Okay.
Good morning. I'm Peter Richards, and I'm very proudly the non-executive chair of Symal. It's my pleasure to welcome you to the very first listed AGM for the company. Welcome to you all. I'd like to start by acknowledging the traditional custodians of the land on which we're meeting today, the Bunurong people, and pay my respects to the elders both.
Thank you.
It's now confirmed that it's 11:00 A.M. Australian Eastern Daylight Time. Sandra, we have a quorum, so I can declare the meeting open. Today's meeting is being held as a hybrid event, which means we are being recorded with shareholders joining us in our offices and virtually via the Computershare meeting platform. This format allows shareholders, proxies, attorneys, or representatives, whoever they may be, to attend this virtual and hybrid meeting. All shareholders and proxies, attorneys, and representatives have the ability to ask questions and vote today. For those particulars joining online who might be unfamiliar with some of the functions of the Computershare platform, we'll display instructions on the screen shortly. Please note that this meeting is being recorded.
For those of you in the room today, in the event of an emergency, you'll be proceed via the rear of this room, obviously out through there, head down the stairs to the ground level foyer, and then turn right out of the front entrance to meet at the muster point on the third floor. Joe will lead the charge. I'd now like to introduce my fellow directors. Firstly, Ken Puotakidis. I might have got that pronunciation wrong. Apologies, Ken. Anne Lockwood and Shane Gannon being the non-executive directors. The executive directors, Joe, Ray Dando, and Andrew Taylor. Welcome to you all. Also joining us today in the front seat, we have Nabeel Sadaka, our CFO, Jeff Trumbull. Welcome to you two, gents. Sandra Constanza, our joint secretary. In the room with us today, we also have Christopher Reed of EY.
Thank you, Chris, our company auditor. And representatives of the company share registry, Computershare, led by Christina, who are running today's meeting. It's also pleasing to see shareholders who are able to join us here in the room, but also virtually. Welcome to you all. Unfortunately, now the procedural matters, so bear with me for virtual meetings. I will start today's meeting by walking through some of the procedural guidelines for voting and question submission. After that, I'll provide an overview of the year that's been. I'll then pass the floor to the Symal founder, Group Managing Director, Joe Poutakidis, for an update before we turn to the formal meeting of the meeting. The notice of meeting, which has been circulated, was made available to all shareholders on October 23rd. I propose that the notice of meeting and explanatory memorandum be taken as read.
Proxies received prior to the meeting will be shown on the screen for each resolution dealt with today. For those shareholders who have not submitted a proxy for today's resolutions, once I've declared the poll open, you'll be given the opportunity to vote on all resolutions. As stated in the notice of meeting, as Chair, I intend to vote those proxies left to the discretion of the Chair in favor of all resolutions. Resolutions 1 and 6-9 are subject to voting excluded, as detailed in the notice of meeting. These exclusions will be considered when the poll is conducted. Finally, I note that shareholders are afforded the opportunity to submit written questions to the auditor. I advise that the auditor has received no quick—no, they have received questions. The auditor has not.
The auditor has not.
Okay. Thank you. We have received several questions.
Moving on, regarding the voting procedure , only shareholders who are validly appointed proxies, and corporate representatives are entitled to ask questions. To submit a written question online, you may do so at any time during the meeting via the speech bubble icon on your screen. Type your question into the chat box on the right side of the screen and then select send. Confirmation that your message has been received will appear above. Please note that while you can submit written questions from now on, I will not address them until the relevant time in the meeting. While the time constraints may be limited to answering all questions, we'll do our best to answer your questions during the meeting.
Please also note that your questions may be moderated or combined with other question on the same topic. For those shareholders wishing to ask a question verbally, please follow the instructions below the forecast window on the online platform, which will take you to a phone number to call. If you're asking a verbal question either online or in the room, please state your full name before asking the question. If you could, please limit your questions to only one or two at a time to allow others to ask questions. Thank you. Now, to provide you sufficient time to vote, I declare that voting is now open for all items of business. Voting today will be conducted by way of a poll, which is usual these days, on all items of business, and Computershare will act as the returning officer.
For those voting shareholders, including proxies, attorneyss, or corporate representative, attending physically , you can receive a blue voting card upon registration. Please complete the front of the voting card should you require assistance, and Computershare representative is available to help . If you're attending online and are eligible to vote, the poll voting icon is available on the screen. Selecting this icon will bring up a list of resolutions to present you with voting options. You are free to submit your votes at any time. To cast your vote, simply select one of the options. There is no need to "submit" as your vote is automatically recorded. Please ensure you cast a vote for all resolutions. You will receive a vote confirmation notification on your screen. To change or cancel your vote, click the link that says " click here to change your vote."
