Good morning, everyone. My name is Michael Carapiet, Chair of the Link Group Board. Welcome to the 2021 Link Group Annual General Meeting. After a fully virtual meeting last year in 2020, I'm delighted to be able to welcome you all to this year's meeting as a hybrid format, with some of you in attendance in person and others attending online. Before we commence, I would like to acknowledge the Gadigal people of the Eora Nation, traditional custodians of the land on which we present today, and pay my respects to the elders past, present, and emerging. I extend that respect to all Aboriginal and Torres Strait Islander people at this meeting today. The time is 11:30 A.M., the appointed time for the holding of the meeting, and I'm advised that the necessary quorum is present. I therefore declare the Annual General Meeting open and welcome our shareholders and visitors. Before we proceed with the meeting, I have a couple of quick housekeeping points. I would appreciate if all mobile phones could be turned to silent mode. Recording devices and cameras must not be used during the meeting. In the event of an emergency, please follow the emergency exit signs and instructions of the venue staff. The agenda for today's meeting is as follows. Firstly, I will present my address. Following that, Vivek Bhatia, Link Group's CEO and Managing Director, will present his review of the organization's activities. We will then proceed with the formal business of the meeting. Following the conclusion of the meeting, I invite those shareholders here in Sydney in person today to join me, my fellow Directors and senior management for light refreshments. It is my pleasure to introduce the members of our board who are in attendance today. Those with me in person are Link Group CEO and Managing Director, Vivek Bhatia, and Independent Non-Executive Directors, Glen Boreham, Piyush Gupta, Anne McDonald, Sally Pitkin, Fiona Trafford-Walker, and attending remotely from the U.K. is Mr. Andy Green. Also here today are various Link Group executives and our company secretary. We also welcome Link Group's auditor, KPMG, represented by partners Eileen Hoggett and Brendan Twining, who are with us here today in Sydney. As today's AGM is being hosted in a hybrid format, we have shareholders attending in person and online using Link Group's award-winning virtual meeting platform. The platform we are using today is an example of the many innovations Link Group has developed over the years. This particular technology was pioneered in 2018, when we hosted the first online AGM for an ASX 200 company in Australia. Today, we continue to successfully host AGMs for numerous companies right across the world. Our virtual meeting platform enables shareholders to actively participate in meetings irrespective of where you are located around the world, making the meeting accessible to all. As you can imagine, this technology became even more important during COVID-19. Now, I shall deliver a short address. There's no doubt that this has been a year of challenge and change. The ongoing impacts of global pandemic has resulted in unexpected and unprecedented challenges for all economies and societies. In these trying circumstances, the Link Group's leadership team and staff have done an extraordinary job to adapt and evolve how we work. We've responded quickly to changing conditions and remain focused on providing timely and reliable service to all of our clients, while also focusing on the safety and well-being of our people. As you know, Vivek Bhatia commenced as CEO and Managing Director on 2nd November, 2020. As a board, we have observed that Vivek has demonstrated all of the positive qualities that we had expected him to bring to the role. We have begun to transform Link Group with a renewed strategic objective to simplify, deliver, and grow the business. The Link Group leadership team has made good progress on these objectives in financial year 2021, and the board is pleased to see a real reinvigoration in the business. In spite of the headwinds we faced in financial year 2021, we continue to see high levels of recurring revenue at 85% and strong free cash flows. The diversity of our revenues and strong capital and cash conversion has provided resilience to the business during these difficult times. The Retirement and Superannuation Solutions division has supported our clients to navigate another year of significant regulatory change in Australia, while Corporate Markets has experienced positive momentum, particularly in Australia and India, with higher shareholder numbers and increased virtual AGM activity. In addition, we have continued to win new clients and grow assets under management in our Fund Solutions business and new mortgage origination services in Banking and Credit Management. the board remains committed to building a sustainable future with sustainable and responsible business practices and continued development of a diverse and inclusive culture and workforce. We celebrate the diversity of our people and the richness that brings in perspectives and experience to Link Group. Pleasingly, we have a balanced gender representation across the board and executive leadership team and most levels of staff and leaders, and remain focused on improving representation of women across our cohort of senior leaders. With people being our greatest asset, we have in place a number of initiatives to support and engage our people, including Flex Together, our approach to flexible and blended working, launching new recognition programs, focusing on well-being and mental health, and emphasizing training and development to further enhance career paths for our people. We have approved a refreshed corporate social responsibility strategy, as well as an updated sustainability and human rights policies. We're also pleased to advise that the Australian Council of Superannuation Investors assessed Link Group as a leading level of environmental, social, and governance reporting following their annual review of reporting in the ASX 200 for the period of 31 March 2021. Importantly, our focus on information and data security and privacy has seen us now have 90% of our people covered under the ISO 27001 security verification. I'm pleased to advise that overall, the organization's strong fundamentals, including strong operating cash flow, capital and cash conversion, high levels of recurring revenue, and geographic and asset diversification, has enabled the board to deliver returns to our shareholders in the form of a total dividend of AUD 0.10 per share for financial year 2021. We also announced in August 2021 an on-market share buyback of up to AUD 150 million, representing approximately 5% of our issued capital. As at 4 November, when we were required to pause our buyback program, the buyback was approximately 2/3 complete, representing approximately AUD 102 million or 23 million shares. This has reduced our issued capital by 4.3%, which has in turn increased our pro forma Earnings Per Share by about 3.3%. Financial year 2021 also saw the IPO of PEXA, who have performed very strongly during the year. The IPO of PEXA has given everyone a clear, visible value for PEXA, which the board are now crystallizing for shareholders. As such, I'm pleased to advise that after a strategic review, we have decided to progress an in-specie distribution of at least 80% of Link Group's PEXA shares by mid-calendar 2022. We will engage with applicable regulators, including the Australian Taxation Office, in relation to this. In particular, we will be seeking a ruling to obtain tax rollover relief for shareholders under the demerger relief provisions. I would now like to address the proposals that we have on the table currently, noting that we have taken on board advice from our financial, tax, and legal advisors, as well as consulting with a number of our shareholders. Firstly, the conditional non-binding indicative proposal to acquire 100% of the shares in Link Group from Carlyle Group Limited was received on 4 November. We are actively and extensively engaged with Carlyle and have provided them with access to due diligence information, including a data room and management meetings, to enable them to develop a revised proposal that may be capable of being recommended to shareholders. We also note that based on yesterday's closing share price for PEXA, the imputed proposal value from the Carlyle Group is AUD 5.61. Regarding the separate proposal received on 12 November from a syndicate led by Pepper European Servicing Limited, PES, to acquire the