Ladies and gentlemen, good afternoon. My name is Peeyush Gupta, and I'm Chair of Liberty Group. I'd like to start by acknowledging the traditional owners of this land on which we are meeting, the Wurundjeri people of the Kulin Nation, and we pay our respects to their elders past and present, and extend that respect to any other Aboriginal and Torres Strait Islanders who are present today. On behalf of my fellow directors, it's my pleasure to welcome you to the 2025 Annual General Meeting of the shareholders of Liberty Financial Group Limited and the meeting of the unit holders of the Liberty Financial Group Trust, which I will refer to together as the meeting. We're conducting a hybrid meeting today, which is a combined in-person and virtual meeting. As we have a quorum present, I declare the meeting open.
Security holders and their representatives, or proxy holders online, will be able to participate in the meeting real time, including by voting and asking questions. I'll explain a bit more about this a little later. First, let me introduce the directors of the Liberty Group to our meeting today: James Boyle, our Chief Executive Officer; Peter Riedel, our Chief Financial Officer; Executive Director Sherman Ma; and our Non-Executive Directors, Michael Hawker, Peter Hawkins, Leona Murphy, and Jane Watts. We're also joined by our Company Secretary, Matthew Ryan, in the back there, and by Josh Pearce from the Liberty Group's external auditor, KPMG. Josh will be available today to answer any questions you have on the audit of the financial statements later in this meeting. The prepared speeches from me as Chair and James Boyle as CEO have been released to the market.
Prior to these addresses, I would like to outline the technology and procedural matters for this meeting. An online virtual meeting guide which explains how security holders may participate virtually is on the Liberty Group website and was released to the market. For those of you online, on your screen, you will see the presentation slides. At the bottom of the screen, you will see two boxes. These allow you to get a voting card and ask a question. You will also see a number of relevant documents that are available to download. If you have a question that you would like to ask today, you may type questions into the online platform. To do this, click on the box "Ask a Question" and follow the prompts. To ensure that you have enough time to submit your question, I would encourage you to do this now.
For those of you in the room, you will simply need to raise your hand at the appropriate time to ask questions. Questions that are relevant to the business of the meeting will be read aloud by me, will be read aloud to me by the MC. We may aggregate questions if we receive multiple questions on the same topic, and we will ask each question at the relevant item of the business. All questions should be addressed through me, the Chair, and please keep your questions concise and clear. Thank you. I will now summarize the voting procedures. All resolutions today will be voted on by a poll, which is now open. You may cast a live vote during the meeting on the online platform. Please click on "Get a Voting Card" and follow the prompts.
You may cast your live vote at any time during the meeting, and we encourage you to vote as soon as you are ready. Live voting on the online platform will close five minutes after the close of this meeting. I will let you know when this five-minute period starts. For those of you in the room, if you hold a yellow voting card, you have chosen to vote using a paper voting card. I confirm that I will vote all available undirected proxies that I hold as Chair in favor of each resolution. During the meeting, we will display on the presentation slides the number of proxies received prior to the meeting on each resolution. The final results of the meeting will be released to the market as soon as they are available later today.
If you experience any difficulties participating in today's meeting using the online platform, please refer to the virtual meeting online guide, which can be found on our Liberty Group website, or contact MUFJ Corporate Markets on 1800990363 for support. If we experience significant technical issues during today's meeting, we will provide further appropriate instructions by market release and on our website. Security holders, corporate representatives, and proxy holders who have registered to watch this meeting will also be notified. MUFJ Corporate Markets is the returning officer for this meeting. The agenda for today's meeting is as follows. I will first deliver an address followed by an address from our CEO, James . We will then address the formal items of the business as set out in the notice of meeting. Let me now turn to my address.
