Good afternoon, everyone. Thank you for coming. Welcome to the 2023 Annual General Meeting for the Metarock Group. Whether you're attending today live or whether you're here online with us at the platform provided by our share registry Link Market Services, I welcome you here already. My name is Jon Romcke. I'm the Executive Chair of the board of your company and the chair of this meeting today. It's now 3:00 P.M., the appointed time of the meeting, and the necessary quorum is present, and I declare the meeting open. I'd like to start by respectfully acknowledging the traditional owners on the land that this event is taking place, and that's the Turrbal and the Jagera people in this area, both past and present.
I recognize those who are engaging in efforts to protect and to promote the Aboriginal and Torres Strait Islander cultures, to leave a lasting legacy for future elders and leaders of our communities. As stated in the notice of meeting, this is a hybrid meeting. Metarock is strongly committed to innovation in our businesses. We're very pleased that our shareholders can participate in this meeting conveniently, comfortably, and safely, wherever they are in the world. Before we proceed with the meeting, I have some housekeeping points for those in attendance at the venue in Brisbane. Please switch all your mobile devices to silent mode or turn them off, and don't accept calls during the meeting. Recording devices and cameras must not be used during the meeting.
In the event of an emergency, please follow the exit signs that are in this building and the instructions of the staff who man this venue, and they'll be very active in making sure we escape in the right direction. Let me go through the agenda today. It is set out in the notice of the meeting that was dated the 13th of October 2023, released through the ASX platform and made available to all shareholders on the company's website in the manner required by the Corporations Act. For this meeting, the notice of the meeting, which includes the accompanying explanatory statement, I take it, as read, and we'll proceed as follows.
Firstly, I'll present my address and talk, which will be released through the ASX or has been released prior to the commencement of this meeting. Jeff Whiteman, our CEO, will also address the meeting. I'll then address any questions that were sent through prior to the meeting, and then we'll proceed with the formal business of the meeting, as set out in the notice of the meeting. We ask shareholders to participate by asking questions or making comments relevant to each item of business as we go through the voting on each resolution. At the conclusion of formal business, I'll close the polls and close the meeting. The results of voting will be collected and processed by our share registry Link, and we will announce the results of the meeting on the ASX platform, as soon as they are available. I table the minutes of the company's last AGM, held on the 29th of November, which were approved by the board and signed by the chairman at the time as a correct record of that meeting. A copy of the minutes are available for review by shareholders at this meeting if someone so wishes.
I'd like to introduce our directors, our auditor, our senior executives, who are in attendance today. I'm attending and chairing this meeting in Brisbane, and with me are my non-executive directors, Andrew Ritter. We have our legal advisor, Andrew Hay, and Clayton Barrett from Clayton Utz. Jason Evans, our lead auditor partner from the auditors Pitcher Partners, is joining us and available to answer questions of the reported losses that the company recorded in the 2023 financial year.
I'm heartened to see improvements in safety and financial results are starting to show. We recently published our quarterly report for the end of September 2023, and the underlying, the EBITDA and the underlying cash flow performance demonstrate that our four key businesses, Mastermyne, PYBAR, MyneSight, and Wilson Mining, are all fundamentally sound businesses. Unfortunately, last year, they experienced a period where multiple adverse situations were realized almost concurrently. Without the impact of these difficult and onerous contract situations, the board and management are cautiously optimistic for the future and firmly confident in our ability to restore the company's long-term profitability. I'd like to thank Jeff Whiteman on my right, who joined Metarock late November 2022 as our Chief Financial Officer.
Jeff has shepherded the company through a very difficult time, taking up the reins as interim CEO in June 2023 along the way, and implemented a turnaround power plan to steady the business. I'll shortly hand the microphone to Jeff, who'll describe our safety and financial performance in more detail. I also thank Matt Latimore and the M Resources Group, who is part of the turnaround plan for Metarock, made a substantial equity investment, with that assistance that-- and stabilized the company. As we move forward, we can look to take advantage of the growth opportunities coming up in our exciting industry. I know that M Resources is also very excited about our business and the growth opportunities for us moving forward, and, particularly as we see some of the major companies exiting the coal space.