Banking and Credit Management business of Link Group, the board has provided PES with due diligence information so that the proposal may be advanced. As announced earlier today, we have since received an additional unsolicited proposal to acquire the Banking and Credit Management business. This new proposal is conditional and non-binding as well from LC Financial Holdings, one of Europe's leading purchasers and servicers of the full life cycle of receivables. LCFH proposes that it acquires a Banking and Credit Management business for up to EUR 65 million, which is just over AUD 100 million, comprising an upfront payment of EUR 50 million, plus a deferred payment of EUR 15 million euros payable upon achievement of certain targets over a period of time. The Link Group board has also granted LCFH with due diligence access and will consider the LCFH proposal in compliance with our fiduciary and statutory obligations. We will continue to provide updates to the market on these proposals as required under our continuous disclosure obligations. Before I hand over to Vivek Bhatia, I would like to say that to conclude, the board and executive team continue to focus on servicing our clients, supporting our people, and delivering value to a resilient and sustainable business, and a stronger financial performance for our shareholders in the medium term. I'm most appreciative of the support and hard work of my fellow Non-Executive Directors during another very challenging year. On behalf of the board, I would like to thank Vivek Bhatia and the entire Link Group team for their continued dedication and commitment throughout financial year 2021, and I would also like to thank our clients and of course our shareholders for your ongoing support. I will now hand over to the CEO and Managing Director, Vivek Bhatia, to discuss Link Group's operating highlights and strategy in more detail. Thank you. Thank you, Chair, and good morning, everyone. First, I'd like to acknowledge the Gadigal people of the Eora Nation, traditional custodians of the land on which we present today, and pay my respects to the elders past, present, and emerging. I extend that respect to all Aboriginal and Torres Strait Islander people at this meeting today, in person or virtually. Well, it has been just over a year since I stepped into this role, and one thing is for sure, there has never been a dull moment. First, I'd like to take a moment to thank and acknowledge our 7,000 people worldwide who collectively make Link Group a global market leader among many sectors and geographies. I'm proud of how we have continued to support our people, our clients, and the community, and deliver for our shareholders during another year of uncertainty and change. As a people-oriented business, it is very rewarding to see such great spirit and dedication from our people every day. I am supported by a highly experienced and capable executive leadership team and would like to take a moment to acknowledge them. I'd like to thank Janine Rolfe, Susan Ring, and Robbie Hughes, who departed Link Group in FY 2021, and sincerely thank them for their contribution. I would also like to thank John McMurtrie, who retired in FY 2021, for his support and handover on my commencement. In turn, we welcome Sarah Turner, General Counsel and Company Secretary, Antoinette Dunne, CEO of BCM, and Nicole Pelchen, Chief Technology Officer, who joined the team during FY 2021. They will bring together significant depth and breadth of diverse experiences and skills, which enable the organization to continually evolve and maintain and forge ahead in market leadership. During 2021, we began reframing our strategy to focus on how we simplify, deliver, and grow as we transform Link Group into a growth-oriented, technology-led business, and in doing so, creating consistent value for our shareholders. I am pleased with the good progress we have made so far in doing what we said we would do. A year ago, when I started in this role, I heard very clearly a few thematics from our shareholders. Firstly, the business structure and underlying business unit margins were difficult to understand due to the presence of the technology and operations division. As a result, we have simplified both our operating model as well as our financial reporting structure to make the business easier to operate and easier to understand, including realigning our four business units and collapsing T&O within them. The market's understanding of the rationale behind the current portfolio mix, including the timing of the PEXA acquisition, was not very well understood. Since then, we have taken a more strategic view to portfolio management, making a few key decisions, such as exiting South Africa and not progressing with the PEXA acquisition. We will continue to review our portfolio composition in a disciplined manner and always seek opportunities to reconfigure if there are businesses or geographies that don't meet our economic return targets. The value of our investment in PEXA was opaque and hence not well understood by the market and couldn't be calibrated. Since then, as the Chair has mentioned, we have created a transparent look-through value of our interest in PEXA with their IPO earlier this year, followed by today's announcement of a potential in-specie distribution to realize value to our shareholders. We have had consistent below-the-line significant items that has generated some frustration for you in understanding our true cost base and underlying margins. As we have confirmed at our recent Investor Day, from July next year, the only significant items that will be called out separately will be those related to third-party M&A costs. There was a lack of confidence in our ability to hit the AUD 50 million cost out target from our global transformation program by June 2022. As you know, we have since increased the target to AUD 75 million and are very much on track to deliver that by June next year. There was also a lack of understanding on where the growth will come from, and that there seems to be an over-reliance on M&A. Again, at our recent Investor Day, we have outlined a growth plan which focuses largely on organic growth, complemented by select strategic bolt-on acquisitions. In addition, over the past 12 months, we have seen an increased broadening of our products and services that we provide to our clients. Whether they are virtual meetings for our Corporate Markets and RSS clients, and Michael spoke about that, and I've been told that, you know, this meeting is one of the 100 that we are hosting this week, just to give you the idea of scale that our team puts into practice on a weekly basis. Our appointment to establish the Service Excellence Center for Hostplus. We have leveraged our technology and scale in each of our businesses and each of our geographies. We have also expanded our footprint in important markets. For example, our increasingly growing presence in the U.K. pension market and the expansion of the Fund Solutions business into Luxembourg, which is Europe's largest investor fund center via our Casa4Funds acquisition. Also at that time, our leverage was outside our normative target range. Since then, as you know, we have recalibrated our target ranges, but also managed to reduce our debt levels, and as of June 2021, they were slightly below our target range. Furthermore, in August, we announced our intention to do AUD 150 million on-market share buyback. The announcement was met with some subsequent skepticism about our intent and whether we will follow through with it. I'm pleased to report that as at 4th of November, when we were required to pause the buyback due to the Carlyle NBIO, we had completed approximately 2/3 of the buyback, which has delivered a pro forma operating EPS accretion of 3.3%. Hopefully, all of what I have just touched presents multiple proof points of the fact that this team will work relentlessly to deliver on what it says. As reported in our full year results, our operational achievements supported us in delivering a financial performance for FY 2021 that was in line with market expectations. I would like to recap a few key financials here for the financial year 2021. Revenue of AUD 1.16 billion. Operating EBIT of AUD 141 million. Operating NPATA of AUD 113 million. Statutory NPAT of minus AUD 163 million or a loss, which included a non-cash impairment charge of AUD 182.8 million related to the BCM business. The BCM business was the one that was most affected by the COVID changes that happened all over the world. Our net operating