Good morning, everyone. Welcome to the 2025 Me Today annual shareholders' meeting being held online. My name is Grant Baker, and I'm the Chairman of Me Today. A few housekeeping matters before we start. To effectively manage this online meeting, we have all participants on mute. If you have any questions during the meeting, please email us at vote@metoday.com. We've also enabled the Q&A function within the Teams meeting so you can ask a question in writing through Teams. The purpose of today's meeting is to vote on six resolutions, four of which relate to the capital raise, and the other two relate to the reelection of Roger Gower and authorizing the board to set the fees for our auditors, BDO. Voting on each resolution is being conducted by poll.
All six resolutions are ordinary resolutions and may therefore be passed by a simple majority of votes of shareholders, voting in person or by proxy. Prior to the meeting, we'd received proxies relating to 40,590,205 shares, which represents 75% of the shares on issue. All directed proxies will be automatically counted. The directors and their associated persons cannot vote on resolution one. Sinclair, Baker, and Kerr Interest cannot vote on resolutions two to four. All directors and their associates can vote on resolutions five and six. Now I'd like to introduce my fellow directors. Online is Anthony Vriens, who's in Australia at the moment, and in the room with me, Hannah Barrett, Roger Gower. Also present is our CEO and Director Stephen Sinclair, and our Founder and Director, Michael Kerr. Also in attendance today online are the company's auditors, BDO, and legal advisors, Chapman Tripp.
Thanks to those firms that provide valuable services to Me Today. I propose to take the notice of meeting and the Armillary Independent Advisor Report as read. A quorum is present, and therefore I declare the meeting open. Stephen Sinclair and Michael Kerr will provide you with a business update and an overview of the Me Today product range, including new products recently added to our range. Following this update, we'll answer any questions that have been emailed to vote@metoday.com or any questions that have been asked through the Teams meeting Q&A. As noted in the notice of meeting, the independent directors, Roger Gower, Anthony Vriens, and Hannah Barrett, unanimously recommend that the shareholders approve all resolutions.
The independent directors' reasons for recommending approval of the business resolutions are that they consider the capital raise and the other matters covered by the resolutions to be in the best interest of the company and the shareholders. The practical impact, if resolutions one to four are not passed, is that the company would not be in the financial position to pursue the growth opportunities planned and would need to make significant changes to the business model. As founders of the Me Today business, Stephen, Michael, and I continue to believe in the strength of the Me Today brand. The King Honey business has been a distraction. However, through the period of uncertainty, the Me Today brand has continued to grow. We remain committed to growing the brand and believe that the opportunity is ahead. Our decision to support the capital raise represents our commitment to the brand.
Through the capital raise structure, all shareholders have the same opportunity to acquire further shares, so you are not diluted should you decide that further investment in Me Today is something you want to do, having regard to your own personal circumstances and tolerance for risk. On July 27, 2025, a decision was made by the directors of subsidiaries King Honey Holdings Ltd. and King Honey Ltd. to request that the Bank of New Zealand appoint receivers and managers over its respective assets. Me Today has previously communicated the tough market operating conditions within the Manuka Honey sector. Trading conditions within the industry had continued to be challenging, and without a successful sale of the King Honey business, the decision was taken to appoint receivers and liquidators. The King Honey business is ring-fenced from Me Today.
In early 2024, when the group raised new capital, an agreement was made with group lenders to remove Me Today from the King Honey debt security group. Me Today supports the decision of the King Honey boards, and while it is not the preferred outcome, the decision to have receivers appointed to King Honey will ultimately have a positive impact on the balance sheet and trading of Me Today. I'd now like to hand over to Steve.
Thanks, Grant. In this section, I'm going to cover the details of the capital raise, the use of the capital raise funds, the timetable, the FY 2025 results just for the Me Today brand only, and the medium term strategy for Me Today. I'll then hand over to Michael. Michael's going to cover the brand and product development strategies in some further detail. Starting with the capital raise, Me Today is seeking shareholder approval to raise up to NZD 2.59 million in new capital, supported by a commitment of NZD 1.5 million from trusts associated with myself and Grant Baker. The offer structure is a non-renounceable one-for-one rights issue based on shares held on the record date. Non-renounceable means rights cannot be traded, and the rights issue price is NZD 0.06 per share. Alongside the rights offer are a Series 1 and Series 2 warrant bonus issue.