I'm very pleased to report that both Mastermyne and PYBAR have been successful in winning new contracting works in New South Wales and Tasmania, respectively, that are material and substantial. The details were recently shared on the ASX platform. I also share that our MyneSight business has captured new business in the last three months from the CQ University, Ok Tedi, and a number of coal mines throughout the region. Wilson Mining has been very successful in supporting the longwall operations of many of our clients to assist with ground consolidation activities. The outlook for new underground work over the next 12 months is very strong, both from existing clients and also potential new clients, who will soon be developing underground mines that are clearly in their plans and business initiatives.
I believe there will be at least three or four new underground coal mines, and at least three underground mines in the metalliferous space, all developed in the next two or three years as I look at people's project profiles across the platform. I was also excited that at PYBAR, we're constructing raise bore shafts at the Kidston Pumped Hydro Project near Cairns, a great renewables project in Queensland. I'm keen to see PYBAR is also participating in possible developments of underground mines, future for the critical minerals industry in Australia, which has a lot of talk in the platform at the moment. All are needed to support the energy transition of the future and renewable energy and electric cars, having a clear focus. It's a great diversification for our business. I sincerely thank the other members of your board of directors.
We have a board that understands the gravitas of our responsibility to shareholders, that will strive to deliver returns and in a safe and responsible way. I thank our key customers and clients, and I trust their trust will be maintained and earned over the next couple of years. Special thanks go to our key managers and supervisors and all our employees. I keep reiterating that Metarock is a people business more than anything, and the interaction and support for each other within the business is what drives great and safe performance, and enables us to keep on keeping on and keep safe. I'd like to hand over to Jeff Whiteman to make a few comments. Thanks, Jeff.
Thank you, Jon, and good afternoon, everyone. The 2022 AGM, held just under a year ago, was my first day with the Metarock Group. Looking back, we've certainly been on a pretty challenging journey. However, I'm pleased to be standing here, confident in the knowledge that the company is now in a far better position. The first half of the financial year was impacted by a number of legacy challenges, most notably the two whole of mine projects and certain underperforming PYBAR projects, capped by further losses from a client entering administration in October 2022. A third of the business was still grappling with the aftermath of the dual tragedies, through which two of our work colleagues had suddenly lost their lives. It was imperative that a robust turnaround plan be devised and effected without delay.
This plan was articulated by Christmas 2022, and each milestone has since been steadily achieved. The plan to recapitalization of the group was achieved via an AUD 25 million placement to the M Resources Group in May 2023, together with a material reduction in debt, which had peaked at over AUD 126 million as at 31 December, including over AUD 20 million out of the ATO. Net debt at 30 September 2023, was AUD 50 million lower at AUD 76 million, and the ATO will be fully repaid later this month. Further, we've extended our Westpac working capital facilities through to September 2024. Even more important than our financial reset has been our safety reset, and here the key indicators are trending positively. There's more work to be done, and in this regard, Metarock's commenced an integrated groupwide program with the core theme of elevating safety performance.
We're already seeing the benefits from this approach, and are pleased that some of our major clients are similarly aligned and actively engaging with us on a deeper level. Evidence of the group's challenges are reflected in the loss after tax for the year of AUD 74 million, despite delivering revenue of AUD 514 million, up 14% on the prior year. The result is very much a story of two halves. The first half generated normalized EBITDA of AUD 8.8 million, impacted by operating losses on legacy projects, including Crinum and Thalanga. On a statutory basis, the first half was also impacted by a AUD 25 million impairment in relation to intangible assets that arose on the acquisition of PYBAR. The second half achieved normalized EBITDA of AUD 29.7 million, supported by high demand for Wilson's products.
