Good afternoon. My name is Dennison Hambling. In the context today, I am the Deputy Chairman of the Board of Directors of Intelligent Monitoring Group Limited. In Chairman Peter Keenan's absence overseas, I will be chairing this meeting. I would note, though, that the board will be joining by Teams, as will Peter, but I will run the meeting. As it is now just clocked through 2:00 P.M. and a quorum is present, I declare this 2026 Annual General Meeting duly constituted and open. This is the company's bizarrely 32nd AGM. Before I proceed with the business of the meeting, I would like to introduce my fellow Directors. Sort myself out here. All right. Obviously myself. Also introducing Peter Keenan, as I mentioned, the Chairman of IMG. Peter resides as an Australian person residing in Switzerland.
Mark Brisson joins us furiously between Hong Kong and Spain as a former Executive of Chubb Global or Carrier Group. Mr. Rob Hilton joins us from Victoria. Rob was the Founder of Mammoth Security, an acquisition we made a number of years ago now. He is a Non-Executive Director. And introducing Chris Taylor. Chris is attending his first AGM of Intelligent Monitoring Group, based out of Auckland, New Zealand. Chris joins us with an extensive executive management career within the sleep industry. For those in Australia, SleepMaker would be the brand that Chris would have been involved with. Also introducing at the meeting, Mr. Andrew Tickle and Mr. Mitchell Bremner from BDO, the company's auditors, who will be observing this meeting via Teams.
Further to that, I would also like to introduce today here with me in person Neil Green, Company Secretary and also Chief Risk Officer of IMG, Mr. David Cavanagh, our relatively recently appointed Chief Financial Officer of IMG, and Shenin Singh, our Head of Business Intelligence with IMG. Also like to call out representatives of MUFG Corporate Markets, our share registry, our registrar, who are also present. Shareholders will be given the opportunity to comment on matters and ask questions at this meeting. I will hold comments and questions, though, until that item of business has been introduced and shareholders have been invited to then do so. In order to ensure that all shareholders have a reasonable opportunity to comment and ask questions, I request that shareholders do not ask more than two questions at one time. Moving to the notice of meeting.
The notice of meeting, dated September 18th, 2026, was previously circulated to shareholders, and I propose to take the notices read. Given that we have several interested parties present online, I propose to order the proceedings slightly today, though. What I would like to do is just commence with an update on the company's activities first, and then we will deal with the actual formal meeting notice and business of meeting secondarily. This just gives everybody a chance who might have joined this call interested in the company to get an update on where we are at and what we are doing, and then those that are shareholders to stay as we move to the official point of the meeting. Turning to the year just been, and by way of a Managing Director's update.
2026 was another significant year for IMG, off the back, really built back from 2023 and the acquisition of ADT Australia and New Zealand or Pacific as it was when we bought it. In the 2026 year, we delivered revenue up 16%, EBITDA adjusted one-off costs up 14%, and operating cash flow really pleasingly starting to match up towards EBITDA at AUD 22 million, up over 100%. Most importantly, actually, free cash flow of AUD 8.1 million. We did that at the lower but inside our guidance range. When we look at the 2026 year, the really key parts of the year and the features of the year was the momentum that we started to develop across the business model that we've been working hard, particularly via M&A and bringing businesses together to develop.
I think some of the key, and probably in the big picture, a milestone last year was crossing through 1,000 remote video monitoring customers. As we call directly the ADT Guard service that we've introduced. As part of that over 1,000 customers we now have, we actually apprehended with the police 75 criminals in action, in event, again, with the police. I think for those that aren't familiar with the monitoring or our industry, I make a bold comment, which is broadly directionally completely correct. That is, that's 75 more criminals than the electronic security industry would have caught in the last 10 years. Which represents the sheer difference in nature of what we're actually doing using video technology into our rooms today.
Further to that, we had two big corporate developments, in that we bought the WAPL business, Western Advance, into our portfolio in W.A., which is giving us exposure to a really strong exposure and market position to oil and gas, and so access control and security for oil and gas. The really notable end of the calendar year, where we acquired the Wormald New Zealand business and the Red Wolf business, which really rounded out and completed the New Zealand geography or position for us to give us an incredibly strong footprint in that market at a time when that market, after a number of years of recession, was just starting to see the green shoots of improvement, which we hope will flow through into a great couple of years.