At any time, the poll is open, v otes may be changed up to the time I declare that your voting is closed. I'll also give you a warning. Now I'd like to begin my formal address. As I said in the prelim, last week marked our first anniversary as an ASX-listed company. I'm proud to say it's been an exceptional first year. The group has done a tremendous job delivering on our objectives described in the prospectus. Before I talk to the year that was, I'd like to begin with health and safety and how our safety performance metrics reflect the efforts and care of our teams on the ground. Foe FY25, our total recordable injury frequency rate was 3.41, and our Lost-TIme Injury (LTI) frequency rate was 0.4 across 5 million hours worked across the group.
Our performance continues to outperform industry averages, which is a testament to the care and focus our people bring to Symal every day. These results reflect the strength of the workplace culture embedded across our business, and this is a culture we are committed to maintaining as our workforce continues to grow. As we expand, safety will remain at the heart of how we work and perform. Now, moving to the year in review. Obviously, our focus on disciplined growth has proven measurable results. In addition to our traditional markets, we grew market share across targeted growing sectors, including power and renewables, utilities, defence, and data centers. We diversified our integrated approach with the addition of Ascot Bin Hire, Sycle Symal, and McFadyen Group. We also secured more recurring revenue streams across our delivery businesses and a strong pipeline forecasted across our target markets throughout FY 2027 and beyond.
The year has demonstrated what's possible when founder-led energy, strong relationships, and a discipline execution drive a business. Executing on our strategy led to outstanding financial performance for FY25, achieving a normalised EBITDA of AUD 106.1 million, which was 3.7% above our prospectus guidance. This was delivered at a margin of 11.8% and resulted in a normalised net profit after tax of AUD 45.7 million, nearly 10% ahead of what was forecast in the prospectus. Well done to the team. We finished the year with a net cash position of AUD 46 million, with normalised cash conversion of 121%. Our ability to consistently generate strong cash flows supports our organic and inorganic growth strategy. These results allowed the board to distribute a total of AUD 13.9 million in dividends to security holders in line with the approach and policies outlined in the prospectus.
I'll now turn to corporate governance, in which FY25 also demonstrated a year of strong foundations. We implemented a disciplined capital allocation framework, strengthened enterprise risk controls, and demonstrated our ability to convert profit into cash. Clear evidence of financial discipline and operational excellence. I'm proud that the board of directors we've established is a complementary group with deep strategic and financial expertise. Together, we've set clear governance principles to guide decision-making and maintain accountability as we continue to make progress on our growth strategy. We've also advanced our formal ESG commitments. We've assembled the necessary capabilities across our sustainability, finance, risk, and strategy functions, tasked with facilitating our statutory compliance requirements. We've also completed our impact and opportunity solicitation workshops across the group, which will continue to shape our ESG framework and guide our upcoming climate disclosures. Looking ahead, our focus remains very clear and consistent.
Safety, relationships, and culture remain central to everything we do as we grow our business. We continue to actively pursue growth opportunities and expand our geographical footprint and complement our existing technical capabilities across Symal's chosen end markets. We are committed to supporting the successful integration of our acquisitions and their teams. This transition is key to unlocking strategic benefits and enhancing our presence while preserving the strong customer relationships and respected reputations each of these businesses has built. Symal remains dedicated to creating long-term shareholder value, disciplined capital management, robust governance, and ongoing investment in our people and capabilities. Certainly, on behalf of the board, I want to thank you for your trust and support. I certainly welcome your contribution to today's formal proceedings. I'd now like to invite our Group Managing Director, Joe Purdickardis, to provide a more detailed FY25 review and general business update. Joe.
Good morning, everyone. It's a pleasure to welcome you all to our first AGM since listing. For the people that are attending in person, we welcome you here to our new, head office in South Melbourne. Our first year as a listed company has been defining. At IPO, we set a clear and disciplined plan to grow nationally, diversify our earnings, expand our capabilities, and focus on resilient end markets. We're committed to strong organic growth, strategic acquisitions, and continuous operational improvement. Growth never comes without its challenges. I must say, our team leaned in, and we delivered exactly what we said we would. This approach broadened our national footprint and strengthened our service offerings. It also opened new markets, creating a strong platform for future growth.
