to lift profits. Fiducian staff and management have done an exemplary job under difficult circumstances and need to be congratulated. Management and the board remain positive for further growth of Fiducian in the future. Financial information and results for the year. The underlying net profit after tax decreased by 4% to AUD 15.1 million.
In 2022, it was AUD 15.7 million. Statutory net profit after tax decreased by 7% to AUD 12.3 million. In 2022, it was AUD 13.3 million, and this is as a consequence of the decline in the average FUMAA from early in the financial year. As you understand, our revenue comes based on the assets we hold, and when the assets and the markets decline, obviously the revenue also declines, and that's partly made up by new inflows. The underlying earnings per share decreased 4% from AUD 0.499 in 2022 to AUD 0.48 in the current year. Capital management. A key feature of the company is that it continues to maintain a clean balance sheet and remains debt free with a positive working capital and cash flow position.
However, a capital raising or debt funding may be considered where suitable acquisitions or business growth opportunities present themselves. Final dividend. The board remains prudent, but is confident that the future of the business is positive and likely to continue to strengthen through organic growth and acquisitions of client bases that can benefit from the Fiducian process. As a result, a fully franked dividend of AUD 0.18 per share has been declared, which will bring the total fully franked dividend declared for the 2023 financial year to AUD 0.303. In 2022, it was AUD 0.297. The full year dividend represents 63% of the underlying NPAT, which is the cash profit for the year. The final dividend was paid on the eleventh of September, 2023, on issued shares held on the 28th of August, 2023. On- market buyback.
During the year, no shares were bought back on market, leaving 31.44 million shares on issue at the end of the year. Cash flow and financial highlights. Dividends of AUD 8.6 million were paid during the period. Cash at year-end was AUD 19.6 million, compared to AUD 17.5 million at the end of 2022. Staff and chairman options. In accordance with the terms and conditions of the approved employee and director share option plan, no options will be issued. Now, on financial planning. During the year, funds under advice grew from AUD 4.4 billion in June 2022 to AUD 4.6 billion in June 2023. The group provided loan funding of AUD 1.1 million to assist two franchisees to acquire financial planning practices.
Net inflows of AUD 265 million were received during the year from aligned advisors. Fiducian expects the highest level of compliance and client service from its financial planning network. It is possible that we may have one of the highest supervisory management to financial advisor ratios in Australia, but we feel this is necessary. Company-owned offices with salaried financial advisors are now based in New South Wales, Victoria, Western Australia, South Australia, Queensland, Northern Territory, and Tasmania, and continue to contribute to overall results. Salaried advisors now comprise over 53.4% of funds under advice. We now have 41 salaried advisors. Franchised offices now comprise around 46.6% of our funds under advice, and we have 39 franchised financial planners nationally, and more in the pipeline. Platform administration.
Fiducian Label platforms for Fiducian financial advisors are now complemented by Badged platforms and Auxilium, which deal only with the external market. Funds under administration on our Fiducian Label platform stood at AUD 3.27 billion on 30th of June, 2023. Overall growth in net funds under administration is driven by new inflows and market growth. With the independent financial advisors, IFAs hold around 14% of total funds under administration. Efforts are underway to build new relationships and increase net inflows from them. With respect to superannuation, the Superannuation Trustee Board, established for Fiducian Superannuation Service, our public offer superannuation wrap fund in March 2015, with the majority of independent directors, operates professionally and with independence. The trustee board, including new directors that joined last year, is functioning well and carrying out its duties diligently.
The board is supported by the Office of Superannuation Trustee and outsources key operational processes to specialist service providers. Funds under management. Our in-house Manage the Manager system of investment continues to attract the majority of retail funds placed with us. Fiducian funds have performed well over the medium to long term in their respective categories, as we diversify their assets through a range of underlying fund managers to reduce risk and volatility. Information technology. Fiducian Information Technology development team has been busily working from both home and his office to provide system enhancements that deliver efficiency and wide-ranging functionality. The improvements give us an edge when competing for administration-related business for Auxilium, as well as scope to distribute FORCe, our financial planning software, on a standalone basis. Human resources, management, and staff.
At Fiducian, we have always acknowledged staff as our most important and valuable asset, and we continue to nurture and help them grow personally and into positions of responsibility. Our strategy to view our staff as a large Fiducian family, standing alongside each other in difficult times, has held us in good stead, and as staff have reciprocated with a show of superior performance and loyalty in these volatile times. Management has taken a hybrid approach to working, with teams splitting their working days between the office and home, while continuing to discharge their duties, meet regulatory obligations, and remain connected with their colleagues and clients. The transformation of the work environment has been made possible by our IT enhancements. Fiducian has and will always be an equal opportunity employer.