At the end of the year, and I guess the big thing that is going to drive us over the next couple of years, was the announcement of the acquisition of ADT (UK) That's a really transformative acquisition for us. As I've called out publicly, a lot of our thinking through the course of that last year, behind the scenes, was based on the fact that we thought we might be able to achieve what we think will be an incredibly company-making, transforming acquisition. It fed into a lot of our decision-making through the year, including the capital raise we did straight after buying Wormald to allow us to be in the appropriate position to complete. So a really exciting period of time, really laying the foundations for what we expect to be a really substantial couple of years ahead. Moving to way of an update.
As we've now started to bed in, firstly the Wormald business in particular by size, but also Red Wolf. We're looking towards the settlement of the ADT (UK) business at the start of January. We're very pleased to announce, I think, the key number that for the first quarter of this year, underlying earnings, not including the acquisitions we've made, is up 16% in the first quarter. As you can see, for those that can see the presentation which has been released to the ASX, combined with the effect of the acquisitions, revenue and underlying profitability has lifted markedly again as a result primarily of the acquisitions in terms of the absolute sizes, but the underlying businesses as well, doing probably a little ahead of what we would've thought they would actually be doing at this stage, which is great to see.
This really sets the trend for what you'd expect to see from us for the next year as we have full year effects of the big acquisitions. Again, Wormald, Red Wolf being substantial, and then ADT being another size again into what is the business that we have today. From that trading update today, we're also putting out market. The other thing we'd just like to call out today, and I think this is really important, is the start of the essentially de-leveraging process or the move to the next phase post these acquisitions of bringing our debt costs down and actually then looking to ultimately refi or reduce the cost of our interest, which is the issue that we carry post these acquisitions, and that we've had to accept the higher than normal interest rate to achieve what we've achieved.
Today, we're announcing that NAB has joined our debt pool, funded by Ares for the acquisition of ADT (UK), which was a complete refinancing our facility. We're seeing NAB come back in as a super-senior lender into our facility at AUD 62.5 million or half the tune of EBITDA. I think the important thing here is it's the start of us beginning to move the interest rate down back towards a senior debt level. So the effect of that introduction of NAB, who we gratefully welcome back or continue to have in our fold, who've been a fabulous counterparty for us, is to reduce our overall cost of funds from just over 10%, 10.1% pre to now just under 10% at sort of 9.9%.
Whilst not significant in one respect, very clearly directional in terms of what we're looking to achieve over the next 12 and 18 months as we settle the U.K. business in. Just turning to guidance for FY 2027. Today we're putting out a hopefully fairly clear set of metrics so that you can track where we're at. Underlying FY 2027 range core guidance, as we're calling it, is the guidance of the business prior to the U.K. So we will have a full period impact in 2027 of effectively every business we bought other than the ADT (UK) business. So our core underlying, EBITDA being the number that we tend to focus on for value driving in this business, it's AUD 51 million-AUD 54 million.
If you combine our expectation of the first six months operation of the U.K., you see that step up to a full year 2027 number of between 91 and 96. As we go into 2028, you will get another half year of U.K., which will take us through to a number that you can estimate. We have priorly put out pro forma sort of numbers around the U.K. that are consistent with this here to work through. The way we have framed this is hopefully helpful for people, particularly analysts who are looking to drive models, to help you assist in your valuation. I think looking to FY 2027 beyond, the key metrics that we are looking at, focused on in terms of what drives our business and I guess the priorities that we have as a business.
The two metrics that we point to to encourage, give us encouragement around where we are at and what we are doing is that continual growth of the commercial pipeline. Quarter one this year the commercial secured pipeline is AUD 82.7 million. Since we have started to track and disclose that metric, which I will remind everybody in 2023 was zero, when we bought the ADT Australia and New Zealand business and have now gone through to closing in on AUD 100 million of forward secured work, has continued to see growth and actually probably running ahead now of what we actually really need to deliver the sort of results that we are looking forward to delivering in the short and medium term. Demand remains very present for large corporate entities looking for efficiency and to integrate their current security platforms.
ADT is very well positioned now post the business that we have built, with the arms and legs, as I like to call it, with the small acquisitions we made serially through the 2025 year to deliver that work. We are finding that the customers are coming to us because of the reach and breadth and experience that we have. The other thing we are looking at, and ultimately over time, the longer-term driver of really recurrent revenue and probably value, is the continued growth in the video guarding sites. Having started this journey just over a year ago now, we are up 14% again quarter-on-quarter this period, and we have established a good flowing rate of growth in that area. We will expect that to continue.
