Good morning. I'd like to welcome everyone to the two thousand and twenty-four Annual General Meeting of Macmahon Holdings Limited. My name is Hamish Tyrwhitt, and I'm the Chair of Macmahon. I would like to acknowledge the traditional custodians on the land of which we meet today, the Whadjuk people, and pay my respects to elders past and present. We extend that respect to all Aboriginal and Torres Strait Islander people and non-Indigenous persons. Today is a hybrid meeting. This means the meeting is being held physically here at the Macmahon office. The meeting is also being conducted online via the Computershare meeting platform to allow those not here in person to attend. Shareholders and appointed proxies, attorneys, and corporate representatives have the ability to virtually ask questions and submit votes.
Instructions on participating in the online meeting can be found in the notice of meeting available on the ASX platform. If you experience any difficulties during the meeting, please refer to the notice of meeting, which is also available on the Computershare InvestorVote website on Macmahon's website. I would like to explain the format of today's meeting. After the introductions, I'll provide an overview of the questions and voting processes for our online attendees. I will then give the chair address, after which I'll invite Mick Finnegan, our Managing Director and Chief Executive Officer, to provide an operational update. After Mick's presentation, we'll move to the formal business of the meeting to consider the resolutions stated in the notice of meeting. I would now like to introduce your non-executive directors, Dharma Chandran and Graham White, who I'm welcoming to their first AGM, as well as Denise McComish and Dave Gibbs.
In addition to Mick, I also have many members of the Macmahon's executive leadership team. Representatives from the company's auditors, KPMG, are also in attendance. KPMG are available to answer any questions in relation to their conduct of the audit, the preparation and content of the auditor's report, the accounting policies adopted by the company in relation to the preparation of financial statements, and the independence of the auditor in relation to the conduct of the audit. I would like to take this opportunity to thank all of you for attending today's meeting. Your support and interest in the company's affairs are appreciated by the board. The company secretary, Maha Chaar, is also in attendance and has informed me that we have a quorum present. I therefore declare the Annual General Meeting of Macmahon Holdings Limited open.
Online attendees can submit questions at any time via the Q&A icon that appears at the top right of the screen. To ask a question, select the Q&A icon and type your question in the allocated text box. Select the topic from the dropdown list, and then hit the Submit Question button to submit your question or questions. You'll get a record of this question, and it will be sent immediately to Macmahon for review. Please note that although you can submit questions from now on, I will not address them until the relevant time in the meeting. Please also note that your questions may be moderated, or if we receive multiple questions on a topic, amalgamated together. For those shareholders online who wish to ask verbal questions, an audio question facility is available during this meeting.
To use this service, please follow the instructions under the heading Ask Verbal Questions within the Broadcast tab. Finally, due to time constraints, we may run out of time to answer all your questions. If this happens, we encourage you to contact us via email or telephone after the meeting so that we can respond in due course. Voting today will be conducted by way of poll on all items of business. Rod Saines from Computershare has agreed to be the Returning Officer today, and following confirmation by Computershare, the final results of the poll will be announced to the ASX later today. This announcement will be made available on Macmahon's website. To enable enough time for voting, I will shortly open voting to all resolutions for shareholders or their proxies, attorneys, and corporate representatives eligible to vote at this meeting.
If you are eligible to vote at this meeting and present at the Macmahon's office, please ensure you have received your green attendance card, which is also your voting paper for the Computershare representative. Completed voting papers will be collected by Computershare at the conclusion of the voting process. If attending online, please select the Vote icon, and the voting options will appear on your screen. To cast your vote, simply select one of the options: For, Against, or Abstain. Upon selection, a tick will appear confirming receipt of your vote. There is no Submit or Send button. Your selection is automatically recorded. To change your vote, select the Click here to change your vote icon and select a different option to override. Please note that if you have already submitted your vote by proxy in advance of the meeting, then your vote has already been recorded.
If you have any questions about casting your vote online, please refer to the online meeting guide or call Computershare on the number set out in the guide. I now declare the poll open for voting on all items of business. The voting tab will soon appear. Please submit your votes at any time. I'll give you a warning before I move to close the voting. Turning to the chair's address. Before discussing Macmahon's 2024 financial year, I'd like to address upfront that sadly, since the end of the year, we've had two fatal incidents at Byerwen, including a Macmahon employee. Investigations are continuing due to the unique nature of these incidents, and we are fully cooperating with the relevant authorities. We would like to pass on our deepest condolences to the family, friends, and colleagues of Chris and John.
