Reece Limited (ASX:REH)
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Apr 28, 2026, 4:10 PM AEST
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AGM 2024

Oct 24, 2024

Rikki-Lee Madder
Lead of First Nations Working Group, Reece Limited

...Wow, wow, everyone. My name is Rikki-Lee, and I'm proud to be standing here today on the land of the Wurundjeri people, also known as the Woiwurrung people, the first peoples to care for country. Our culture is rich with stories and tradition. It's one I'm proud of, not just because it's the story of my ancestors, but because it's our story, all Australians. I'd like to acknowledge everyone who has joined the Reece AGM. Reece is an organization built on its values, and our purpose: to build a better world for our customers and to make it better every day. I'm proud to share that through our reconciliation commitment, we've continued to build genuine, long-lasting relationships with First Nations communities.

A personal highlight for me was seeing the Reece Foundation complete their first clean water and sanitation project in a First Nations community at the Mimal Ranger Base in Central Arnhem Land, working alongside community and listening to their needs. I'm looking forward to seeing us continue to do more in the year ahead. I'd like to finish up by acknowledging and paying my deep respect to my ancestors and the traditional owners of the land we meet on across the nation today, and I extend that to elders past and present.

Tim Poole
Chair of the Board, Reece Limited

Good morning, everyone. My name is Tim Poole, and I'm the Chair of the Reece Limited Board. Thank you, Rikki-Lee, for sharing your Acknowledgment of Country. Rikki-Lee has been with Reece for over a decade and is a valued member of our team, including as the lead of our First Nations working group. Thanks for being part of our AGM today. I'd also like to acknowledge that the board and I are joining you today on the lands of the Wurundjeri peoples of the Kulin Nation, and I'd like to pay my respects to their elders, past and present, and extend my respect to Aboriginal and Torres Strait Islander peoples joining us today. I'm advised a quorum of members is present, and I declare the 2024 Reece Annual General Meeting open. I'll now introduce the members of our board.

Our directors: Alan Wilson, Bruce Wilson, Megan Quinn, Andrew Wilson, Sasha Nikolic, and they are joined by our Group CFO, Andy Young. In the studio with me are our incoming Lead Independent Director, Ross McEwan. Our CEO and incoming Executive Chairman, Peter Wilson; and our Company Secretary, Chantelle Duffy. I'd also like to welcome our audit partners from KPMG, Julie Carey and Simon Dubois, who are available to answer questions on the audit of the company's two thousand and twenty-four financial report or the content of the audit report. I'll now take you through the procedural matters for today. Our AGM is online, and the instructions to access and use the online platform are contained in the notice of meeting, which is available on our website. The notice of meeting also sets out the agenda for today and the explanatory notes.

The resolutions before today's AGM will be decided by a poll. Mr. Peter Renda from Computershare is the Returning Officer for this meeting. I now declare voting on all items of business open. If you are eligible to vote, press the Vote icon, and all resolutions will be activated. To cast your vote, select an option either For, Against, or Abstain. You will receive a confirmation notification on your screen. You can vote on all resolutions or change your vote at any time during the proceedings until I declare that voting is closed. Questions can be submitted at any time, and we will address them after tabling all resolutions and before voting closes. To ask a question, select the Q&A icon and type your question into the text box. Once you are finished typing, please click on the arrow symbol to submit the question.

Questions can be asked verbally by following the instructions in the platform, where a telephone number will be provided. Please note, if we receive multiple questions on one topic, we may consolidate them. If you have any difficulties voting or submitting questions, please consult the online meeting guide or call the number on the screen, which can be found in the platform, or refer to the notice of meeting or the Reece Group investor website. I'm delighted to address you today and share more about our performance and activities over the last twelve months. Reece had another positive year in the 2024 financial year, delivering on its long-term growth strategy and navigating challenging markets to deliver a solid result.

Sales revenue was up 3% to AUD 9.1 billion, adjusted EBIT was up 2% to AUD 681 million, and adjusted NPAT was up 3% to AUD 416 million. The board declared a total dividend for the year of AUD 0.2575 per share, fully franked. I'd like to thank our leadership team and Reece's wider team throughout Australia, New Zealand, and the U.S. for their hard work in delivering this result, particularly as we saw markets we operate in soften over the course of the year following multiple years of record growth. Reece always focuses on what is best for the business over the long term, and during the past year, I'm pleased we've been able to continue evolving the Reece board and senior leadership team in a way that I believe will benefit Reece for many years to come.