cash flow of AUD 293 million, generating circa AUD 139 million of free cash flow, was a strong highlight and has assisted our capital management activities. The strong cash flow position, together with the proceeds received from the PEXA IPO, has substantially strengthened our balance sheet. As we look at how we position today and for the future, we are well positioned for growth commencing in 2023. Strong favourable macro drivers, such as growth in equities and trends of consolidation, increased regulatory and cost pressures, all support a strong growth pipeline across each of our business units, which will drive our margin expansion plans. As market leaders in our core businesses, our decades of experience, dedicated and committed people, and the advantages of our technology and scale, provides us with strong opportunities to extend our industry-leading products and existing footprint into either new markets or adjacencies. We have a large and diverse global client base that provides a solid platform and distribution base for our growth initiatives. We are delivering on our strategy, doing what we have said we would do, progressing our global transformation program, and importantly, we have a strong balance sheet to support our margin expansion and growth initiatives. In reflecting on the trading performance for the last four months, you can see on the slide a summary of the factors and macro trends that are driving performance either above, in line, or below expectations for the first four months of FY 2022. Although still quite early in the year, we are pleased with our performance so far, and I'd like to touch on some of the strong macro tailwinds that are supporting our business in performing above expectations in the first four months. Firstly, strong underlying member growth in our largest business, RSS, is continuing to drive growth in our recurring revenues. At our full year results, in August, we reported underlying member growth of 6.5% for the 12 months ending June 2021. The strength in this organic growth has continued into FY 2022, with member growth continuing at around 5%, adding a further 150,000 members to the platform in the first four months of 2022 financial year. This is certainly a trend that bodes well for us should it continue at these levels for the full year. In addition to this, we're also seeing the crystallization of another strong tailwind for RSS in the form of fund consolidations. We are currently working through five mergers, including three externally administered funds that will see an additional 400,000 plus members added to our platform by the end of this financial year or early FY 2023. This adds a further 5% growth to the numbers I just mentioned and sets us up strongly for revenue growth in FY 2023. This will only be further buoyed by additional consolidation activity that we know is in the pipeline. In Fund Solutions, the rebound in financial markets has lifted our revenues. 50% of this business operates on an assets under management basis point fee arrangement, so the strength in financial markets is a strong tailwind for this business. We're also seeing increased assets under management overall as funds are flowing into the new fund structures that we service. Another tailwind for us is global interest rates as central banks around the world contemplate the normalization of current monetary policy settings. Our business looks after around AUD 1.5 billion of float balances, where every 100 basis point increase in interest rates can translate into a AUD 15 million increase in operating EBIT. Our forecasts do not anticipate any increase in interest rates for FY 2022, and we see this normalization of interest rates providing another strong tailwind for the business in the coming years. Meanwhile, our Corporate Markets business is also benefiting from the buoyancy in financial markets. Our Indian business is winning around 60% of IPOs coming to market, and we are winning about 30% of IPOs in the U.K. In Australia, since July alone, we have supported the listing of 16 IPOs, representing over 74% of market capitalization of all IPOs listed on the stock exchange. We have won notable large IPOs such as HomeCo Daily Needs REIT, PEXA, Judo Bank, and GQG Partners in the last few months. Not only did we win the registry business from these clients, we have also cross-sold approximately 55 additional services from our Corporate Markets offering to these clients. These additional services range from share register analytics to investor relations websites and employee share plans. Our corporate governance team has also been appointed to provide company secretarial services for five of those clients mentioned. This is a true testament to the comprehensive complementary nature of our business lines and Corporate Markets, allowing us to provide true end-to-end solutions for our clients. Further, the return to a more normalized capital market post-COVID is benefiting Corporate Markets as we start to see dividends, equity raisings, off-market share buybacks, and other shareholder engagement activities drive an increase in demand for our transactional-driven solutions. At the start of the year, we provided the market with guidance for FY 2022, where we outlined expectations of low single-digit revenue growth and operating EBIT to be broadly in line with FY 2021. The strong start to FY 2022 reinforces our conviction in achieving this guidance. This conviction is reinforced by the fact that our better than expected performance for the first four months has been driven largely by the macro factors that we outlined would play in our favour. These tailwinds have come to fruition, and as I touched on in the previous slide, we are now starting to reap the benefits of these. I am hopeful of the current momentum continuing across each of our businesses and look forward to updating you in February on our half-year results and the full year guidance. Link Group is a market leader in our core businesses. Our size, scale, and breadth of our offering, the diversity of our clients, and our proven track record is key in supporting the delivery of our identified and actionable growth plans. Before I hand back to the Chair, I would like to thank you for your support and participation today. I would also like to thank all our people for their dedication and commitment during another unprecedented year. Finally, I would like to also thank the Link Group board for their guidance and the executive leadership team for their contribution this past year. I will now hand back to the Chair to continue with the formal proceedings. Thank you. Thank you, Vivek. We now come to the formal business of the meeting today. The Notice of Meeting dated 20 October 2021 was made available to shareholders, and I will take the notice as being read. Before moving to the various resolutions to be considered today, I will now briefly outline procedures for today's meeting. Welcome, everyone, and thank you for participating in the Annual General Meeting. In accordance with the company's constitution and as set out in the Notice of Meeting, the company has determined that voting on each of the resolutions will be conducted by a poll rather than by a show of hands. The Chair declares the poll open. Also, in accordance with the company's constitution, the Directors have determined that each shareholder entitled to attend and vote is also entitled to a direct vote on a resolution. These procedures have been adopted to ensure that the views of as many shareholders as possible are represented. The result of the polls will be declared and released to the ASX later today. Only shareholders, proxy holders, and appointed representatives are entitled to speak and vote. Of this group, only shareholders may cast a direct vote on a resolution. As outlined in the Notice of Meeting, the Chair will vote all undirected proxies where authorized in favor of each resolution. Those attending in person may cast their vote by filling out a paper voting card. Questions will be answered by Link Group team members at the registration desk outside this room. Shareholders participating via the online platform may cast a direct vote using the electronic voting card sent at the time of registration. For questions about casting an online vote, please refer to the online platform guide. Alternatively, phone the number set out in the guide and on the screen before you. Those attending in person will have received an attendance card at the time of registration. Shareholders, proxy holders, and corporate