At IPO, we also set aspirations to double Symal's EBITDA within five years by way of organic growth and acquisitions. I can confirm we are well on track. Today, I reaffirm our FY26 normalised EBITDA guidance of AUD 117 million-AUD 127 million. We delivered against our first-year strategy, and the next phase is already in motion. FY25 has also been transformational. Symal now operates across some of Australia's most resilient and opportunity-rich end markets. These include infrastructure, power and renewables, utilities, data centres, defence, facilities, waste management, and repurposing. We operate an integrated and self-performing delivery model. Our focus isn't on the biggest and flashiest of projects. It's on projects that allow margin and scope expansion. It allows our people, technical capability, and extensive plant resources to deliver with certainty and with sector-leading margins. This approach positions us as an incumbent in many sectors.
This year, Symal has experienced record demand, driven particularly by data centre and AI infrastructure growth. The national power and renewable investments and the highest level of defence spending were unprecedented . Our current work in hand sits at AUD 1.7 billion, broadly in line with our June levels. In addition, our open ECIs, or early contractor involvements, have increased from AUD 850 million to circa AUD 1.5 billion, nearly double the prior year. For clarity, these ECIs span solar, battery, wind, and infrastructure projects and represent the largest ECI and work in hand position in our history. Symal's culture has been the cornerstone for more than 20 years, defined by our people and driven by our values. It guides every decision we make and every project we deliver. As we grow, our greatest challenge will be maintaining our culture.
This is a constant area of focus to ensure we never lose it. This year alone, we delivered more than 20,000 hours of training and development for our people. We take responsibility for our impact, and we invest heavily in our capability, safety, and leadership. This shapes how we attract, retain, develop, and empower talent, and it drives genuine career pathways. We were recognized as Gold Status Veteran Employer of Choice. We strengthened our First Nations participation through Wamarra and our partnerships, and we celebrated Sycle's National Award for Social Responsibility. Through Footy Colours Day, we have raised almost AUD 1 million over the past decade. All of these achievements reflect a culture that is deeply embedded in our people and one of Symal's strongest competitive advantages. We are also strategically located.
Today, we operate from 22 different locations across four states, with more than 1,500 people and a fleet of over 4,000 assets. Our footprint follows our clients into Australia's most resilient markets, mobilizing our people and plant with speed and consistency while still hiring locally to build genuine community engagement and connection. Since listing, we've maintained a disciplined acquisition strategy, completing three acquisitions that strengthen our position and expand our capability. Organically, we established offices in Townsville and South Australia, unlocking defence, infrastructure, and renewable energy projects. We invested in a new Brisbane office and our South Melbourne head office, both designed for scalability and growth. Symal is always investing ahead of time. Opportunities have grown across power, renewables, data centers, defence, and utility, demonstrating our strength in our diversified platform. We've also invested in innovation through Xero, expanding our electrical capability, and Sycle, advancing our waste management and repurposing strategy.
Importantly, we achieved all our growth and diversification objectives and exceeded our earnings guidance in our first year as a listed business. Since inception, Symal has been defined by growth and profitability. We grew without access to external capital. We've delivered a consistent track record of EBITDA growth with a diversified mix of revenue. With our strong work in hand position, our record value in ECIs, and the largest pipeline in our history, we expect this type of performance to continue well into the future. At Symal, we always want a diverse revenue mix, and this continues to shift exactly as intended. We've evolved from a portfolio weighted towards major infrastructure to one increasingly driven by data centres, defence, power renewables, and utilities. These sectors now represent around 46% of work- in- hand. With our current pipeline, we expect this to continue expanding.
This does not mean stepping away from infrastructure. It simply reflects our ability to pivot into high-growth sectors and align capability where opportunities are at their strongest. This is something Symal has done exceptionally well since inception and will continue to do this well into the future. Diversification remains one of our most important risk management levers across sectors, geographies, and delivery models. Our diversified contractual mix is balanced with the inclusion of recurring and transactional, cost-reimbursable, and lump-sum models. We deliver these as both the primary contractor and the subcontractor. With our lump-sum contracts, 50% are via ECIs, which further reduces delivery and contractual risk. We remain cognizant of the nation's skilled labor shortages. This is why our integrated self-performing model helps to mitigate this risk and amplifies our advantage. Our own people give us delivery certainty, reducing risk, and reinforcing our position as a trusted partner.