Frankly, at some point, as word of mouth develops about our success at actually protecting families and businesses from crime, deterring it more importantly, we would actually expect to see that reach probably faster and faster levels of growth. At this stage, though, we are getting our share of market growth and we are turning into the year. So very happy with that. As we turn to FY 2027 now on the back of the guidance that we put out and the performance we have seen in the first quarter, there is really four key priorities for the business. The first is to take that pipeline and deliver it, and so by deliver it, that means actually do the work. Get paid for it is not to win it.
The second is really that point around the video guard sites to scale that business and continue to scale it and to learn and figure out how to accelerate that now that we're very confident in it and our delivery of it. Further, we're very excited, I'm very excited about what Red Wolf and Wormald have brought to our business. Wormald has shown us already that the fire industry represents another ripe industry where technology, the application of modern technology, opportunities exist to potentially really quite change that industry for the better of customers and ultimately shareholders. I'm looking forward to seeing what is a refreshed and reinvigorated Wormald lift itself back off its leading 28% market share in New Zealand back towards what it had 30 or 40 years ago, at 70% market share. The final is obviously completing and integrating the ADT (UK) business.
We have passed through all the legal thresholds for settlement of that business, being change of control and government regulation or approval. Now we are simply just waiting on the entity to which we're buying, trading for a period under its current owner and then being handed over to us, and we've target dated that to January 4th so that we start the second half of this financial year clean with the ADT (UK) business in our portfolio. I'll pause there for a second and maybe, Shenin, just ask if anybody wants to take questions on that report. Cognizant that there's some guidance and things in there, and we'll have some analysts, interested parties, and shareholders on the line. Shenin, I'll see if you want to throw it open to ask questions.
If you'd like to ask a question around that online, please feel free to do so now, and we'll try and organize it.
Thanks, Dennison. We do have a question online. I'm going to pass it on to Dave to answer that.
Sure. Paul, thanks for asking the question online. I will read it out for everyone. If we compare 2027 guidance with the pro forma figures shown in the 2026 presentation, the same business parameters, core plus [Waka], we expected to generate roughly AUD 54 million of EBITDA in 2026. We are now guiding to approximately AUD 54 million again for 2027. Why do we expect EBITDA to remain broadly flat despite some of the tailwinds that you are effectively talking about? Please elaborate. I might take this question, and then Dennison can back us in. There are three key elements that you are talking about. Paul, firstly, thanks, and you are right. In terms of 44 + 10 giving us 54, and that is within the range that we are talking about. There are three items that I just want to touch on.
One is that we will continue to invest in the ADT Guard business, and that is an OpEx, not a CapEx element. Dennison in his presentation was talking about our three key profit drivers going forward, ADT Guard being one of them, commercial business being the other big element. We will continue to invest. The second one is that we will continue to embed Wormald. The AUD 10 million that we talked about in the [Waka] presentation that we went forward. We are still confident in that number, but it is a new business that was separated out of JCI, and we are just taking that in our stride, ensure that we are not over-promising in the first year of full operations, as we continue to look under the hood. The third one is around projects.
Dennison was just highlighting the commercial pipeline, which again, we are confident on. We do need to secure some more to fill out for the rest of the year. Projects invariably are lumpy, and we did have some good projects in 2026 at good margins, and we are just needing to replace them there. So we are seeking to provide the market with realistic ranges at this point in time in the cycle based on our Q1 results, and we are up to ensure that we are meeting your expectations as we go along this journey.
No, look, I will just second Dave essentially on that. Obviously, with the first quarter trading, we are happy with the way the business is performing and, in fact, probably running a little ahead, at a pure sort of number sense of where we might otherwise have felt or thought we would be. I think we are minded that, if I just pull Wormald out explicitly, the Wormald business is just a phenomenally great business. It is a recurrent service. We visit every school in New Zealand every month to test that. What we have found in Wormald, or at least I will speak from my point of view, is much greater opportunity than I actually had even envisaged in the first instance. Not just to reinvigorate a business that had been essentially pretty unloved for a lot of years.
