Good morning. I would like to welcome everyone to the 2026 Annual General Meeting of Macmahon Holdings Limited. My name is Greg Evans, an Independent Non-Executive Director of Macmahon and Chair of the Board. I acknowledge the Whadjuk Noongar people as the traditional custodians of the land on which we meet today. I pay my respects to their elders, past and present, and recognize their continuing connection to country, culture, and community. I also acknowledge the traditional custodians of the lands on which Macmahon operates throughout Australia, and extend my respects to all Aboriginal and Torres Strait Islander peoples.
I am joined at today's meeting by Michael Finnegan, Macmahon's Managing Director and Chief Executive Officer, Dharma Chandran, an Independent Non-Executive Director and Chair of the Remuneration and Culture Committee, Suzan Pervan, an Independent Non-Executive Director and Chair of the Audit and Risk Committee, Grahame White, an Independent Non-Executive Director, Tom Quinn, an Independent Non-Executive Director, and Arief Sidarto, Non-Independent Non-Executive Director and an Amman nominee. I am also joined by Ursula Lummis, our Chief Financial Officer, and Maha Chaar, General Counsel and Company Secretary, who are both members of Macmahon's executive management team. Also present today is Mr. Derek Meates, a partner of KPMG, the company's auditor, and Mr. Rod Soames, the returning officer for today's meeting from Computershare, the company's share register.
The notice of meeting for this 2026 annual general meeting was made available to all shareholders on September 21, 2026 by an ASX announcement, email broadcast, or physically by post. If there is no objection, the notice of meeting will be taken as read. As there are no objections, let's move to today's proceedings. After covering administrative matters, I will give a short address to shareholders, followed by the managing director and CEO's address, which will be given by Mick. We will then move to the items of business as set out in the notice of meeting. Today's meeting is a virtual meeting, with shareholders able to attend and participate online through the Computershare meeting platform. Information on how to vote is outlined in the notice of meeting, and instructions are shown on your screens now.
For shareholders who have registered and are eligible to vote at this meeting, once voting opens, please select the vote icon, and all resolutions will be activated with voting options. To cast your vote, simply select one of the options. There is no need to hit a submit or enter button, as your vote will automatically be recorded. You will receive a vote confirmation notification on your screen. You can change your vote until the time I declare voting closed. Voting for all items of business will be conducted by a poll, which I now declare open. Poll results will be tallied and announced through the ASX as soon as practicable after the results become available. After the poll has closed, shareholders will have an opportunity to ask questions or make comments about the management of the company.
Online questions can be submitted via the Computershare meeting platform at any time until we commence question time. Instructions are shown on your screens now. If you would like to ask a question, select the Q&A icon and type your question into the text box. Once you have finished typing, press the send button. Please note, your questions may be summarized or, if we receive several questions on the same topic, amalgamated. Attendees wishing to ask questions verbally, please follow the instructions written below the broadcast. If attendees experience technical difficulties with the platform during the meeting, please refer to the online meeting guide or call Computershare on the number set out in the guide. Before discussing Macmahon's 2026 financial year, I would first like to address the fatal on-site incident involving one of our Macmahon team at the Fosterville Gold Mine in December of 2025.
While investigations are still ongoing, we are fully cooperating with the relevant authorities. I would like to give our deepest condolences to Alan's family, friends, and colleagues. The safety and well-being of our people is the single most important focus at Macmahon. Despite the improvement in safety metrics, the board remains deeply conscious that a workplace fatality occurred during the financial year. No metric offsets the human impact of such an event. It is another reminder to remain vigilant and disciplined in our approach to workplace safety and the overall wellbeing of our people. For my first address as Chair, I am very pleased to report that Macmahon has delivered another year of strong operational and financial performance, driven by the successful execution of our strategy and the outstanding commitment of our more than 10,000 strong Macmahon team.
We met guidance for the 10th consecutive year, delivering record underlying earnings and strong free cashflow, all while reducing debt and increasing returns to shareholders. This was an excellent performance demonstrating hard work, discipline, and the focus of our team, which now spans Australia, Southeast Asia, and New Zealand. Pleasingly, there was strong growth from our civil infrastructure and underground mining businesses in FY 2026, which has been a strategic focus and a key driver of our improved return on average capital employed target. This will remain a primary focus for Macmahon going forward. In March, Macmahon was included in the ASX 300 Index. This represents a significant milestone for our business and recognizes the many years of consistent growth in earnings we have delivered.