Shareholders will be entitled to receive each series of warrant on the basis of one warrant for every two shares held, with entitlements determined after the rights issue. The warrants will be exercisable at NZD 0.06 per share at the discretion of the holder on October 26 for the Series 1 warrants and October 27 for the Series 2 warrants. The warrants, if fully exercised, would create additional capital of NZD 3 million for each series of warrant, which would provide the business the funding needed to further invest in the brand and to expand further internationally as the business case requires. This capital structure provides the business with certainty when making strategic decisions to create additional growth.
In terms of the capital raise funds, the capital raise through the rights issue will be for the following purposes: to enable continued investment in the Me Today brand, to take advantage of sales and brand opportunities in New Zealand and international markets, to invest in research and new product development, and as Michael will talk to, we see the importance of new product to the brand and the offering overall, and lastly, to fund working capital needs of the brand. Briefly now on the timetable, on the slide here is all of the key dates in and around the offer. If I just point out the most important date, which is the closing date, which is 5:00 P.M. tomorrow, it's the closing date for the rights issue. New shares under the issue will be issued on November 6, and the warrants on November 10.
Now turning to the performance of the Me Today brand. In FY 2025, the Me Today brand and agency business recorded gross revenue before marketing costs of NZD 5.9 million. This is growth of 44% on FY 2024. The net loss for the brand and agency business was NZD 1.2 million, an improvement of 21% on the NZD 1.5 million loss in 2024. In addition, the group incurred head office and listed company costs of NZD 1.2 million for FY 2025. This was down 9% on FY 2024. The total loss, including these costs but excluding the King Honey business, was NZD 2.4 million, and this was a reduction on the loss in FY 2024, which was NZD 2.8 million. As the business continues to invest in brand, it will be loss-making. The current strategy continues to drive top-line growth, which was done from 2025 to 2024 and will continue through 2026.
By doing this, we will consider the pathway to profitability. As revenue grows, trading losses will continue to reduce. Looking briefly at the overall strategy for Me Today, this is to focus on growth. The growth will come from continuing to gain market share in New Zealand, maximizing and leveraging the new China licensing arrangement, developing international opportunities that already exist in the U.S., Japan, the UAE, and in Ireland, and investing in brand through marketing campaigns aligned with our consumer and bringing new products to market. Touching on market by market specifically and starting with New Zealand, which is our home market and really important to the brand. The retail footprint in New Zealand is well established. The brand is listed in some of New Zealand's largest retailers, such as Chemist Warehouse, Woolworths, InnoCare and Life Pharmacies, Bargain Chemist, Independent Pharmacies, and Health 2000 stores.
Me Today is also available online at trusted sites such as Health Post, Pharmacy Direct, and online at metoday.com. The New Zealand market continues to grow with expanded shelf presence gained in October 2024, creating a lift in sales with NZ pharmacy and grocery during our last FY 2025 financial year. Our scan data in New Zealand has doubled in the 12 months to 15 October 2025 on the previous 12-month period. The brand's looking to further increase shelf space throughout retail partners early in 2026. Through this and the addition of new products, we're confident of continued brand growth throughout the 2026 calendar year. All of our retail partnerships remain extremely important as larger footprints in store will help to continue to drive brand growth. Now turning to the Chinese market and the opportunity that we have with our partnership with the Nutrition Family Company. This partnership continues to expand.
The agreements with the Nutrition Family Company provide for payment of a licensing fee over a 10-year period to Me Today based on revenue earned in Greater China by our partner. The agreements also allow for the licensor or for Nutrition Family Company to progressively own up to 50% of the Greater China trademark should they achieve certain revenue targets. During FY 2025, our partner achieved revenue targets contained within the agreements, and they gave us notice to acquire a 20% ownership stake in the Me Today China trademark. We expect to receive a further notice prior to the end of this calendar year based on the sales currently being achieved by Nutrition Family in the Chinese market. The focus in China includes promoting Me Today across the Chinese TikTok platform, Douyin, and now expanding further into other online platforms and direct-to-consumer sales models.
Next week, Michael and I travel to China to take part in the China International Import Expo. Me Today has an exhibition at CIIE and is included as part of the Taste New Zealand Pavilion. CIIE attracts thousands of exhibitors and hundreds of thousands of buyers from within China and around the world. We're looking forward to the opportunity for the brand in China next week. Me Today brand now has offices in Hangzhou and Guangzhou, which are set up and operated by our Chinese partner. The license fee payable to Me Today was set as a fixed fee in year one, and for year two onwards, it's calculated as a percentage of revenue. The first license year finished on 31 March, with total license fee revenue of NZD 445,000. We expect the 30 June 2026 license fee to be higher, given that it's based on a percentage of revenue.
