Good morning, everyone, and welcome to Gentrack Group Limited's Annual Shareholder Meeting. My name is Andy Green, and I'm delighted to be attending this annual shareholder meeting as the Chair of Gentrack Group Limited. Today, we're very pleased to welcome you as online participants through our virtual meeting platform provided by our share registrar, MUFG Corporate Markets. As we have advised previously, given the global nature of our business, we are holding a virtual meeting again this year. Our CEO , CFO , and other key executives, and some of our board members, are usually located in the United Kingdom or Australia. Their attendance in person at the meeting would result in significant costs to Gentrack, as well as other logistical challenges. You will hear more about our various locations later in the meeting.
We have pre-recorded the introductory message from each of the directors who are standing for election. This is to minimize the risk of technical issues interfering with the smooth running of the meeting. You can vote and ask questions online. To vote, you will need to click "Get a Voting Card" within the online meeting platform. You'll be asked to enter your shareholder or proxy number to validate. Please then mark your voting card in the way you wish to vote by clicking "For," "Against," or "Abstain" on the voting card. Once you have made your selection, please click "Submit Vote" on the bottom of the card to lodge your vote. Please refer to the virtual meeting online portal guide or phone the helpline on 0800 200 220 if you're in New Zealand, or +64 9967 7751 if you're outside New Zealand and if you require assistance.
I would encourage you to send through your questions as soon as you can through the virtual meeting website. This will allow us to answer these questions at the appropriate time of the meeting. To ask a question, you will need to click "Ask a Question" within the online meeting platform, select the item of business, type in your questions, and click "Submit." Before we formally begin, I'm attending this meeting from London with our CEO and Executive Director, Gary Miles, and our CFO , John Priggen. I'd like to introduce to my fellow board members, Fiona Oliver and Stewart Sherriff, who are attending from Auckland, New Zealand, and Gillian Watson, who is attending from the U.K., and Darc Rasmussen, who is attending from Australia. Details of the background and experience of all directors are contained in the annual report and on the website.
We will hear from Fiona Oliver, who is standing for re-election as a director, and Gillian Watson, who is standing for election as a director during the formal business of the meeting. Also with us today are Rob Yeardley from our auditors, Ernst & Young, and Toby Sharpe from our solicitors, Bell Gully. I'd like to take this opportunity to thank our auditors and lawyers for the work that they have done for Gentrack. The Company Secretary has confirmed to me that the notice of meeting has been sent to shareholders and other persons entitled to receive it. The Company's constitution prescribes a quorum requirement of three shareholders having the right to vote at this meeting. This requirement has been met. On that basis, I am pleased to formally declare the meeting open. Details of proxy voting are now available on the screen.
I'd like to thank shareholders for their participation in today's meeting. Non-executive directors, being myself, Fiona, Darc, Stewart, and Gillian, cannot vote on Resolution 4 due to our interest in that resolution. This includes discretionary proxy votes. Gary is an executive director and does not receive director's fees. He does not have an interest in Resolution 4 and is able to vote. Aside from these voting exclusions, directors intend to vote all discretionary proxies we have received in favor of the resolutions as set out in the notice of meeting. The financial statements for the 12-month period to 30th of September 2024, together with the auditor's report, are set out in the Company's annual report. The annual report was made available on Gentrack's website in December. The order of events for this morning's meeting will be as follows.
First, my address to shareholders, then Gary's address, then we'll take shareholders' questions, then we'll go through the ordinary resolutions, and voting of all the resolutions will be conducted by way of a poll. You'll be able to ask questions online through the virtual meeting website. I again encourage shareholders who are attending online to send their questions through as soon as possible. We'll now move to the first agenda item, my Chair's address. Gentrack's market segments of Energy, Water, and Airports are growth markets providing essential services. Gentrack's mission in the utilities space is to help the world accelerate towards a net-zero future by supporting the global modernization of energy and water retailers. Gentrack has around 690 committed utility professionals who are passionate about this purpose. They work tirelessly to demonstrate our leadership in this dynamic landscape as utilities worldwide embark on a transformation journey.
Strong revenue growth in the last financial year came in part from doing more with our current customers as they innovate. They face a myriad of drivers for system change, including regulatory and competitive dynamics, data insights from real-time smart meter interactions, time-of-use pricing, needing to provide a great customer experience, new operating models, and per capita water consumption targets. Additionally, we had four new utility customers financial year 2024, including new wins in Saudi Arabia and the Philippines. We now have utility customers in eight countries. The pipeline of new opportunities continues to develop, and we are targeting further wins in financial year 2025 in our current markets and in new territories. Separately, our Airports division, Veovo, which operates in 23 countries and over 140 airports, is playing a leading role in the digitalization and modernization of the industry.