representatives holding a yellow card may vote by paper and are also entitled to speak. Non-voting shareholders holding a red card are not entitled to vote, but may ask questions and make comments. Visitors holding a blue card may not speak or vote. At the appropriate time, yellow and red cardholders wishing to speak should proceed to the microphone. Please identify yourself before submitting questions to the Chair. Online platform participants may submit questions by registering as a shareholder or proxy holder, then clicking the Ask a Question tab. Shareholders may ask questions by a landline or mobile device by calling 1800 577 480 or +61 2 9189 2001. To use the shareholder phone line, contact Link Market Services on +61 1800 990 363 to obtain a unique PIN quoting your SRN, HIN, or proxy code. Following the conclusion of questions from the floor, the Chair will consider questions submitted online. As a courtesy to all present, the Chair asks that questions and comments be restricted to the resolution in consideration and submitted in an orderly manner. The Chair reserves the right to rule out of order all questions not pertaining to the AGM. Thank you for attending the Annual General Meeting. We appreciate your time. The 2021 Annual Report contains the financial report, Directors' Report, and the independent auditor's report. A copy of the Annual Report is available on the Link Group website and was sent to those shareholders who requested it. The financial statements have been approved by the Directors and audited by KPMG. I will take the reports as received and read. At this time, I would like to invite shareholders to ask questions or make comments about the management of the company and ask the auditor questions relevant to the conduct of their audit and the preparation and content of the auditor's report. Please keep questions about specific resolutions until the time we consider the resolution. Before we turn our attention to the resolutions, I would like to take the time to address a number of questions that have been received in advance from the shareholders of the company. Following these questions, we will take questions firstly from the floor, then online, and then by telephone. As a reminder, if you're attending in person, please raise your hand to ask a question and wait for a microphone to be handed to you. If you have participated online, you may submit your questions by using the Ask a Question button. If you are participating on the telephone, please press star one on your telephone keypad to ask a question. Where there are several questions on the same matter, I will group them together. Chair, our first question comes from Max Lipsky. How does the board substantiate the current collapse in Link's share price over the past 12 months, especially in view of previous takeover interests, plus current buyback arrangements do not seem to be working? What additional plans does the board have to provide confidence in the stock by investors? At this point, I'll note that there have been a number of questions received from shareholders that relate to the company's share price performance over the last 12 months and seeking to understand the board's rationale in assessing the proposals made to the company previously. I will address these as a group. Firstly, I assure you all that as shareholders ourselves, every board member has a mutual interest in maximizing shareholder value. In relation to the proposals received by the company last year from the consortium of PEP and The Carlyle Group, and then SS&C, we note that both proposals were conditional, non-binding, and indicative. Nevertheless, we were extensively engaged in discussions with both parties and had provided both parties with access to a comprehensive data room, generous time with management, and a huge amount of due diligence materials to support each of them in making a binding offer that could have been recommended to shareholders. Both parties withdrew from that process. As I mentioned earlier, on the 4th of November, The Carlyle Group submitted a new proposal. This proposal is also non-binding and indicative in nature, and the board has agreed to provide Carlyle with due diligence information so that it can develop a revised proposal that may be capable of being recommended to shareholders. As to the share price, you will appreciate that I'm unable to comment specifically on the share price of Link Group. However, what I can say is that the business has strong fundamentals, as you've heard, and operates in markets that provide great opportunity for growth. We continue to manage the business to generate medium-term value for shareholders. However, I do note that during the financial year 2021, the Link Group share price ranged from AUD 3.73-AUD 5.64. The share price started the year at AUD 4.10 and finished the year at AUD 5.04. The undisturbed share price prior to the original offer from PEP and Carlyle was AUD 3.99. Thank you, Chair. Our next question comes from Adrian Massarella. Link Group listed on 27 October 2015. It is now just over six years later. The share price in those six years has not had any growth. Do you think it is time to let someone else be the chair? I will note that we have received a number of questions querying my role as chair. I will address these as a group. Board succession planning is an important issue and has been a regular topic of discussion at the board, particularly coming up to an AGM when people are up for re-election. With the consideration of a possible takeover underway, this discussion has obviously been deferred until the situation becomes clearer. I reiterate that my efforts and those of my fellow Directors have always been focused on delivering value for our shareholders. Our guidance and support provided to the executive leadership team has always been with maximizing of shareholder value at heart. Thank you, Chair. Our next question is also from Adrian Massarella. Looking at the Annual Report on page 120 and 202, there is a downward trend in most of the metrics, revenue, EBITDA and NPAT. Can you explain then why the values in page 119 are all going up? Team, the Directors have been awarded an above award and CPI increase. Would you care to elaborate on why senior management and the board is continually rewarded while shareholders keep losing value on their investment? For those of you who do not have an Annual Report at hand, this question relates to the alignment of the company's performance with the remuneration outcomes of both Directors and management in financial year 2021. I would like to pass on to Sally Pitkin, Chair of the HR and Remuneration Committee, to answer this question. I believe our remuneration framework provides clear alignment of pay, performance, and shareholder interests. The Link Group board takes great care when determining remuneration metrics and outcomes and considers shareholder interests, the external environment the company is operating in, and individual and organizational performance. In relation to Short-Term Incentive program, participants are assessed on a range of metrics, including a financial metric. For FY 2021, the financial metric was AUD 92.1 million of operating NPATA, and the company achieved AUD 113 million. That financial metric was anchored in the company budget for the year, and that budget and metric reflected the external and internal challenges that the company was facing. We set the metric to be challenging but achievable. That metric is not set as an automatic increase on the prior year's performance. The STI program also has a financial gate, which must be met before any STI pool becomes available to the participants. In financial year 2021, the gate was set at 85% of the financial metric, which reflects market practice. In addition to that financial metric, executive performance is also assessed on achievement of strategic, customer and stakeholder, people and leadership, and operational goals. The financial metric and the other performance goals are set out in detail in our remuneration report. I should add, Chairman, that the structure of our STI program has been assessed as appropriate and reflecting good market practice by external reviewers. The board has previously been commended for the disciplined approach it takes to setting the financial metrics. For example, no STI was paid in financial years 2019 and 2020 because the financial gate was not met. The STI outcomes for financial year 2021 reflect the board's assessment against the scorecard of metrics and specifically recognized