At Macmahon, we're generally committed to building a safe, respectful, and inclusive work environment to ensure our team go home safely and well every day. With our workforce now sitting at nearly 10,000 people following the acquisition of Decmil, the company has successfully attracted and retained talent in what is still a tight labor market. We also delivered our evolved company values through the Respect at Macmahon roadmap and expanded our industry-leading Strong Minds, Strong Mines program, providing mental, physical, and social health support to our people and the broader mining industry. Overall, this year, Macmahon has made significant progress in building a more scalable, diverse, and resilient business. Our people have been critical to this success, and I would like to thank them for their continuous hard work across the operations in Australia and Southeast Asia.
In financial year 24, the company pleasingly met revenue and earnings guidance for the eighth consecutive year. We saw a record level of revenue and underlying earnings, with margin improvement and increased positive free cash flow to AUD 75 million. This enabled the business to reduce gearing and net debt. With a stronger balance sheet, the board declared an increased final dividend of AUD 0.006 per share, bringing the full-year dividend up 40% to AUD 0.0105 per share, a payout ratio of just over 24%. Macmahon's strategy is centered around building a scalable, diversified, and scalable but sustainable business. Key to this is reducing our capital intensity in the business and improving diversity of earnings through further expansion into underground mining, mining support services, and civil infrastructure.
The company made significant progress on this during the year with the acquisition of key Pit N Portal contracts, a long-term strategic rental arrangement with Emeco, and the acquisition of Decmil, which also provided the foundation for Macmahon to accelerate the civil infrastructure growth. With AUD 4.6 billion of contracted work in hand at the year-end, positive free cash flow generation, and a strong balance sheet, the company is very well-positioned to capitalize on future growth opportunities. Operating our business sustainably is a key objective for the company, and we continued to take important steps during the year to manage our environmental impact and embedded sustainability principles in our business planning, operations, and culture. I encourage you to read our standalone sustainability report for financial year 2024, which outlines progress on all our environmental, social, governance, activities, and initiatives.
A few highlights in our progress include delivering the Respect at Macmahon roadmap, a cross-functional program to drive respectful and inclusive culture. Extended Strong Minds, Strong Mines to include our Strong Minds, Strong Schools, with successful pilots in a number of Western Australian schools during the year, providing an opportunity for large-scale deployment. Establishing our sustainability framework and three-year roadmap. The rehabilitating of a hundred and ninety-one hectares of land across Australia and Indonesia. And implementing the Macmahon Winning Way frontline leadership training. In February of this year, we welcomed Graham and Dharma to the board as independent, non-executive directors, whom are up here for today for election. As previously announced, Denise McComish will step down from the board following the completion of today's AGM. Macmahon has been very fortunate to benefit from Denise's significant contribution as we have executed our growth strategy and recent strategic acquisitions.
On behalf of the board, executive, and the entire Macmahon team, I would like to thank Denise for her service and positive impact she has imparted during her time with us. We wish Denise all the very best for her future endeavors. Thanks, Denise. Following today's meeting, we'll have two new independent non-executive directors starting on the first of November. Marie Inkster , who is here today, and Greg Evans is also with us today, and both of whom have extensive sector experience. We are confident these appointments will bring complementary skills, experience, and diversity to the board as we continue to pursue our growth strategy. In closing, I'd like to acknowledge the considerable contribution of Mick and the entire Macmahon team. I also would like to extend my thanks to our clients, shareholders, and other key stakeholders for their ongoing support.
I look forward to reporting on further positive progress and success as we execute our growth strategy. I would like now to invite Mick to deliver his CEO and Managing Director's address. Thank you.
Thanks, Hamish. Good morning, everyone, and thank you for joining us today for our 2024 Annual General Meeting . Before I discuss Macmahon's performance for FY 2024, I wanna reiterate Hamish's acknowledgement upfront and recognize the tragic and sad incidents at Byerwen, which have deeply impacted our whole team. We continue to support our people, especially friends and family of John and Chris. Turning to our financial performance, Macmahon performed well in FY 2024, with all parts of the business contributing to record revenue and underlying earnings, margin improvement, and positive free cash flow. This is consistent with our strategy that is focused on capital light growth and follows the end of our CapEx-heavy growth cycle. An important highlight is that we have improved our return on average capital employed, delivered by both increasing returns and reducing capital employed, all while we increase cash dividends to shareholders.
