Good morning, everybody. It's now 10:00, so we might let everybody take their seats and get underway.
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[audio distortion].Ashley, are you on?
We're broadcasting this live, so countdown has happened. Please start when you're ready.
Okay. Thank you, Ashley. Good morning. I'm James Todd, Chairman of the Board of IVE Group Limited. Before we begin, and on behalf of all of those present, I'd like to acknowledge the Aboriginal and Torres Strait Islander peoples as the traditional custodians of the land on which we live and work, and pay my respects to elders past and present. I'm delighted to welcome you to the annual general meeting of shareholders of IVE Group Limited. The time is now 10:00 A.M., and as we have a quorum of members present, I declare the annual general meeting open. Joining me today is our Managing Director, Matt Aitken, and our Directors, Gavin Bell, Sandra Hook, Paul Selig, Cathy Aston, and Andrew Bird. We also have Darren Dunkley, our CFO and Joint Company Secretary, and Sarah Prince, our Joint Company Secretary. I welcome representatives from our auditor, KPMG.
KPMG will be available to answer any questions you may have about the conduct of the audit. I would appreciate it if all mobile phones can be turned off or put on silent. I would also like to let you know that the emergency exits are clearly marked outside this room. Before we proceed to the formal business of the meeting, I will give a short address, and then I will ask Matt Aitken, our Managing Director, to address you. IVE Group delivered another strong outcome for shareholders in the 2025 financial year. Underlying net profit after tax increased by 21.1% to AUD 52.1 million, underpinned by a further material uplift in operating margins, primarily reflecting the emergence of Ovato and JacPak cost synergies coupled with continued cost discipline.
The board declared a final dividend of AUD 0.085 per share, resulting in a full-year dividend of AUD 0.18 per share, unchanged from the prior year and consistent with guidance. This represented an underlying dividend payout ratio of 53.4%, below the group's historical 65%-75% dividend payout range, with the incremental funds retained used to fund the on-market share buyback and pay down senior debt. In addition to driving strong financial outcomes, key areas of operational focus during the year included capitalizing on the group's entry into the Australian fibre-based packaging sector by selling JacPak's available revenue capacity and furthering the group's ambition to develop a complementary New South Wales packaging plant in Kemps Creek, Sydney. Expanding IVE's national three-pillar capacity via relocation to a new and significantly larger Victorian facility in Dandenong South.
Development of a Sydney super site in Kemps Creek, enabling consolidation of multiple sites to deliver operating efficiencies and capacity for expansion. The continued growth and development of Lasoo and implementing the group's sustainability strategy. Since listing on the ASX in 2015, the group has undergone significant change. Revenue and net profit have almost trebled, underpinned by IVE's consolidation of existing market segments coupled with expansion into marketing and communication adjacencies, which has driven a significant increase in the breadth and depth of the group's offering. In June 2025, the group hosted its first-ever strategy session to provide investors with an update on current operations while at the same time providing an insight into the group's direction, including the group's recently launched Now to 2030 strategy, targeting AUD 1.2 billion-AUD 1.3 billion worth of revenue.
The session was well attended and well received, with investors gaining a better understanding of how IVE intends to capitalize on the key trends shaping the marketing and communications landscape to accelerate growth in the coming years. With the release of the group's interim result, reflecting the board and management's view that IVE's share price offered significant value, in February, the board initiated an on-market share buyback of up to AUD 10 million, which to date has resulted in the cancellation of around 1.1% of issued capital at an average share price of AUD 2.52 per share. The buyback remains in place with a further AUD 5.7 million of available capacity. While the group has guided to an unchanged full-year dividend of AUD 0.18 per share in FY2026, the board intends to return to a dividend payout ratio based upon a 55%-65% of underlying earnings.
Noting that four directors, including myself, have been on the board since IVE's ASX listing in 2015, and with the group having recently launched its ambitious Now to 2030 strategy, it is timely for the board to undertake an effectiveness review over the year ahead as a precursor to a board refresh commencing in FY27. This follows material changes to board governance over the past year, precipitated by the tragic passing of Geoff Selig, with chair and executive responsibilities separated, resulting in Matt Aitken joining the board as Group CEO and Managing Director. Paul Selig's recent transition from executive to non-executive director completes the group's evolution to a customary governance structure. To encourage greater equity ownership and drive improved alignment with shareholder interests, during the year, the board introduced new share ownership guidelines, including minimum shareholding requirements for directors, KMP, and senior executives.