We have a top-class team and a great technology with over 90 professionals in the division. We expect continued progress at Veovo with almost no customer churn, continued new wins such as the financial year 2025 wins at Manchester Airports Group and the airports of Saudi Arabia, and they add depth to our recurring revenue base. We expect to secure renewals, upsells, and new wins from a strong pipeline in financial year 2025. For the Group, revenues in financial year 2024 increased 25.5% over the prior year to NZD 213.2 million. In our utilities business, total revenue grew by 23% to NZD 181.3 million. Underlying utilities revenue, including NZD 27.6 million of revenue in financial year 2023 from insolvent customers, grew by 51%. Upgrades and other customer transformations, new customer wins, and strong demand for innovation and change across the customer base helped drive our non-recurring revenues 104% higher to NZD 60 million.
Wins and upsells from prior periods increased our recurring revenues by 33% to NZD 121.3 million. At Veovo, new customer wins in the U.K. and the Middle East powered them to a 45.5% increase in revenue over the prior period to NZD 31.9 million. The project work to implement these wins, alongside upgrades from existing customers, drove non-recurring revenues 101% higher than financial year 2023 to NZD 15.7 million. This included NZD 6.8 million against NZD 2 million in financial year 2023 of revenue for sales of hardware sourced from our supplier network. Customer wins and upgrades from prior periods also pushed recurring revenues 15% higher to NZD 16.3 million. EBITDA for the Group at NZD 23.6 million compared to NZD 23.2 million in financial year 2023. That included NZD 7.1 million booked against expected payroll tax on the Group's LTI schemes, compared to only NZD 0.3 million in financial year 2023.
That follows the strong rise in our share price as the tax is based on the share price at vesting. Furthermore, for LTI Awards made at the start of financial 2024, more shares vest and vest earlier when the share price is higher, and so we are now amortizing most of this expected cost over two rather than three years. We've continued to increase investment in strategic R&D, as well as increase our sales and marketing spend to support our international expansion. Our NPAT of NZD 9.4 million against NZD 10 million in financial year 2023, including a NZD 1.3 million loss, being our share of the losses of Amber, in which we acquired a 10% stake during the year.
Alongside our equity, we hold a seat on Amber's board, and so we account for this investment as an associate company within our financial statements. Gentrack continues to deliver strong cash generation. Our cash as of the 30th of September 2024 was NZD 66.7 million, a NZD 17.5 million increase over the start of the year after investing NZD 12.9 million in Amber. Our utilities and Veovo businesses both operate in high-growth and consolidating markets. The Board believes that the best use of the Company's capital is to continue to invest in growth.
We have therefore decided not to pay a dividend. We will keep the use of our capital under regular review. Our g2 technology strategy, with Salesforce's Energy and Utilities Cloud embedded, is resonating extremely well with our existing and potential customers. A recent testament to this has been g2 winning three prestigious awards at the Asian Business Review Awards in 2024 for Enterprise Software Energy, Enterprise Software Utilities, and ESG Tech Utilities.
In November 2023, Genesis Energy selected the g2 solution to modernize their business, and we're making good progress in this transformation program to remain a key program across financial year 2025. Upgrade discussion with parts of our customer base are underway, and new customer sales are all on g2. We have a strong and exciting technology roadmap for financial year 2025. We continue to invest in data solutions for better AI insights and automation, as well as a broad range of sellable add-on functionality that energy and water customers need as they transform and innovate. We continue to invest in products in areas such as dynamic pricing and propositions for distributed energy sources, such as battery optimization for industry, for homes, and electric vehicles. Our minority investment in Amber accelerates our roadmap in this key energy transition domain.
Amber is an Australian-based technology company and energy retailer that gives companies direct access to real-time energy prices and the technology to automate their home batteries and EVs. Their product is augmenting our solution well, and we see encouraging interest in the combined Gentrack and Amber solution. We're pleased to have achieved our first joint win on a Gentrack and Amber solution in Europe. We also work with other distributed resources management technology suppliers to bring the right solution to our customers in this nascent market. Veovo has had another strong year of growth. Airports are again handling 2019 passenger numbers, and that has made a drive for technologies to deliver more capacity and better journeys.