Our focus remains disciplined on margin expansion, growing wider, not taller. Our key priorities for FY26 remain centered on growth and disciplined execution, integrating acquisitions, realizing synergies, expanding capability, and delivering continued financial performance. ECIs will remain a key replenishment pathway, complementing our strong tender pipeline. Our focus remains unchanged. We will continued organic growth of our existing businesses and those that we acquire. We continue to add value-accretive acquisitions aligned to our strategy. As a family-led organization with nearly 70% of the stock held by the board and management, we remain aligned, committed, and focused on long-term shareholder returns. Although we've been around for nearly 25 years, it feels like we are just at the beginning of this next chapter. We are genuinely excited about the future.
We reaffirm our FY26 guidance of AUD 117 million-AUD 127 million, with a weighted 40%-60% split across the first and second halves, consistent with our historic seasonality. Before I close, as a reminder, in FY25, we exceeded our earnings guidance. We paid our first dividends, and we delivered 121% cash conversion. We delivered exactly what we said we would. On behalf of the board, thank you to all our people and our trade partners. Your capability and commitment set Symal apart. Thank you to the shareholders for your trust and support. We look forward to delivering another strong year together. Thank you.
Thanks, Joe. And well done to the team. Okay, now to the business of the meeting. There are 10 items of business at the AGM today, as set out in the notice of meeting, of which nine are subject to vote. The first item is the recognition of the financial statements and reports. This is to receive and to consider them in the financial report together with the directors and auditors' reports at the year ended 30th of June 2025, which now seems a long time ago. As previously mentioned, we have an auditor present. If you wish to direct any questions pertaining to the audit to him. I now pause to ask questions or comments from those joining us online in relation to the directors and auditors' reports. There were none. Chris, there was none direct.
Okay.
Thank you. There are no questions on the item of business. We can move on. We will now continue with the formal minutes of the meeting, for which voting is required. As previously stated, all voting today will be conducted by a poll, and you can submit your vote at any time during the meeting. Details of the proxy votes will be displayed on the screen as each resolution is considered. The first resolution relates to the adoption of the remuneration report. Details of the resolution and voting in respect of the proxy received prior to the meeting are displayed on the screen. I'll pause here again and ask if there are any questions. I think we do have some questions.
We have a question from Mr. Stephen Mayne. It's great to see Symal has hit the ground running as a strongly performing and well-governed public company. Well done for offering a best- practice hybrid AGM via the excellent Computershare platform at your first AGM today. It was also great that you disclosed the proxy votes early to the ASX, along with the formal addresses, and that you received strong mandates from shareholders on all resolutions, including this remuneration report. Did any of the proxy advisors issue a report ahead of today's AGM? If so, is it fair to assume they recommended a vote in favor of all resolutions?
Thank you, Stephen. The advice is that, in terms of resolutions five, six, seven, and eight, the proxy advisors recommended a vote on no. Resolution five is in relation to lifting the ESS cap to 15%, and in relation to six, seven, and eight is the issuing of LTI programs for our hardworking executive directors. In respect of why we've gone down that way, I'll explain that when we get to those resolutions. Any further questions? No further questions. I do confirm that this resolution is advisory only and does not bind the company or the directors. However, we will take into consideration any questions or feedback that we get with respect to our remuneration report. Thank you very much. I'll now move on to resolution two, which is the re-election of Ray Dando.
Obviously, the explanatory memorandum details the particulars of Ray Dando's skills and experience, which I do not need to repeat here. Obviously, details of the resolution and voting in respect of the proxy voting are displayed in the room. Ray, are you interested in saying a few words on behalf of your re-election?
I do not see anyone with any questions for me. I have been here for 17 years. I'm up to growth. I believe I'm proven, tested, and fit to lead this company toward our strategic vision.
Thanks, Ray. I might add that, again, on behalf of the NEDs, we have felt very welcomed into the business on behalf of the NEDs. That has gone a long way to building board- level chemistry, which I think will continue to drive the business forward. Certainly, Andrew, Ray, and Joe, thanks very much for that. If there are no further questions online, no further questions online, then I can now put the resolution to a vote. Welcome back, Ray. Resolution three relates to the re-election of Andrew Fairbairn as a director. Again, the details are set out in the notice of meeting. The actual resolution and voting is detailed on the screen. Are there any specific questions you might want Andrew to answer? Do you want to make any comments, Andrew?