The year ended 30th June 2025 was one of renewed momentum for the Liberty Group, marked by a return to profit growth and continued creation of durable value for our stakeholders. The Liberty team are bound by a commitment to helping our customers lead better lives through access to responsible finance. Over the course of 28 years, the Liberty Group has continued to extend the ways in which we help customers, as well as the number of customers that we help. In addition to this core purpose, we are also committed to leaving the world in a better place than we found it. This informs the way we engage as a team in business and manifests internally in our commitment to being a B Corp business. As a B Corp, we commit to high standards of social and environmental performance, transparency, and accountability.
As such, we are especially proud to be recognized as an AFR Best Place to Work, as an AWEI Silver Employer, and as an Inclusive Employer by Diversity Council Australia. Our partnerships with Murup and the Khoury Academy further reflect our commitment to meaningful engagement with First Nations communities. These efforts are echoed in our internal surveys, where 95% of our team say they are proud to work at Liberty. In our most recent financial year, despite ongoing economic uncertainty and competitive pressures, Liberty demonstrated resilience and operational discipline. Liberty Group achieved statutory net profit after tax for the year ended 30th June 2025 of AUD 133 million, which was a 16% increase on FY 2024. This result reflects Liberty's ability to maintain a stable loan portfolio, expand its net interest margins, and manage costs effectively.
Security holders received total distributions and dividends of AUD 0.52 per staple security, representing a 15.6% yield based on the security price as at 30th June 2025. This outcome is consistent with our capital optimization strategy and our focus on delivering attractive returns, as reflected in our distribution policy. Liberty's investment-grade rating of triple B, Stable Outlook, was reaffirmed, and AUD 4.5 billion in new funding was raised during the year, further strengthening our liquidity and our funding position. Liberty enters FY 2026 with strong momentum and a clear strategy. The group is well positioned to benefit from improving consumer sentiment and a more favorable interest rate outlook. Investments in digital innovation and operational efficiency will continue to enhance customer experience and support sustainable growth. On behalf of the board, I would like to acknowledge the leadership of James Boyle, Peter Riedel, and the executive team, and the dedication of all Liberty team members.
Their commitment to our purpose and values continues to shape Liberty's success. I also extend my thanks to my fellow directors for their insight and stewardship and to our security holders for their continued support. We remain confident in Liberty's ability to navigate change and to deliver enduring value. We're also delighted to welcome a new colleague, Michael Hawker. We anticipate shareholders will be enthusiastic in supporting Mike's addition to our board, given his exceptional executive and non-executive experience. Mike has a long and distinguished career in banking and insurance and is currently a member of Bupa Australia and the International Board, the Allianz Australia Group, and the Museum of Contemporary Art. I look forward to working with you, Mike.
Finally, on behalf of the board and all security holders, I would like to extend our deep appreciation to Peter Hawkins, who will retire as a director at the conclusion of this meeting. For more than 18 years, Peter has been a reliable source of expertise, integrity, and leadership. His strategic insight and commitment to purpose have been instrumental in shaping Liberty's values and success. We wish him continued health and happiness in life. I will now hand over to James.
Thank you, Peeyush, and good afternoon, everyone. I'd like to add my welcome to security holders who have taken time to join us here this afternoon, as well as add my acknowledgement to traditional owners of the lands we are presenting on. I would also like to add my appreciation on behalf of the entire team to Peter Hawkins for his exceptional support, wisdom, guidance over nearly 20 years on the Liberty Board. It's been a great pleasure working with Peter, and we will miss his ongoing engagement. Thanks, Peter, from all of us for many valued contributions and for helping us steer the company so successfully for such a long period of time. We wish you good fortune and even more great adventures. Today, I'll provide a business and strategy update, as well as results from the last financial year and the most recent quarter's business results.
I'll then close with a reflection on the outlook for the financial year ahead. The full financial year 2025 proved to be a positive year, with a return to profit delivered both for the year and the most recent half, which highlights the building and ongoing momentum in the business. This was supported by net interest margin expansion over the most recent half as a result of stable funding markets and ongoing disciplined price of risk execution by our team. The environment also continued to improve, resulting in lower impairment expenses as our credit risk moderated. We continued our effective cost management and maintained our stable cost-to-income ratio whilst continuing to invest in new technology and markets. Our portfolio was stable over the period, reflecting the high level of competition we continue to see in our different markets and balanced by our disciplined pricing and differentiated service.