the challenges of the external environment, the successful leadership transition for Vivek, managing through the disruption of unsolicited takeover bids, and progressing very critical work on strategy, organizational structure and capability. As I'm sure shareholders are aware, executives and other team members took a temporary 20% pay reduction for six months. Also, the Long-Term Incentive grant, the 2019 grant, was tested in financial year 2021 and did not vest. In relation to Non-Executive Director fees, the base fees were last adjusted effective 1 July 2018. There was to be a three-year program to increase fees by 2.5% per year. We suspended those fee increases for financial years 2020 and 2021 because of the extraordinary circumstances of the pandemic. We have reinstated for this financial year 2022, which results in a 5% increase from the first of July. External benchmarking confirms the level of Non-Executive Director fees going forward as appropriate. I would also note that Non-Executive Directors took a 20% pay reduction for six months in response to the pandemic. Thank you, Chairman. Thank you, Sally. Are there any questions? Thank you. I don't think I need a mic, but anyhow, let's go. I'm Alan Golden, representing the Australian Shareholders' Association and holding proxies for 70 shareholders. I must, before I ask my two questions, I'd just like to say it's wonderful being at a live AGM. It's been almost a year since I've been at one, and I think it's fantastic. Only wish there was more people here. Hopefully, there's a lot online. The Banking and Credit Management division, BCM, suffered a $183 million impairment last year. Now there's an offer on the table of EUR 65 million. Was the reason for the impairment because you realized this division didn't fit in the group and you wanted to have it in the books at a price reflected the amount that you would be selling it for? I think what Vivek mentioned during his talk was that this was the division that was most affected by the pandemic. Basically the bulk of its revenue is earned from managing non-performing loans, and there's been virtually no non-performing loan portfolios that have come to the market in Europe. It has a business of running down its portfolio, but there was an expectation that because of the pandemic, there would be a reasonable level of credit loss. This was viewed as a counter-cyclical investment. Because of low interest rates and because of government actions, there have been virtually no portfolios of non-performing loans of significance that our clients have been successful in. That revenue has just not come through. I guess looking forward, we see that being troubled for a year or two more, hence the impairment in June 2021. I assume that these offers, this one today and the one last or a couple of weeks ago, are somewhere near what the company you believe is worth today. You're still negotiating, so you're gonna be trying to get some more. It looks like it's basically, though you haven't put it on the market, that division is on the market. Look, I don't think it's helpful to have a negotiation in a public format. We are talking to both parties now. The second offer only arrived very, very recently. I think you just have to let us go through that process. They're in due diligence. Where they end up is sort of where they end up, and we'll come to shareholders once the board makes a recommendation. The CEO also mentioned it, and you mentioned it. The recurring revenue is 85% of the total. The CEO mentioned that you had some wins in RSS division where a lot of that recurring revenue comes from. What I'm wondering is, on the Annual Report, you comment on the risks with client retention. Can you give shareholders a better understanding of how you are mitigating any of that risk? I might pass on to Vivek, if that's okay. Thank you, Chair, and thank you for the question. Our number one objective is to make sure that we can provide world-class services to our clients so that we can deliver those on behalf of them to the members, both in terms of outcomes and in terms of experiences. The way we look at client retention is ensuring that we deliver the best possible service, the best possible outcomes at the best possible cost base. Our focus remains on ensuring that while we can do that in a safe way, in a secure way, and in a responsible way. It is really important for us to ensure that as we do that, the investment in technology, the investment in our people is core to when we bring scale and customization as a juxtaposition of services to our clients. Servicing 35% of all superannuation accounts in the country gives us the scale, the credibility, and the experience to ensure that whenever there is a consideration for a provider of services and technology, we are front of the pack. Great. It's customer service. I know last year, I believe it was last year, you resigned two of the biggest superannuation fund accounts. Is there any more big ones up this year that you have to worry about or not worry about, but could lose? There is no other in FY 2022, there is no resigning of any existing clients. As I mentioned, you know, we are seeing some strong tailwinds on consolidation of super funds. As such, we'll be onboarding circa 400,000 plus members through fund consolidation and mergers. Great. Hopefully, you win more of those. Thank you. Are there any more questions? Please. Thank you. My name is Kevin Daly, Mr. Chairman. I was having a look at your balance sheet and trying to establish a view as to the extent to which your operations, your computer operations that is, take place in the cloud. I can see you still have a lot of plant and equipment and leased equipment on your balance sheet. I'm wondering if you could clarify the extent to which you are in the cloud and the extent to which it is of any advantage or not to be in the cloud. I might also pass that on to Vivek. Thank you. Thank you, Chair, and thank you for your question. We constantly evaluate the advantages of on-prem versus on-premises infrastructure versus on-cloud. We are in the process of migrating some of those services where appropriate to the cloud. At this point in time, I think we have said in the past, circa 75% of our infrastructure remains in the cloud. We continuously evaluate whether that is the right number, and because there are multiple factors to it. It is not just cost, it is flexibility, it is convenience, it is modularity, but also security as well. You know, we are in the business of connecting people with their assets, and we do that for millions of people all over the world. One of the most underlying important metrics that we evaluate ourselves is how secure is that connection and how reliable and responsible and dependable we can be. There are multiple ways of looking at what is the best solution, and we look at that on a platform-by-platform basis across each of our businesses and hence make the decision on what remains on-prem versus what migrates to the cloud. There's always also a good way to transfer scope two emissions to scope three emissions. I've got another question, Mr. Chairman. From my dividend notifications I get, I have the impression that both you and Computershare are losing market share in the Australian registry market. Could you clarify exactly what's happening there? Well, with respect to Link, anyway. I wouldn't have thought so, but I'll pass on to Vivek. Thank you. Thanks again for the question. You know, as I said, you know, we really enjoy a strong market position. As I said before, even in the last four months, 74% of the market cap that has IPO'd into the ASX has been done through Link, and we have done a lot of, as I said, about 55 different cross services to those businesses. There are some very large names in it, but also, if you look at our registry services, but also the various elements of our Corporate Markets solution, which is being led by Lisa, who's right there. You know, we are definitely not only maintaining market share, but actually increasing our market share through multiple different services that we bring to the market. We do believe that we are quite unique in the way we bring end-to-end solutions through corporate governance, through investor relations, through shareholder analytics, and through the main platform of share registry to the market. Thank you. Thank you. Are there any questions online? Thank you, Chair. We do have a question from Stephen Mayne online. Did any of the five main proxy advisors in the Australian market, ACSI, ASA, Ownership