An employee salary sacrifice share plan has also been established to encourage greater staff equity ownership. Given the recent step change in earnings, the 2026 financial year is likely to be a year of consolidation as we transition into the next phase of the group's growth trajectory consistent with our 2030 strategic ambition. In addition to offering ample funding for organic growth opportunities, the group's increasingly strong balance sheet offers potential for further acquisitive growth, either adding scale to existing operations or new sources of revenue in additional product and service adjacencies. You'll hear about the group's recent acquisition initiatives in Matt Aitken's presentation shortly. In closing, I would like to thank the group's Managing Director, Matt Aitken, CFO Darren Dunkley, our highly skilled leadership team, and our over 2,000 dedicated staff for an outstanding year and for their passion, diligence, and commitment.
Thank you also to my fellow directors for their continued efforts, expertise, and support. Finally, I would like to express my thanks to our shareholders, customers, and suppliers for their contribution to IVE's continued success and for their ongoing support. Thank you. I'll now hand to Matt.
Thank you, James. Good morning, everyone. It's my pleasure to present to you today. In today's presentation, I'll recap our FY25 results, provide a number of business updates, and talk about the year ahead, both in terms of growth initiatives as well as our FY26 trading update and outlook. Some of this content will already be familiar to some of you, as we've covered it in the release of our full-year results only 12 weeks ago, so I'll move through those sections quickly and focus more on the business updates, growth initiatives, and outlook.
Before we move into the more formal part of the presentation, I'd like to start with our 2025 reel, which illustrates the breadth and depth of the products and services provided by IVE over the last 12 months, the great work that we do for our clients, and the awesome brands that we work with.
Some of the cups got broke, shards beneath our feet, but it wasn't me.
I made 20 years this year with IVE, and boy, haven't I seen an evolution over that time.
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40 years of tireless innovation.
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Hey, Google Gemini. Find me four flights to Spain.
We've got one thing right.
To think that some people might have thought we were only a print company. Hopefully that gave you a broad understanding of what's been happening on our plate in the last 12 months and some of the great work we do. I just wanted to start with the key highlights. From a financial performance perspective, all key profit metrics were up significantly on the prior year, underpinned by strong margin expansion, continued high operating cash conversion, with working capital remaining stable, and the balance sheet was further strengthened, with gearing now well below our internal target. From an operational perspective, the Ovato cost synergies have now been fully realized, as have the JacPak cost synergies, and we continue to make strong progress against our sustainability roadmap.
In terms of the growth initiatives, JacPak packaging revenue continues to grow, with new customer wins like PepsiCo, Peters Ice Creams, and McCormick's Foods, just to name three. We have the New South Wales packaging expansion, well and truly in train, as part of the Kemps Creek super site project, which I'll talk about later in my presentation. Our 3PL business relocated to Dandenong South in July, providing significant additional capacity and operating efficiencies, while the Sydney super site consolidation at Kemps Creek remains on track for completion in early 2026. Lasoo continues to demonstrate strong momentum, with key metrics tracking well and the business remaining on track to break even during FY28. I will cover this in the coming slides. Looking at the numbers in more detail for FY25, it was a strong performance, underpinned by margin expansion and continued high operating cash conversion.
Revenue was just under AUD 955 million, up 1.6% on pcp, with EBITDA of AUD 136.7 million, up 7%, and NPAT of AUD 52.1 million, an increase of 21.1% on FY2024. Earnings per share increased 20.3% to AUD 0.337, and operating cash flow remained strong at 101.9% of EBITDA and net debt reduced to AUD 114 million for the period. The Board maintained a full-year dividend, as James mentioned, at AUD 0.18 per share, fully franked, stable on the prior year. A key driver of the earnings improvement was the material gross margin uplift, which increased to 49.3% from 46.7% in FY2024, reflecting our continued focus on mix of work, pricing discipline, procurement, and operating efficiencies. Putting the FY2025 performance in context, the improvement in earnings translated into stronger returns across key performance metrics.
As I mentioned, NPAT increased from AUD 43 million in FY2024 to AUD 52.1 million in FY2025, with the NPAT margin improving from 4.6% - 5.5%. Return on funds employed strengthened from 22.2% - 24.9%, and return on equity improved from 25.6% - 28.3%, both reflecting disciplined capital deployment and the benefits of prior year investments. This consistent improvement in returns demonstrates the operating leverage in the business and the success our integration and efficiency programs have had over the last few years, particularly since COVID. The dividend per share has been held flat in recent years, balancing an already attractive yield with the flexibility of fund, sorry, balancing an already attractive yield with the flexibility of fund organic growth, recent acquisitions, and ongoing capital management initiatives. Moving forward, the company intends returning to a more traditional dividend payout ratio-based policy, which I'll touch on later in the presentation.