To summarize these changes, we're delighted to welcome Ross McEwan to the board, and we look forward to welcoming Angela Mentis from mid-November. Both Ross and Angie will bring significant external expertise, complementing the contributions of the Wilson family. Succession is an ongoing process, and we will continue focusing on increasing the diversity of skills, experience, background, and gender on our board. We have prepared for Peter's transition to Executive Chairman by ensuring a strong management transition plan with the appointment of Sasha Nikolic as Group President and Managing Director. Sasha has been instrumental in the success of our US business since acquisition, and he's already having a positive impact in his new group role. We're also delighted he has joined the Reece Group Board. Peter will transition to his new role as Chairman and CEO at the beginning of November.

Peter's contribution to this business over more than thirty years has seen Reece transform into a successful international business with more than nine thousand team members and over nine hundred branches. I'm certain that the next stage of his leadership will bring many more successes. I will remain on the board until the end of the year and then retire as a director. The culture of Reece is foundational to its customer-centric focus and its complete dedication to keeping things simple. Over the past eight and a half years, it has been a privilege to serve on the board, and I wish Reece and everyone involved the very best as the next chapters are written. I will now hand over to our CEO and incoming Chairman, Peter Wilson, who will take you through a short presentation.

Peter Wilson
CEO, Reece Limited

Good morning, and thank you for joining us for our 2024 AGM. Today, I'll give you a recap on our strategy, talk through our operational highlights and financial highlights for FY 2024, and share first quarter sales for FY 2025. Turning first to our strategy, our blueprint guides everything we do. We are a purpose and values-led organization, which we call the Reece Way. Our 2030 vision is to be our trade's most valuable partner, and we are bringing this to life through three strategic priorities of operational excellence, accelerating innovation, and investing for profitable growth. These strategic priorities help us deliver on our customer promise. This year, we refreshed our purpose and values, which are core to our culture and success as a business. Our new purpose is building a better world for our customers by being the best.

An important change was to bring back the value of entrepreneurial spirit. This was a value that enabled our past success, and it's important to retain as we grow in complexity. We will now play a short video we prepared for the launch of our new purpose and values.

At Reece, our purpose guides everything we do. Living our purpose is about removing barriers from our customer's day. We need to think about how we can save them time and how we can help them do their job better. When we do this well, we create powerful relationships that support our customer success, and this, in turn, has a big impact. We help small trade businesses to thrive, we support the creation of more sustainable environments, and we strengthen the communities around us. Each of us can bring our purpose to life by embracing the Reece values. When we live the Reece way in our daily work, we will be the best at what we do, and ultimately, this allows our customers to be the best at what they do.

Let's look at the progress we've made in FY 2024 on our strategic priorities. As we faced into softer trading environment, we intentionally set out to refocus on operational excellence. We've also kept investing in our team and strengthening our culture, helping us to deliver our service standards. In the innovation space, we continue to focus on staying one step ahead of our customers' needs and helping make their lives easier. And finally, we've continued to expand and enhance our network to ensure we are where our customers need us. Turning to our network, we now have over nine hundred branches across three countries. In ANZ, our network density remains a competitive advantage, enabling our market-leading position and helping us deliver on our customer promise. We've invested in a network during the year with 15 refurbishments, 10 relocations, and a net six new stores.

In the US, we continue to make strong progress in the expansion and upgrade of our network with fifteen new branches and four refurbishments this year. The team have put a huge amount of work into the rebrand project, with around 80% of targeted branches now trading as Reece across the US. We are passionate about staying one step ahead of our customers' needs. We continually challenge ourselves to find new ways to be their most valuable partner. Post-year end, we invested in a small acquisition, Shadowboxer. It's an Australian digital startup focused on building and growing disruptive technology. Shadowboxer will enhance Reece's digital and innovation capabilities and bring some great talent in-house, enabling us to continue to build new tools to make our customers' lives easier. Turning now to an overview of FY 2024.

