Well, good morning, everybody. Thank you for stepping out for the AGM of Redox, and welcome. My name is Ian Campbell. I'm the Chair of the company and have been since the company floated in 2023, and very pleased to see you here today. Just after 11:00 A.M., I'll inform the Company Secretary that we've got a quorum present. Pleased to declare the meeting open. As for the agenda, the format of the meeting will commence with a brief introduction of my fellow board members and company representatives, then pass over to CEO Raimond to provide an overview of the company, and we'll progress to the formal business of the meeting, allowing time for questions on the way through.
Introductions. We've got here Raimond Coneliano, the Managing Director and CEO. Renato beside him, the Executive Director and Marketing Manager. Mary, the Incoming Chair and Non-Executive Director. Garry Wayling, a Non-Executive Director. We've got my friend, the CFO, or sometime friend, Kim Yap. Company Secretary, Erika, of course, and Sheila [Lines]. Sheila is the new Director, and we'll say hello to Sheila, wherever you are.
Just a few comments on my role as the Chair. This has all been sent to the ASX already, but I will just go through it so everybody is fully aware of what I was saying. It has been another strong year for Redox, with the company achieving record revenue and a strong profitability despite the subdued operating environment. Sales revenue growth was primarily organic and volume based, as higher replacement prices only started to be felt during Q4. Gross profit margins increased as product mix improved, and we were rewarded for helping clients navigate more volatile market conditions. As a result, I'm pleased to say we delivered a 20% increase in earnings per share.
For FY 2026, the Board declared total dividends of AUD 0.13 per share, 4% higher than FY 2025, representing 74% of net profit after tax, which is comfortably within our stated dividend policy of 60%-80%. While our business continues to deliver consistent returns, we recognize future growth will not come from business as usual alone. Although no acquisitions were completed during FY 2026, I can assure shareholders, our domestic and international opportunity pipeline remains very much active. This includes an increased focus on the strategically important North American market, where we aim to build on revenue of just over AUD 100 million. A good effort in a short period of time. With cash and cash equivalents of AUD 123 million, zero net debt, and a conservative geared balance sheet, Redox is well-positioned to fund the right, I'll emphasize, the right acquisitions comfortably.
Technology continues to underpin our operation, bringing both opportunities and rapidly evolving risks. Our internally developed Redox Redebiz system is central to the way we manage and control many aspects of the business, and in particular, it supports commercial and marketing strategies that have been refined through many years of experience and expertise. We protect these systems and the valuable information they contain through a disciplined approach to cyber and information security, supported by rigorous and ongoing testing. During the year, we benchmarked board and executive remuneration and incentive arrangements to ensure they remain appropriately aligned with the market and shareholder interests. FY 2027 performance rights for executives now contain two equally weighted performance hurdles. One, total shareholder return relative to comparative group, and two, growth in earnings per share. Board succession has also been an important focus.
We announced my retirement, which occurs at the end of this meeting, with Mary Verschuer to succeed me as Chair following the AGM, together with the appointment of Sheila Lines as an Independent Non-Executive Director. The Board remains strongly committed to diversity and to maintaining Redox's reputation as a Great Place to Work. In FY 2027, our focus will remain on delivering revenue growth, both organically and through acquisitions, while managing operational and logistic costs in a volatile, uncertain, and inflationary environment. We'll also continue to optimize inventory and embrace the benefits of artificial intelligence where it can add genuine value to our business. Now, I've enjoyed my time with Redox. Been fortunate to witness a longstanding family company's transition successfully to the public market while continuing to deliver consistently strong results.
It's been a privilege to serve the company and to work alongside a talented board, the company's management team, and a dedicated group of employees. I thank them all for their support and contribution. I'll now ask Raimond to provide an overview of the company's performance during FY 2026. Raimond.