Necessary to achieving the recapitalization noted earlier, was the exit from certain contracts to close out contingent liabilities and position the group for positive earnings going forward. These actions are reflected in the second half earnings, with this favorable trend continuing in the current year, resulting in first quarter EBITDA of AUD 12.9 million. Today, Metarock is focused on its core businesses of Mastermyne and PYBAR, Wilson Mining and MyneSight, and delivering a safe environment for our employees and quality outcomes for our clients. While competition for skilled people is stiff and the sector is dealing with rising costs, we are seeing continued demand for our services, supported by favorable market tailwinds. With a refocus on core business and elimination of distractions from legacy issues, our people are once again fully engaged and committed to the success of our projects and clients.
Our brands are well known and respected by many in the industry, providing a competitive edge in seeking to attract and retain the best. We can look forward, we can look into the future with confidence. For the balance of the current year, we have a strong order book and an enviable portfolio of projects. Climate change responses and the carbon transition will drive changes to all sectors. Metarock is well positioned for this transition, with Mastermyne playing a key role in metallurgical coal, essential for the production of wind turbines, solar panels and electric vehicles.... And PYBAR is engaged in its first renewable energy projects, as well as critical, mineral opportunities adding to its pipeline. We remain focused on providing safe and rewarding careers for our people, and we will continue to deliver industry-leading service and products for our clients.
We will seek opportunities to invest and grow, but we will apply the lessons learned to ensure that we remain a stable, well-managed industry participant for years to come. In closing, I would like to thank our whole team across the group, including Mastermyne, PYBAR, Wilson Mining, and MyneSight, together with our valued clients, our lenders, and you, our shareholders, for your ongoing support of Metarock Group. Thank you.
Very good. Thanks, Jeff. We get to the meeting formalities now, and that we will run through each of the resolutions mentioned in our notice of meeting. Before we do that, I'll outline the procedures for voting at this meeting. In accordance with the company's constitution, as set out in the notice of meeting, we've determined that voting on each resolution will be conducted by poll rather than a show of hands. I'll now declare open the poll on each resolution, and people can vote. The polls will close five minutes after the close of the meeting, so if you've not completed your voting, cards and submitted your vote by the close of meeting, please do so as quickly as possible after the close of the meeting. I'll shortly touch on procedures for voting at this meeting.
I've appointed Mrs. Rachel Teale of Link Market Services, the company share registry, as the Returning Officer for all polls conducted at this meeting. The result of the poll on each resolution will be declared and released to the ASX later today. We've adopted some other procedures to ensure that the views of as many of our shareholders as possible are represented at the meeting. Only shareholders, proxy holders, or appointed representatives are entitled to speak or vote at this meeting. Only shareholders who are entitled to vote at this meeting may cast a direct vote on a resolution. The majority of the proxies received appoint the chair of the meeting. On each resolution, I will vote directed proxies as directed and as stated in the notice of the meeting where authorized. I will also vote undirected proxies in favor of the resolution.
Where there is a potential conflict of interest regarding myself, I'll stand aside and ask our prior interim chairman, Mr. Murray Smith, to manage the voting procedures. Thank you, Murray. As we consider each proposed resolution, I'll disclose the direct voting and proxy voting directions that the company's received for that resolution prior to the meeting. Registration and voting. Shareholders and proxy vote holders attending at the venue will cast their votes by filling out the paper voting card they received when they registered their attendance at the door. If you are registered with a yellow voting card, you are a voting shareholder, a proxy holder, or if you are registered with a blue card, you are a non-voting shareholder. While you are entitled to ask, you are not entitled to vote at this meeting.
If you are registered with a red card, you are a visitor card, you are a visitor, and you're not entitled to speak or vote at this meeting. Your completed voting cards will be collected at the close of the meeting for inclusion in the polls. If there is anybody at the Brisbane venue, whether shareholder, proxy holder, or visitor, who is not registered, please see the share registry representative at the registration desk immediately, which is just outside. Okay, if you're online, at the bottom of the webpage, there are three boxes that invite you, one, to get a voting card. Two, to ask a question. Three, download the AGM notice of meeting, the 2023 annual report, and the virtual meeting online guide.