Our diversity policy encourages persons of different race, gender, sexual preferences, religion, national or ethnic origin, age, or disability and skills to participate and receive recognition, reward, and management responsibility commensurate with their performance. Employees are from 26 different countries of origin. 49% are female, with 15% of female employees in senior roles. 22% of our employees are over 55 years of age. The Advisory Council. The Advisory Council is drawn from our supporting financial advisors and has again made a significant contribution to the company during the past year. It continues to fulfill its role as a sounding board for the company's management and boards, and is a valuable resource and forum to alert us on financial planning issues, FORCe our financial planning software enhancements, and Fas Track our administration systems changes. The Board of Directors.
The board of directors and management has worked together cohesively as a team, with respect and candor for each other, but with a clear mutual understanding of each other's roles and responsibilities in achieving optimal performance. Now, this is hard for me to say, but Mr. Robert Bucknell, our Founding Chairman and visionary for the company's future, has decided that he will retire from the board at this AGM. Mr. Bucknell has guided the company and mentored others, including me, through the last 27 years, for which we, we will remain forever grateful for him- to him and Robin, his wife, who has given us fantastic support. I tell everyone that those of you who have seen that TV program called Touched by an Angel, Bob was my angel. And I am eternally grateful. So, Mr.
Bucknell has guided the company and mentored others through the last 27 years, as I've said, for which we remain forever grateful. He will be dearly missed. Mrs. Kerry Skellern, who has operational experience and is also a consultant to other company directors, has joined the board. We welcome her and her appointment, as you've seen, will be ratified at this AGM. Community support. Fiducian has continued providing support to community organizations and sporting teams linked to our financial planning network. We currently sponsor 18 amateur and junior teams across Australia, right through with taekwondo and rugby. The women's rugby league team got into the finals last year. And, cricket, soccer, all of them, all around Australia, and I hope we'll have more. For the last 3 years, we have supported the junior development program for coaching at Avondale Golf Club in Sydney.
While our contribution is quite modest, we are proud that a young lady golfer from the club has qualified last year for the US LPGA and won a tournament in just her third event. Another lady has also now been selected to the US LPGA, which is amazing. Vision Beyond AUS, VBA, a charity supported by the Fiducian Group, has continued its services in hospitals in India, Myanmar, Nepal, Cambodia, and Ethiopia. More than 50,345 men, women, and children who live in abject poverty have had their eyesight restored. In addition, surgical equipment has been donated to overseas hospitals. Some 18,000 children have been screened for eye disabilities in rural areas of Nepal. Fiducian staff voluntarily provide accounting, administration, and marketing support to VBA to ensure that every single dollar contributed by generous donors goes towards eliminating visual impairment in the world.
The current economic and market environment. The global economy has continued to slow this year in response to severe measures taken by monetary authorities around the world, and especially across the advanced economies, to counter rising inflationary pressures. Inflation reached its highest level in more than 40 years in a number of jurisdictions before starting to trend gradually lower at the end of last year. This year, the IMF, or International Monetary Fund, is forecasting global growth to be 2.8%, the US to grow by 1.6%, and economists predict Australian growth to remain quite lackluster. Growth in the developing world is expected to be led by China at 5.2% and India, 6%. The IMF notes, however, that risks to the outlook are skewed to the downside.
This year, earnings from share markets are forecast to contract or stay flat in major economies, but to expand in China and India. This is from Yardeni Research. It now appears that restrictive monetary policy could stay in place until inflation is much lower, and global earnings may not rebound until 2024, when they are forecast to rise by 11%. Nonetheless, our diversified funds, for our diversified funds, we continue to take a cautious approach and remain close to benchmark in our allocation to growth assets and fixed interest. As always, we recommend that investors should consult a professional financial advisor to develop financial plans with the aim of achieving diversified investment strategies that, over time, would help investors realize their financial goals.