Matters, Glass Lewis, and ISS, recommend a vote against any of today's resolutions? Has there been a material proxy protest vote against any of today's resolutions? Will you disclose the proxy votes before the debate on today's resolutions so shareholders can ask questions if there have been any protest votes? I think the answer is yes. There has been recommendations against the Remuneration Report. The proxy firms have been consistent in their recommendations, albeit with different rationales. In terms of access to this, I think shareholders can approach the proxy firms just like you approach analysts for their reports if you want further detail. In terms of disclosing the vote, I think we've always done it prior to people voting, but after the discussion. That's what's gonna continue this year. Thank you, Chair. The next question is also from Stephen Mayne. The federal government is moving to allow virtual meetings only, and a number of companies have proposed constitutional amendments to allow this to happen, although several of these have been defeated. Congratulations on holding a hybrid AGM today, and please comment on whether virtual-only meetings is good or bad for the business. We got asked this question at one of the meetings previously with shareholders, and the reality is that it really doesn't matter much for us. There's not much difference in terms of income, whether a meeting is virtual or a hybrid. What's important that we do a really good job because this is the one day in a company's year where it really matters how good your registry is. Thank you, Chair. We have another question from Stephen Mayne. Could the Chair comment on whether he agrees with the comment that the past remuneration arrangements put in place for the management team created incentives for aggressive takeover moves? In hindsight, was this a mistake? And if he could have his time again, which of the offshore acquisitions would Mr. Carapiet not have proceeded with? Well, there are a couple of questions there. The first one is on REM, so I might pass to Sally on that one. You know, the REM structure has been in place for a long time. We haven't really changed much, have we? Thank you, Chairman. The remuneration structure's been in place since we listed in 2015. It's a very standard remuneration structure containing three elements, Fixed Remuneration, Short-Term Incentive, and a Long-Term Incentive. None of our remuneration elements would create incentives for executives to take on risky M&A activity, and we don't provide any reward for M&A activity. Further, the REM structure's got, I mean, in our view anyway, not much to do with the takeover offers. Thank you, Chair. There are no further questions online at this stage. Please. Mr. Chair, just in response to a question, and I'm quite happy if this is dealt with later. You mentioned that, besides ASA recommendation that some of the proxy firms had a recommendation. Unfortunately, retail shareholders don't have AUD thousands to go and purchase any of the proxy advisor reports. All you need is AUD 130 to get ours, but theirs are thousands of dollars. Is it possible to summarize some of the reasons? Or, I'm quite happy to do that if it's- I guess they have a business model. You have a business model. It's not for Link to try- I wish we had a business model like theirs, to be honest, but. Yeah. It's not really the job of a company to try and you know interfere in that process, just like we don't make research available. I think if shareholders would like proxy reports, they should call the proxy firms and maybe they will provide it to you gratis. I don't know. You'll have to ask them. All right. It isn't. Thank you. It isn't something we can do. There are no further questions online. Please. Okay. Do we have any questions from the telephone? Chair, we have no questions for this item of business. Okay. With no further questions, we will move on to the resolutions for this meeting. There are six resolutions in total. We will discuss and vote on each resolution in turn. The first resolution is the reelection of Mr. Glen Boreham as a Director. Glen was appointed as Independent Non-Executive Director in September 2015, and in accordance with Clause 15.6 of the constitution, Glen retires from office at the conclusion of the AGM and is eligible for re-election as a Director of the company. Glen chairs our Technology and Transformation Committee and is a member of each of the Nomination and Human Resources and Remuneration Committees. Glen's biographical details are set out in full in the Notice of Meeting and Annual Report. The board considers that Glen's significant experience in business, technology companies, and as a Non-Executive Director brings significant benefit to the board and committee discussions. I now invite Glen to briefly address the meeting. Thank you, Chair, and welcome to our shareholders who have joined, both in the meeting room, which is fantastic, and also those who have joined virtually. I'd like to start by saying it has been a privilege to serve on the board of the Link Group for the past six years, and I seek your support to be re-elected for a further term. There are two priorities that I have looking ahead. Firstly, through my role chairing the board's Technology and Transformation committee, supporting the continued uplift in Link's technology capability to create an outstanding experience for both our customers and our staff. With the recent appointment of a new Chief Technology Officer, the year ahead provides a wonderful opportunity to do an even deeper strategic review than normal, to ensure we set up Link as a technology leader for the years ahead. Secondly, I've worked on a board subcommittee for the past year, supporting the chair in evaluating the various non-binding acquisition proposals that Link has received. The current situation has been addressed by the chair, but I look forward to working with Michael and my colleagues to ensure we fully maximize shareholder value. As such, I would welcome your support to continue to work as part of this Link team. Thank you. Thank you, Glen. The Directors with Glen Boreham abstaining unanimously recommend that shareholders vote in favor of this resolution. Are there any questions from the floor? Are there any questions online? Yes, Chair. We have a question from Stephen Mayne. Glen is a long-term Director of Southern Cross Media, which was a pioneer at its 2021 AGM by agreeing to disclose the outcome of all resolutions by both shares voted and shareholder voting, similar to what happens with a scheme of arrangement. This provides a better gauge of retail shareholder sentiment on all resolutions and was a disclosure initiative also recently adopted by Metcash. Will Glen support Link also making this disclosure move after today's AGM, and what does the Chair think of this proposal? Again, Stephen, thank you for the question, and I think we need to take that one on notice and have a discussion with the Link board. Similarly. Yep. Thank you for the thought, and we'll definitely consider it. Thank you, Chair. There are no further questions online. Thank you, Wendy. Are there any questions on the telephone from the operator? Chair, we have no questions for this item of business. I now declare the poll open. Details of the votes for this item are now on the screen. As there are no further questions, please now select For, Against, or Abstain next to Resolution 1 on your electronic voting card and your paper voting card. Thank you. Details of the votes for this item received prior to the meeting are now on the screen. I now turn to the re-election of Andy Green as a Director. Andy was appointed as Independent Non-Executive Director in March 2018. In accordance with Clause 15.6 of the Constitution, Andy retires from office at the conclusion of the AGM and is eligible for re-election as a Director of the company. Andy chairs our Risk Committee and is a member of each of the Nominations and Technology and Transformation Committees. Andy's biographical details are set out in full in the Notice of Meeting and Annual Report. The board believes that Andy's United Kingdom experience with technology and non-technology companies, as well as experience as a Non-Executive Director, brings significant benefit to board and committee discussions. I now invite Andy to briefly address the meeting. Good morning. It's been a privilege to serve on the board of Link Administration Holdings these last three years. I'm the company's only European-based Director. My experience as