The Ask a Question and Get a Voting Card buttons are replicated at the top of the webpage, and you should be able to see that on your screens. If you are participating in the meeting online and entitled to vote, you can cast a direct vote using the electronic voting card that you receive when you validate your holdings. You validate your holding by clicking on the Get a Voting Card button on the virtual meeting platform, and then providing your SRN or HIN in the shareholder number field when requested. If you have any questions about casting your vote online, please refer to the online platform guide, or call the number set out in the guide or on the screen in front of you, and I believe Link will respond and try and answer your question and sort out your issue as soon as possible.
Any technical issues? If we re-experience any technical issue or delay today, a short recess or an adjournment may be required, depending on the number of shareholders being affected. If this occurs, I shall advise the meeting accordingly. We value your questions and comments. At each item of business at this Meeting of Shareholders, authorized representatives and shareholders are invited to ask questions or make comment relative to that item of business. We ask you to do so respectfully. If you are attending at the venue and holding a yellow or blue card, please raise your hand at the appropriate time. When invited to speak, please identify yourself to the meeting. This year, shareholders can again ask questions online during the meeting, and we also have functionality to allow shareholders to dial in and ask questions by voice.
How to ask a question on the phone? To utilize this teleconference facility, you must use the unique phone PIN provided to you by Link Market Services. If you don't have a phone PIN and would like to ask a question via the phone, please contact Link on 1-800-990-363 now to get your PIN, and that'll facilitate you to- you participating via teleconference. Once you have your PIN, dial 1800 941 125 or +61 2 9189 865 to access the teleconference facility. You'll be asked to mute, mute all your devices, including your computer, and listen to the meeting by phone. To ask a question by phone, dial star one on your phone keypad when we reach the item of business to which your question relates.
You'll be put into a queue, and at the relevant time, the teleconference moderator will introduce you and prompt you to ask your question before unmuting your line. If you are participating as a shareholder or proxyholder registered on the online meeting platform, you can submit your question now by selecting the Ask a Question tab. If you have not obtained your electronic voting card, you'll be prompted to provide your share number, i.e., your SRN or HIN, before you can proceed. I will consider the questions submitted online after I've taken questions from the floor and the phone facility. Out of fairness to everyone present, I encourage shareholders who are participating in this AGM online to submit your questions now, so we can schedule your questions to be answered when the related item of business is being considered.
For shareholders who are attending at the venue in Brisbane or on the phone, I ask that you submit your questions or comments one at a time and restrict them to the item or the resolution that is under consideration at the time. As chair of the meeting, in the interests of the meeting as a whole, I may rule the question to be out of order if it does not pertain to the business of this meeting. Before commencing the items of business being put to shareholders today, we received questions in advance from a shareholder who... And I will address it now, if there are any. No, none received. Thank you. So it's fairly laborious. Sorry about all that, people, but that's something important that we need to go through so that everyone who's not here today can participate effectively.
Ladies and gentlemen, the first item of business at this meeting is to receive and consider the company's annual financial report. The financial statements, the directors' report, and auditors' report for the year ended 30th of June, 2023, were approved by directors and audited and released through the ASX platform. These reports have been publicly available on both the ASX website and the company's website for many weeks, and a copy was sent to any shareholder who specifically requested a paper copy. For this meeting, both the annual financial report and the annual report is taken or is received and read. Under the Corporations Act, the annual financial report is now formally presented to you, the shareholders, at this meeting.
While no resolution is required and no resolution is proposed in relation to the annual financial report, the Corporations Act allows shareholders the opportunity at this meeting to ask questions or make statements about the accounts, the audit, and company management. So I now invite questions on the accounts and the reports, including any question relevant to the audit. If a question is relevant to the audit or otherwise appropriate for the auditor, I'll ask our auditor representative to respond, and that's Jason. Are there any questions from the floor today? No questions asked. Are there any questions from shareholders participating via the telephone facility or the virtual meeting platform on this item of business?
No questions, Chair.