Our result for the year reflected disciplined execution as we continued to navigate challenging markets. Group sales were up 3% to AUD 9.91 billion. ANZ sales were flat at AUD 3.8 billion, with housing markets softening during the year. US sales were up 3% in US dollars to $3.5 billion, with mixed demand across end markets. The US saw a softer first half, having entered the cycle around six to 12 months earlier than ANZ, and ANZ saw a slower second half. We delivered adjusted EBIT of AUD 681 million, up 2%, and adjusted NPAT of AUD 416 million, up 3%. The board declared a final dividend of AUD 0.1775 per share, bringing the total dividend for the full year to AUD 0.2575.

Over the past five years, we've delivered significant growth in sales, earnings, and return on capital. FY 2024 has seen our growth rates moderate as housing end markets have softened. Despite the slowdown, we've continued to focus on our long-term investment strategy and disciplined approach to capital management. Continuing to invest through the cycle, we will ensure we are well placed to support customers as the markets recover and deliver long-term growth for our shareholders. Our ANZ business navigated a challenging trading environment in FY 2024 as the housing market softened. Sales were flat at AUD 3.9 billion, with first half sales growth offset by demand softening in the second half. Adjusted EBITDA was up 1% to AUD 560 million. Adjusted EBITDA margin increased by 10 basis points, driven by focused execution on the fundamentals of our business.

Adjusted EBIT was down 3% to AUD 410 million, reflecting increased depreciation and amortization. Turning to the U.S. region, our U.S. business performed well in FY 2024, but demand in end markets was mixed. On a U.S. dollar basis, sales were up 3% to $3.5 billion, with an uplift in volumes in the second half. Adjusted EBITDA was up 9% to $293 million, with a 44 basis points increase in our adjusted EBITDA margin. This result reflects strong cost management and a disciplined approach to embedding the fundamentals of the Reece model across our U.S. business. Adjusted EBIT increased 7% to $178 million. Turning now to capital allocation. We do have a framework, a clear framework, to enable the sustainable long-term growth of Reece.

Our first priority is to invest in organic growth and strategic bolt-on M&A. Our second priority is to maintain a strong balance sheet by paying down debt and maintaining flexibility to grow. And finally, we aim to provide returns to shareholders through ordinary dividends, and if surplus free cash flow exists, share buybacks. Turning now to look at the first quarter of FY twenty-five financial year. Q1 sales for the group were down 5% to AUD 2.2 billion. ANZ sales were flat, supported by recent bolt-on M&A activity in the region, with underlying volumes softening on the last year. US sales were down 6.5% in USD, driven by deflation in selected categories, adverse weather conditions, and softer volumes. As we indicated at the full year, lead indicators in housing across our regions are challenging.

The U.S. has now seen a fifty basis points rate cut, but this is taking time to work through the system. As a result, we are expecting EBIT for the first half in the range of AUD 300 million-AUD 320 million. Our focus remains on the long term and delivering on our customer promise. In summary, despite short-term challenges, our long-term approach remains unchanged. We are a diversified business by customer and end market, and we are well placed to face into softer trading environment. The medium to long-term fundamentals in our sector remain positive, particularly with the housing under build, population growth, and the ongoing need for infrastructure in both regions. Before I hand back to Tim, I would like to acknowledge Tim's departure from the board at the end of the year.

Tim has made a big contribution in enabling our aspirations as a business and in supporting me and the board over the past eight years. Thank you, Tim, for everything you've done at Reece. I'm also looking forward to taking on the role of Chair and CEO for the group. And finally, I'd like to thank all our team for the hard work they do to deliver for our customers every single day. I will now hand back for us to conduct the formal business of our meeting after a short video demonstrating some of the work we did in our-

I'll give you anything. To see you smiling is more than all my dreams come true. My love, give you all of my love. Ooh!

Tim Poole
Chair of the Board, Reece Limited

Thanks, Peter. As I mentioned at the start of the meeting, voting on the resolutions is currently open, and you can vote at any time until voting is declared closed.

... and a reminder that only shareholders, proxy holders, or authorized shareholder representatives may vote. Where shareholders have nominated the chair of the meeting as proxy, I will direct all open, usable votes in favor of the resolutions today. Please note, voting exclusions apply to some of the resolutions today, which have been outlined in the notice of meeting. We will now move to the formal business of the meeting. The first item of business is to receive and consider the financial statements for the company and its controlled entities, together with the directors' report and independent auditors' report for the year ended thirtieth of June, two thousand and twenty-four. These statements and reports are now tabled. There is no resolutions from shareholders required for this item. The second item of business is to elect Sasha Nikolic as a director.