Reducing capital intensity in the business has been a focus for management, and we are seeing tangible results from these efforts now, and we importantly expect to see them continue. Broadly speaking, our key metrics were largely up across the board, and we believe we have positioned the business for continued earnings growth in FY 2025, in line with our strategy. We have a strong order book, which as at 30 June, was AUD 4.6 billion, and at least AUD 2 billion of work secured for FY 2025. Pleasingly, since year-end, we have won approximately AUD 300 million of additional new work, and we have a tender pipeline to support our consistent track record of growth. There was a lot of activity across the business during the year, so I'd now like to cover off on some of the operational highlights.
In surface mining, the Greenbushes project ramped up to reach steady state in April 2024. At Byerwen, production has consistently achieved target throughout the year. We signed a new mining contract at Dawson South, which included selling a substantial portion of the mobile equipment on site for AUD 44 million net cash, to continue actively lowering the capital intensity of our business. In the same vein, we also executed a strategic rental agreement with Emeco, which is positive for both businesses. Underground continued to grow and now comprises 26% of group revenue, and we continue to target growth of over 50% in the next two to three years. Pleasingly, we commenced at Ulysses, which is now ramping up, and we secured a three-year, AUD 352 million dollar contract extension at Boston Shaker.
This is underpinned by a strong tender pipeline in the underground business of around AUD 5.1 billion, with a focus on opportunities in both Australia and Indonesia. Additionally, we successfully integrated the Pit N Portal business, adding more than 220 skilled people to our workforce. FY 2024 was a transformational year for our civil infrastructure business, with the acquisition of ASX-listed Decmil to accelerate growth in the civil infrastructure area. The transaction completed in August, and the integration process is substantially completed with expected synergies on track. There is now a heavy focus on securing new work, and I'm pleased the business has achieved initial success with AUD 240 million in new civil contract awards recently announced.
We are now targeting large-scale civil engineering and rehabilitation projects across Australia and Indonesia, and are pursuing a highly filtered, combined civil tender pipeline of around AUD 11.6 billion. At a corporate level, our workforce has grown to nearly 10,000 people, with the Decmil team coming on board. This is significant given the ongoing shortage of skilled labor in the mining industry in Australia, and of course, we continue to focus on retaining strength in the balance sheet and ongoing improvement opportunities, of which there are still many. Moving on to safety and people. The safety and well-being of our people is our highest priority, and while we saw our safety performance continue to improve in FY 2024 with a lowering TRIFR, the Byerwen incidents are a stark reminder to us all.
We have implemented several new training and cultural initiatives through the delivery of our Respect at Macmahon roadmap. This encompasses psychosocial, sexual harassment, culture, and winning at Macmahon, and also included updating our critical risk standards. We also rolled out the Macmahon Winning Way, a new leadership program to enhance effective leadership and promote psychosocially safe work environments, something that is crucial to the company's success in the future. The development of our people continues to advance with ongoing investment in our Grow Our Own program, involving new to industry and skills upgrade programs. This saw us register six hundred and eighty-five traineeships, with two hundred and thirty-six successfully completing their programs during FY 2024. Other development initiatives included the launch of a new to industry program for the Australian Defence Force veterans to transition them to skilled mining roles, operating equipment or gaining heavy diesel trade.
Our commitment to workplace safety and well-being includes a commitment to continuing to build a safe, respectful, and inclusive workforce. Overall, female representation in the Australian workforce was 18% across all occupations, and First Nations people represent 4.4% of the Australian workforce. Expanding into lower capital-intensive services has been a key part of Macmahon's growth strategy. In FY 2018, Macmahon was predominantly a surface contracting business. While the business had scale, strong competitive advantage, and tenure in surface, we needed to reduce capital intensity as we continued to grow. We have done this by expanding our underground mining and civil infrastructure businesses. This has been driven by some tactical acquisitions and the execution of our highly filtered tender pipeline. This will continue to be critical in progressing towards our long-term target of balanced revenue across all three sectors....