a Director of public companies spans over 20 years and includes U.K., Asian, and New Zealand-based companies, as well as Link here in Australia. I have many years leadership experience, both as an Executive and a Non-Executive, in the global technology and business services sectors, and I maintain a strong current engagement in the trends in technology and cybersecurity. I chair the company's Risk Committee and try to bring my global experience and my tech sector knowledge to bear on the debates at both board and committee level. I believe that my wide experience and current knowledge of the markets Link operate in bring a valuable contribution to the Link board. I would be honoured to serve on the board for a further three years should shareholders support my re-election. Thank you. Thank you, Andy. The Directors with Andy Green abstaining unanimously recommend that shareholders vote in favor of this resolution. Are there any questions from the floor? Are there any questions online? Chair, we have no questions online. Are there any questions on the telephone? Chair, we have no questions for this item of business. Details of the votes for this item received prior to the meeting are now on the screen. As there are no further questions, please now select For, Against, or Abstain next to Resolution 2 on your electronic voting card or your paper voting card. Thank you. The next resolution is the re-election of Fiona Trafford-Walker as a Director. Fiona was appointed as Independent Non-Executive Director in September 2015. In accordance with Clause 15.6 of the Constitution, Fiona retires from office at the conclusion of the AGM and is eligible for re-election as a Director of the company. Fiona chairs our Audit Committee and is a member of each of the Nomination and Technology and Operations Committees. Fiona's biographical details are set out in full in the Notice of Meeting and Annual Report. The board considers that Fiona's substantial experience within the superannuation and investment industry, as well as experience as a Non-Executive Director, brings significant benefit to the board and committee discussions. I now invite Fiona to briefly address the meeting. Thank you, Michael, and good morning, everyone. I'd also like to add my welcome to those in the room and online. My name is Fiona Trafford-Walker, and I'm standing for re-election to the board today. I've worked in a full-time, non-executive capacity since the end of 2019 when I stepped down from a 28-year executive career in institutional investment consulting. My experience is in financial services, investments, superannuation, governance, and technology. My executive experience also involved working alongside many of the profit-to-member super funds and the investment managers who are clients of Link Group today. I've been on the board since 2015 and was last re-elected in 2018. Until the end of 2019, I chaired the Risk and Audit Committee, at which time it was separated into two separate committees, and I currently chair the Audit Committee as Michael has noted. I'd firstly like to acknowledge that it has been a difficult time for many people in the last couple of years, and I'd like to thank all of the Link team members in all of our locations for their efforts, resilience, and commitment to clients. It's also been a difficult time for Link Group as a company. We faced a number of headwinds, including dealing with significant regulatory change, a destabilizing economic environment, and historically low interest rates, and varying impacts of global government stimulus. We've also dealt with internal organizational change. FY 2021 was a tough year as a result. Although the company did deliver a solid capital and cash conversion in that time, demonstrating the operational resilience during the pandemic. Notwithstanding the above, I know that the shareholder experience has not been good enough. From a personal perspective, I remain very committed to delivering the improvements needed by shareholders. I always seek to make a considered and diligent contribution to issues that we consider, and to be collaborative with my board and management colleagues as we work through various challenges. I try to bring an independent perspective and think through issues from first principles and believe strongly in the value of data and analysis to support decision-making. As Chair of the Audit Committee, I focused on ensuring that the internal financial processes are robust and that the financial reports accurately and transparently represent the company's business. While sustainability is a core part of Link Group's business and sits across the board in all its committees, it's overseen by the audit committee, and I was very happy to be part of the material uplift in our approach to sustainability in FY 2021. In that period, Link committed to net zero carbon emissions by 2030. We're also aligned to four Sustainable Development Goals: Quality Education, Gender Equality, Decent Work and Economic Growth, and Climate Action. I'd like to thank my board colleagues for their unanimous support for my reappointment. I have the time to be able to make the commitment to be an active and diligent member of the board and Chair of the Audit Committee, and I believe I have the experience and skills to be able to continue to contribute effectively to the organization. Thank you very much for your consideration today. Thank you, Fiona. The Directors, with Fiona Trafford- Walker abstaining, unanimously recommend that shareholders vote in favor of this resolution. Are there any questions from the floor? Are there any questions online? Chair, there are no questions online. Operator, do we have any questions on the telephone? Chair, we have no questions for this item of business. Details of the votes for this item received prior to the meeting are now on the screen. As there are no further questions, please now select For, Against, or Abstain next to resolution three on your electronic voting card or your paper voting card. Thank you. I now turn to the vote on the company's remuneration report. The Corporations Act requires that the section of the Directors' Report dealing with the Remuneration of Directors and key management personnel of the company be put to an advisory vote of shareholders. The remuneration report detailing the company's approach is contained within the 2021 Annual Report, which is available on the Link Group website. Further details about the resolution are also contained in the explanatory memorandum that accompany the Notice of Meeting. This vote is advisory only and is not binding on the Directors of the company. Noting that each of the Directors has a personal interest in their own remuneration from the company, the board unanimously recommends that shareholders vote in favour of adopting the remuneration report. Are there any questions from the floor? Thank you, Mr. Chairman. Two questions. Though Dr. Pitkin explained very well the remuneration structure, I'd just like to address some of Short-Term Incentive. the sti, and I understand that it is based upon financial and non-financial. It has a gateway of operating net profit after tax, which was 40% below the 2020 result and 60% below the restated 2019 result. Unsurprisingly, the company blew the gateway out of the water, and this was a key factor resulting in the size of the STI bonus. Taking into account the non-financial measurements, which were quite rightly achieved, what I am just asking is: Why was there such a low gateway? Yeah. We have to remember the circumstances in which these were originally set. These were set in the middle of 2020, right? Because you've got to set it when you do your budgets for the coming year. You don't set it in hindsight. You set it looking forward. We all know what the world looked like in the middle of 2020. Good answer. Yeah. Okay. That's when you set it. Frankly, we don't lower the targets when things get worse, so we can't increase the targets when things get better. Things basically got better. When we were setting it, and we were also setting it in the context of not having paid an STI in 2019, unlikely to pay any STI in 2020, and asking all executives to take a 20% salary cut coming up to the year-end. Okay? Those were the circumstances the board were faced with. There was no LTI that had vested for some period for most of the senior people. You're in a challenging environment, getting people to try and work from home across numerous countries in the world. No bonuses at all for two years. Salary cuts coming up. In