I'll now hand over to Sasha to say a few words.

Sasha Nikolic
Group President and Managing Director, Reece Limited

Thank you, Tim, and a warm welcome to everybody joining us online. I'm honored to share a bit about my background and the value I hope to bring to the Reece Group board. I began my journey with Reece in two thousand and nine, stepping in as a finance leader. From there, I moved on to lead Actrol, one of our HVAC businesses, before taking on the role of CFO of Reece ANZ. In two thousand and eighteen, following the acquisition of MORSCO, I transitioned to Texas to help transform and grow our US operations, which I was lucky enough to lead from two thousand and nineteen to two thousand and twenty-four. From my very first day at Reece, two things stood out about our business that remained central to who we are. First, it's our people.

The pride they take in their work and the way they live out our purpose and value is truly extraordinary. Reece team doesn't just get the job done, they elevate the ordinary into something remarkable every single day. Second, it's our unwavering commitment to place the customer at the heart of everything we do. That focus has driven our success and continues to shape our future. It's been a privilege to lead an Australian company. While there's still much to do and ground to cover, I'm proud of the foundations we have continued to build to ensure sustained success for the decades to come. As leaders at Reece, we know it's our responsibility to think long term, ensuring we preserve the essence of what makes this business great. I look forward to contributing my experience and insights to the Reece Group board, should the shareholders choose to approve my appointment.

Tim Poole
Chair of the Board, Reece Limited

Thank you, Sasha. Displayed on the screen are the details of the proxies received in relation to this item. The board is supportive of Sasha's election. All open, usable votes will be directed in favor of this resolution. Ross McEwan is also standing for election today, which is item three. I'll now hand over to Ross to say a few words.

Ross McEwan
Lead Independent Director, Reece Limited

Good morning, everyone. I'm happy to be here today and to be sharing more about my experience and how I can add value to Reece and to the board. I thought I'd begin by sharing what attracted me to Reece after a career in banking and financial services. Reece is a very special company. It is over a hundred years old and still has the ethos of a family business. It keeps things simple by focusing on customers and has a clarity of vision that I find very inspiring. I was delighted to be asked to join the board. The Wilson family are absolutely committed to this company, and they haven't sold a single share since gaining control. My role on the board will be to support the management team to further success in the future by providing input on strategic matters.

This is a time of transition for Reece as Peter steps into this new role as chairman and CEO. I will work closely with Peter as we continue to evolve the board, balancing the right skills, diversity, and independent representation of directors to ensure Reece's success for many decades to come. As lead independent director, I will also help to represent the views of minority shareholders and ensure appropriate governance while doing what is best for Reece over the long term. I believe I'm well-credentialed and have the capacity to serve shareholders on the board, having been the CEO of National Australia Bank for four and a half years. Prior to that, I was the CEO of Royal Bank of Scotland.

I am passionate about keeping things simple, letting the business focus on the right matters, and being a sounding board for people in this new role as Chairman and CEO. I hope with your support, I will be able to bring my experience and perspectives to the board, subject to the approval of the shareholders.

Tim Poole
Chair of the Board, Reece Limited

Thank you, Ross. Displayed on the screens are the details of the proxies received in relation to this item. The board is supportive of Ross's election. The fourth item on the agenda is the re-election of Andrew Wilson as a director. Andrew retires by rotation in accordance with the company's constitution, and being eligible, offers himself for re-election. I'll now hand over to Andrew to say a few words.

Andrew Wilson
Non-Executive Director, Reece Limited

... Thank you, Tim. Good morning, and thank you for giving me the opportunity to address the meeting today. It is a privilege to stand before you as I seek re-election to the board of Reece, a company that has been part of my family for over half a century. During my six years on the board, I've witnessed this business grow, providing exceptional services to our customers and creating wonderful opportunities for our employees. I'm particularly proud of the initiatives, like the recent introduction of the Employee Share Purchase Scheme. Having just returned from the US a few weeks ago, it was once again wonderful to see the ongoing progress that we are making in that geography, both operationally and culturally. It is an exciting time for the business as it focuses on delivering the twenty thirty vision, and I feel privileged to play a part in that.