It's not often I'll accept it. Thank you, Ian. I want to, on behalf of the whole wider Redox family shareholders, the Coneliano family especially, thank Ian for his service to the company. He's been unwavering in his support and cheerleading us through many stages of the company and again, it's been a real pleasure and for myself, a great help to me. So I want to say thank you again, Ian. Deeply respect and appreciate everything you've done.
Okay, on to my presentation. If we can flick to the next slide. We're going to sail through this, people. This is going to be the fastest part of the day. AUD 1.33 billion sales revenue. That's nearly 7% growth versus PCP. Very good, I think especially under the circumstances. Gross profit, very strong. Up 11%. Gross profit margin above our long-term average. Fantastic. I think I'd draw you to the conversion margin, which is gross profit to EBITDAFX. This is a key metric for benchmarking whether our operating costs are set at the right amount. For a 45% conversion from gross profit to EBITDAFX, very good, very happy with that, very proud of the company and what we've been able to achieve this year. Next slide. As Ian pointed out, increasing dividend. I think everyone is very happy about this.
Also, my wife is able to go out and buy another purse or bag or something. It'll be gone. A car, maybe, yeah. I bought a new car recently, but, y eah, house.
Well, we don't need more of those. But yeah, wonderful to see. I guess I want to share with you my thinking on dividends. We'd like them to grow steadily over time, not jump up and down and around and that sort of thing. We'd like them to be ever increasing, ever-growing in a reasonable, disciplined way that doesn't surprise or shock anyone. Okay. Next. This is just a bit more color. I guess, I love this red graph on the right-hand side. I hope you all do, too. This shows you, and there's two bumps there in that graph. I don't know if the crowd knows what each of those bumps is. But the first one there is around 2008, 2009. That's the GFC. The second one is COVID. You can see that in bad times, this company does even better, which is great.
It's a great thing. It's a very resilient business. We've shown over the very long history of the company, more than 65 years now, that the business can sail through any kind of short-term pain in the economy or geopolitical issues around the world. Our North American business grew to over AUD 100 million for the first time, which is fantastic. Maybe, we can jump to the next slide. So increasing 33.8% is quite good. We had good wins in Canada, one of our key expansion markets. Early days, but we're excited about that market. In Australia, where the bulk of the business still sits, we grew into the energy generation and transmission area. It's one of the key megatrends that Redox has been following is the investment in reinforcing the grid and renewable power and data centers.
This transformer oil acquisition helps us, picks and shovels kind of way, get involved in that sort of area as well. Next slide. I think you've all seen this before, so probably not super exciting. These days, we're servicing almost 9,000 active customers with a team almost of 500 dedicated employees. More than 1,200 product groups, 5,500 SKUs, and still a lot more room to grow. A lot more products we're doing. I think I was telling someone at the full year that we're now doing AUD 1 million of garlic powder, or tried to or have, I'm not sure. What a fascinating business that we can be selling transformer oil and garlic powder. That's the sort of diversity of the business that's quite exciting, and m ore to come. Next slide.
To give you an update on this financial year, as some of you would have heard at the full year, our inflation that's been generated principally by what's been going on in the Middle East, but also other places is sort of starting to trend into our prices. At the end of Q4 FY 2026, we started to see that effect come through, but not much. Here in Q1 FY 2027, almost 9% or roughly 9% higher prices than the same time last year. Volumes sold were broadly in line with this period last year. The other thing we're seeing is a rise in inward sea freight. Sea freight is getting a little bit more difficult to project with everything that's going on in the world. Outbound freight costs are increasing, of course, with the higher fuel costs, diesel.
Very reassuringly, gross profit margins have remained very resilient and above the FY 2026 mark of 22.4%. All good. I think we're going to have a great year. I think shareholders should be excited and happy with the way the business is trading. I think the other thing to say is, in the news lately, there's been a lot about productivity. Australia's in a productivity crisis. Why aren't we more productive? I think Redox is one of those companies with such a broad set of products that can solve so many different problems and improve our customers' businesses and improve their processes and be the picks and shovels to help the energy industry, but also recover critical minerals and generate a lot of growth and economic growth, true economic growth.