Capital-light growth remains a key strategic objective, and today the business sources nearly 50% of group revenue outside of surface on a pro forma basis, including Decmil. As we expanded, as we have expanded our footprint in underground and civil, so too has our tender pipeline grown from AUD 5.4 billion in FY 2018 to AUD 13.8 billion in FY 2024, and AUD 21.4 billion following the acquisition of Decmil. This is nearly a fourfold increase in our filtered growth opportunities, largely focused in the target areas outside surface. Our current ROACE target is 20%, which will be delivered from a diverse revenue mix across commodities and customers. Macmahon will continue to build upon this from our robust pipeline of opportunities, aiming to ultimately achieve greater than 25% ROACE in the future.
We will continue to execute on our strategy to deliver value for our clients and our shareholders. That brings us to our priorities and guidance for FY 2025, which confirms expectations for continued growth. Revenue and EBITDA are guided to be higher compared to FY 2024. Revenue is expected to be in the range of AUD 2.4 billion -AUD 2.5 billion, and underlying EBITDA is in the range of AUD 160 million -AUD 175 million. This positive outlook is supported by our strong AUD 4.6 billion order book and at least AUD 2 billion of work already secured for this financial year, plus nearly AUD 300 million in new contract awards announced post-year end.
I'm confident we are focused on our priorities and well-positioned to continue our growth trajectory, with a view to increasing revenue, earnings, and free cash flow generation. Macmahon's capital allocation policy continues to reflect the importance of balanced dividend payments to our shareholders and retaining financial flexibility to enable the continued execution of our strategy. In this regard, we increased our payout ratio range for FY 2024 in line with our focus on capital-light growth, improving business performance, and confidence in the outlook. This has been achieved while maintaining focus on a resilient balance sheet and retaining flexibility to fund growth and acquisitions. We have successfully executed on those fronts and, at the same time, lowered our leverage and gearing well within the guide rails. With a consistent track record of sustainably increasing dividend payments to shareholders, we expect this to continue alongside increasing free cash flow from the business.
Macmahon has delivered significant growth in revenue and earnings over the past eight years, and while there has been significant improvement in the share price in recent times, the price-to-earnings ratio is still lower. Given we are past the CapEx-heavy growth cycle and the business has never been better positioned to deliver cash-back ROACE growth into the future, we feel there is still significant opportunity in the share price, particularly if there is an increase in the dividend payout ratio over the coming years. I'd like to close by thanking all our stakeholders for their ongoing support. This includes you, our shareholders, and also our clients for their trust in us and their shared approach to supporting and protecting the health and well-being of our people. Hamish acknowledged the contribution of Macmahon's people in delivering another year of growth.
I'd also like to join him in thanking our team for their crucial contribution and resilience over the year, and for being a vital part of the Macmahon winning formula. It is also important to acknowledge the continued support and confidence in our team by the board. This support in our leadership and our strategy is a significant factor in our performance this year. I'll now hand back to the Chair. Thank you.
Thanks, Mick. This now brings us to the formal part of the meeting. The items of business to be considered at this meeting have been listed in the notice of meeting. The notice of meeting has been made available to shareholders on the twenty-seventh of September, two thousand and twenty-four. Unless there are any objections, I'll take it as read. Are there any objections? No formal apologies have been received. Are there any apologies from the floor? There'll be an opportunity to ask questions in relation to the various items of business. When each item is considered, I will also take any opportunities to answer questions at the end of the formal proceedings before the meeting closes. Before we consider the items of business, there are a number of procedural matters I wish to draw to your attention.
While our visitors are most welcome here, today is a shareholders' meeting, and only shareholders, their attorneys, proxies, and authorized company representatives are entitled to ask questions and vote at this meeting. I'm holding undirected proxies in my capacity as Chair, and it is my intention to vote all such proxies in favor of all resolutions. Any directed proxies that are not voted at the meeting will automatically default to me. As Chair of the meeting, I am required to vote those proxies as directed. The specific voting preferences indicated by valid proxies holding approximately 1.7 billion shares, who have either directed their voting preferences or have left their voting preferences open to cast by the nominated representative or the Chair, are set out in the slide that appears before you. This represents approximately 78.8% of the current issued ordinary shares of the company.