On the outlook, consistent with our strategy over the last 27 years, our focus remains on growth strategies to enable upscaling on existing capacity and leveraging our controlled, relatively low fixed cost base. The board's aim remains to build scale and deliver consistent double-digit earnings growth in coming years and over the long term, and management is determined to stay committed and focused in this difficult climate to attempt to achieve this goal. On behalf of the board, I would like to thank all participants for their individual contributions to the growth and success of Fiducian. Thank you. Now, we've done the financial report. Now, please provide your questions via the Computershare platform, and we will address them shortly. So we will now move to the next item of business, which is adoption of the remuneration report, which is resolution 1.
The remuneration report is set out in the 2023 annual report on pages 16 to 22. The vote on this resolution is advisory only and does not bind the directors or the company. However, I note that pursuant to the Corporations Act, if 25% or more of votes that are cast are voted against the adoption of the remuneration report at two consecutive annual general meetings, shareholders will be required to vote at the second AGM on a resolution called a spill resolution, for another meeting to be held within 90 days of the second AGM, at which all of the company directors, other than the Executive Chairman, must stand for re-election. The following ordinary resolution is proposed in the notice of meetings, that the remuneration report is adopted. Please ensure that you have voted on the Computershare platform.
Do we have voting by poll now, Paul, or?
No, that's just-
It's all done. So as we know, that resolution has been more than carried by 99.8% of the votes. Slide, elect, Kerry, Mrs. Kerry Skellern, as a director is resolution two. The next resolution concerns the re-election of Mrs. Kerry Skellern as a director of the company. Mrs. Skellern's personal details are included in the explanatory memorandum attached to the notice of meeting. The following motion is to be passed as an ordinary resolution: That Mrs. Kerry Skellern, being a director, retiring at this meeting and being eligible for election, is re-elected as a director of the company. Again, I remind you to please ensure that you have voted on the Computershare platform, and this resolution was also carried by, I think, 99.8%. So congratulations, Kerry. Now, have we received any other notices, Paul?
No.
No.
There's been no questions.
No questions come through.
Before the meeting.
No question before the meeting either. No notices have been received to deal with other business in accordance with the Company's Constitution and the Corporations Act 2001. With questions, as there is no other business, we will turn to questions that shareholders may wish to ask. As part of our notice of meeting, we ask shareholders to send questions to Computershare for our response today. Computershare have confirmed, and so has Mr. Gubecka, that no questions were received by them prior to this meeting. Our Company Secretary, Paul Gubecka, will now identify any shareholders from the Computershare platform who wish to ask a question, and then you will have the opportunity to ask your question.
There are no questions on the platform.
Okay, well, there are no questions. That's good. So we can now turn to any questions posted on the platform. Our Company Secretary will read them out. There were none, so we can now turn to any questions from shareholders at this meeting. So are there any questions, please ask? Yes.
David Richardson. Thank you, Nick.
Yes, Peter.
Questions. Is that the same retirement as me? I was a bit worried.
Yes, Peter.
By 2023, you reduced your platform fees in response to, I think, market or competition pressures.
It was more a request from the regulator. We haven't had any pressure from our clients. We haven't had any pressure from the financial planners. They trust the value proposition of Fiducian, which has stood people in good stead. But we thought it would be appropriate. In fact, as you know, before the market tanked a bit in at the end of 2022, we were so cocky about it that we brought the reduction one month earlier, in June of 2022, instead of waiting. But then the market fell, and so it affected our results. But we haven't had any pressure as such from clients or advisors.
How that reset is? It's reset now?
Well, it's now stable. We're pretty competitive. We don't see any impediment to people using the platform. Thank you.
The second question is, I think for Kerry. We like directors who own shares in the company, that they're invested in them. Good to see Sam buy some on the market. Does Kerry have intentions to invest in Fiducian?
I've actually bought my first half, so I'm on the way.
And we figured out that she had to declare a conflict of interest because her father has shares, too. For a long time.
Thank you.
Thank you, Peter. David, any?
I'm good.
I hope you're happy the way the business you helped start is going.
I make comment on the history of this time.
Please.
It was 27 years ago that that the gentleman snuck around 5:05 P.M. one afternoon, asked about starting a business, and got this business. He developed, I think you all know, as a warm and friendly person to be trusted. So our board decided to get behind Indy, and Bob was on our board, and he was asked to chair this from zero and build it to what it is today. And I'd just like to give tribute to Bob for his effort. I said because, did he need an angel? Well, probably not.
I definitely needed this one.
But, Bob, as he was on the parent board, a very great guide and support stable, director. And, so thank you, Bob, on behalf of-
Hear, hear.
The original company.
Peter, we can't go ahead without a question from you. Or a comment.