That's exciting, and I think as shareholders, as employees, as suppliers and customers, I think we're all very excited about the future here in Australia. I'm not worried about productivity growth. I think at least from a Redox perspective, we've gotta play into this and be the enabler to unlock that growth. Very excited about this year. Next. So on to Q&A, and myself and, of course, everyone here is available to you if you've got any questions. Yes.
[Peter Ray]. I am a shareholder.
Great.
You have got quite a diverse business going on with what you distribute. You are largely a distributor.
Sorry?
Yeah. You are largely a distributor. Given that it is a diverse business, is there any impact at all much from any particular customers or suppliers? Do you have long-term contracts locked in for those customers and suppliers? Is the business just so big and the diversity of the business so great that you are not going to be impacted by the loss of any customer or supplier?
I love it when the person asking the question answers the question almost. That's wonderful. Saves me a lot of time. No, it's true. The thing we love about Redox is its diversity. We can't claim to be the out-and-out leader of fertilizers able to crush enemies under our boot or anything like that. But we can be players in lots of industries, in lots of products, and lots of customers, deal with lots of suppliers. No one customer is more than a percent or 2% of our revenue. No supplier is more than a percent or 2% of our revenue. When we're looking at M&A targets, for example, that's what we look for as well. A diverse supplier list, a diverse customer list, large number of transactions.
Because as you're probably worried like I am, if you pull one thing out like a Jenga tower, does it fall over? With Redox, that's not an issue. Actually, from a macro standpoint, we have lots of industries as well. At the moment, the plastics business for Redox, quite frankly, is not doing too great because a lot of our supply was out of the Middle East. But luckily, the animal health industry is doing really well and so on and so forth. So, you have these sort of swings and roundabouts, and Redox is uniquely placed to sort of benefit even despite swings in one industry, one product, one supplier, one customer.
Thanks for your answer.
No worries. Thanks, Peter.
Thanks very much. I'm very pleased with the share—
That's great.
I like the dividends too.
Good.
Keep that at that level, that would be very nice. Equivalent to the bank rates, et cetera. I'm just wondering, have you stockpiled a lot in anticipation of price increases? If your stockpile goes down and prices of everything's gone up, whether it's transport or whatever, are you expecting any pushback from your customers looking for cheaper supplies or less or along those lines?
Thank you. Thanks for the question. We don't stockpile is the answer, basically. Typically, 85% of the goods that we sell are sold before we even go buy them from our suppliers. So actually it's only 15% of the goods we buy don't have a home when we buy it. So that 15% is the buffer for customers who come out of the woodwork at the last minute and want to buy a few drums of this or a few drums of that, or customers who forecasted 10 tonnes but actually will use 12 [tonnes], something like that. So, in answer, we don't take big risks. We mostly back-to-back our orders and our sales. So we don't benefit a lot when things move one way, and we don't really lose at all when it moves the other way. So we have a little bit of the benefit.
We capture that 15% if prices are heading up. But because of the way you have the time from where these goods are made and Australia or New Zealand, typically, that can be months. If a price changes, that 15%, we can actually increase the price before the goods actually will arrive or sell it very quickly if we think the price is going down. So that way we're not ever stuck with a lot of goods. Typically, we may write off or write down the stock by a couple million dollars a year, s o not a very large amount.
Just curious what the effect of U.S. tariffs has been.
Yeah. It's a good question, thanks. It's counterintuitive actually because you may think, well, Redox do a lot of importing, therefore tariffs bad. But the true state of things is a bit different because what tariffs do is change the landscape of which supplier may or may not be competitive. Maybe it's a local supplier, maybe it's an overseas supplier, maybe it's Korean, now it's actually Japanese or Singaporean or wherever. As a new entrant to the U.S. market, tariffs and a lot of churning in the market is quite positive for Redox because it dislodges current supply, and then people are forced to look for alternative. One of the things Redox is really good at is being agile and finding sources to help customers through that sort of problem. So, a good example is, last year we had about AUD 100+ million of sales.