I propose to take this slide as read. The first item of business deals with the financial statements and reports. These have been forwarded to shareholders who requested them, and are now laid out before the meeting. These financial statements and reports for year ended 30th of June, 2024 , this is the resolution, and no vote is required on it. As I've advised, representatives from the company's auditors are in attendance to answer any questions or comments shareholders may wish to direct to them in relation to the conduct of their audit, or in relation to the preparation of the financial statements. I invite any questions or comments from shareholders regarding the financial statements. I will start with any questions from the floor to give the shareholders online a moment to submit any questions on this. Do we have any questions from the floor?
Maha, as Company Secretary, can you please read out any online questions received regarding this item?
There are no online questions received regarding this item.
Thanks, Maha. Do we have any shareholders online with a verbal question?
There are no online verbal questions regarding this item.
As there are no further questions, we'll now move to the formal resolutions. The next item of business, are shareholders to adopt the company's remuneration report for the year ended 30th of June, 2024 . The remuneration report is included on pages 51-61 of the annual report that has been made available to shareholders. Unless there are any objections, I'll take the motion as being read, and refer you to the screen for details of the proxies received for this resolution. While this is a non-binding advisory vote of shareholders, the views and comments of shareholders will certainly be taken into account by directors when further considering remuneration matters. I note that a voting exclusion applies to this resolution, as set out in the notice of meeting, and the company will disregard those votes in accordance with this voting exclusion.
The Board recommends that shareholders vote in favor of this resolution. I invite any questions from shareholders regarding the resolution. I will again start with any questions from the floor to give our shareholders online a moment to submit any questions on this. Do we have any questions from the floor? Maha, as Company Secretary, can you please read out any online questions received regarding this item? Do we have any shareholders online with verbal questions?
We've received one question from Mr. Stephen Mayne, and the question is: Did any of the five main proxy advisors recommend a vote against any of today's resolutions, including this remuneration report? If so, what reasons did they give, and was this a factor in the 14% protest vote on the remuneration proxies? Many thanks also for disclosing the proxies early today, ASX, along with the formal addresses, as this was, as this was best practice and gives retail shareholders more time to frame questions to probe any material protest votes by big end town investors and their proxy advisors.
With the proxies, do we have any information on that, any questions or reasons?
That was the question.
No, but for what we've received, do we have any information?
Sorry, again.
From the question-
From the proxy advisors.
... they said, what have the proxies advised, whatever.
Yes, one voted against rem because of the LTIs.
Okay. So we did. One of the proxy advisors that voted against did state a reason, and that there were some questions with the long-term incentive plan. We review our long-term incentive plan annually. We look at what is not only best practice, but what is the right practice for Macmahon. Our only asset are our people, so it's very important that we retain and keep, you know, long-term, the most valuable contributors to the company. So whatever questions have come through, we take it in account when we're formulating, reviewing the LTI plan each year. Yep.
That's the only question received.
Okay. As there are no further questions, I draw your attention to the resolution and the proxies received on the screen. I now put the resolution to the meeting. If you have not done so, please now cast your vote on this item. Okay, so that closes that particular resolution. The next item of business that requires voting is the election of Dharma Chandran as a director. Detail of Mr. Chandran's qualifications, experience, are set out in the notice of meeting in the company's two thousand and twenty-four annual report. As an ordinary resolution, this resolution is required to be passed by at least 50% of the votes. Unless there is an objection, I'll take this motion as being read, and refer you to the screen for details of the proxies received for this resolution. The board, excluding Mr. Chandran, recommends that shareholders vote in favor of this resolution.
I invite any questions from shareholders regarding this resolution. I will again start with any questions from the floor, and give your shareholders online a moment to submit any questions on this. Maha, as Company Secretary, can you please read out any online questions received regarding this item? Do we have any shareholders online with verbal questions?
There are no online questions received regarding Resolution Two.
Thank you. As there are no further questions, I now draw your attention to the resolution and the proxies received on the screen. I now put the resolution to the meeting. If you have not done so, please now cast your vote on this item. Congratulations, Dharma.
Thank you.