We've seen a number of big projects for Veovo, with major successes in the Middle East and large contracts in Saudi Arabia for our passenger predictability products and the delivery of airport billing in Dubai. In the U.K., Manchester Airports Group has selected Veovo for passenger tracking and queue measurement across all their airports. We continue to have excellent customer retention. We expect Veovo to continue this strong story financial year 2025, with current projects becoming operational and a strong pipeline of opportunities with existing and new customers. Our financial 2024 annual report includes our very first climate statement under the New Zealand Climate-Related Disclosures Regime. We believe that our technologies can play a key role in accelerating a sustainable future for the planet.
Our platforms support automation and operational efficiency at airports, and at utilities, we deliver customer-centric solutions that can help end customers adopt greener solutions to advance the energy transition. Both the utilities and airport industries are transforming at pace. They're dynamic markets in a state of change, and we're confident in our ability to lead these markets globally over time. We remain confident of our midterm guidance of growing revenue more than 15% compound annual growth rate and an EBITDA margin of more than between 15% and 20% after we expense all our development costs. financial year 2025, we expect both utilities and Veovo to show continued revenue growth and EBITDA improvement. The extent of that will depend on when business opportunities close in the year.
In closing, I'd like to thank all our customers and shareholders for their continued support and the entire Gentrack team for their achievements last year and their commitment to Gentrack's future. Thank you for your attention to my chair's address. We'll now move over to the CEO commentary from Gary Miles. Gary.
Thank you, Andy. Well done. Since Andy covered the business and its fundamentals, if we could go on to the next slide, I would like to provide an update on some activity since our last earnings that we had in November. First of all, you can see up in the top left-hand corner, our g2 stack is being deployed successfully at Genesis. We're excited about that. It's resonating well with the customer base and with our pipeline, but we have a really good partner across the park, so to speak, literally in Auckland, and we're really pleased with the collaboration that we have with the Genesis team to land that. We've moved into systems integration test and headed towards production this winter, summer, July timeframe.
Part of that stack includes our partners, AWS and Salesforce and Snowflake and others. We want to thank our partners for helping with our technology journey and landing value that we bring to our customers. Andy mentioned our inaugural climate statement that we released in New Zealand. We're very excited about this. We're a purposeful organization. We believe that our technology can help accelerate the path towards net zero, and New Zealand is really at the frontier of climate statements and climate pledges, and we're glad to be making our initial climate statement in New Zealand and provide that transparency not only for our shareholders, but for our people and our customers and their supply chains.
Down at the bottom on the right, you can see some of the management team is there with me. I want to really call out the management team as a world-class team. We have a great collaboration among ourselves despite the timezone differences at times, and we're working really well together. This is a positive thing that really drives us towards our long-term objectives. So that's something I want to underscore is in a very strong state. In the middle here, I put this because our India base is growing. Having said that, we have large people presence in Auckland and Melbourne and London and Denmark, Copenhagen, and Pune in India. We're actually off to Pune this next month to spend time with the team and the whole leadership team together. But all of those core people markets are growing.
So we're leaning into India, but we're leaning into all of our people centers, which is fantastic. Veovo in the top right-hand corner, Andy talked about the momentum that the business has. It's pretty outstanding as we move from Tier 3 and Tier 2 airports into a lot of Tier 1 airports around the world by Dubai and Miami and others, and some new wins here. And GACA is the country of Saudi Arabia, Manchester Airports Group, and others. So continue to watch that space and the contribution we have to modernize airports worldwide. So I'd like to move to the next slide and summarize the market dynamics. The market dynamics are one of the fundamentals that are driving our strong growth. We've been very consistent with this message.
Having said that, I do think that it is becoming we said we thought this was going to happen, and it's actually happening in a really strong, clear state. So first of all, industry-wide, our people momentum is accelerating across our growth areas of Europe and Asia. I think it's accelerating because, A, we have better visibility. We're out in the market getting tenders, and B, because more people are taking seriously the benefits of moving off legacy technologies, and there's a trend in this direction to move off those technologies, and so we see the RFP momentum increasing. g2, as I mentioned before, resonates well. We think it is the market-leading integrated billing and CRM play. Technology on the market is resonating well, and so that strategy is a sound one.