Thank you, Mr. Secretary. Any further questions? With no further questions, we'll move on to the resolutions of the meeting. There are 11 proposed resolutions. We'll discuss and vote on each resolution in turn. Resolution 1 is the adoption of the remuneration report. Resolution 1 is advisory only and does not bind the directors or the company, but the board will suffer a strike if at least 75% of votes cast on the resolution are not in favor. The remuneration report detailing the company's approach is part of the 2023 annual report. For this meeting, the remuneration report is taken as read. The background to and purpose of Resolution 1 are set out in the explanatory statement. Voting exclusions. Under the Corporations Act, no director or other key management personnel named in the remuneration report, and no closely related party of any of them can vote on Resolution 1. The recommendation.
As Resolution 1 relates to matters including remuneration of the directors, the board, as a matter of corporate governance and in accordance with the spirit of Section 250R(4) of the Corporations Act, makes no recommendation in relation to this resolution. On our proposed Resolution 1, the adoption of the company's remuneration report for the financial year ending 30th of June, 2023. You can also see on your screens the results of the proxy votes. Is that what you call them, Andrew? The proxy votes that have already been registered for this resolution. Are there any questions regarding the remuneration report? There's no questions from the floor. Are there any questions from shareholders participating via the phone facility or the virtual meeting platform on this item of business? And I'm advised there's no questions lodged for the meeting.
As there are no further questions, please now mark or select your vote for Resolution 1 on your voting card, if you have not already done so. Thank you. Resolutions 2, 3, and 4, we're going to group together. It's about the election of directors. ASX listing rules and the company's constitution require an election of directors each year and require directors to retire no later than three years after appointment, or at the third AGM following your appointment, whichever is the longer. Mr. Andrew Watts, on my left, was re-elected by the company shareholders at the AGM last year, so he's not up for election. The company's other three directors, Murray Smith, Peter Barker, and myself, were appointed during the year and are required to be elected by shareholders, and as we are currently filling a casual vacancy until the shareholders deal with the election.
I'll run through the next three resolutions and then propose each of the resolutions together, along with any questions from the floor. Resolution 2: elect Mr. Murray Smith as Director. Mr. Smith was first appointed a non-executive director of the company and was elected on the 2nd, 22nd of May, 2023. Details of Murray's background and experience are contained in the explanatory memorandum to the notice of meeting. Since his appointment, and up till the 6th of September, 2023, Murray was appointed as the company's acting chair. Murray is currently the chair of the Remuneration and Nomination Committee and a member of the Audit and Risk Management Committee.
The board, with Mr. Murray Smith abstaining, unanimous of Murray Smith as a director of the company, and that shareholders vote in favor of Resolution 2. I'm pleased to propose Resolution 2, the election of Mr. Murray Smith as a director of the company, and the details of the proxy votes are shown on the screen. It looks like Murray's elected. Resolution number three, election of Jon Romcke. As this relates to myself, I'm gonna ask Murray Smith to conduct this part of the meeting, as Murray was our previous interim chairman and is used to doing these things. Murray Smith, thank you.
Thanks very much, Jon. Details of Jon's background and experience are contained in the explanatory memorandum to the notice of meeting. Jon was appointed to the board as Executive Chair on 6th September 2023, and is a member of the Remuneration and Nomination Committee and a member of the Audit and Risk Management Committee. The recommendation, the board, with Mr. Romcke abstaining, unanimously recommends the re-election of Jon Romcke as a director of the company and that shareholders vote in favor of Resolution 3. I'm pleased to propose Resolution 3, the election of Jon Romcke as a director of the company. Details of the proxy votes for Resolution 3 are now shown on the screen.
Thank you, Murray. Resolution 4, elect Mr. Peter Barker as a director. Mr. Barker was first appointed as a non-executive director of the company and was elected on the 6th of September, 2023. Details of Peter's background and experience are contained in the explanatory memorandum to the notice of meeting. Since his appointment, and up till the 6th of September, 2023, Peter is chair of the Audit and Risk Committee and a member of the Rem... That doesn't quite make sense. Since his appointment, Peter is the chair of the Audit and Risk Committee and a member of the Remuneration and Nominations Committee. The recommendation of the board, with Pete, Mr. Barker, abstaining, unanimously recommends the re-election of Peter Barker as a director of the company and that shareholders vote in favor of Resolution 4.