The next item of business that requires voting is the election of Mr. Graham White as a director. Details of Mr. White's qualification experience are set out in the notice of meeting and the company's two thousand and twenty-four annual report. As an ordinary resolution, this resolution is required to be passed by at least 50% of the votes. Unless there is an objection, I'll take this motion as being read and refer you to the screen for details of the proxies received for this resolution. The board, excluding Mr. White, recommends the shareholders vote in favor of this resolution. I invite any questions from shareholders regarding this resolution. I will again start with any questions from the floor to give our shareholders online a moment to submit any questions on this. Any questions from the floor?
Maha, as Company Secretary, can you please read out any online questions received regarding this item? Do we have any shareholders online with verbal questions?
There are no online verbal questions or online questions received regarding Resolution three.
Thank you. As there are no further questions, I now draw your attention to the resolutions and the proxies received on the screen. I now put to the resolution to the meeting. If you have not done so, please cast your vote on this item. Congratulations, and thanks, Graham. The next item of business that requires voting is to consider, if thought fit, pass the special resolution that the company's constitution be amended in the manner described in the explanatory statement, as indicated in markup in the document set out in Annexure B of the explanatory statements. With effect from the close of meeting, as a special resolution, this resolution is required to be passed by at least 75% of the votes cast.
Unless there is an objection, I'll take this motion as being read and refer you to the screen for details of the proxies received for this resolution. The board recommends that shareholders vote in favor of this resolution. I invite any questions from shareholders regarding this resolution. I will again start with any questions from the floor to give our shareholders online a moment to submit any questions on this. Maha, as Company Secretary, can you please read out any online questions received regarding this item, and do we have any shareholders online with a verbal question?
There are no online questions received regarding Resolution four.
As there are no further questions, I now draw your attention to the resolutions and the proxies received on the screen. I now put the resolution to the meeting. If you have not done so, please now cast your vote on this item. The next item of business that requires voting is to consider, and if thought fit, pass the special resolution that the company's constitution be amended in a manner described in the explanatory statements, and as indicated in the markup of the document set out in Annexure B of the explanatory statement. With effect from the close of the meeting, as a special resolution, this resolution is to be passed by at least 75% of the votes cast. Unless there is an objection, I will take this motion as being read and refer you to the screen for details of the proxies received for this resolution.
The board recommends that shareholders vote in favor of this resolution. I invite any questions from shareholders regarding this resolution. I will again start with any questions from the floor to give our shareholders online a moment to submit any questions on this. Maha, as Company Secretary, can you please read out any online questions received regarding this item? Do we have any shareholders online with a verbal question?
We've got one question from Mr. Stephen Mayne, and the question is: There was a 14% protest vote against this proposal, so it was almost defeated, given the super majority of 75% required for constitutional amendments and effectively forced through by the controlling shareholders. In light of this minority shareholder protest and the defeat of many other attempts by ASX-listed companies to move to virtual AGMs, will you undertake to continue following today's excellent hybrid AGM model into the future?
So a similar question to this was asked last year about the hybrid, where we continue it. If you look, we're West Australian-based, and Australia is a very large country, and there's a lot of AGMs held at the same time. So we thought it appropriate to reach out to all of our shareholders, which are geographically spread all over the place and also have other commitments, to continue the hybrid AGM after, you know, the COVID restrictions ended. We also believe that it's prudent, as things evolve, to change our constitution to allow, for the, the AGM to evolve and potentially become totally virtual in the future. I think this is, it's something, it's a proactive step.
It doesn't signal anything that we're planning to do, but it means that we're well prepared for the event of what will happen in the future or what might happen in the future. So that's why we've done it. But we will be sticking, unless directed otherwise, or unless required to, having the hybrid AGM next year. Are there any other questions?
No.
I hope that answers your question, Stephen Mayne. As there are no further questions, I now draw your attention to the resolutions and the proxies received on the screen. I now put the resolution to the meeting. If you have not done so, please cast your vote for this item. The next item of business that requires voting is to consider, and if thought fit, pass a special resolution that in accordance with Section 260B (2) of the Corporations Act 2001, gives approval for the provision of the financial assistance, which is to be provided by Decmil Group Limited, Decmil Australia Proprietary Limited, and Decmil Southern Proprietary Limited, and any subsidiary of Decmil which grants financial assistance under or in connection with the acquisition of Decmil for the purposes of Section 260A of the Corporations Act.