I'll now move to the growth section of the presentation and cover the key initiatives that are driving our strategy through to 2030, starting with 3PL, which continues to be a major growth driver for the business. With the strong growth in IVE 3PL operations and pending expiry of 3PL leases in the main warehouses in Braeside, Victoria, we relocated our 3PL Victorian business to Dandenong South, a purpose-built facility in July 2025. The 33,000 sq m facility is our largest 3PL site in the country, and the move provided an additional 60% of storage space for growth in Victoria and overall an additional 30% on our national footprint, which is now some 80,000 sq m. There's a range of benefits to be realized from that super site.
The additional spaces are said for expansion, dedicated in-house logistics services for JacPak, which since acquisition have had to be outsourced due to capacity constraints, operating efficiencies through the consolidation of what were two warehouses in Braeside now into one shed in Dandenong South, including common operating functions such as receiving and dispatch, and reduced duplication of resources and equipment. I'll touch on a few clients that have signed on with us in the first half in this part of our business to give you a flavor for some of the companies we're working with and the products we're managing. Maxisafe is a national safety business. We are now storing product for Maxisafe right around the country, including in markets like Perth. Ostindo, we are storing thousands of pallets of rice and spices for Ostindo and distributing those to Coles, Woolworths, and Costco for them.
Stuart Alexander, huge food and confectionery company that we are storing the point of sale for, given that we manufacture it and make it for them today. Someone like Vertiv, who are a specialist supplier in the data centre business and require a 24/7 operation and solution in that 3PL space to support what they need to do in data centers as part of their business. Moving to the Kemps Creek project, which is a key strategic investment that will reshape our footprint in New South Wales. We are replicating the success of our Braeside site in Victoria via a 42,000 sq m super site in Kemps Creek in Western Sydney, not far from the new Western Sydney Airport. This consolidation facilitates the group's strategy of expanding into horizontal adjacencies such as packaging to drive revenue growth and operational efficiencies.
The business units that we are relocating to Kemps Creek are coming from Homebush, from Silverwater, from Granville, from Warwick Farm, and we are building a brand new packaging facility in that site, as we have stated previously, as part of our growth strategy in packaging. The site is close to the transport hubs and IVE's Erskine Park and Huntingwood facilities, and thereby brings most of our Western Sydney teams much closer together in that space out there in Western Sydney. The project, as I mentioned earlier, is on track for delivery in early 2026. Turning now to Lasoo, which continues to perform strongly and is a fast-growing marketplace in Australia. Lasoo is a unique platform with powerful capability, where incremental platform scale enhances the value proposition for both customers and retailers.
Key e-commerce platform differentiators include the fact that we have no exposure to risks and capital costs associated with traditional retail models. We also do not store any inventory on behalf of customers or the retailers. We have a deep and dynamic product mix, providing exposure to all seasons. The platform is not a business driven by seasonality, but clearly we enjoy the upsides of Black Friday and Cyber Monday and end of financial year sales periods. We have best-in-class proprietary technology that is highly scalable, providing a sustainable competitive advantage. We have a well-invested platform infrastructure primed for growth and to support the journey and the strategy that we have for Lasoo. It is capital light. It has a low-risk operating model. We have quality brands from quality retailers and a lot of special value deals on that platform not available anywhere else.
Around one in every five deals is exclusive to Lasoo, so you can only find that deal on Lasoo. You will not find that anywhere else. We do not compete with the retailers. We grow with them. As I said, we do not range any of our own product up there or store any of our own product. It is a unique user experience. It is the only platform with a digital catalogue browsing capability, enabling users to save on retailers and best specials in one transaction. If we look at some of the numbers, the platform has demonstrated strong growth metrics with the number of retailers live on the platform at the end of Q1 FY2026, up 47% on pcp, and unique users up 38% on pcp for the same period.