But also some opportunities to really push and develop that, frankly, probably further than I might have thought otherwise when we first bought it. We are toying with that old chestnut of how much investment, how much do we want to learn, how much do we put in, and how much confidence. How much do we want to shake the tree quickly with what we think is going to be a really outstanding, what I think will be an outstanding position. I would also just note that, with Wormald, it is operating in an environment which has effectively been in recession for two or three years. I do not have the exact number, but certainly my read of the New Zealand environment, without looking at the exact numbers, is there has been very little development in New Zealand.
I talk to people and say, you do not see many buildings being built, new projects, whatever. They have really trudged along the bottom for quite a long time now. Subject to no big political change, which they have an election in November, we have seen the green shoots. In a business like Wormald, it does have an impact because all the cream comes as the economy starts to lift and there are new buildings built, and that fleet gets bigger on what is essentially a fixed base of workers.
We have taken a view, Paul, again, to point you to the Q1 to say, we are not pointing to problems, but we are wanting to give ourselves plenty of scope in an equity market that is not particularly paying up for, certainly in our case, large expectations, so that we can build a plan that continues our journey, which is really focused on building a great business over the next couple of years. We look forward to just updating our performance as we get through the year, hopefully.
Thanks, Dennison. I have got a second question from Paul. Could you give us some more color on the current revenue split between the residential and commercial businesses? How each of the segments has developed both quarter-on-quarter and year-on-year? He has also made a comment of his understanding of the residential business is that it is declining, and commercial is growing. He is saying it will be helpful to see the magnitude of those trends.
Yeah. Look, Paul, for the context of the day, I will have to take those offline. The reality is, the quarter-on-quarter numbers are impacted by just the acquisition. There is a lot of movement. If you work at the top level of the company and try and make an aggregate sort of comment about the particular breakups, what you are really trying to get to is an underlying trend in the business. My perception is not quite probably outlaid. We certainly have a focus on growing commercial, and we are very focused on using our commercial expertise. We tend to make more money, as I have always sort of said, more cameras, more money, to drive. We talk by emphasis about commercial. I do not know, as we move forward, that is the same thing I was saying, that residential is going backwards.
What we do see, though, in Australia, as we have always said, is that a standard intrusion alarm is a pretty dead service and has been for years, and we do not see that changing. What we are seeing, though, now is the ADT Guard sales coming in. In terms of answering it specifically, though, I would actually have to do a bit of a deep dive on the number and we will circle back to you on that.
Yep. There is this question around capital allocation for the next 12 months.
Yep.
I suppose the priority for the business, and that is why we put the debt slide in, is really talking around three key drivers that we are pushing at is, we understand that 10% is there, but we want it to be a lower number. So we are trying to position ourselves for a potential discussion or bettering ourselves to allow us to access capital that is lower than 10% in the market. Second one is that free cash flow use of funds. Historically, this business and the board have sought to trade between 1x-2x net debt to EBITDA, whilst the board are yet to put out a position to the broader market. They have not pushed back on that view, so it is likely that the amortization from free cash flows would be a key element. Then the third one is growing the business.
That also helps with the de-leveraging story over time as well. So really it's around getting the balance sheet lower to within that 1x-2x band. Then once we've got that with the growth, other capital allocation items being, buybacks, dividends.
The drive cash flow, I think is the point. I think it is worth just reiterating to shareholders and interested parties that the reason we have the debt, the nature of the debt we have today, which is essentially high-cost senior debt and gratefully received with Ares are now with NAB coming in, is because to do the deal around U.K., we were very time sensitive. We actually had senior banks there or thereabouts, but not able to quite provide the same certainty to the vendor that they required for us to do the deal. I say that because the rate of interest that we're paying does not necessarily reflect the going concern rate of interest that we would otherwise expect to have.
The first priority for the business over this next 12 months as we settle U.K. and then to find ways to bring that rate down. Now that's a 12-month journey. That's not something we're going to do in a month. But today, we've started that journey with the announcement around NAB. That will obviously help with free cash flow generation. And today's point, with earnings expected to increase, cash flow improving and debt repayment with a lower interest rate, that's the formula you have to bring the gearing ratios back to where we expect to be full stop. So that's our focus, that's the strategy. And we now have after effectively two years of working hard to build this position, we now have the positions we were looking to have, to do it. So, there is no other particular, significant focus on anything else.
Thanks, Dennison. I think that's all for the questions.