With market capitalization now more than AUD 2 billion and being included in the ASX 300, we intend to build on the platform we have created and continue the momentum. This year, we have significantly enhanced Macmahon's reporting on sustainability, which is included within the sustainability report section of Macmahon's 2026 annual report. Sustainability report for 2026 continues our journey towards enhanced mandatory climate-related disclosures and addresses climate-related risks. The board's capital allocation policy remains unchanged, reflecting the importance of paying dividends to our shareholders, maintaining a healthy balance sheet whilst retaining financial flexibility to enable the execution of our growth strategy. We are committed to paying a sustainable dividend in line with this strategy. In FY 2026, the board declared a final dividend of AUD 1.25 per share, bringing the total dividend for the year to AUD 2.20 per share, an increase of 47% over FY 2025.
Since FY 2019, dividends per share have increased from AUD 0.5 , partially franked, to AUD 2.20 , fully franked. While net debt has been reduced, demonstrating the balance between growth and shareholder returns being achieved. The FY 2026 dividend payout ratio of 41% was at the top end of the previous target range of between 30%-45% of underlying earnings per share. Supported by the company's performance in FY 2026 and the positive outlook, the board has lifted the target payout ratio range for FY 2027 to between 35% and 45% of underlying earnings per share. The target payout ratio will continue to be reviewed in line with the board's capital allocation policy. Since last year's AGM, there have been some changes to the board, with the appointment of three new Non-Executive Directors, Ms. Suzan Pervan, Mr. Tom Quinn, and Mr. Arief Sidarto.
Mr. David Gibbs, who served as a Non-Executive Director for several years as an Amman nominee, resigned during September 2026. I personally thank David for his contribution to the board and welcome our new Directors. Our new Directors maintain or add to the board's strong mix of skills and experience, which benefits our shareholders and the overall governance and strategic direction of Macmahon. I do wish to advise shareholders that Mick, our CEO, has indicated an intention to sell a portion of his ordinary shares between now and the end of the calendar year. The board has approved the proposed sale, which must occur within a permitted trading window and would be subject, as always, to Macmahon's share trading policies. The proposed sale is to meet personal tax obligations and other personal financial commitments.
As Managing Director and CEO, I believe Mick has earned the right, after 12 years of dedicated and high-performing service, to be afforded this and note that he remains committed to Macmahon's long-term growth and strategy and will retain a significant shareholding in Macmahon, together with a significant number of performance rights, whose vesting remains tied to achieving performance targets over the coming years. Before I hand over to Mick for his address, I would like to make some important acknowledgments. On behalf of the entire Macmahon team, thank you to our clients for your ongoing partnership and trust in our business. To our shareholders, thank you for your investment, confidence, and ongoing support of our business and people. It would not be possible without you. To the Executive Management Team, thank you for your leadership, dedication, and hard work throughout the year.
And to all Macmahon team members across Australia, New Zealand, and Southeast Asia more broadly, thank you for your hard work, dedication, professionalism, and significant contribution to our success. I would like to take this opportunity to also welcome the nearly 300 new team members that will be joining at the completion of the acquisition of Aspect Engineering Solutions. I would now like to invite Mick to deliver his Managing Director and CEO's address to our shareholders. Thank you.
Thanks, Greg, and good morning, everyone, and thank you for joining us for our FY 2026 Annual General Meeting. Before I provide an overview of Macmahon's performance for FY 2026, I too would like to reiterate Greg's comments regarding the Fosterville fatality, and again, pass on our deepest condolences to Alan's family, friends, and colleagues. FY 2026 was a strong year for Macmahon. We delivered record revenue and underlying earnings, increased dividends, reduced debt, improved return on capital, and continued to diversify the business. Importantly, we achieved or exceeded market guidance for the 10th consecutive year. This consistent performance reflects the quality of our people, our client relationships, and the disciplined execution of our strategy. Continued growth in our underground and civil business supported further growth in key metrics, including return on average capital employed, which was 22% for FY 2026 and tracking well towards our longer-term target of 25%.