Lastly, for me, looking at the other markets that are important to us and that we're established in, so outside New Zealand and China, Me Today is focusing on opportunities it has in the U.S., Japan, UAE, and Ireland. We've established partnerships in these markets and will continue to invest in the brand alongside our partners and markets. The U.S. market continues to grow with focus both offline and in the online channels. We've secured an online presence in the US and continue to build on the strategy for growth in that channel. The offline business in the U.S. is Manuka Honey focused, with partnerships in grocery and consumer retail channels. In Japan, we have an established partner in the Me Today brand across Manuka Honey, skincare, and supplements. We've been building the sales channel with our Japanese partner and trialing new format opportunities.
Our partner secured an opportunity to list Me Today in a large retail chain. We ship product for this opportunity in March 2025. Michael will be in Japan next month reviewing progress directly with our partner. Now I'd like to hand over to Michael to discuss the brand and product in further detail.
Thanks, Steve. Good morning. Alongside the market expansion, the brand continues to focus on growing the presence through above-the-line marketing activity and investment in new product development. FY 2025 has seen the continuation of an increase in marketing presence through radio and outdoor advertising, together with investment online through social media and other online channels. In conjunction with an external creative, we have further evolved our brand imagery to enhance our look as a premium mainstream brand. The imagery, as you can see, is young and vibrant. As well as this, we have updated the way we talk to the Me Today consumer as we now understand more about who buys Me Today and why. We continue to promote Me Today across multiple media, including an always-on approach across social media, radio, bus specs, and billboards.
Me Today offers something different to both retailers and consumers, and we believe this is to be a fresh, clean, modern, and fashionable brand, all within the health space. The brand is now known for its efficacious products that are fresh and cleanly designed, with products from complementary categories that are made with the environment in mind. The brand is from New Zealand, and we are proud to be. As you know, Me Today is now firmly in the supplement, skincare, and Manuka Honey categories. Since launching Me Today, we have certainly evolved the product range to be comprehensive. However, we still have room to grow. In the next slides, we show our range across the three categories. In the supplement range, we have more than 30 products, including our core complex and high-dose ranges, which make up much of the range.
These products cater to everyday health needs across women's health, inner beauty, men's health, mind, immunity, and energy, gut, body, and sleep. Development of the range has continued with the launch of larger pack sizes of some of our core complex and high-dose supplements. This range was introduced due to consumer demand for more value and convenience, both of which these pack sizes offer. Whilst these are not necessarily true new product development, they have already proven to be important to the overall sales mix and offer an already strong value to the developed complex and high-dose ranges Me Today offers. Consumers now have more information than ever at their fingertips. They are easily able to carry out their own research and are much better informed to make self-select health purchases.
Because of this, we wanted to ensure that Me Today continues to build on its solid offering with another tier of solution-based supplements that are formulated to satisfy specific health needs using patented or trending and traditional ingredients. Out of this came a range of Me Today Complex + supplements that satisfy consumers' needs across sleep, stress, immunity, anti-aging, gut health, joint health, and metabolism support. This is truly another level of supplement health from Me Today. Me Today's skincare range has also evolved to include beautifully packaged, highly natural, and efficacious skincare. We offer three skincare platforms. The first platform is our Me Today Multivitamin skincare range that is perfect for everyday cleansing, toning, and moisturizing. We also offer an advanced range of collagen-boosting skincare that is formulated using ingredients such as PENTAVITIN and Sipulif.
On top of this, we have a comprehensive range of targeted Me Today serums, including products such as our Me Today AHA Leave-On Exfoliant serum and our Me Today All-Over Glow C serum. As part of this comprehensive wellness offer, we believe Manuka Honey is a powerhouse ingredient and a good addition to the Me Today range. We have said it before, and we all know that Manuka Honey is a unique offer from New Zealand and has many health benefits and properties, such as being antibacterial, anti-inflammatory, as well as having antioxidant properties. For these reasons, we now offer a full range of Manuka Honey products, from Manuka Blends through to UMF 25+ rated products. As well as this, we also offer Me Today UMF 13+ Manuka Honey lozenges. We've also spoken before about Manuka Honey infused products to help better target specific wellness needs.