A good portion of that would've came because there were shortages or dislocations in the market. Yes.
You mentioned in your address, you mentioned Canada very quickly in passing. I heard you say something about exciting. Can you expand on that, please?
Yeah. I have taken a trip to Canada recently. It was my first time. It is a lovely country. It feels very much like they are colder Australians, in a way. Simpatico, similar rule of law, and lovely people. A really great market with a lot in common with Australia. Not a lot of domestic manufacturing. Interesting critical mineral space. Quite a similar industry split, a lot of agriculture and animal feed. Look, I think it is a good potential market. We are selling there now. We have got a business in Canada set up. We do not have any staff locally, but our U.S. staff are selling into Canada, and it is one of the markets in North America we are looking at closely.
Yeah. Brian Allison, shareholder. Just thinking about the American market, and your suppliers and distributors and whatnot. Are you as diverse in your American expansion as you are in Australia, or are you specializing in some areas?
Yeah. It's a good question. I think we're just starting from a small base, so we're growing exponentially in percentage terms, but we have to do it methodically so that we're not spread ourselves too thin. I think we've concentrated our efforts in particular markets, and we've done really well in the food industry, for instance, the beverage industry. But we're working our way through every applicable industry and we just found we may be initially more competitive in some than others, so we'll concentrate on the ones we're hitting goals first. But it'll be a long time before we're as diverse, for sure.
Yeah. I imagine it'll never be as diverse in America as it is in Australia.
I don't know. I'm an optimist. Everyone who knows me, I'm the eternal optimist, but you have to be as the sales guy. But we could make an acquisition and have a lot of diversity very quickly. That might be one of the real great reasons to make an acquisition, to bring it to be more mature very quickly and with some experience in industries we don't currently service in the U.S. Good.
The good thing about the U.S. is the niche markets are so much bigger.
Yes. Even a niche is very large. Yeah.
Yeah. Well, good luck with the takeover then.
Thank you. Howard, any questions? Written questions?
[No] , q uestions either on the phone or online.
Wonderful. I also want to say again that I presume Mary's been confirmed, but I do not know of the formal business. Mary Verschuer is the pronunciation of her surname. Ian forgot. She is wonderful and assuming she gets elected in the next few slides, I am very happy that she has chosen to take up the Chair's position, and I am equally as excited about Sheila's appointment, assuming that is confirmed again today. They are both fantastic people, and I am sure you will love having them in their respective roles going forward.
Yes, Howard?
Sorry, Raimond. We have a question from Mr. Stephen Mayne.
Yes.
Stephen has asked, Australia has the world's highest minimum wage, and this federal government has introduced a number of new laws in the industrial relations space which have hurt productivity. What is our overall level of engagement with the union movement? What proportion of our staff are unionized, and how many registered enterprise agreements do we have?
Zero is the answer there. Again, I think I'm very buoyant about Redox, how it can contribute to productivity. I would also, at this point, since it's a question about employees, point out that Redox has been certified as a Great Place to Work by the Great Place to Work organization in Australia, New Zealand, and the U.S. We missed out on Malaysia because we haven't got enough employees, but they're all very happy, excited employees. Thanks, Stephen, for your question.
That's it. Okay. All right. I'll hand it over back to Ian.
I might start by apologizing to my good colleague, Richard Coneliano, over here, the Group General Manager and Alternate Director, and we're very fortunate to have the Signing Partner, Andrew, from Deloitte here, if his services in answering questions are needed. Now, we're going on to the formal part of the meeting, and I thank you for your participation to date. It's in line with the Notice of Meeting of the 27th of August. If there are no objections, I'm going to take the notice of meeting explanatory statement as read, and you'll have the opportunity to ask questions of course, as we proceed. Shareholders should note that it's my intention to vote all open and directed votes available to me in favor of the resolutions. In other words, no news is good news.