We finished the period once again as the only non-bank finance business in Australia or New Zealand with an investment-grade rated balance sheet and a 12% cash return on equity. Finally, our ongoing investment in and focus on brokers and customers saw our net promoter scores remain strong through the period. The Liberty Group reported an underlying net profit after tax and before amortization of AUD 145 million, up 10% from AUD 132 million in FY 2024. Our net revenue was AUD 604 million, which is up from AUD 583 million in FY 2024, reflecting both our improved portfolio over the period and positive funding margins. Our net interest margin was slightly down over the year at 2.49% compared to 2.51% the year before. Bad and doubtful debts were down at 19 basis points from the previous period of 25 basis points, which reflects our ongoing credit quality and improving economic conditions.
Our cost-to-income ratio was down to 27.1% from 28%, and our combined distribution and special dividends for the full year were up at AUD 0.52. That's 108% more than the AUD 0.25, sorry, 25 cents distributed in financial year 2024. Summarily, the financial year 2025 was a positive year for the group and a return to profit growth, ongoing portfolio growth, and disciplined execution that maintained our margins in a competitive market. Turning now to business highlights during the first quarter of financial year 2026, we maintained momentum with loan origination improvements from the prior corresponding periods in each of our residential lending, secured lending, and financial services segments. The total group originations were AUD 1.492 billion for the quarter, which is an increase from the prior quarter of AUD 1.185 billion.
We are yet to see this momentum reflected in a growing portfolio, which has held relatively steady over the most recent three quarters. A continued softening in our residential lending segment was offset by better momentum in our secured segment, whilst our financial services segment followed the group trend of stable performance. We believe current conditions provide opportunity to further lift portfolio growth in the foreseeable future. As a result, we finished the quarter with a group portfolio of AUD 14.7 billion. Finally, looking ahead to the remainder of financial year 2026, we have a positive outlook moving forward and believe that as the interest rate cycle improves, we'll be able to gain origination and portfolio growth, as well as reduce delinquencies. As conditions improve in current funding environment, we are confident this will correlate with leading net interest margins, cost-to-income, and return on assets.
We'll continue our focus on delivering exceptional service, including exploring more ways automation can enhance the digital experience of both our customers and our business partners. We're also confident that we'll be able to maintain our strong liquidity and capital position to support ongoing growth and help more customers in financial year 2026. I'll now hand back to Peeyush for the formal proceedings of the business.
Thanks, James, for that update. I will now turn to the formal business of the meeting. The voting exclusions that apply to today's resolutions are described in the notice of meeting. Items 2- 11 are ordinary resolutions, and item 12 is a special resolution. Ordinary resolutions are passed when more than 50% of the votes cast by or on behalf of security holders entitled to vote on the resolution are in favor. A special resolution is passed when more than 75% of the votes cast by or on behalf of security holders entitled to vote on the resolution are in favor. The details of proxy voting for each resolution will be shown on the screen at the conclusion of any discussion on the item.
The first item of business is to receive and consider the financial report, the director's report, and the auditor's report for the Liberty Group, comprising the company and the trust, for the year ended 30th June 2025. Whilst there's no resolution for security holders to vote on this item of business, it is an opportunity to discuss the reports and ask any questions that you may have for the board or our auditors. The Liberty Group's external auditor, KPMG, is represented by Josh Pearce, who can answer any questions relevant to the conduct of the audit, including the independence of the auditor, the preparation and content of the independent auditor's report, and the accounting policies adopted by the Liberty Group in relation to the preparation of its financial statements.
I now will take any questions related to the financial report, the director's report, and the auditor's report for the Liberty Group. We'll take a brief moment to allow participants to ask questions. Matt, do we have any questions in relation to this item online?
We've received no questions in relation to this item, Chair.