I'm pleased to propose Resolution 4, the election of Peter Barker as a director of the company, and details of the proxy votes for Resolution 4 are shown on the screen. Congratulations, Peter. Are there any questions in relation to Resolutions 2, 3, and 4 from the floor of the meeting? Are there any questions from shareholders participating via the telephone facility or the virtual meeting platform regarding Resolutions 2, 3, and 4?
No questions, Jon.
Thank you. Any other further questions? If you haven't already voted, now please mark your votes for Resolutions 2, 3, and 4 on your voting card if you've not done so. Thank you. Resolutions 5, 6, and 7 deals with the remuneration of directors. The company proposes to issue fully paid ordinary shares in the company under an employee incentive scheme to the non-executive directors, Murray Smith, Peter Barker, and Andrew Watts, or their respective nominated associates, subject to shareholder approval. As detailed in the explanatory memorandum to the notice of meeting, the company proposes to issue ordinary shares to the value of AUD 20,000 to each non-executive director based on the VWAP of the Metarock shares from July 1, 2023 to September 30, 2023, being AUD 0.1306 per ordinary share, that being 153,095 ordinary shares each. Resolution 5 is the approval to issue ordinary shares to Mr. Murray Smith.
I'm pleased to propose Resolution 5, the approval of ordinary shares to Mr. Murray Smith, and the details of the proxy votes for Resolution 5 are shown on the screen. Resolution number 6: approval of ordinary shares to Mr. Peter Barker. I'm pleased to propose Resolution 6, the approval to issue ordinary shares to Mr. Peter Barker. Details of the proxy votes for Resolution 6 are now shown on the screen. Thank you. Resolution 7: approval to issue ordinary shares to Mr. Andrew Watts. I'm pleased to propose Resolution 7, the approval to issue ordinary shares to Mr. Andrew Watts. Details of the proxy votes for Resolution 7 are shown on the screen. Are there any questions in relation to Resolutions 5, 6, and 7? Are there any questions from shareholders participating via the phone facility or the virtual meeting platform on Resolutions 5, 6, and 7?
No questions.
Thank you, Mr. Secretary. All right. As there are no further questions, please mark your votes for Resolution 5, 6, and 7 on your voting card, if you've not already done so. Thank you, everyone. Okay, I'm gonna move to Resolution 8, and again, pass this over to Mr. Murray Smith to conduct this part of the meeting. Thank you, Murray.
Thank you, Jon. Resolution 8 is approve proposed issue of performance rights to Executive Chairman, Mr. Jonathan Romcke, or his nominee. Resolution 8 proposes an issue, as I say. These performance rights are designed to provide a reward and incentive for Jon's services and contribution to the group's future growth and success. The terms on which the rights were offered to him this year are described in the explanatory statement that accompanied the notice of meeting. There's a voting exclusion. Under ASX Listing Rules, neither Jonathan Romcke nor his associates, nor any other director who may be eligible to participate in any employee incentive scheme of the company, nor their associates, can vote on this resolution. Recommendation.
The board, with Mr. Romcke abstaining, believes that the proposed issue of performance rights to Mr. Romcke or his nominee is in the best interest of the company and unanimously recommends the shareholders vote in favor of Resolution 8. I now propose Resolution 8 as an ordinary resolution. Authorization to issue 4,514,868 performance rights under the Metarock Group Limited Employee Performance Right Plan to Mr. Jon Romcke or his nominee, on the terms set out on the notice of meeting. Are there any questions from the floor? Are there any questions from shareholders participating on via the phone facility or the virtual meeting platform on this item of business?