As Chair, I hereby demand a poll in respect of all resolutions. When voting on all resolutions is complete, results of the votes will be released to the ASX as soon as practicable, possibly following the conclusion of the meeting. I've been advised by Computershare, Redox's share registry, that 119 valid proxy forms have been received from shareholders who are accordingly declared present by proxy at this meeting.
Richard Powell from Computershare has been appointed as the Returning Officer of the meeting to conduct the polls. I now instruct Mr. Powell to formally open the poll. Voting cards for those in physical attendance will be collected at the end of the meeting. Let's go through the voting instructions so there's no misunderstanding. In accordance with Regulation 7.11.37 of the Corporations Regulations 2001, the Board has determined that persons who are registered holders of shares in the company, 7:00 P.M. Australian Eastern Daylight Time, Monday, 5th October, will be entitled to attend and vote at the meeting as a shareholder. Share transfers registered after that time will be disregarded in determining entitlements to attend and vote at the meeting.
More than one joint holder of shares is present at the meeting, whether personally, by proxy, or by attorney, or by representative, intends to vote, only the vote of the joint holder whose name appears first on the register will be counted. Voting will be conducted by way of poll, whereby shareholders have one vote for every fully paid ordinary share, subject to the restrictions on voting referred to below. A vote withheld is not a vote in law, which means the vote will not be counted in the calculation of votes for or against the resolution. If no voting indication is given, your proxy will vote or abstain from voting as he or she thinks fit in relation to any other matter which is put to the meeting.
In relation to the proxies I am holding as Chair, I advise that if a member has directed me to vote in a certain way, I will vote in accordance with that direction. If I have not been directed to vote in any way, I intend to vote in favor of the resolutions. All resolutions are ordinary resolutions, meaning they can be passed by a simple majority of votes cast by those entitled to vote. On slide 13, there you will see, just refer to the instructions displayed on the screen on how to vote via the online platform. Does anybody here have a problem as to how to vote? Right. Slide 14, o nce again, instructions, how to ask a question. I think you are familiar with how to go about asking a question. Then, slide 15 will hold for the duration of the meeting.
Item One is the non-voting resolution on the financial report. The purpose of the AGM is to consider the financial report of the company and to consider and to thought for to pass various resolutions regarding the adoption of the remuneration report, re-election and election of directors, and the grant of performance rights. The first item is to receive the financial statements, Directors' report, Auditors' report for Redox for the year to June 2026. While there is no need for shareholders to formally approve the reports, I will take shareholder questions on the financial statements to the Board or Deloitte as auditors. Are there any questions on the financial statements? No questions from the moderator. Any questions? No. No questions. I will now move to the formal—
Sorry. There is—
There is.
—a question online, Chairman, from Mr. Stephen Mayne. Thank you to Ian Campbell for his leadership as Chair through the float process. It is always helpful for investors to have access to some exit perspectives from retiring Independent Directors, particularly Chairs. Could Ian please comment on what he regards as the two best decisions Redox made during his time as Chair, and if he had his time again, would he do anything differently?
Thank you, Stephen. Well, I think the first thing that I've been able to bring to the Board, particularly the family members, is that you know a lot of stuff, but there's a lot of stuff you don't know. That stuff is usually greatly assisted by bringing in outside expertise. You don't have to do everything yourself. That's the first thing which I think has been picked up because the word consultant from Raimond's father, Robert, is a dirty word, and we never use it at Redox. We don't use consultants. We'd rather use Google before we use consultants. Nevertheless, they did take that advice. The second thing is that whilst our long-term objective was to grow by 10%, as we got bigger, I impressed upon the Board, you won't get there simply by organic growth. You've got to constantly be looking at the worldwide market.