Okay, thank you. Do we have any questions from the floor? None? Okay, thank you. In that case, we will move on to the second item of business, which is the remuneration report, which was released to the ASX on 25th August 2025 and was included in the 2025 Liberty Financial Group annual report. As outlined in the notice of meeting, the remuneration report includes details of the remuneration provided to the non-executive directors and other key management personnel for the year ended 30th June 2025, a discussion of the board's policy in relation to the nature and level of remuneration of the directors, Chief Executive Officer, and Chief Financial Officer, and a discussion of the relationship between the board's remuneration policy and the financial performance of the company. The vote on the remuneration report is advisory only and does not bind the directors of the company or the responsible entity.
Nevertheless, directors will take into account the outcome of the vote and any security holder feedback when considering future remuneration arrangements. We will take a brief moment now to allow participants to ask questions online. Matt, do we have any questions online?
We've received no questions, Chair.
Okay, thank you. Do we have any questions from the floor? None? Okay, thank you. The proxy votes received before the meeting on item two are displayed on the screen. I now put item two to the meeting as a non-binding ordinary resolution of the company as follows: that pursuant to and in accordance with Section 250R(2) of the Corporations Act and for all other purposes, approval is given for the adoption of the remuneration report as contained in the annual report for the financial year ended 30th June 2025. I ask that you now record your vote on item two if you have not already done so. Items three to five seek the approval for the re-election of Dr. Jane Watts as a Non-Executive Director and the election of Mr. Peter Riedel as a Director and Mr. Michael Hawker as a Non-Executive Director.
We will take a brief moment to allow participants to ask questions on the online platform in relation to these items. Matt, are there any questions in relation to these items?
We've received no questions, Chair.
Okay. From the floor, are there any questions? Sir.
could you introduce yourself?
Mr. Hawker, you've been on some very significant boards around the world since leaving executive ranks. What was it about this company that attracted you, that made you say, "Yes, I want to invest my time in this"?
Two reasons. Is this picking up? Two reasons. Firstly, I've never worked in this sort of part of the financial services area, sitting below the big banks and building a business. I knew the previous chair, and he loved the business, and he said it was a great business. I'm very impressed with Sherman. I'm going to learn a lot more in terms of digital management, and I'm going to learn a lot. From my point of view, it's been curious, and I think I've got a lot of experience with the regulatory world in financial services as well as running businesses, which I'm hoping will add value to the company.
Are there any other questions from the floor? None? Okay, thank you. Item three then seeks your approval for the re-election of Dr. Jane Watts as a non-executive director. The board, other than Jane, recommends that you vote in favor of this resolution. Details of Jane's qualifications and career experience are outlined in the notice of meeting and the director's report. I now invite Jane to address the meeting.
Ladies and gentlemen, shareholders, fellow directors, thank you. I appreciate the opportunity to seek your support for re-election. Over the past three years, it has been a privilege to serve on the board of Liberty Financial Group and be part of an organization that combines customer centricity, care, innovation, and disciplined risk management with a strong sense of purpose to help more people get financial. I bring over 30 years of executive experience in banking and financial services to the board, spanning top ASX-listed institutions such as Westpac, Macquarie, and Lendlease. Throughout my executive career, I led large, complex frontline businesses across all facets of banking and financial services. Those roles provided me with deep strategic and operational experience across customer services, credit, capital management, digital transformation, people leadership, and governance throughout all stages of the business cycle, from startups and rapid growth to turnarounds, M&A, and integrations.
In addition to serving on the board of Liberty, I currently sit on one other ASX-listed board, namely a global cybersafety technology firm. I'm also on the board of a couple of not-for-profits and a director of Australia's Climate Leaders Coalition. Across these roles, I either chair or sit on audit, compliance, and risk committees, as well as the remuneration, people, culture, and nominations committees. These provide me with a well-rounded view of governance and performance oversight across both listed and purpose-driven entities. My board value add lies in combining a behavioral science foundation with decades of strategic and commercial experience in banking and financial services. I bring knowledge and insights into customer behavior, risk and compliance culture, people dynamics, cybersecurity, ESG, and digital transformation, all critical to Liberty's future success. In conclusion, Liberty is a business with strong leadership, clear values, and a resilient business model.