Each an acquired company, to assist in the acquisition by the company of all of the issued ordinary shares and redeemable convertible preference shares in the acquired companies, or the holding company of the relevant acquired company, as described in the explanatory statement. As a special resolution, this resolution is required to be passed by at least 75% of the votes cast. Unless there is an objection, I'll take this motion as being read and refer you to the screen for details of the proxies received for this resolution. The board recommends that shareholders vote in favor of this resolution. I invite questions from shareholders regarding this resolution. I will again start with questions from the floor to give the shareholders online a moment to submit any questions on this. Maha, as Company Secretary, can you please read out any online questions received in this regard?
There are no online questions received regarding Resolution six.
Do we have any shareholders online with verbal question?
No, we don't.
Okay. As there are no further questions, I now draw your attention to the resolution and the proxies received on the screen. I now put the resolution to the meeting. If you have not done so, please now cast your vote on this item. Ladies and gentlemen, that concludes our discussion on the items of business before this Annual General Meeting . I will shortly close the voting. Please ensure that you have cast your votes on all of the resolutions. I will now pause to allow you time to finalize those votes. During this time, as advised in the notice of meeting, I will also vote all available undirected proxies in favor of all resolutions. I now declare the poll closed and ask all shareholders attending in person to place their voting papers in the ballot box being circulated by a representative from Computershare.
After the votes of the resolutions have been counted and reviewed, the results of all polls will be made available shortly via the ASX announcement and on the company's website. At an Annual General Meeting , shareholders are entitled to ask questions about or make comments on the management of the company. Before calling this meeting to a close, I would like to provide shareholders this opportunity to ask any question that you may not have been able to ask earlier. As before, I will start with any questions from the floor to give our shareholders online a moment to submit any questions. Maha, as Company Secretary, can you please read out any online questions received? Do we have any shareholders online with verbal questions?
We have two questions, Chair, both from Tony Greco. The first one is: "Are you able to give us any details regarding the lead-up to the appointment by Calidus of voluntary administrators? The CEO of Calidus was on YouTube discussing how well the company was doing only one week before the appointment of the voluntary administrators. They have just had, or they've just completed a capital raising, as well as an upsized share purchase plan. I'm not criticizing Macmahon in any way. I sympathize with how difficult it is to be either a mining contractor or a shareholder when companies behave and perform as Calidus has done. Are Macmahon still getting some work with the new owners, West Coast?
So firstly, Calidus obviously were a listed company, so we were made aware of the moving into administration at the same time as all shareholders were made aware. Yes, it was incredibly disappointing for us at the time, and very disappointing to see how it has evolved. Shortly after it happened, Macmahon did continue under purchase orders moving ore and working. Since then, we have demobilized, or in the process of totally demobilizing and redeploying both our people and our assets to other projects. Decmil have won a project up near Port Hedland, so some of the plant and people are going there, as well as other projects around Western Australia.
The second question from Mr. Greco is: "Congratulations to the team for a very good performance in two thousand and twenty-four. It's really good to see the market is starting to appreciate Macmahon, as witnessed by the improved share price. With the extra share market turnover, have you noticed changes to the share register? For example, are there, has there been any new institutional shareholders?
There was a question in that. So firstly, thank you. It's great to see Macmahon's success and the contribution and the effort that the management team has been putting in over the past twelve months being recognized by shareholders. It's much appreciated. As far as our liquidity goes and our shares, obviously, over the last twelve months, people would have seen a significant increase in our daily liquidity. So that tells us that there are new people buying into the company and obviously people exiting the company. So yes, we have got quite a lot of interest from shareholders, and some have been there long term, others are coming into the register. That's...
Yeah, so it's, yeah, thanks for the effort of everybody, and it's good to see it's acknowledged and supported by shareholders. Okay, do we have any shareholders online with verbal? We don't. No. Thank you for your questions and comments. As mentioned earlier, the results of the poll will be made available shortly, and I will be announcing to the ASX and on the company website. Thank you all for your attendance at this meeting and your interest in the company. On behalf of the board, we look forward to your continued support. As no other formal business has been notified to shareholders in accordance with the company's constitution, this now concludes the formal processes of the business to be dealt with today. I now declare the meeting closed. Thank you, everyone.