No. Thank you, Murray. Resolution 9 is the renewal and approval of future issues of securities under the Metarock Performance Rights Plan. The company seeks shareholders' approval under Exception 13(b) in the ASX Listing Rule 7.2 for the company's Employee Performance Rights Plan, and for future issues of securities under the plan. The plan is an employee incentive scheme under the ASX Listing Rules. A summary of the plan is detailed in the explanatory memorandum at the notice of meeting. The board unanimously recommends the proposed renewal of the company's performance rights plan and that shareholders vote in favor of Resolution 9. I now propose Resolution 9 as a special resolution to approve the renewal of the Metarock, Metarock Performance Rights Plan. Are there any questions from shareholders from the floor?
Are there any questions from shareholders participating via the telephone facility or the virtual meeting platform on this item? No, n one recorded. Very good. Details of the proxy votes for Resolution 9 are provided on the screen, and as there are no further questions, please now mark your selected vote card for Resolution 9, if you've not already done so. Thank you. Resolution 10 deals with the approval of an additional 10% placement capacity. Under Resolution 10, your board asks shareholders to renew the company's additional 10% placement capacity to issue new shares, should we need to do so, to assist with our growth strategy. This approval is only valid for 12 months, and after that time, any further extension of this additional share placement capacity will require shareholder approval once again. Voting exclusions.
The company will disregard any votes cast on Resolution 10 by any person and their associates who may participate in the placement facility or might obtain a benefit from Resolution 10 being passed. The board believes that the renewal of additional 10% placement capacity is in the best interest of the company and unanimously recommends that shareholders vote in favor of Resolution 10. I now propose Resolution 10 as a special resolution that the company have the additional capacity to issue equity securities provided for in ASX Listing Rule 7.1A, as described in the explanatory statement. Are there any questions from the floor to this resolution? Are there any quick questions from shareholders participating via the phone facility or the virtual meeting platform? The answer is no. Thank you, shareholders.
Details of the proxy votes for Resolution 10 are shown on the screen, and as there are no further questions, please now mark and select your vote on Resolution 10 on your voting card, if you've not already done so. Thank you. Resolution 11: Approval of the increase to the Non-Executive Director Remuneration Pool. Under Resolution 11, the company is seeking shareholder approval at this 2023 AGM of an increase in the remuneration pool by AUD 100,000, from AUD 500,000 to AUD 600,000. This amount may be divided among the Non-Executive Directors in such proportion and manner as the board agrees. I now propose Resolution 11 as an ordinary resolution that the Non-Executive Director Remuneration Pool is increased by AUD 100,000 to AUD 600,000. Are there any questions from the floor?
Are there any questions from shareholders participating via the phone facility or the virtual meeting platform on this item of business? The answer is no. Details of the proxy votes for Resolution 11 are shown on the screen, and as there are no further questions, please now mark or select your vote for Resolution 11 on your voting card, if you've not already done so. Thank you. Okay, other business. There is no other business on the agenda for this meeting, so I now move to close the meeting. Before doing so, I remind all in attendance, whether at the meeting venue in Brisbane or online, that the polls will close 5 minutes after the close of the meeting. Please complete your voting cards and submit your vote as quickly as possible.
Shortly, the yellow voting cards will be collected from shareholders in attendance, so that those votes can be included in the poll for each resolution, which is managed by Link Market Services. For shareholders who voted via the virtual meeting platform, please finalize your votes for each of the 11 resolutions and click on the Submit Vote button at the bottom of each respective electronic voting card to submit your votes. You only have 5 minutes following the close of the meeting to finalize and submit your votes. I must introduce also to the meeting Mr. James Glover from PYBAR. I admitted to introduce James at the start of the meeting, and I apologize that for James. You were hiding behind another big head in the way. Yes, Joseph, you can look around.
Thank you for your participation and attendance today, everyone. For those in Brisbane, thanks for taking the time to join us in person. We enjoy meeting you, and we'll be available for informal questions after the meeting. To shareholders and visitors participating online, we're pleased that our technology enabled your attendance today, and thank you for joining us. I now declare this meeting closed. Enjoy your day. Thank you very much.