Similar to what Ray and Joe have already mentioned . I've worked in the business for 17 years already. Really proud of what we've achieved to date and remain very committed to growing the business into the future. I can't wait to see what the next 10- 15 years bring, really.
Okay. Thanks, Andrew. Any further questions? None online. Okay. I'll now put the resolution to a vote. Again, welcome back, Andrew. Resolution four relates to the re-election of Ken. I'll leave it up to Ken. Again, the details of Ken are spelled out in the notice of meeting. Details of the resolution and the proxies on the resolution are on the screen in front of you. Are there any questions or comments related online?
No questions to ask.
Any questions on the floor with respect to Ken? I know for a fact that Joe and his team have respected the involvement of Ken over what, 10 years, I think now, or maybe even more. So appreciative of the support that Ken has also provided us as non-executive directors. Are there any? If there's no further questions, then we'll put the resolution to a vote. Resolution five relates to the member constitution with the ESS issue cap under section 1105 of the Corporations Act. This relates to amending the constitution in clause 23.6 to increase the cap to 15% for the purposes of section 1105 of the act and as detailed in the explanatory memorandum. Details of the resolution and voting are displayed on the screen.
In terms of the approach that we've taken, for those who read the details in the prospectus, we have already indicated that we're moving the cap to 15%. All this resolution does is execute on what we've said in terms of the prospectus. Even though we recognize the proxy, thinking that maybe 10% is normal, we think in relation to the 15% and the continuing, and I think Joe has touched on it, the continuing efforts required to retain and attract staff, we think the increased cap is very relevant to the future performance of the board. Any questions, or any further questions online?
No further questions online at this time.
Are there any questions from the floor? Yes, sir?
Just to introduce myself first, Peter Kavoyero. I didn't get in on the float, unfortunately, so I'm a fairly new shareholder. That 15% cap is actually quite normal for smaller growing companies. Once you become bigger companies, I understand why you want to reduce it to 10%. Right now, that's just normal. Nothing special there.
Thanks for your comments, Peter. We agree. As I said, though, we'd already highlighted that we're going to do this in the prospectus. We follow through on what we've said. We certainly appreciate your comments. During the time there, not being on the float was probably a good thing. Hopefully, you got it. Okay. Resolutions six, seven, and eight go to the approval of the issue of LTI options to Joe, Ray, and Andrew. Let's touch on resolution six first. The voting and the resolutions are on the screen. Would you have a question, Sandra, online?
Chair, we have a question from Mr. Stephen Mayne. When disclosing the outcome of voting on all resolutions today, including this option grant to the CEO, please advise the ASX how many shareholders voted for and against each item, similar to that of a scheme of arrangement.
We had it intended to, Stephen, but given your persuasive comments when dealing with me with my Grain Corp chair on, I am able to convince the board that we will release that information. Of course, in the situation where we have a high founder concentration, having the actual number of shareholders voting for these resolutions makes a lot of sense. We intend to release that after the voting is closed. Any other questions from the floor in respect of this resolution? No. I will then put forward the resolution to a vote. Thank you. In relation to, can I speed through these, Sandra? It combines resolution seven and eight together, which is a similar LTI issue to Ray and to Andrew. We will go through quickly the voting in respect of the proxy received. Again, are there any questions online which is consistent? Any questions from the floor?
With your forbearance, if I can put both resolutions seven and eight to the vote. Thank you very much. Now, jumping ahead of myself, I might hand over this resolution to my fellow NED, Shane Gannon.
Thank you, Peter. Resolution nine relates to the issue of shares to Peter Richards in the payment of director fees, voting in respect of the proxies received prior to the meeting displayed on the screen.
I'll just pause and ask if there's any questions.
No questions.
No questions.
Sorry. Okay. Thank you. There are no further questions. I'll now hand back to Peter. Thank you.
I'd just like to express my appreciation for your support in getting these shares in lieu of director's fees. All right. We are now moving on to next resolution. Was that it? All right. That's it. Now, are there any other business items or questions that are received online, Sandra?
We have two questions. Sorry, from Mr. Stephen Mayne. Given the interesting discussions across a range of topics today, could the Chair undertake to make an archived copy of the full AGM webcast available on the company's website for the benefit of the thousands of shareholders who were unable to tune in live? Even better, why not lodge a copy of the full AGM transcript with the ASX, including the Q&A session? Also, please continue with the excellent hybrid AGM format next year, even if participation rates are low because you are performing so well and have only recently listed.