I especially look forward to collaborating with Peter as he transitions into the role of Chairman and CEO. My previous corporate experience across multiple industries and countries, combined with my current role managing a portfolio of diverse global assets and involvement on various private and non-profit boards, ensures that I make a meaningful contribution to the Reece Group. I believe that robust, constructive dialogue and a diversity of perspectives are essential for effective governance and leadership. The evolving composition of our board positions us well to execute on our 2030 strategy and ensure a long-term success, something I'm proud to be part of. I want to ensure you that I have the time and dedication necessary to fulfill my responsibilities on the board. With your support, I look forward to continuing to work alongside our senior leadership teams, advocating for the best interests of all shareholders. Thank you.

Tim Poole
Chair of the Board, Reece Limited

Thank you, Andrew. Displayed on the screen are the details of the proxies received in relation to this item. The board, with Andrew abstaining, is supportive of the re-election of Andrew Wilson. All open, usable votes will be directed in favor of this resolution. The next two agenda items relate to the long-term incentive grant of rights to the Group President, Sasha Nikolic, and CEO... remuneration annually. Our approaches to benchmarking incorporates Australian and North American peers, reflecting the international talent pool in which we operate. Attraction and retention of key talent are critical to support the successful execution of our strategy and the delivery of shareholder value. As explained in the notice of meeting on pages eight to eleven, these performance rights will be granted in accordance with the terms and conditions of the company's long-term incentive plan.

It is proposed that Sasha be granted 84,401 rights. This is calculated by dividing AUD 1.5 million, being 150% of Sasha's fixed remuneration, by AUD 26.63, which is the fifteen-day volume-weighted average price of the shares from the nineteenth of August 2024. Displayed on the screen are the details of the proxies received in relation to this item. The board, with Sasha abstaining, considers the grant of performance rights to the group president appropriate in all the circumstances and recommends that shareholders vote in favor of the grant. It is also proposed that Peter be granted 248,227 performance rights.

This is calculated by dividing 6.25 million, being 250% of Peter's fixed remuneration, by AUD 26.63, which is the fifteen-day volume-weighted average price of shares from the nineteenth of August. Once again, displayed on the screen are the details of the proxies received in relation to this item. The board, with Peter abstaining, considers the grant of performance rights to the Group CEO appropriate in all the circumstances and recommends that shareholders vote in favor of the grant. This year, we introduced an employee share purchase plan for our employees, which was incredibly well-received. Today, we are seeking shareholder approval for the adoption of the Reece Limited North American Employee Stock Purchase Plan for all eligible employees of participating companies. We are seeking shareholder approval for the plan for two reasons.

Firstly, to meet the conditions to be a qualified plan under the U.S. Internal Revenue Code, which offers favorable tax treatment for employees, and secondly, to be exempt from relevant California securities regulations registration requirements. Displayed on the screen are the details of the proxies received in relation to this item. Once again, the board considers it appropriate in all the circumstances and recommends that shareholders vote in favor of the North American Employee Share Purchase Plan. The last item of business is to adopt the Remuneration Report for the year ended thirtieth of June, 2024. This is included in the annual report on pages 34 to 47. Displayed on the screen are the details of the proxies received in relation to the adoption of the 2024 Remuneration Report.

We will now open the meeting to all members to ask questions or make any comments. I'll now hand over to Chantel to read out the first question.

Chantelle Duffy
Company Secretary, Reece Limited

... The first question is from Peter Eyre, a volunteer from the Australian Shareholders' Association. "Today, I hold proxies from twenty-eight shareholders for about four hundred and nineteen thousand shares. It is now five years since you have held a face-to-face AGM. You could adopt best practice in holding your AGM as a hybrid meeting, but retail shareholders, of which Reece has many thousands, would appreciate the opportunity to talk directly with directors at a face-to-face meeting. We would ask again for you to consider the format of your AGM that gives shareholders this opportunity.

Tim Poole
Chair of the Board, Reece Limited

Thanks for your question, Peter. Chantelle, you've dealt with this question in prior years. Maybe I can hand over to you to provide an answer.