Most interestingly, there are very few credible players that will be able to service this global re-platforming that the utilities industry and the airports industry is undergoing. Really a small handful, and the barrier to entry to get in this space is significant multi-year proof points to do that. And so due to these factors, our pipeline continues to expand. As messaged in prior announcements, mature deals are expected to start closing this year. Our transition into the Asian and European market is in its maturing stage with the 12- to 36-month sales cycle. But because of that sales timeline, we expect the new wins and the revenue to be second-half weighted.
I remain very confident in our ability to execute against two things. First of all, our purpose, which is to accelerate the journey to a net-zero future by leading the global IT modernization of energy and water retailers, so our aspiration is to globally lead this space, and then our plans to achieve mid-term growth of greater than 15% CAGR, as Andy mentioned, and 15%-20% EBITDA, cash EBITDA basis, so we intend to provide full-year guidance in our half-year results that we will have in May when we'll come and visit Australia and New Zealand and talk to our global shareholder base, so with that, I would like to say thank you and hand back to the chair.
Thank you very much, Gary. So before turning to the formal part of the business of the meeting, I'd like to give shareholders the opportunity to ask questions whether related to the presentations, the financial statements, or the management of the company. You can continue to provide questions online, and we'll also address those that have already been submitted. If we run short of time and are unable to answer your question online today, we will turn to the formal part of the business and endeavor to respond to you after the meeting. So John, what have we got in the way of questions?
So we have received questions from shareholders online. The first one being, New Zealand is becoming a governance backwater as it continues to resist mandating annual voting on remuneration reports, which is standard in many countries around the world. Will the chair undertake to voluntarily put up a remuneration report resolution for an advisory vote next year's AGM rather than just deal with this narrow director fee cap component? Annual Rem voting is the law in Australia, and we are dual-listed on the ASX. So why don't we step up and respect shareholders by adopting Australian market practice?
Well, we do respect shareholders, but the rules are, we follow New Zealand. New Zealand isn't a backwater. It leads, for example, in the climate reporting area. Certainly, we'll consider it as a board whether it's a sensible thing to do or not. I think the right thing to do is follow the rules of the exchange that you primarily quoted on, but we'll take that into account, and we'll have a conversation at the board about whether that's a sensible thing to do.
The second question is, could new director Gillian Watson and the chair comment on the recruitment process that led to her appointment to the board? Was a headhunter involved? Did the full board interview Gillian as a group, and did they interview any other candidates? Did Gillian know any of our directors before engaging with the recruitment process?
I'll answer if I may all of that. Of course, we included a recruitment company. A full board interviewed not all at the same time. We're in many different time zones, but all the board members interviewed Gillian and other candidates. There were several other candidates, and nobody knew Gillian before she was appointed, and I think we think she's an excellent appointment.
Third question. Now the company is the NZX top 50 in the NZX top 50. Will the board consider appointing a future director or an intern director as part of their corporate social responsibility?
Look, I think this is a really good point. It's about how do you bring younger people into the pool of directors. Honestly, although we are in the New Zealand 50, we're pretty flat out running the business. We're a tight board, I think, with a good dynamic who's able to support Gary and the executive team very effectively, so again, it's one of those things we might think about in the future. I don't think it's very likely we'll do that in the short term.
Another question. The six most valuable U.S. big tech stocks, so Microsoft, Apple, Amazon, Alphabet, Meta, and NVIDIA, are together worth more than NZD 20 trillion, largely because they have enormous pricing power and are overcharging customers the world over. Could the CEO comment on which of the global, sorry, on which of the big global technology companies we are most reliant on and what we would do if they suddenly put their prices up by 30%? Also, are we at all exposed to a potential U.S. trade war involving Australia and New Zealand's treatment of big U.S. tech companies?
Yeah, it's kind of, the big tech companies run the highways of today's commerce and communications and trade. We definitely work closely with AWS and Microsoft primarily. We have other options. I think if they put up their rates 30%, that would be a surprise in an environment where AWS's cloud compute and storage costs have been going down on a percentage basis regularly, and Microsoft has obviously other options with Google Technologies and others, and we have the ability to pivot pretty well, so I think we're pretty well protected from that, but for sure we have dependencies like the world over. I'm not sure I'm in a position to comment on the trade policies of Australia and New Zealand at this point.
I honestly don't think shareholders spend a lot of time worrying about that. I strongly expect that anything that happens will be much more consumer-facing, much less to do with the sort of inner workings of the B2B side that we are involved in, both in our relations with those types of companies and in the business we do.