You've got to look at opportunities to acquire other businesses that fit in culturally and strategically with your long-term aim. So I think they're two things that I've certainly brought to the company. I will say that my whole time that I've been with Redox has been very amicable. We haven't had any stand-up fights. We've had stand-up arguments, but not fights. Without a doubt, I'd have no hesitation in renewing my association with the company, putting aside my age. But realistically, I've also been on the basis of all the companies I've been involved in, you have to have an orderly succession to all key positions. We do have, not only at board level, we've gone through what's going to happen with the people you see at the front table, but also with the key executives.
There's succession plans right throughout the company to enable us to continue to grow successfully and to continue to pay dividends as we have done to date. Thank you. Proxy results for Item Two, might put them to slide 16. No questions of the auditors, I can't believe it. What's that? It's a bit small. Yeah, it is a bit small. The percentages are for 113 million. O h, percentages. Beg your pardon. Yeah. 98%. 98% for, voting it down, 1% against. Item Number Two, remuneration report, to consider, and if thought fit, pass the following as a non-binding ordinary resolution of the company. That for the purposes of Section 250R(2) of the Corporations Act, the remuneration report for the year ending 30 June 2026 be adopted.
I note the vote on this resolution is advisory and does not bind the directors or the company. A voting exclusion statement applies to this resolution. Refer to the notes relating to the voting contained in the Notice of Meeting. Are there any questions in the room? Moderator, none in line?
Chairman, there are no callers and there are no questions online for this resolution.
Right. Thank you. Thank you, Howard. The result of the proxies, for 98%, against 1%. Voting is now open, by the way, for those that have previously voted. Okay. Proxy results for Item Three, before I read the resolution. It is 95% in favor of Renato, 99% in favor of Garry, and 94% in favor of Sheila. The resolutions are to consider and, if thought fit, pass the following as an ordinary resolution of the company. That Mr. Renato Coneliano, Director of the company, who retires by rotation according to the company's constitution, being an eligible officer himself for re-election, be re-elected as Director of the company. [Re-election Two] is exactly the same for Garry Wayling.
Number three, consider and, if thought fit, pass the following as an ordinary resolution of the company that Mrs. Sheila Lines, who was appointed as a Director of the company effective from 1 September 2026, being eligible, offers herself for election. Are there any questions?
There are questions from online, Chairman. There are two questions from Mr. Stephen Mayne. The first question, thank you for disclosing the proxy votes early to the ASX along with the formal addresses. I was surprised the 7.2 million votes against Renato's re-election wasn't the largest modest protest, given that there were 9.9 [million] proxy votes or 5.56% against Sheila's election. Did a proxy advisor recommend against both Renato and Sheila, and what was the issue with Sheila given that she's an Independent Director?
I will actually ask Erika, the Company Secretary, if she has any input into that at all, or do we have any knowledge?
With respect to the proxy advisors, we can't disclose what they've raised or haven't raised. That information and content is theirs alone, and goes out to their members. With regards to Sheila's re-election, we do confirm her independence.
But—
And perhaps that may have been one of the questions that had been raised.
Yeah. I must say that in the case of Renato, I was shocked that he wouldn't have received 100% of them. Because how do you think this company got to where it is without this man being there all the way? That's the first thing. So apologies, Renato, that you got anybody voting against you. The next thing is that in respect of Sheila, we were delighted. By the way, Mary and Garry came through my introduction, through my own due diligence, previous involvement, perfectly fit in, perfectly experienced. With Sheila, we went actually out to a search firm, and we put our requirements down very firmly.
The most important thing was that we wanted to add to the Board experience, and which we've done, in that Sheila has had in-depth operation results of significant fast-moving food company. Well, not food companies, fast-moving companies, Nick Scali and JB Hi-Fi, also international experience. And her referees and the due diligence we did on those came back with impeccable clearance. We had absolutely no doubt regarding Sheila's appointment, first-class Independent Director.