I am proud of what we have achieved to date, and if re-elected, I will continue to bring governance discipline, financial services depth, and a people-centered perspective to the company's next phase of growth. Thank you for your time and for considering my re-election. I would be honored to have your support.
Thank you, Jane. The proxy votes received before the meeting on item three are now displayed on the screen. I now put item three to the meeting as an ordinary resolution of the company as follows: that Dr. Jane Watts, having retired from her office as director in accordance with clause 23.2 of the company constitution and ASX listing rule 14.5, and for all other purposes, retires and, being eligible, offers herself for re-election as a director of the company. I ask that you now record your vote on item three if you've not already done so. Item four seeks your approval for the re-election, for the election, rather, of Peter Riedel as a director. The board, other than Peter, recommends that you vote in favor of this resolution. Details of Peter's qualifications and career experience are outlined in the notice of meeting and the director's report.
I now invite Peter to address the meeting.
Thank you, Peeyush, and good afternoon, fellow security holders. It is a privilege to stand before you today as a candidate for election to the board of directors of Liberty Financial Group. I have had the honor of serving Liberty for the past 18 years and currently hold the role of Chief Financial Officer. Prior to joining Liberty, I spent 16 years at consulting firm Deloitte, supporting financial services industry clients with their merger and acquisition transactions. Over 18 years, I have seen Liberty evolve from a challenger brand into a respected leader in the non-bank financial services industry. As CFO, I have led our financial strategy, funding, and liquidity management, capital structuring, and control environment, ensuring Liberty remains financially strong, agile, and positioned for sustainable growth. Beyond the numbers, I am deeply committed to Liberty's purpose: helping Australians achieve their financial freedom.
That purpose drives our strategic priorities: investing in innovation, enhancing customer experience, and expanding responsibly into new markets and product offerings. As a director, I look forward to bringing a financial lens to strategic decision-making, particularly in capital allocation, risk oversight, and long-term value creation. I understand the importance of balancing innovation with discipline, and I'm passionate about helping Liberty thrive in our dynamic and competitive landscape. I respectfully seek your support in electing me to the board. I am deeply committed to serving with integrity, insight, and a relentless focus on what is best for Liberty and its stakeholders. Thank you for your trust and consideration.
Thank you, Peter. The proxy votes received before the meeting on item four are now displayed on the screen. I now put item four to the meeting as an ordinary resolution of the company as follows: that Mr. Peter Riedel, who was appointed after the last annual general meeting in accordance with clause 22.6 of the company constitution and for all other purposes, who retires and, being eligible, having offered himself for election under clause 22.7 of the company constitution and ASX listing rule 14.4, be elected as a director of the company. I ask that you now record your vote on item four if you have not already done so. Item five seeks your approval for the election of Michael Hawker as a non-executive director. The board, other than Michael, recommends that you vote in favor of this resolution.
Details of Michael's qualifications and career experience are outlined in the notice of meeting and the director's report. I now invite Michael to address the meeting.
Thank you, Peeyush, and good afternoon, ladies and gentlemen, and those online. It's an honor to join Liberty Financial Group and to serve the shareholders and security holders should my election be ratified today. I believe I have the appropriate experience to both contribute to the board and serve as your representative. A 24-year history from 1984 to 2008 as a successful business executive working within international financial services organizations. The businesses I have managed range from global financial and capital markets, treasury, funds management, and to life, general, and health insurance, as well as domestic banking, business banking, and retail banking. During this career, I have managed employees based in over 20 countries in the U.S., Canada, U.K., Europe, Middle East, China, India, Asia, Pacific Islands, Australia, and New Zealand.