Through this, we have developed Me Today Superh oney, which is infused into three products for different daily needs states. Me Today Gently Ginger, Zesty Lemon, and Dreamy Chamomile are all available in 250-gram jars, as well as convenient on-the-go snaps. Desire to grow the portfolio to satisfy consumer demand and interest doesn't stop. On April 25, we launched Me Today Shilajit and Me Today Irish Sea Moss, both of which already rank in our top 10 products. On October 25, we've just seen the launch of Me Today Ashwagandha on-the-go spray and Me Today Shilajit resin, which we believe to be the purest form of Himalayan Shilajit resin available in pharmacy in New Zealand. We've also just launched into a new segment with our Me Today Adults and Children's Potent Liquid Herbals. This range is only just landing on shelf late October.
However, the interest from retailers and consumers has already been very encouraging. 2026 is looking to be a strong year for Me Today as we continue to build momentum. The focus on new product development remains, with several new products under development for launch. As mentioned, the brand recognizes the importance of a product-led strategy, with the consumer now more than ever looking for new, efficacious, and trending ingredients. These all have to provide a unique point of difference. Me Today is in the process of developing a new range and a new category that will complement the overall offer while offering the core Me Today consumer a solution that they absolutely need. Thank you for allowing me to give you some insight into the Me Today brand and product development initiatives. I will now hand back to Grant to continue the meeting.
Thank you, Michael. As can be seen from the updates provided, there's a lot of opportunity for the brand in New Zealand and in international markets. As a board, we're really committed to the growth of Me Today, and this will be our sole focus. We'll now answer any questions that have been raised through the vote@metoday.com platform or in the Q&A facility on Microsoft Teams.
Currently, we haven't got any questions, given we haven't got any questions through the voting mark.
It looks like we have no questions now.
No, screen isn't much.
Nothing?
No, just as on the screen.
No, there's no Q&A screen.
Okay. Now I'd like to move on to the formal resolutions. These were notified in the notice of meeting. Voting on each resolution will be by way of poll. For anyone still wishing to vote, please email vote@metoday.com before the meeting closes by providing your full name and shareholder number and stating how much you wish to vote on and how you wish to vote for each resolution. Only shareholders, proxy holders, or corporate representatives of a shareholder may vote on today's resolution. I'm taking the full text of each resolution as read. I'll ask for any questions on each resolution and then formally move the resolution. Resolution one is the issue of rights and warrants. The first resolution relates— Sorry, I'm repeating myself there because it's written twice on my piece of paper. Are there any questions relating to this? Nothing, Steve. Kevin.
No, no questions.
Okay. I now move this resolution. Please now vote on the resolution if you haven't already. Thank you. The next resolution relates to the firm commitments of NZD 1.5 million from the Baker and Sinclair Trusts. Are there any questions on those?
No questions.
No questions. Okay. I now move this resolution. Please vote on the resolution if you haven't already. Thank you. The next resolution relates to the issues of shares to the Baker, Sinclair, and Kerr interests should they exercise warrants. Are there any questions on this?
Questions.
I now move this resolution. Please vote on the resolution if you haven't already. Thank you. The next resolution, resolution four, relates to the potential transfer of shares from the Baker and Sinclair Trust to Kerr. Are there any questions?
No questions.
All right. No questions. I now move this resolution. Please vote on the resolution if you haven't already. Resolution five relating to the reelection of Roger Gower as Director. I'll ask Roger to briefly comment on this resolution. I hand over to you now, Roger.
Thank you, Grant. The resolution is for my reelection. I've put myself forward for a reelection. I'm keen to continue to work with the team here at Me Today. I think I can continue to add value to the board. This has been an interesting experience over time, and I think this is probably unfinished business for us all. We want to finish this current phase of the development of Me Today on a high. I've put myself forward for a reelection and welcome your vote. Thank you.
Thanks, Roger. Are there any questions?
No, no questions.
No questions. I now move this resolution. Please now vote on this resolution if you haven't already. The next resolution relates to the fees of the company auditors, BDO. Are there any questions on that?
No.
No. I now move this resolution. Please vote on the resolution if you haven't already. Thank you. As mentioned earlier, any votes for those who have not done so yet or lodged direct proxies can be made by emailing vote@metoday.com. Please indicate whether your vote is for, against, or abstain for each of the resolutions put forward today. We'll now pause the meeting for one minute to allow time for any questions and votes to come in and for them to be verified. Once again, if you have any questions, please email vote@metoday.com. Thanks, everyone, for your patience. There have been no further questions. Any further votes will now be verified and processed. The results of today's meeting will be announced to the NZX as soon as possible. That concludes the formal part of the meeting. Thanks for your attendance online today, and I now declare the meeting closed.
Thank you.