Great. Okay. Obviously, we have an open investor relations policy. If anyone does want to take, hopefully the questions, want to take them offline, Shenin is available. I am sure Dave and myself are happy to answer questions, too. I will just finish and reiterate, though, I think, there are three things today. Trading is solid. There is nothing in the environment that is particularly concerning. So, I am very heartened with that quarterly trading number, particularly with the amount of things that have been going on. It is great to see the actual business working. I think the guidance is consistent, and we are not looking to sort of reset the world or anything at this stage. We would like to be able to grow into the business with everyone. Then I think that announcement of NAB is just showing a path.
So hopefully you will see from that, we do have a clear path, process and sort of focus so that we can improve that gearing ratio, which I know is something that people will want to see over time on top of what we think is going to be a really terrific and is a terrific business. So on that note, I will turn back to the official notice of business and meeting procedures. So I will now briefly outline the formal part of the meeting and the voting procedures. When you registered your attendance this afternoon, for those that did, you will have been issued with an attendance card. Only those with a yellow card can both speak and vote at the meeting. Those with a blue card can speak at the meeting but cannot vote.
I will put each resolution to the meeting for questions or comments, and then put the resolution to a poll. I appoint the representatives in attendance from our registry, MUFG Corporate Markets, as the Returning Officer. So please complete your voting card when I ask you, and please note that you will have the opportunity to ask questions or make comments in regards to these resolutions as we address each one. I confirm that as described in the notice of meeting, I intend to vote all undirected proxies I hold as Chairman of this meeting in favor of each resolution. Following the close of the meeting, the results will be released via the ASX as soon as possible. So the first item of business is to receive and consider the annual financial report for the financial year ended June 30th, 2026.
Together with the declaration of the Directors, the Director's report, the remuneration report and the Auditor's report. Please note that Andrew Tickle from BDO, the Partner who oversaw the conduct of the audit, is present via Teams link. Shareholders may direct questions to Andrew through me, but please restrict to matters which are relevant to the conduct of the audit, the preparation and content of the independent audit report, the accounting policies adopted by the company in relation to the preparation of the financial statements, and the independence of the Auditors in relation to the conduct of the audit. I note that the auditor did not receive any questions prior to the meeting. Are there any questions from anybody? We will just pause and see if anyone has got any questions. No questions?
Nothing.
If there's nothing further, we'll move on to the resolutions. I'd also like to thank BDO for their work. They work very hard for us, particularly given the activity of the last few years, to be the independent party that we enjoy them to be. Moving to resolutions. Resolution one, adoption of the remuneration report. We come to resolution one, which is to consider it as an advisory non-binding resolution, the adoption of the remuneration report. Are there any questions on that? Out of the room. Please note that no member of the company's key management personnel, which includes Directors, myself, is permitted to vote on this resolution. I advise that the proxy votes that are eligible to be voted on this resolution are as displayed on the screen. You can see the votes up there.
Please cast your votes for resolution one if you've not done so already. I might now move on to the next item of business and try and skip through these. Resolution two, re-election of Director Mr. Mark Brisson. Resolution two is an ordinary resolution and concerns the re-election of Mr. Mark Brisson as a Director of the company. Mr. Brisson retires by rotation and, being eligible, offers himself for re-election. Director's details are set out in the notice of meeting and in the annual report. I will not repeat those details. Are there any questions from anybody?
No questions online.
I advise that the proxy votes that are eligible to be voted on this resolution are as displayed on the screen. Please cast your votes for resolution two if you've not done so already. I'd just like to thank Mark for his time. Mark joined us. He was an independent expert on the acquisition of ADT in the first instance, and he's joined the board and made fabulous contributions, much appreciated by all of us. Moving on to the next item of business, re-election of new Director, Christopher Taylor. Or [Star], as I like to call him. Resolution three is an ordinary resolution to approve the re-election of Mr. Chris Taylor as a Director of the company. Mr. Taylor was appointed as an additional Director on July 1st, 2026, and he retires in accordance with the company's constitution and ASX listing rule 14.4.
He is eligible and offers himself for re-election. Are there any questions?
No questions online.
I advise that the proxy votes that are eligible to be voted on this resolution are as displayed on the screen. Almost unanimous. Please cast your votes for resolution three if you've not done so already, and we'll move on to the next item. I'd also like to thank Chris. Chris, it's fabulous to have a given the size of our business in New Zealand now, I know the team down there appreciate having a local market Non-Executive Director who they can call on to chat to, as and when they don't want to talk to me or any of the other Directors, and it's much appreciated. Thanks, Chris, for joining the business. Resolution four, approval of issue of shares in connection with the ADT (UK) acquisition.