Chantelle Duffy
Company Secretary, Reece Limited

Okay, Tim, and listen, thank you for your question, Peter. You're right, we have had this question in previous years, and the reason we hold it as a virtual meeting is we think that this is the most effective way, and also it provides the widest access for all of our shareholders to participate in the AGM, to ask questions to us during the meeting. So we welcome the feedback. We will reconsider this, as we plan for future AGMs.

Tim Poole
Chair of the Board, Reece Limited

Next question.

Chantelle Duffy
Company Secretary, Reece Limited

The next question is also from Peter from the ASA: "With regard to the performance measures for the reward of rights to executive directors and the recent history of increasing earnings per share, as given in Section four point one of your remuneration report, why is the threshold value of group EPS CAGR so low at 1.5%?

Tim Poole
Chair of the Board, Reece Limited

Yeah, thanks, Peter. It's an interesting question. As Peter alluded to in his CEO address a little earlier, the long-term future of Reece is very strong, but we are seeing some short-term weakness in some parts of our business. And so as we project forward over the next three years, because that's the period the EPS hurdle is measured against in the LTI, we are seeing some softness in the short term, and so how we come out of that is gonna determine whether or not those targets are achieved. So it's one point five at the threshold level, but it's five point five compound average growth rate at the top end of that range.

You know, if we come out of this dip and this softness period that we're going through reasonably quickly, then, you know, those, those targets might seem to be a little more achievable. But if, you know, this, this pocket of softness that we're going through at the moment lasts a little bit longer, then, you know, those, those targets are gonna be very challenging. But the, the one point I do wanna make, which is probably the most important piece, is that, you know, the board goes through an incredibly robust process to determine these, these measures. They go through a, a number of iterations, there are a number of discussions between the board and the management team. So we're very confident they're robust, and they're appropriate for, for this grant of LTI. Next question.

Chantelle Duffy
Company Secretary, Reece Limited

The next question is also from Peter, from the ASA: "I am pleased to see that you have made further appointments of independent directors to the board. Would Mr. McEwan please speak to his election and how he sees his role as lead independent director?

Ross McEwan
Lead Independent Director, Reece Limited

Thank you for the question, Peter, and delighted to answer that. As I said in my address to become a member of the board, I am delighted to have been asked to join the Reece Group. It is a very special organization, and particularly coming on board as the Lead Independent Director, as Peter Wilson steps up to be Executive Chair. My job, I see, is to look after independent directors, sorry, the minority shareholders, and also to support the management team in keeping things very simple in what is a very, very good business. I also see my job as to making sure that this business stays a very successful business for decades to come, as it has shown over the last 70-odd years with the Wilson family involvement.

I have a very good relationship with Peter Wilson. We've often disagree on topics, but always agree that we have great conversations and come to a conclusion that will always be in the best interest of the Reece Group, so I'm looking forward to becoming a member of this board and taking my role seriously as Lead Independent Director. Thank you for your question.

Tim Poole
Chair of the Board, Reece Limited

Thanks, Ross. Chantel, next question.

Chantelle Duffy
Company Secretary, Reece Limited

The next question's also from Peter, from the ASA: "We note that you have introduced a minimum shareholding for all non-executive directors. Noting that US-based executives receive cash for their STI and LTI pay... total shareholder return, would it be appropriate to require these executives to also achieve a minimum shareholding, as is common on many ASX 100 companies?

Tim Poole
Chair of the Board, Reece Limited

Yeah, so it's, I think it's important to note that, we do have performance testing in the LTI for our U.S. executives. So, there is a service component, and when we made the MORSCO acquisition, six or so years ago, we were particularly keen to have a service-based component in our LTI. But we also do very much have performance measures in our U.S. LTI. So I think that's key. And then when it comes back to the key management personnel of the organization, which does include some of our people that are responsible for our U.S. business, they are covered by our shareholder ownership policy. So, we think we've got that right. We'll continue to review it, but at this stage, we think we've got that right.

Chantel, next question.

Chantelle Duffy
Company Secretary, Reece Limited

The next question is also from Peter, from the ASA: "Resolution seven offers U.S. employees company shares at a discount of 15%. Do you have an employee share purchase plan for Australia and New Zealand employees? And if so, what discount is available?