Next question. While NZSA, a New Zealand Shareholders Association, acknowledges the release of the KPMG report, albeit only two days before the ASM, we were disappointed the report did not disclose the details of the comparator companies and provide more detail around the rationale for the increase. We will, however, vote on directed proxies in favor of the resolution.
Thank you. Look, I'm sorry we were late in publishing that. It is a very complicated thing when you're operating with directors in Australia, New Zealand, and Europe. The reason that we made the changes was in order to recruit a—do you remember Nick Luckock, who was our previous U.K.-based director? We originally came on as part of an investment by his company. He didn't take fee at all originally. So it's a long, long time since we've been out to the U.K. market seeking a director.
When we went out, it was clear that we were well off the pace. Then when we benchmarked it in Australia and New Zealand too, it was clear that we need to make this change. Honestly, I think for most shareholders, it would be really complicated to show this sort of benchmarking across three markets in that way, and the currency impact. Yeah, the pound's got stronger since then. Anyway, these things are central.
The next question. Thanks for disclosing the proxies early, and well done to Fiona for getting re-elected with around 98% in favor. However, the turnout was around 70%, mainly because more than 95% of retail shareholders didn't bother to vote. When disclosing the voting outcome, please advise how many shareholders voted for and against, similar to that with a scheme of arrangement. This will provide a better gauge of retail shareholder sentiment and insight into the chronically low retail voting rate. The likes of Qantas, ASX, Suncorp, Tabcorp, and Computershare all do this.
Interesting idea. I agree. Well done, Fiona, who is a first-rate colleague. I think it's an interesting question. We'll have a look at it. I mean, again, I don't think making life really complicated helps. We'd certainly like to see retail shareholders voting. I think very often they are wanting to hold the shares in order to get a return on those shares rather than take part in the governance. That's just the way the world is. 70% turnout globally is not a bad result, actually.
There are no further questions. Sorry.
Thank you very much. Okay. If we may then, and there are further opportunities to ask questions if anybody has any as we go through, but we'll come to the formal part of the business. So, ladies and gentlemen, we now come to the formal part of the business, matters requiring resolution, which are outlined in the notice of meeting. You may ask questions on each matter being put to shareholders through the virtual meeting website. Now, moving to the resolutions, I propose to call a poll on each of these resolutions.
As I mentioned, shareholders will be able to cast their vote using the electronic voting card received when online registration is validated. To vote, you will need to click "Get Voting Card" within the online meeting platform. You will be asked to enter your shareholder or proxy number to validate. Please then mark your voting card in the way you wish to vote by clicking "For," "Against," or "Abstain" on the voting card. Once you have made your selection, please click "Submit Vote" on the bottom of the card to lodge your vote. Please refer to the virtual meeting online portal guide or use the helpline on 0800 200 220 if you're in New Zealand, or 64 99 67 77 51 if you're outside New Zealand if you require assistance.
Voting will remain open until five minutes after the conclusion of the meeting, and the results of the vote will be announced by the stock exchanges this afternoon. Each resolution set out in the notice of the meeting is to be considered as an ordinary resolution, and as such, must be approved by a simple majority of the votes cast by shareholders who are entitled to vote and are voting on the resolution. The outcome of proxy votes will be displayed for your information on the slide of each of the resolutions.
Resolution 1 is the re-election of Fiona Oliver as director. Fiona Oliver joined the board as a non-executive director in February 2019. She retires by rotation and offers herself a re-election this year. Fiona's credentials are set out in the notice of meeting. Fiona will now address the meeting on her proposed election in the form of a pre-recorded video.
Good morning, everyone. I'm delighted to seek re-election to the Gentrack Limited Board and to continue to work with the committed group of people who contribute to the success of this company. I mentioned at the time I joined the board in 2019 that there were many attractions to being part of this team. Principal among these attractions was the focus of the company on its customers and in building a sustainable global technology business. To develop software to meet our customers' needs and with teams in New Zealand, Australia, London, and Denmark, we needed to ensure we were connected to one another and connected to our customers. We needed a clear product strategy, great people, and strong processes.
It's very pleasing to have been witness over the last six years to what has been a transformation and the establishment of a solid foundation to develop and deliver software that our customers need for their businesses to be successful. Recent years have been eventful for all of us. Unforeseen factors have created stark differences from year to year on how we've needed to operate. Gentrack has not been immune from these external factors, and as you will recall, a few years ago, we had our own internal challenges, and understandably, the market questioned our long-term strategy. I have been so impressed by the management team's determination and the extremely hard work undertaken to respond to both the internal and external multifaceted challenges, and ultimately to achieve the position Gentrack is in today.