Thank you. Where do we end up on that, Joe? I think we were open to the idea.
We were open to the idea for the recording.
We'll see how the mechanics of that work. My poor old COSECs are shaking their head in the effort that might be required. W e'll undertake to have a look at that. Thank you.
Second.
Next question.
There's been a lot of media this year about governance challenges at the CFMEU, which has been placed into administration, and bikie- gang infiltration of the Victorian Beeffield projects where we also operate, particularly on the AUD 26 billion North East Link project. How are we handling this situation overall from a governance perspective to ensure we don't get dragged into any of these controversies, acknowledging that we have stayed out of the headlines to date?
I can say that Joe and Nabil keep the board appraised of developments in these areas. For this specific question, I'll hand over to you, Joe.
We're circa 1,500 people in our business. Three hundred of those people are represented by unions. With every union engagement, it comes with an EBA as well, so an enterprise bargaining agreement. That is almost a rule book that we need to live and die by. We ensure that we always participate in lawful activities through that EBA, and we ensure that we follow the rules as required. In terms of what's occurring on our projects and so on, we haven't seen any change to the activity of the CFMEU on any of our jobs. Of course, there is a requirement always for unions. I think they play an important part in any industry. What we need is lawful unions, and we hope that the process now leads to that lawful union for us. That's it.
Thanks, Joe. Any other questions, Sandra?
No questions online.
Any other questions from the floor?
Yes, sir. Peter Kavoyero again. I've got a couple of questions. One thing I'd notice that on your share register, Sol Patts has just come on. Now, I'm an investor in Sol Patts, and I can assure you they are really long-term investors. I actually see that as a positive for my shareholding as well. I'd like to echo what Stephen Mayne said about having a hybrid meeting. It makes it a lot easier for shareholders, particularly interstate or overseas, who can't attend. Thank you for doing that. My actual question is about data centers. I'm involved in another industry in a similar field where a lot of the work is starting to become in data centers, particularly in Sydney, which is a big data center area.
How do you see the percentage of your business in data centers increasing , and what are the potential challenges for you in getting extra work with data centers?
Data centers continue to be an attractive space for any business at the moment. The opportunity in the pipeline is bigger than we've ever seen, like I mentioned before in the address. Our biggest challenge with data centers will be making sure there's enough power supply to actually provide to these data centers. Hence why we have a large focus on power- renewable projects as well. A further focus moving forward will be looking towards gas projects and what that can do for the business. That's a bit more long-term strategy for us. P ower is going to be the biggest issue. From what we know as well from all that, we'll be having enough contractors to actually deliver all this work. That's going to be another big issue.
The pipeline is so big that I don't think there will be enough contractors to deliver both data centers and power- renewable projects.
If I may add a supplementary question to that one. Does this mean we're going to have to look at getting contractors from overseas to do some of this?
I'll address the skilled labor shortage. In places like Queensland, it's a lot more common than what it is in Victoria. In Victoria, we've seen the availability of staff is a much easier. Places like Queensland, where it is a lot harder to find people, we anticipate needing skilled labor from overseas to be able to keep up with the amount of work that we've got, whether that be companies also penetrating the market here. What we've seen, there's always been companies that try and penetrate, or some do an exceptionally good job at it, especially at your tier- one level. I think what's most important in remembering is we're a self-performing business, so we actually have to do all the work ourselves. For us, if we need to have additional skilled workers, yes, we'll take those skilled workers from overseas.
If you're getting people from overseas coming in from a top- line contractor perspective, it's going to be a very hard market for them to actually penetrate when they don't have the internal skilled labor in their business.
Great questions. Are there any further questions? In which case, it's time for Computershare to shine. Voting will close shortly, but Christina will circulate the room. If you have just the blue and yellow voting cards today, we can put those in the box. Make sure you've actually put a marked the cards. It should be helpful. It will take some time for the final results to be known. Once compiled and checked, the results will be announced to the ASX later on. Obviously, we'll also make those results available on our website. There's no further votes to be cast. Thank you for our share registry reps, and those of you in the room and online for today's meeting, and obviously to all our shareholders. Thank you for your time, questions, and ongoing engagement.
You're just at the start of a really exciting journey. I appreciate your support. With that, I declare voting and the formal meeting closed. Thank you very much.