We now have over 370 retailers live on the platform, with retailer churn below 3%, extremely low, and more than 300,000 product lines available live from a broad range of quality retailers and brands. Some of those retailers, including the likes of Bi-Rite, Lincraft, Barbeques Galore, Appliances Online, Stratco, products coming from people like Carlton & United Breweries directly, other retailers like Chemist Outlet, Shields, and Decathlon, just to name some. Lasoo is on track. Lasoo is on track to deliver AUD 3 million of gross transaction value in November, with sales now consistently exceeding AUD 100,000 per day and fulfilling more than 12,000 orders a month across the country. The number of orders on the platform in Q1 FY2026 is up 71% on pcp, and GTV, gross transaction value from repeat customers, is up 81% on pcp.
With repeat customer GTV scaling at roughly twice the rate of total platform growth, it clearly demonstrates strong customer retention and satisfaction amongst the users of the Lasoo marketplace. The business continues to enjoy excellent customer ratings, and as I mentioned earlier, we remain on track to break even during FY2028 as we head towards profitability in FY2030. As we look ahead to 2030, and James mentioned our now to 2030 strategy a couple of times, we spent a lot of time with investors in June this year taking investors through what we saw that five-year strategy looking like. I wanted to update on that strategy deck that we presented and just cover off a couple of the key strategies that we talked about. One of those there was the appetite for bolt-on acquisitions, should they present themselves.
The first one is Impressu, which was acquired for AUD 13.5 million only a couple of weeks ago on the 4th of November. Impressu is a Brisbane-based print business, and it was owned by the listed entity of Domino's Pizza Enterprises, providing digital and offset print, direct mail and letterbox marketing, signage and point of sale, warehousing, and logistics solutions. A value proposition in the Brisbane market that is very similar to that of IVE Group in our other markets. Long-standing clients mainly span the quick service, restaurant, retail, healthcare, and public sectors, with its largest customer representing Domino's. Impressu is expected to contribute annual revenue of around AUD 30 million, EBITDA of around AUD 4.5 million, which will include the cost synergies, and NPAT of around AUD 2.5 million.
In conjunction with acquiring Impressu off Domino's, we also signed a six-plus two-year contract to supply marketing services to Domino's moving forward. Those are the services that Impressu supplies them today, plus the opportunity for IVE to supply additional services to Domino's over and above what was already supplied by Impressu. When we think about things like uniforms, marketing technology, creative and content, more activations, and the list goes on, there is a big opportunity for us to partner up with Domino's in an even more meaningful way moving forward. I expect that contract to contribute over the first six years a minimum of AUD 80 million of revenue to the business. The second acquisition is Budget Mail Services, which we acquired for AUD 1 million of cash and liabilities, again only a couple of weeks ago on the 3rd of November 2025.
BMS is a small Sydney-based mail and communications business supporting clients in the share registry, charity, publishing, and education sectors. It had annual revenues of AUD 5 million, and once we fully integrate it into our Homebush facility, we expect that to deliver annual EBITDA and NPAT of AUD 1 million and AUD 500,000 respectively. The integration costs there are about AUD 500,000. That integration is two weeks ahead of schedule. It will be complete by the end of November. That integration is well on track. All customers retained, all staff retained, and that has gone extremely smoothly, as has the acquisition up in Queensland. Now turning to the current year and the FY 2026 outlook, year-to-date revenue has been softer than expected across the retail and media sectors, which has impacted in particular our catalogue business through the first half of FY 2026.
Pleasingly, softer or subdued revenues have been partially offset by further uplift in margins due to an ongoing focus on margin expansion and operating efficiencies. Our FY26 underlying NPAT is now expected to be at the bottom end of the previously advised AUD 50 million-AUD 54 million guidance range. That guidance range does include an AUD 2.5 million adverse after-tax non-cash AASB 16 timing difference, which has been driven by the significant new long-term leases that will reverse over the life of those leases. Normalizing for that non-cash item, the pre-AASB 16 guidance range is AUD 52.5 million-AUD 56.5 million, which compares with an FY25 result of AUD 51 million on the same basis. There is no change to previously advised capital expenditure expectations, which are weighted towards Dandenong South, Kemps Creek, and targeted growth and efficiency projects.
While the annual dividend is expected to remain steady at AUD 0.18 per share in FY2026, thereafter the board intends returning to a dividend payout ratio based on 55%-65% of underlying earnings, which reflects the group's strong cash generation, balance sheet position, and growth opportunities. In closing, the performance in FY2025 and the momentum evident in our key strategic initiatives reflects the dedication and commitment of our 2,000 people right across the business and right around the country. I'd like to thank them for their ongoing contribution. Appreciation is also extended to our leadership team and to the board for their support as we execute on an ambitious but disciplined growth agenda. With a strengthened balance sheet, high cash conversion, and a clear pipeline of organic initiatives and recent Bolt-on acquisitions, the business remains well positioned for continued profitable growth through to 2030. Thank you. Good morning.