Tim Poole
Chair of the Board, Reece Limited

... Yeah, that's a good question, Peter, and we are excited to say that we do have one, and maybe I'll hand over to Peter Wilson to deal with that.

Peter Wilson
CEO, Reece Limited

Thanks, Peter, and yes, we've just launched our ANZ plan. It's a matching plan, and it's a plan that goes for one for 10. Yes, there's a plan in both the US and in ANZ. Thanks, Peter.

Tim Poole
Chair of the Board, Reece Limited

Thank you. Next question?

Chantelle Duffy
Company Secretary, Reece Limited

At this stage, Tim, there's no further questions.

Tim Poole
Chair of the Board, Reece Limited

Maybe we can see whether there's any questions on the audio.

Peter Wilson
CEO, Reece Limited

Who else is recording today?

Tim Poole
Chair of the Board, Reece Limited

No, there don't appear to be. And no more questions online at this stage?

Chantelle Duffy
Company Secretary, Reece Limited

No, not at this stage, Tim.

Tim Poole
Chair of the Board, Reece Limited

Okay. As there are no further questions, I will now move all resolutions. While you complete your voting, we'll play a short video sharing an update from the Reece Foundation.

At the Mimal Ranger Base, we're installing a new water supply system. We're running a new main around the whole site. That's gonna feed the water to all the buildings here, and then we're putting a water treatment plant in as well, which is gonna reduce the amount of minerals that's in the water.

The base is like, it's a hub almost for the community, from the community nights that we host here on a regular basis, which brings everybody together. We play a supporting role for the community, but without water, and good, safe, clean water, there isn't a community.

I'm Dominic Nicholls , the CEO of Mimal Land Management Aboriginal Corporation. We started a back-and-forth conversation with IWSH around a solution for water at the base.

You know, we've had conversations over the last few years of, "What can we do? How can we fit in with what your development plans are?" And then last year, we met up with the Reece Foundation, who have done a few projects as well.

As another partner, they could bring capacity to the project, and also, in particular, some expertise in design and thinking for that solution. And that culminated in what's happening around us, which is the installation of a whole water solution for the base.

Out here in the territory, the bore water or groundwater sources are the main source of drinking water. With that comes some dissolved minerals and bits and pieces, including calcium carbonate, phosphorus, magnesium, and these things do add to the total hardness of water.

That has lots of consequences for the equipment. The taps, they get the calcium build-up, the showers block up, the washing machines break down. The bore water's convenient, but on the other hand, it, it has some detrimental side effects.

Which meant that we had to come up with a system which had a mixture of bore water, which we had to treat, because the impact it was having on equipment and gear, but also a drinking solution that people preferred, which is that rainwater option.

The materials out here have been a bit of a challenge. It's definitely a lot harder if you're not prepared for it or if you haven't thought about it.

In the city, you can run 10 minutes down to Reece, and out here, it's five hours away.

Which is hard to fathom, you know, until you get out here and see the remoteness of where we are.

It's expensive. You know, like, it's thousands of dollars just to get a person here, and then you've usually got a fairly short window to get things done.

A fair bit of planning went into this project, so nothing's really gone astray.

The community knew there were plumbers in town, and have been popping in. The boys have been out fixing people's taps and fixing any blocked drains and things like that. That generosity of spirit, that the plumbers that were here were able to actually give back to community beyond all the work that you're doing here at Mimal Ranger Base.

Having us out here and being able to just fit these little jobs in where we can, I think has just been quite beneficial.

It's actually one of the more amazing things about this whole exercise, is you've got 10 or 11 tradies out here at one time, is almost unheard of. And so hopefully, other people in the community have been inspired by the activity and might be interested in pursuing a trade in plumbing or in water systems, which would be great.

It's all come together as good as I could imagine. You know, the pipework went in the ground. Quality is just pristine, which is brilliant to have people that do good work. All the work that's gone on is sensational.

Reece Plumbing have been pivotal in bringing all this together and all their suppliers together, the likes of Vinidex, Grundfos, Friatec, to make a project like this so successful.

This isn't about money out here. This is about, you know, improving life, and for us to be able to just simply use our skills that we've learnt, been fortunate enough to learn, to give back. It's quite... We feel quite fortunate, you know, to be able to give, to have that opportunity, so it's awesome.

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