Free cash flow of AUD 103.1 million remained strong for FY 2026, although lower than the FY 2025 level. This was due mainly to the company paying both the FY 2025 income tax and FY 2026 provisional tax installments during FY 2026. Our expectation now is that this situation will normalize from FY 2027 onwards. The reduction of net debt to AUD 111.1 million brings our debt below pre-Decmil levels in line with our commitment at the beginning of the year. The leverage was 0.28 x and gearing was 13.1% at June 30, 2026. Driving operational efficiencies across Macmahon's expanded business was an important focus during the year, and I am pleased to say we delivered an uplift in our EBITDA margin to 7.3% in FY 2026, and this was largely supported by our mining business at now 8.1%.
We anticipate both our civil infrastructure and underground mining businesses will continue growing at scale in line with our strategy, and we remain focused on achieving our long-term group margin target of 8%. Our recent acquisition of Aspect Engineering Solutions, which I will talk about shortly, is an important step towards achieving this goal. Mining continued to perform strongly in FY 2026 with more than AUD 1.4 billion of significant contract extensions and new wins announced in both the surface and underground businesses.
In surface, we secured a AUD 792 million, three-year extension at Byerwen, a AUD 150 million contract at Wolfram Limited's Mount Carlton project, a AUD 32 million contract extension at Langkawi in Malaysia, and a letter of intent valued at AUD 190 million for open pit mining at Manuka Resources' Wonawinta project. Growth is continuing to accelerate in underground with several new work awards with both existing and new clients.
Our team secured a three-year contract at Kucing Liar with PT Freeport Indonesia, with the first year valued at AUD 36 million. We also secured an initial AUD 55 million contract for the Majestic Mine owned by Black Cat Syndicate, followed by an additional 12-month extension, a AUD 33 million contract at Kopra Project in Indonesia, and a letter of intent valued at approximately AUD 100 million for underground mining at Mount Carlton. Importantly, this momentum has continued into FY 2027. Since June 30, we have announced more than AUD 1.5 billion of new work. This includes a AUD 485 million, three-and-a-half year extension at Telfer with Greatland Gold, where Macmahon has been operating since 2015.
Our underground team has won a AUD 355 million, three-year contract at Mount Marion with Mineral Resources, a AUD 406 million, five-year contract at Snowy River in New Zealand with Endura Mining, marking our re-entry back into the New Zealand market. Then we're announced as the preferred mining contractor at Medallion Metals' Ravensthorpe project, valued at about AUD 240 million over three years.
The team also recently secured a two-year, AUD 98 million extension at Vault Minerals' Daisy Milano project and has been appointed to develop the exploration decline at the Groundrush project in the Northern Territory, which is managed by the Central Tanami Project Joint Venture, which is 50/50 owned by MGX Resources and Tanami Gold. Our civil infrastructure business won AUD 500 million in new work during FY 2026, increasing its revenue contribution to 25.8% of total group revenue and building momentum in the key three areas, being resources, renewables, and government infrastructure.
We're on track to achieve a targeted AUD 1 billion per annum in revenue by the end of FY 2028. The recent award by Transport for New South Wales of a AUD 50 million early works contract for the Elizabeth Drive and Mamre Road upgrades in Western Sydney is strategically important as it gives us a platform to expand and grow our offering in New South Wales and win more work in that market. Our team is now focused on securing larger work packages across all three of the above sectors, moving from AUD 50 million - AUD 100 million sized projects to the AUD 100 million - AUD 300 million range. For major state and federal government infrastructure projects, this will necessitate building stronger partnerships with tier one international infrastructure contractors, where we can collaborate on major projects to deliver some or all of the local content requirements.
I'm also excited about the potential to win more work in the resources space through our appointment on the Rio Tinto bulk earthworks panel. My confidence in the performance of our civil infrastructure team is underpinned by a strong pipeline of AUD 8.8 billion, of which AUD 5.1 billion is expected to be awarded in the next 12 months. Our acquisition of Decmil in 2024 brought a strategically important civil infrastructure capability to our service offering. Decmil has been integrated successfully and has contributed positively to growth and returns. We're actively working to build on this demonstrated success with further growth opportunities. Last month, we announced the strategic acquisition of Aspect Engineering Solutions, an engineering business which provides a scalable engineering and minerals processing growth platform.