Resolution four is an ordinary resolution and concerns shareholder approval for the proposed issue of consideration shares to JCI or its nominated affiliate in connection with the company's proposed acquisition of ADT (UK) Holdings Limited. Are there any questions regarding this resolution four?
No questions online.
No questions. I advise that the proxy votes that are eligible to be voted on this resolution are as displayed on the screen. Please cast your votes for resolution four if you have not done so already. Again, I will get ready to move on. I would also note with this resolution, one of the things missed is this has been a feature of the ADT (UK) deal. JCI's requests to have shares in us as part of the deal, it is not lost on me that a Fortune 500 company is keen to be part of our journey moving forward and appreciated the nature and type of deal that we have done with them and wanted to carry that through. We will look forward to welcoming JCI to the register as a shareholder in coming periods too. Resolution five, approval of 7.1A mandate.
Resolution five is the only special resolution today. Seeks shareholder approval under the ASX listing rules for an additional 10% placement capacity to issue equity securities if the company wishes to utilize this. Are there any questions concerning resolution five?
No questions online.
Thank you, Shenin. I advise that the proxy votes that are eligible to be voted on this resolution are as displayed on the screen. Please cast your votes for resolution five if you have not done so already. I will now move on to the next item of business. Resolution six, ratification and approval of prior issue of shares. Resolution six is an ordinary resolution, seeks approval under ASX listing rule 7.4 for ratification of the prior issue of 34.5 million shares to certain institutional investors on December 16th, 2025. This is the placement we made after the acquisition of Wormald, in anticipation of the acquisition of ADT (UK). Are there any questions regarding resolution six?
No questions online.
I advise the proxy votes that are eligible to be voted on this resolution are as displayed on the screen. Please cast your votes for resolution six if you have not done so already. Resolution seven. This is a fun one. Resolution seven. We come to resolution seven, concerning proposal of grant of options to myself as Managing Director of the company. I disclose that I have a personal interest in this resolution. Clearly, as a proposed recipient of the options. I will therefore not vote any shares held by me or on my behalf on this resolution, and the applicable voting exclusion set out in this notice of meeting will apply. The notice of meeting records that I did not participate at all in any way in the board's consideration or decision-making in relation to this resolution.
The other Directors have recommended that shareholders vote in favor of this resolution. I now invite any questions from shareholders regarding or concerning resolution seven.
No questions online.
Plenty of time to check on that one. I advise that the proxy votes that are eligible to be voted on this resolution are as displayed on the screen. The voting exclusion statement specifically applies to me, any nominee persons who obtain a material benefit from the issue, and their associates, subject to the exceptions expressly set out in the notice of meeting. The resolution will now be put to a poll. Please cast your votes for resolution seven if you have not done so already. Resolution eight is an ordinary resolution seeking approval under the ASX listing rules for the future issue of shares, options, and performance rights under the IMG employee incentive plan during the three years following the date of the meeting, as detailed in the explanatory statement. Are there any questions regarding resolution eight?
No questions online.
I advise that the proxy votes that are eligible to be voted on this resolution are as displayed on the screen. Please cast your votes for resolution eight if you have not done so already. That brings us to the end of the official resolutions. Thank you to those that voted, attended, and have participated. Before I close the meetings, though, are there any final questions, anything anybody would like to raise? We are happy to open the floor to anybody, frankly, if there is anything of interest. Pause for a sec.
No questions online, Dennison.
No questions? All right. Well, thank you. To those here, please hand your yellow voting cards to the MUFG representatives. If everybody has done that, I will declare the poll closed. Poll results will be released to the market through the company announcement platform as soon as possible, which is expected to be with the usual Neil Green efficiency later this afternoon. Ladies and gentlemen, that concludes the official business of the meeting. On behalf of the board, on behalf of myself, I would like to thank you sincerely for your ongoing support. We are really proud, excited, enthusiastic about the business we are building. We think we have a good one here. We think we have to work hard to achieve it, and we look forward to doing that. On that note, I will declare the meeting closed. Thanks for your attendance, participation in the meeting.
Thank you, everyone. Cheers.
Well done, team.
Thank you, Gordon.