I'll now hand back to our Chair, James.
Thanks, Matt. Ladies and gentlemen, we now come to the formal part of the meeting, matters requiring resolution, which are outlined in the notice of meeting. The notice of meeting dated 24 October 2025 was circulated to members, and I will take the notice of meeting as being read. Before moving on to the various resolutions to be considered today, I'll now briefly outline the voting procedures for our meeting. When you registered your attendance this morning, you would have been provided with an attendance and poll voting card. The voting on each of the resolutions will be conducted on a poll.
As Chairman of the meeting and having been appointed as proxy for a number of the members entitled to vote, as detailed in the notice of meeting, I will vote where authorized all undirected proxies in favor of each resolution. I will also advise that voting exclusions as set out in the notice of meeting will be applied to each resolution. All the resolutions being considered today are ordinary resolutions requiring a simple majority of votes cast by shareholders present and entitled to vote on the resolutions. Resolution three is advisory and does not bind the directors of the company. In order to provide you with enough time to vote, I'll shortly open the poll for voting on all resolutions. You'll be able to vote at any time between the start of the poll and the closing of voting as announced at the end of the meeting.
We will give you a warning before we move to close voting at the conclusion of all items of the business. I now declare poll voting open on all items of business. Please record your votes on your poll voting card at any time. Following the voting, general business questions will be taken, and I'll respond to questions received from shareholders in advance of the meeting. Just to let you know that we haven't received any questions in advance, but we'll be taking questions from the floor. We'll now move to the business of the meeting. The 2025 annual report contains the financial report, director's report, and the independent auditor's report. A copy of the annual report was made available on the company's website and was sent to those shareholders who requested it. The financial statements have been approved by the directors and audited by KPMG.
At this time, I'd like to take any general questions or comments about the reports or for the auditor. I note that the auditor did not receive any questions prior to the meeting. We'll now move to the resolutions for voting. I now move to the first resolution, which is to consider, and if thought fit, pass the following as an ordinary resolution of the company to re-elect Andrew Bird as a director. Further details about the resolution are contained in the explanatory memorandum that accompanied the notice of meeting. The directors, with Andrew Bird abstaining, unanimously recommend shareholders vote in favor of this resolution. The resolution is set out on the screen. Before I take any questions on this item of business, I'll invite Andrew to speak to the meeting.
Thank you, James. Good morning, ladies and gentlemen.
I'm very pleased to be standing today for re-election to the IVE Group Board. I first joined as an independent non-executive director in April of 2022, and I'm also a member of the board's audit risk and compliance committee. I have over 30 years of management experience both in large multinationals and high-growth private businesses. My most recent executive role was as CEO of Morningstar Australia and New Zealand, part of the US-listed Morningstar Investment Research Group. Most of my career has been at the intersection of information management, analysis, and publishing, so I feel very familiar with the dynamics at play in the industries in which IVE operates. More recently, I've been an active investor and board member of a number of high-growth private businesses, mostly in the software and information management space.
This has given me a really good appreciation, I think, of what it takes to scale and grow and foster innovation in these types of businesses. Finally, I'd like to say that I'm a committed shareholder in IVE. My wife and I have acquired a bit over 500,000 shares over the last eight years, and so I very much understand and appreciate the needs and considerations of shareholders in our company. Thank you very much.
Thanks, Andrew. I'll now take questions on this item of business. There's no discussion. I now put to the meeting resolution one, and here are the proxies. Thank you. Please now select for, against, or abstain for resolution one on your voting card. I now move to the second resolution, which is to consider, and if thought fit, pass the following as an ordinary resolution of the company to re-elect Gavin Bell as a director.
Further details about the resolution are also contained in the explanatory memorandum that accompanied the notice of meeting. The directors, with Gavin Bell abstaining, unanimously recommend to shareholders that shareholders vote in favor of this resolution. The resolution is set out on the screen. Before I take questions on this item of business, I invite Gavin to speak to the meeting.
Thank you, James, and good morning, everybody. I'm delighted to be standing for re-election to the IVE Board. For those that don't know me, I think I draw on three principal buckets of experience across my various careers to contribute to the board. My first career was as a lawyer and then a partner of one of Australia's leading law firms and ultimately a leading global law firm. I then changed careers and became a CEO for a period of nine years.