On the October 20th, 2026, the ACCC provided its notification of waiver determination in which the ACCC confirmed that the acquisition of Aspect by Macmahon is not required to be notified. The acquisition of Aspect is strategically important because it expands Macmahon's participation across the mining project life cycle. Aspect adds engineering and minerals processing capability, broadens our addressable market, and introduces another capital-light earnings stream. Importantly, the transaction is expected to be earnings accretive from commencement while remaining consistent with our financial discipline and capital allocation framework. We already have projects such as Poboya, Nifty, and Mount Carlton where we are delivering a more comprehensive range of services to our clients. With the addition of Aspect, we expect to further expand this offering.
This will enable Macmahon to execute its growth strategy to be a more diversified service provider, and we anticipate making more targeted and strategic acquisitions of this nature as they become apparent. I warmly welcome the team from Aspect to the larger Macmahon family. I look forward to seeing them grow and, in the process, deliver for our customers and our shareholders. Another highlight for our corporate team was the strategic partnership agreement with Allcap Securities for the partial sale of the Homeground Accommodation Village in Gladstone, Queensland. Under this agreement, Macmahon will sell an initial 20% of our interest in Homeground, with the option to sell another 30% to Allcap by December 2029. Homeground is a non-core asset, and this deal enables us to monetize up to 50% of our interest in Homeground at book value. The Homeground transaction demonstrates our disciplined approach to capital allocation.
We have realized value from a non-core asset while retaining meaningful exposure to future upside. The transaction also establishes a strategic relationship that may create opportunities for Macmahon to participate in future infrastructure activity in the Gladstone region. Our people remain at the center of our strategy. Macmahon's workforce has grown to just over 10,000 employees across Australia, Indonesia, and Malaysia at the end of FY 2026. This will increase further with the integration of almost 300 new people from Aspect, the New Zealand team, and continued growth in the existing business. I'd like to add to Greg's important comments on safety with some of the important initiatives we have been driving. As Greg mentioned, the safety and wellbeing of our people is our top priority, and we remain committed to ongoing improvement in the workplace and psychosocial health and safety across the business.
There is a continued focus on refining the group critical risk framework to better reflect operating company and sector-specific risk profiles to improve the relevance of our critical controls and assurance activities. Our Strong Minds, Strong Mines program remains an integral part of our wellbeing strategy. It's designed to reduce mental health stigma and provide meaningful resources for employees and their families. The program has seen strong growth in engagement, and we remain committed to its ongoing delivery and improvement. Our Respect@Macmahon program also continues to make a positive impact across the business. Focused on building a culture of respect and inclusivity, it provides training tools and a clear framework to help prevent bullying, harassment, and discrimination in the workplace and address the growing need to provide psychosocial safety for all our employees.
The work in this space is critical to maintaining an engaged workforce, and we will continue to drive this with the Winning at Macmahon program to enhance the development of our future leaders. During FY 2026, we also launched our employee value proposition, or EVP, operating under the tagline Together Works. The EVP was a result of focus groups held at 15 sites across Australia and Indonesia, seeking input from our people on their experiences as Macmahon employees. The EVP brings together the experiences of our employees and aligns them to our values and our culture. We continue to invest in the development of our people. In FY 2026, our training programs delivered 18 graduates, six interns, 79 apprentices, 176 trainees, and 201 leaders through structured leadership training.
The disciplined execution of a consistent strategy has been critical to Macmahon's track record of sustained revenue and earnings growth delivery over the past decade. Macmahon's strategy maintains a focus on diversifying the earnings mix and optimizing the capital intensity of the business to deliver stronger underlying margins, cash flow generation, and ROACE, and ultimately increase return to shareholders. At the start of FY 2026, we laid the foundations for our next five-year strategy, and at its core is the development and expansion of a comprehensive service offering that spans the entire mining value chain. This addresses every stage of the mining life cycle from early-stage concept development, feasibility studies, detailed design and engineering, mine planning, minerals processing, and optimization through to plant maintenance and operation shutdown, and remediation work.
Our belief is that our clients will see value in engaging us to provide some or all of these services, and in doing so, will see Macmahon as a true long-term business partner. We already provide surface and underground mining and civil infrastructure services, and with the addition of a comprehensive engineering capability, thanks to our acquisition of Aspect, we will increase the size and scale of our addressable market. We can now more deeply understand and support our clients to achieve their priorities whilst generating operational synergies and cost savings. The increase in addressable markets and expanded service offering enables a more diversified business model, improved resilience, and further risk mitigation. Importantly, this blended business provides the opportunity to deliver a more balanced set of financial metrics in the longer term. Before I conclude with the outlook, I would like to recap Macmahon's capital allocation policy.