This has given me a practical experience in how to build successful companies with good people, a common purpose, an inclusive culture, and an understanding of international investment and capital markets, how economic conditions and demographic changes both internationally and domestically impact your business, and an understanding how to navigate the business impact caused by technology, digitization, and effective data management. The past 36 years, I've had an extensive career as a company director, both as an executive director and as a non-executive director, having been a board director of regulated financial services businesses continuously since 1989. My listed company board experience started in 2001 when I was appointed as CEO and managing director of IAG.
Following my retirement from executive life in 2008, I became a non-executive director of listed companies, including 10 years as a non-executive director of Macquarie, 9 years at Aviva, which is a large insurance company based in the London Stock Exchange, 12 years as lead independent director of Washington H. Soul Pattinson, 2 years as non-executive director of Westpac, and 1 year as lead independent director of Altium, where we successfully sold the business to Renesas Electronics, a large Japanese engineering and chipmaking company. Now, in the listed space, I've been a non-executive director of Bupa's global board based in London and the deputy chair of the Australian business here in Melbourne, but for Australia and New Zealand, and since 2022, a non-executive director of Allianz Australia's and New Zealand's businesses. During that time, I have served on company boards. I have chaired audit, nominations, remuneration, risk, sustainability, governance, and technology committees.
These experiences bring me the added benefit, different to my executive experience, of insights into how other organizations are dealing with global and domestic issues, whether it be the importance of technology and data management and understanding the benefit from the diversity of thought, management of geopolitical risk, cybersecurity, asset price cycles, or assessing the economic issues such as inflation, rising interest rates, supply chain fragmentation, the changing nature of work in today's world, and the acceleration of that change. Finally, I have experience in government public policy, having been president of the Insurance Council of Australia, chairman of the Australian Financial Markets Association, a board member of the Geneva Association, a member of the Australian Government's Financial Sector Advisory Council, a member of Business Council of Australia, and a director of the Australian Chamber of Commerce and Industry.
In the community sector, I sit on the board of the Museum of Contemporary Art. I chair the ABCN Foundation. I was a chairman of the George Institute of Global Health and a director of the Rugby World Cup board and chairman of Australian Rugby. I believe my experience gained as both an executive and a non-executive gives me an appropriate background to serve on your board, and thank you for your consideration. I would appreciate your support today. Thank you.
Thank you, Michael. The proxy votes received before the meeting on item five are now displayed on the screen. I now put item five to the meeting as an ordinary resolution of the company as follows: that Mr. Michael Hawker, who was appointed after the last annual general meeting in accordance with clause 22.6 of the company constitution, retires and, being eligible, having offered himself for election under clause 22.7 of the company constitution and ASX listing rule 14.4, and for all other purposes, be elected as a director of the company. I ask that you now record your vote on item five if you've not already done so.
Items 6- 11 seek the approval for the grant of MTI, medium-term incentives, and LTI, long-term incentive awards, to our executive directors under the equity incentive plan rules on the terms summarized in the explanatory statement to the notice of meeting. The board, other than Mr. James Boyle, Mr. Peter Riedel, and Mr. Sherman Ma, recommend that you vote in favor of these resolutions. We will now take a brief moment to allow participants to ask questions on the online platform in relation to these items. Matt, are there any questions online?
We have received no questions, Chair.
Okay, thank you. Do we have any questions from the floor? Okay, thank you. The proxy votes received before the meeting on item six are displayed on the screen. I will now put item six to the meeting as an ordinary resolution of the Liberty Group as follows: that approval be given for the purposes of ASX listing rule 10.14 and for all other purposes, for the grant to the CEO of the Liberty Group, Mr. James Boyle, and his nominees, equity securities under the LFG equity incentive plan, and as set out in the explanatory statement to this notice. I ask that you now record your vote on item six if you've not already done so. Item seven seeks the approval for the grant of MTI awards to Mr. Peter Riedel. The proxy votes received before the meeting on item seven are now displayed on the screen.