Chairman, you may have answered the next question from Mr. Stephen Mayne already, in that response you've just given. I'll ask it nonetheless. Could new director Sheila Lines and the Chair comment on the recruitment process that led to her appointment to the Board? Which recruitment firm assisted with the process? Did the full board interview any other candidates? Did Sheila know any of our Directors or KMP before engaging with the recruitment process?
Well, this is an excellent opportunity to refer this to the Incoming Chair, and also the Chair of People and Safety, who actually led the search for the new Director. Mary, you want to make some comments?
Thank you for the question. It was a very transparent and open process. We had a long list, I'm going to say, of about 10. We interviewed, every director interviewed four, and we came down to one. None of us knew Sheila beforehand, but we were exceedingly impressed by what she had to say and the value we thought she could add.
No. No, you stay ahead while you're winning. Okay. Proxies are there. We've got that. I think we've dealt with that particular matter. Right. Proxy results for Resolution Four. Oh, sorry.
Chair, it would be good to hear from Sheila if we could, in terms of what she's going to bring to the company.
Right. Okay, Sheila.
Thank you.
A few short words, please.
Yes, certainly. I am really happy to be joining the— well, have joined, and hopefully reelected today, the Board of Redox. As Mary and Ian have talked to, I was not involved with any member of the management team or board before I was approached about the opportunity. I think it is an exciting company in a very interesting industry, with a very strong in-depth management team in this field. You asked what I bring to the table. I bring extensive financial expertise, commercial experience gained across many industries, both here and overseas, as well as quite extensive ASX experience. I have been in the listed world for a number of years, both here and overseas, as an executive and as an NED.
I am hopeful that my expertise and experience will help add value to the company, and I am looking forward to being at next year's AGM in person and meeting more shareholders. I am sorry not to be there today, but I had a pre-existing commitment to visit my 92-year-old father-in-law who lives overseas. I apologize for not being there today, and I look forward to meeting more shareholders next year, and I am delighted to be on the Board.
Thank you.
Chairman, we have another question online, from Mr. [David Jaliba], w ill the new Chair be able to exercise the same level of engagement, e.g. argument, but not fighting, as the outgoing Chair? The length of the existing Chair's tenure no doubt contributes to this dynamic, and it won't be present with the new Chair.
Having worked with the family now for three, four years, we all understand that we've got a job to do, that we work together well. We have to have robust discussion, but there is no point in having fights, and I've operated that way in all of my board roles, not just this one, and I think that's how we'll continue to operate.
No more questions? Right. Safely we can move to slide 18, Item Four. The proxies for here are in respect of performance rights for Raimond Coneliano, Renato Coneliano, and Richard Coneliano, 99% in each case. Item Four, to consider and thought fit pass the following as an ordinary resolution of the company for the purpose of ASX ruling, Listing Rule 10.14.1, to approve the proposed grant performance rights under the company's performance rights plan to Executive Directors, Raimond Coneliano, Renato Coneliano, and Richard Coneliano. Voting exclusion statement applies to this resolution. Refer to the notes relating to the voting contained in the notes of the meeting. Questions from the floor? Howard?
Chairman, there are no callers, and there are no questions online.
Right. Just for the shareholders, it is important to have performance rights that actually relate to long-term incentives, and it is not just for the existing happen to be family members, it is for all those who will follow them. They will want to see this in place, so thank you for that. Okay. Casting vote is now open for those who have previously not voted. Slide 19 now. I think we are up to the complete the formal business. Yep. A member from the Computershare team will now come around and collect your voting cards, for those physically present. For those shareholders attending virtually online, voting will close shortly. Please submit your online vote now if you have not already done so. Pause for all cards to be physically collected. Okay. All good, Richard? Right. Thank you. Thank you for that.
Okay, so with that, I will just ask, are there any final questions before I close?
There are none from the phones or online, Chairman.
From the room? We will be around for a while, so you can ask them after. Okay. With that, I will take the opportunity of thanking you once again for your participation. May you continue to be longstanding shareholders. Enjoy the fruits that we all expect to share moving forward. The meeting is now closed. Thank you.