Our policy continues to reflect the importance of balancing dividend payments to our shareholders and retaining financial flexibility to enable the continued execution of our growth strategy within our self-imposed gearing limits. The charts on the slide show Macmahon's track record, and you can see that we have managed to reduce our debt to below pre-Decmil levels, while simultaneously growing earnings per share and dividend returns to shareholders. We are well-positioned to continue this policy, and this is evidenced by the board's decision to increase the targeted dividend payout ratio to between 35% and 45% of underlying earnings per share in FY 2027. This has been a result of our focus on strategic growth but also achieving strong business performance and disciplined cost management and delivery for our clients.
The company has entered FY 2027 with a healthy balance sheet and positive earnings momentum underpinned by a robust order book of AUD 5.9 billion, including AUD 2.2 billion already secured for FY 2027. The AUD 25 billion tender pipeline coming into the year provides a clear longer-term pathway to deliver continued growth in earnings and cash flow. I am happy to reconfirm our guidance for FY 2027 is revenue of between AUD 2.85 billion and AUD 3.05 billion and underlying EBITA of between AUD 205 million and AUD 225 million. As is the case in previous years, this year, we expect it to be second half weighted.
As always, we will remain focused on delivering value to our clients and shareholders, while also prioritizing the safety and well-being of our people and the environment. The company is well-positioned for future success with a strong focus on executing and delivering its strategic growth objectives.
I'd like to close by thanking all of our stakeholders, shareholders, and clients for their ongoing trust and support. I'd like to join Greg in acknowledging the crucial contribution and support of the entire Macmahon team in delivering a year of record earnings growth and strong operational performance. On behalf of myself and the executive management team, I'd like to acknowledge and thank the board for their ongoing support. I'll now hand back to Greg.
Thank you, Mick. As mentioned earlier, voting on the resolutions will be conducted by way of a poll. I would like to advise everyone that I am holding undirected proxies in my capacity as Chair, and it is my intention to vote all such proxies in favor of all resolutions. We will now begin the ordinary business of the meeting. The first item of ordinary business deals with the financial and other reports of the company. The Corporations Act and Macmahon's constitution require Macmahon to provide its financial reports, sustainability report, the Directors' report, and the Auditors' report for FY 2026 before the meeting. Hard copies of these have been sent to the shareholders who have requested them and are also available on the company's website. I now invite shareholders to ask questions or comment on the company's financial and other reports.
Questions may also be asked of the auditor in relation to the conduct of their audit or in relation to the preparation of the financial statements. Maha, as Company Secretary, can you please read out any online questions regarding this item?
Chair, we have one question on this item, and it's as follows: In note 17, there's a mention of factoring AUD 34 million worth of debtors. The comparative figure for 2025 was zero. Can you please explain why debtors were factored this year? Also, was this tied to the reversal of the provision for doubtful debts of AUD 4.5 million?
Thank you, Maha. I will pass that question to our Chief Financial Officer, Ursula Lummis.
Thank you, Greg. Thank you for the question. Just to highlight, it was not related to the reversal of that doubtful debt. The trade receivables program was put in place to facilitate for contracts where we have a 45 days debtor timeline. It was a new option that was provided to Macmahon as part of our SFA facility, and therefore, we have commenced using it for any receivables extended beyond 30 days, which are normal payment terms.
Just bring them back to 30 days.
To bring them on to 30 days only, correct.
Yeah. Thank you, Ursula. I trust that answers that shareholder's question, and thank you for your question. As there are no further questions and no resolution is required, we will now move to the items of ordinary business that require voting. The next item of business asks shareholders to adopt the company's remuneration report for FY 2026. I draw your attention to the motion shown on the screen. Under the Corporations Act, listed companies are required to include as part of their directors report, a remuneration report which includes specified information. The Corporations Act also requires that companies put to shareholders a resolution that the report be adopted. The directors have prepared a remuneration report for FY 2026, and it is included on pages 126 - 145 of the 2026 annual report. Maha, can you please read out any online questions regarding this item, if any?
There are no questions regarding this resolution.