I now put item seven to the meeting as an ordinary resolution of the Liberty Group as follows: that approval be given for the purposes of ASX listing rule 10.14 and for all other purposes, for the grant to the CFO of the Liberty Group , Mr. Peter Riedel, and his nominees, equity securities under the LFG equity incentive plan, as set out in the explanatory statement to this notice. I ask that you now record your vote on item seven if you've not already done so. Similarly, item eight seeks the approval of the grant of the MTI award to Mr. Sherman Ma. The proxy votes received before the meeting on item eight are displayed on the screen.
I now put item eight to the meeting as an ordinary resolution of the Liberty Group as follows: that approval be given for the purposes of ASX listing rule 10.14 and for all other purposes, for the grant to the executive director of the Liberty Group, Mr. Sherman Ma, and his nominees, equity securities under the LFG equity incentive plan, and as set out in the explanatory statement to this notice. I ask that you now record your vote on item eight if you've not already done so. Item nine similarly seeks the approval of the grant of the LTI award to Mr. James Boyle. The proxy reports received before the meeting on item nine are now displayed on the screen.
I now put item nine to the meeting as an ordinary resolution of the Liberty Group as follows: that approval be given for the purposes of ASX listing rule 10.14 and for all other purposes, for the grant to the CEO of the Liberty Group, Mr. James Boyle, and his nominees, equity securities under the LFG equity incentive plan, and as set out in the explanatory statement to this notice. I ask that you now record your vote on item nine if you've not already done so. Item 10 seeks the approval of the LTI award to Mr. Peter Rie del. The proxy reports received before the meeting on item 10 are displayed on the screen.
I now put item 10 to the meeting as an ordinary resolution of the Liberty Group as follows: that approval be given for the purposes of the ASX listing rule 10.14 and for all other purposes, for the grant to Mr. Peter Riedel, CFO of the Liberty Group, and his nominees, equity securities under the LFG equity incentive plan, and as set out in the explanatory statement to this notice. I ask now that you record your vote on item 10 if you've not already done so. Item 11 seeks the approval for the grant of LTI awards to Mr. Sherman Ma. The proxy votes received before the meeting on item 11 are now displayed on the screen.
I put item 11 to the meeting as an ordinary resolution of the Liberty Group as follows: that approval be given for the purposes of ASX listing rule 10.14 and for all other purposes, for the grant to Mr. Sherman Ma, executive director of the Liberty Group and/or his nominees, equity securities under the LFG equity incentive plan, and as set out in the explanatory statement to this notice. I ask that you now record your vote on item 11 if you've not already done so. We now move to item 12, which seeks the approval of the proposed amendments to the company constitution on the terms set out in the explanatory statement to this notice of meeting. The board recommends that you vote in favor of this special resolution, and we will now take some time to allow participants to ask questions, firstly on the online platform.
Matt, do we have any questions online?
We receive no questions, Chair.
Okay, thank you. Any questions from the floor? None? Okay, thank you. The proxy votes received before the meeting on item 12 are displayed on the screen. I now put item 12 to the meeting as a special resolution of the Liberty Group as follows: that for the purposes of section 136-2 of the Corporations Act and for all other purposes, the constitution of the company be amended in the manner set out in the accompanying explanatory statement with effect from the close of this meeting. I ask that you now record your vote on item 12 if you have not already done so. Now that we have concluded all items of business, that concludes the formal business of today's meeting. I will now see if we have received any general questions from security holders, firstly via the online platform.
We haven't received any questions, Chair.
Thank you, Matt. Do we have any questions from the floor? None? Okay, thank you. As there is no other business for this meeting and no other questions, I now declare the meeting closed, subject to finalization of the poll. Security holders and proxy holders will have five minutes to submit their votes via the online platform. Please note that a countdown timer will appear at the top of your online platform. The votes will be compiled by the MUFJ Corporate Markets representatives, and the results of the voting will be released to the ASX announcements platform and on the Liberty Group's website as soon as possible. On behalf of the board, I thank you all for your participation today and your continued support of the Liberty Group. Thank you.