a global pandemic. I just ask shareholders, I know in hindsight, you have quite a harsh view of this. However, when we were setting these targets, the context is very important to understand. Look, I understand very well your answer, and I agree with a lot of it. When you talk about the pay cuts, it was talked about the pay cuts before, and that was wonderful. That was really good. What you did last year was also very good. When you saw that there was going to be a much better result than you had predicted at the time that people took the cuts, you went and compensated them with some equity that vest, which I thought was a really good result. I thought that was an excellent way to do it. You compensated them not in money, but in equity, and I thought that was very fair and good. I can understand also the fact that there was no LTIs awarded, and they weren't going to be awarded, and that was because of the performance criteria that were on the LTIs were not gonna be met, which is what the whole idea of the LTIs are. That's right. Okay, let's leave that one. Let's go into my other concern, as you know, which is the fact that for the key management people whose areas of responsibility performed below the previous year, yet in addition to all their other performance-related incentives, and I have no problems with any of that, they received a bonus if they stick around, a retention bonus. We've discussed it. I still don't understand why. Importantly, I want to know, is it gonna be repeated? As we mentioned during our conversations earlier, prior to the AGM, we believe like a lot of other companies, that the war for talent now is more aggressive than we have seen in many, many, many years, if ever. We have great aspirations as to what this organization seeks to become, and I think as Vivek and the team explained at the recent Investor Day, we have really ambitious plans for the future. Now, it's one thing having the ambitious plans, it's another thing delivering them. Without senior people of capability and quality, that is gonna be extremely challenging. It's very important in the board's view that we keep our team intact, which we've been able to do. Now, if we need to relook at this in future years, that's something the board has an option to do as well, but that's the reason we did it for 2021. Whether we need to do it in 2022 and 2023, we will have to wait and see. But I can assure you, there's virtually no organization out there right now in the Australian market that is not facing issues in terms of staff. In fact, that was one of the headwinds in Vivek's presentation earlier. One of the things where we're tracking behind is that wages are going up, and I don't think Link is unique in this. In terms of retaining people, you have to retain your best people. Otherwise, there's no way we can deliver what we're promising shareholders. Yeah, but retention. No one's gonna work for free, unfortunately. I fully accept that. I mean, but, you know, there is the idea of going and giving a retention payment is a short-term measure to go and keep them at their desk for the next couple of years, as opposed to going and saying, "Okay, we're in a competitive market, we've got to increase the salaries." You go and increase the salaries. You don't like doing it. As a shareholder, I don't like you doing it, but you have to do it to make greater profits. Instead of going and saying, "Okay, well, look at, we'll just cuff you here to your desk for the next couple of years, and then we'll see what happens after that. I mean, as I mentioned in my answer to my own position, we have a takeover currently underway. Understandably. Once that position becomes clearer one way or the other, we may or may not have an issue. I think let's just wait until that issue comes up, that we have a half year that we have to report in February, that we can give you greater color around that time, how we're seeing wages, how we're seeing remuneration, et cetera. I suspect it's gonna go one way. I think to try and make calls at this point in time as to what might be the case in for REM come June, I think we might be jumping the gun a little bit. Thank you very much, Mr. Chairman. Are there any questions online? Chair, we have no questions online. Operator, do we have any questions on the telephone? Chair, we have no questions for this item of business. Details of the votes for this item received prior to the meeting are now on the screen. As there are no further questions, please now select For, Against, or Abstain next to your Resolution 4 on your electronic voting card or your paper voting card. Thank you. I now turn to the vote on the managing Director's participation in the Link Group Omnibus Equity Plan. The approval of shareholders is sought to permit Vivek Bhatia, Link Group CEO and Managing Director, to participate in the company's Omnibus Equity Plan by being allocated performance share rights in the financial year commencing 1 July 2021. The plan forms part of Link Group's remuneration strategy. Further details about the resolution are contained in the explanatory memorandum that accompanied the Notice of Meeting. The Directors, with Vivek Bhatia abstaining, unanimously recommend that shareholders vote in favor of this resolution. Are there any questions from the floor? Are there any questions online? Chair, we have no questions online. Are there any questions on the phone, operator? Chair, we have no questions for this item of business. Details of the votes for this item received prior to the meeting are now on the screen. As there are no further questions, please now select For, Against, or Abstain next to Resolution 5 on your electronic voting card or your paper voting card. Thank you. The last item of business is the vote on the reinsertion of proportional takeover provisions in the company's constitution. Clause 27 of the constitution contain provisions detailing the proportional takeover bids for the company shares in accordance with the Corporations Act. Under the Corporations Act, these provisions must be renewed every three years, or they cease to have effect. The provisions were adopted on 16 November 2018, and they were effective for three years from that date. Given that the existing Clause 27 expired on 16 November 2021, Resolution 6 is a special resolution to reinsert the proportional takeover provisions in Clause 27 of the Constitution to operate for three years from the date of this meeting, unless the provisions are renewed earlier. For the special resolution to pass, at least 75% of votes cast by shareholders must be in favor of the resolution. Further details about the resolution are contained in the explanatory memorandum that accompanied the Notice of Meeting. The Directors unanimously recommend that shareholders vote in favor of this resolution. Are there any questions from the floor? Are there any questions online? Chair, we have no questions online. Operator, are there any questions on the telephone? Chair, we have no questions for this item of business. Thank you. Details of the votes for this item received prior to the meeting are now on the screen. As there are no further questions, please now select For, Against, or Abstain next to Resolution 6 on your paper voting card or your electronic voting card. Thank you. I will now pause for a minute to allow shareholders to raise any questions that I have not already addressed. Are there any more questions online? Chair, we have no questions online. Phone operator, are there any more questions on the telephone? Chair, we have no more questions. The poll will remain open for a further five minutes to allow you to complete your voting. For those of you here in the room, please hand your voting card to a Link Share Registry team member so that it can be counted. For those of you attending online, voting will remain open until the conclusion of the five-minute voting window timer, which will appear at the top of your online platform. As I mentioned earlier, the results of the meeting will be announced at the ASX as soon as they've been counted and verified. This completes the formal business of the meeting. Thank you all for your attendance here and virtually, and participation today. For those of you here in Sydney, I invite you to join me, my fellow Directors and management, for refreshments outside the room. To the shareholders and visitors participating online, we're pleased that our virtual meeting technology enabled your attendance today and thank you also for joining us. I now declare this meeting closed. Thank you.