Thank you, Mr. Chairman. I was just explaining to one of the chaps here when you turn up at Adelaide Airport, there's a photo of me. It says, "Wanted. You'll be shot on... This bloke will be shot on arrival." So I've had some concern about South Australia. You've made this major acquisition. Can you just give some update on that and how's it going?
Yeah. Yeah. Thank you, Peter. Yeah, it's been. It was a big acquisition for us, and took a bit of time to digest it. We had some advisors who we made, I think, very good offers, which could have been fantastic for them if they had taken them up as franchises. But some of 4, 5 of the bigger ones decided not to. We tried our best, and then we found that PCCU, who had actually advised us that 95% of the clients had received their fee disclosure statements and confirmed their intention to stay. Actually, only 5% had received them. So we had to immediately employ another 7 people to start phoning some 3,600 clients to retain them and keep them.
In that process, we did lose about, I think, Rahul, 30%-35%?
Correct.
Because while we were phoning these clients, some of the other platforms, who realized that they may lose the money, started phoning these planners and assisted them in poaching the clients so that they would stay with the bigger platforms like Colonial and BT, and others. But since then, we've added more planners. We've built them up to a standard where we believe one planner should have a support person, and that the planner should focus on raising more money and looking after clients, and the support person should do all the hack work. So we increased that. We've now got about 40 employees there. All are very supportive. The highest volume of inflows we're getting now are from Adelaide, from South Australia. And they were at the conference, in force with their partners and kids, some of them.
What they said to me, and I'm sure to Robby, who's head of financial planning and others, that they have never been happier. They said, "We were so that we are absolutely over the moon." And they said, "The people who left, well, just forget about them because they will not get this benefit." So, I think that's, it's a good... In the end, it's worked out to be a good acquisition. As I said, we lost a lot of revenue, but it's now contributing very positively.
Did you pay AUD 1 million? It's more money being paid.
No, we actually deducted the amount we had to pay.
Ah.
Because, the deal was that we would pay them, I think AUD 16 million. AUD 12 million, but only if the client stayed for a year. Otherwise, it would reduce proportionately. And so we paid them eventually only AUD 9 million, I think.
Eleven.
Eleven.
Wow! You moved them into your premises. They're not away from them.
Yes, they were pretty good. Oh, they were pretty good. They actually gave us a floor up on, in the main building of theirs, and I had to ask their CEO. They realized what had happened, and they tried to help. And I asked her to please charge me something, otherwise her auditors might pick her up and say, "Why did you give this big floor for free?" So they charged us something. But we have now, I think, three offices or four, Robby, in South Australia?
Yeah, we have three offices.
Three offices there, and one in Darwin. So we actually—it's been helpful in that we've got Australia-wide representation now. And one of the good things that Jai's team is trying to do is that, as we said, we spent AUD 1 million, AUD 1.1 million, buying small businesses for our franchisees, is to now help the franchisees become more profitable by helping them to acquire small advisory practices near them, so they can build on their business.
Thank you very much.
Thank you, Peter. Any other questions from shareholders or come from interested or... Yes, Peter?
People have overlooked a quite substantial increase in the dividend, final dividend. I think we should recall that our thanks for increasing them. The 18 cents was quite generous, but we certainly appreciate it now.
Well, we certainly appreciate the support shareholders give us.
That was great.
We do tell the in-stores, we do tell the in-stores that if a person had invested just AUD 1,000 in 2013, just AUD 1,000, they would be receiving, I think, AUD 3,320, fully franked dividend now.
Good.
They've virtually recovered all their money, and now it's going well for them.
Thank you.
I wish we could have done better, but we're trying and hopefully next year is better. You just keep the recession away from us. I think, there'll be no further questions. That concludes the business of this meeting. A member of Computershare will now collect any voting cards in the room. Please ensure you print your name where indicated, and sign the voting paper. Can I have mine?
Thank you so much.
Please ensure you print your name where indicated, and sign the voting paper. When you've finished filling in your voting paper, please lodge it in the ballot box to ensure your votes are counted.
Yeah.
I again remind you-
Oh, thank you.
I again remind you to ensure that you have voted on the Computershare platform, and voting will end at the end of two minutes following the closure of this meeting. The outcome of the resolutions will be lodged with the ASX as soon as practicable after the closure of voting. Thank you for your attendance and confidence in Fiducian. The meeting is closed, and voting can continue for two minutes.