There is, of course, almost always more we want to do and need to do, but what we have now is a sound platform to continue to drive strong and profitable growth. We have talented people, strong leadership, and better technology. In my role as the director of Gentrack, I will continue to bring my breadth of governance, investment, capital markets, and legal experience to benefit the already astute and effective oversight of the company by the Gentrack board. I will continue to ensure my focus is on delivering value and sustainable returns to you, the shareholders, which I know is shared by current board members and the senior management team. I would welcome your support of my re-election as an independent director to the board, and I'm very happy to answer any questions you have of me. Thank you.
The board has determined that Fiona is an independent director for the purposes of the NZX listing rules. The board unanimously supports the re-election of Fiona. I now propose that Fiona Oliver be re-elected as a director of Gentrack Group Limited. Are there any questions for the board concerning the motion from shareholders in attendance online?
There are no questions on this matter for shareholders joining online.
Thank you. Please now select "For," "Against," or "Abstain" for Resolution One on the voting card. Resolution 2 is the election of Gillian Watson as director. Gillian Watson was appointed to the board on the 1st of June 2024. A director appointed by the board must not hold office without re-election past the next annual meeting following the director's appointment. Gillian offers herself for election this year, and her credentials are set out in the notice of meeting. I now invite Gillian to address the meeting on her proposed election.
Good morning or good afternoon, ladies and gentlemen. My name is Gillian Watson, and I joined the board of Gentrack in June 2024. I succeeded as chair of the People and Culture Committee in October 2024. My background is in finance, primarily Corporate Finance and M&A, and in Strategy and Business Development in the energy sector, with a particular focus on renewables and the net-zero transition. My executive career spanned Asia, Europe, and parts of Latin America. I currently sit on the board of two other energy companies engaged in different ways in the important role of our transition to net-zero.
I joined the Gentrack board, a s I've fully believed in its mission to develop and provide technology to transform utilities for the sustainable era. I consider that I can contribute through my experience in the global utility sector, my understanding of strategy and growth, and my knowledge of regulation and good corporate governance. Thank you in advance for your support, and I look forward to playing a part in our exciting future.
Thank you, Gillian. The board has determined that Gillian is an independent director for the purposes of the NZX listing rules. The board unanimously supports the election of Gillian. I now propose that Gillian Watson be elected as a director of Gentrack Group Limited. Are there any questions for the board concerning the motion from shareholders in attendance online?
There are no questions on this matter from shareholders joining online.
Thank you. Please now select either "For," "Against," or "Abstain" for Resolution Two on the voting card. Resolution Three is regarding authorization to fix auditors' remuneration. Resolution Three concerns the remuneration of Gentrack's auditors. The Companies Act 1993 provides that Ernst & Young continue in office as auditor. However, a resolution is required in respect of their remuneration. Details of the proposed resolution are outlined in the notice of meeting. I now propose that the directors are authorized to fix the remuneration of Ernst & Young as auditor of Gentrack for the ensuing year. Are there any questions for the board concerning the motion from shareholders in attendance online?
There are no questions on this matter from shareholders joining online.
Thank you. Please now select either "For," "Against," or "Abstain" for Resolution Three on the voting card. As I have an interest in the next agenda item, I'm going to hand the chair to Gary Miles for the next item. Executive directors do not receive director's fees, so Gary has no interest in this resolution.
Thank you, Andy. Resolution Four concerns an increase to the cap on non-executive directors' fees. Details of the proposed resolution are outlined in the notice of meeting. I now propose that the aggregate maximum annual remuneration for directors be increased from NZD 800,000 to NZD 850,000. Are there any questions for the board concerning the motion from shareholders in attendance online?
There are no questions on this matter from shareholders joining online.
Thank you. Please now select "For," "Against," or "Abstain" for Resolution One on the voting card. I now hand the chair back to Andy.
Thank you, Gary. Well, look, that concludes the formal part of the meeting. You should now have submitted your votes. The poll will close in five minutes. So, ladies and gentlemen, thank you very much for your attendance at our annual meeting. We'll be announcing the results of the formal business of the meeting to the stock exchanges later today. I now declare the meeting closed.