That included managing through the global financial crisis, a global merger, but probably more importantly, dealing with the whole range of issues that firstly come across a CEO's desk, but ultimately end on a board's desk. I think I've seen those sorts of issues from the management table, but it allows me to bring that experience to the board table. I then moved careers once again into my current career as a non-executive director. In that space, I've had roles across a variety of different organizations and different industries, and I think I bring knowledge you get from those different industries and organizations to the board table. Importantly, that career now includes quite a good period around the IVE Board table.
I think that gives me a very strong understanding of the IVE businesses, but also the people, the approaches we take to those industries, but finally, the risk and opportunities that we now face. Finally, I've really enjoyed my time on the IVE Board. I think I've made a valuable contribution. I look forward to continuing to contribute as we pursue our 2030 plan. Thank you, everybody.
Thanks, Gavin. I'll now take questions on this item of business. I now put to the meeting resolution two, and here are the proxies. Thank you. Please now enter your votes for resolution two on the voting card. Resolution three relates to the adoption of the remuneration report, which is contained within the 2025 annual report. I will take the remuneration report as read. Further details about the resolution are also contained in the explanatory memorandum that accompanied the notice of meeting.
I'd like to advise shareholders that IVE will disregard any votes as stated in the voting exclusion statement related to resolution three as set out in the notice of meeting. The directors recommend shareholders vote in favor of the resolution. The resolution is set out on the screen. I'll now take questions on this item of business. There's no discussion. I now put to the meeting resolution three, and here are the proxies. Thank you. Please now enter your votes for resolution three on the voting card. The next item for business is the approval of the issue of rights under the IVE Group Equity Incentive Plan to Matt Aitken, our Managing Director. I'm having trouble. The slide is not moving on. There we go. Thanks, Matt. Further details about the resolution are also contained in the explanatory memorandum that accompanied the notice of meeting.
The directors, with Matt Aitken abstaining, recommend shareholders vote in favor of this resolution. The resolution is set out on the screen. I'll now take questions on this item of business. If there's no discussion, I now put to the meeting resolution four, and here are the proxies. They're working, I think, Matt. Thank you. Please now enter your votes for resolution four on the voting card. The next item of business is the approval of the issue of shares under the IVE Group Short-Term Incentive Scheme to Matt Aitken, our Managing Director. Further details about the resolution are also contained in the explanatory memorandum that accompanied the notice of meeting. The directors, with Matt Aitken abstaining, recommend shareholders vote in favor of the resolution. The resolution is set out on the screen. I will now take questions on this item of business.
If there's no discussion, I now put to the meeting resolution five, and here are the proxies. Thank you. Please now enter your votes for resolution five on the voting card. The next item of business is the approval of the issue of shares under the IVE Group Short-Term Incentive Scheme to Matt Aitken, our Managing Director. Further details about the resolution are also contained in the explanatory memorandum that accompanied the notice of meeting. The directors, with Matt Aitken abstaining, recommend shareholders vote in favor of the resolution. The resolution is set out on the screen. I will now take questions on this item of business. If there's no discussion, I now put to the meeting resolution six, and here are the proxies. Thank you. Please now enter your votes for resolution six on the voting card.
The final item of business is the approval of the non-executive director fee sacrifice share acquisition plan. I'd like to advise shareholders that IVE will disregard any votes as stated in the voting exclusion statement related to resolution seven as set out in the notice of meeting. The directors recommend shareholders vote in favor of this resolution. The resolution is set out on the screen. I'll now take questions on this item of business. If there's no discussion, I now put to the meeting resolution seven, and here are the proxies. Thank you. Please now enter your votes for resolution seven on the voting card. Thank you. As we outlined at the beginning, we will now respond to any further questions that have not been addressed during the course of the meeting.
Thank you for all of the interest in IVE Group, but in the interest of time, we'll need to conclude question time at this point in time. I ask that you please hand your voting cards to the Automic Group staff, who will now come around with the ballot box to collect all yellow attendance cards. If all persons wishing to cast a vote in relation to the polls handed the voting cards to the registry staff for placing in the ballot box, I now declare the polls closed. That concludes the business as set out in the notice of meeting. May I take the opportunity to thank you once again for all attending and participating. The results of the poll will be announced to the ASX later today.
On behalf of the board of IVE Group, I'd like to thank you for your support, and I now declare the meeting closed. Please join us for a cup of tea.