All right. Thank you, Maha. As it appears there are no further questions, or additional questions, unless there is an objection, I will take the motion as being read and refer you to the screen for details of the proxies received. As an ordinary resolution, this resolution is required to be passed by at least 50% of votes cast. Whilst this is a non-binding advisory vote of shareholders, the views and comments of shareholders will certainly be considered by directors when further considering remuneration matters. The board recommends that shareholders vote in favor of this resolution. I note that a voting exclusion applies to this resolution, as set out in the notice of meeting, and the company will disregard votes in accordance with this voting exclusion. I now put the resolution to the meeting. If you haven't already done so, please now cast your vote on this item.
I will now move to the next item of business. The next item of business that requires voting is the re-election of Ms. Suzan Pervan as a Director and refer you to the screen for details of Suzan's qualifications and experience. These are also set out in the notice of meeting and the company's 2026 annual report. I draw your attention to the motion shown on the screen. Maha, can you please read out any online questions regarding this item?
There are no questions regarding this item.
Thank you, Maha. As there are no questions, unless there is an objection, I will take the motion as being read and refer you to the screen for details of the proxies received. As an ordinary resolution, this resolution is required to be passed by at least 50% of votes cast. The board, with Ms. Pervan abstaining, recommends that shareholders vote in favor of Resolution two. I now put the resolution to the meeting. If you haven't already done so, please now cast your vote on this item. I will now move to the next item of business. The next item of business that requires voting is the re-election of Mr. Tom Quinn as a Director and refer you to the screen for details of Tom's qualifications and experience. These are also set out in the notice of meeting and the company's 2026 annual report.
I draw your attention to the motion shown on the screen. Maha, can you please read out any online questions regarding this item, if any?
There are no online questions regarding this item.
Thank you, Maha. As there are no questions, unless there is an objection, I will take the motion as being read and refer you to the screen for details of the proxies received. As an ordinary resolution, this resolution is required to be passed by at least 50% of votes cast. The board, with Mr. Quinn abstaining, recommends that shareholders vote in favor of Resolution three. I now put the resolution to the meeting. If you haven't already done so, please now cast your vote on this item. I will now move to the next item of business. The next item of business that requires voting is the re-election of Mr. Arief Sidarto as a Director and refer you to the slide for details of Arief's qualifications and experience. These are also set out in the notice of meeting and the company's FY 2026 annual report.
I draw your attention to the motion shown on the screen. I invite any questions or comments from shareholders regarding this resolution. Maha, can you please read out any questions regarding this item, if any?
There are no questions regarding this item.
Thank you, Maha. As there are no questions, unless there is an objection, I will take the motion as being read and refer you to the screen for details of the proxies received. As an ordinary resolution, this resolution is required to be passed by at least 50% of votes cast. The board, with Mr. Sidarto abstaining, recommends that shareholders vote in favor of Resolution four. I now put the resolution to the meeting. If you haven't already done so, please now cast your vote on this item.
The next item of business that requires voting is to increase in the maximum aggregate amount of remuneration that may be paid to Non-Executive Directors for their services be increased by AUD 200,000 from AUD 1,300,000 per annum to AUD 1,500,000 per annum. I draw your attention to the motion shown on the screen. I invite any questions or comments from shareholders regarding this resolution.
Maha, can you please read out any questions online?
There are no questions online about this item.
Thank you, Maha. As there are no questions, unless there is an objection, I will take the motion as being read and refer you to the screen for details of the proxies received. As an ordinary resolution, this resolution is required to be passed by at least 50% of votes cast. Given the interest of the Non-Executive Directors in this resolution, the Board makes no recommendation in relation to Resolution five. A note that a voting exclusion applies to this resolution, as set out in the notice of meeting, and the company will disregard votes in accordance with this voting exclusion. I now put the resolution to the meeting. If you haven't already done so, please now cast your vote on this item. As there are no other items of ordinary business, I will now conclude 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 resolutions, and I will pause to allow you time to finalize your votes. I now declare the poll closed on all items of business. At an annual general meeting, shareholders may 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 with an opportunity to ask any questions that you may not have been able to ask earlier. Maha, are there any online questions?
There are no online questions.
Are there any online verbal questions?
There are no verbal questions either.
Okay, thank you very much. Thank you to 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 business has been notified to shareholders in accordance with the company's constitution, this now concludes the business to be dealt with at today's meeting. Your support and interest in Macmahon's affairs are greatly appreciated by the board, and I thank you for joining us today. I declare the meeting closed.