I would now like to hand the presentation over to Alison Gibson, Managing Director of Mirrabooka. Thank you. Please go ahead. Thank you. Good afternoon. Welcome to this full-year result briefing. I'm Alison Gibson, the CEO and Managing Director of Mirrabooka Investments. I've just recently rejoined the team, having spent the past five years at HESTA as a Portfolio Manager there, helping to establish the Australian equities team. I say rejoined, as I was a Portfolio Manager with the company from 2011 to 2021. I'm very excited to be back with the team. It's an honor and a privilege to serve our shareholders in this role, and I look forward to meeting and speaking with shareholders over the coming months. Firstly, I'd like to begin by acknowledging the traditional owners and custodians from all the lands we're gathered on today, and pay my respects to their elders, both past and present. I have joining me today on the webinar, Kieran Kennedy, Portfolio Manager for Mirrabooka, Stuart Low, Assistant Portfolio Manager for Mirrabooka, Andrew Porter, our CFO, Matthew Rowe, our Company Secretary, Geoff Driver, General Manager, Business Development, Claire Aitchison, Head of Business Development and Investor Relations, Suzanne Harding, Business Development Manager. This briefing is based on the material available on the company's website. The presentation slides will change automatically via the webcast. I'll now turn to the first slide, which is our disclaimer, which says that we're here to talk about the company and not to provide individuals with any investment advice. Slide three outlines who'll be speaking this afternoon. Kieran will cover the key features of Mirrabooka, and then pass to Andrew to talk about the results. Kieran and Stuart will then cover markets, the portfolio, and then the outlook. We'll circle back to question and answers after the formal presentation. As mentioned, you can ask a question via the webcast using the tab at the bottom of the screen. I'll hand over to Kieran Kennedy on the next slide. Thank you, Alison, and welcome back. Just I'll start my part of the presentation on slide five, starting with our investment approach. For those that have followed the company for a while, this is the same slide that we've been including for a number of years, and it reflects our consistent investment approach that we've been employing now for Mirrabooka's 27 years of investing. I guess at its core, where we start is that we are a long-term investor, as we are in the four companies, listed investment companies we manage from this group. What we're really trying to do is buy companies that we think we can own through cycles for the long term, and the businesses that we buy can then generate attractive returns as a starting point for the portfolio. When we're looking to do that, the first thing we look for is business quality, because that's the most important trait that you need to have persistent returns in the long term and can help weather the volatility that comes along in a greater degree at this end of the market. We're generally very focused on the people. They're particularly important on smaller companies in management. They have a bigger influence on these companies. Where you have failure and things going wrong, people is often one of the things you look back on and say, we were backing the wrong people in that case. That judgment of the people, their incentives, their motivation, is a very important point at the outset. Financial strength's also very important. Again, looking at the companies that do fail through this end of the market, the common theme is it'll be a combination of people and balance sheet. We really want to have businesses with strength in their balance sheet, good cash flows, good resilience on the balance sheet, so that they can see through cycles and deliver on their returns for the long term. In terms of the way we manage the portfolio, by its nature, this end of the market tends to be more active. There is more volatility in the general operation of the businesses. They have more volatility in their results. Adding to that, there tends to be more volatility in the valuation that's applied to these businesses. To manage the risk and make sure we're generating the right returns for investors in a risk-managed sense, it's important that we're aware of valuation and where extremes apply in both directions. Moving on to how we've gone with this strategy and how it's delivered over the long term. I guess one of the appeals of investing in smaller companies is that we do think there's greater returns on offer, and we think there's a couple of reasons for that. Firstly, when you're finding good companies in the early stages of their development, they tend to be a bit more undiscovered. The ability to find companies where there's returns available, where others in the market haven't yet seen them. What we particularly like is when you identify them well, you then get a period of ownership, a longer period of ownership, where they're doing their higher growth, and you can compound that for a longer period of time, and that can generate really good returns in the long term. As with everything in financial markets, nothing comes for free. Where there's higher returns on offer, there can be, and in this case there is, more short-term volatility, we've recently experienced some of this in the Mirrabooka portfolio, which will be a real feature of what we talk about later. Importantly at the outset, just going back to the strategy and what Mirrabooka is about, if we look at the since inception numbers, Mirrabooka has demonstrated that this theory of being able to generate higher returns has played out in the portfolio in reality, versus both its benchmark, the mid and small cap indices, and the broader ASX 200. Before moving from this slide, we do get some questions about share price growth. If you're looking just at the share price and thinking about the returns being generated there, I think increasingly in Mirrabooka, you're missing the overall returns because of the increased role that dividends are now playing in the Mirrabooka returns profile. Andrew will cover this in more detail, since we first paid a special dividend in 2013, we've now paid AUD 0.57 of fully franked special dividends. That's really as a result of realized gains being an increasing proportion of the returns, which just goes back to that point I made earlier about valuation extremes and making sure we're locking in some of those returns when they occur. Again, with an extra AUD 0.03 special dividend this year, it's just important they're being reflected in returns. Investors obviously have the ability to reinvest those and get compound long-term returns, by going into DRP and increasing their share count over time. With that, I'll hand over to Andrew to cover the latest financial results. Thank you, Kieran, and good afternoon, ladies and gentlemen. There are a couple of new boxes on this slide from the ones that you're familiar with. I'll briefly run through all of them before we get back to the portfolio. Profit was up for the year, up to AUD 0.058 per share. That's actually consistent with levels that we had in 2023 and in 2024, which were themselves at a higher than usual level. This was caused not only by an increase in dividends received, particularly from companies like ALS, which changed the timing of their dividends, so we got three dividends this year rather than one last year, also an increased contribution from writing call options over stocks that we owned, with a particularly large contribution from options written over Lynas Rare Earths as it shot up in value. From the trading portfolio, particularly from our holdings in TUI and Flight Centre, which were sold appropriately during the year to take advantage of the gains that they had achieved by that time. The interest that we received from our cash holdings was considerably higher as we were patient with the cash that we got from the rights issue. We had a fair proportion of that in deposit accounts. As Kieran noted, we announced a special dividend of AUD 0.03 this year, bringing the total dividends for the year to AUD 0.14, which represents a yield of 7% on the portfolio at the end of the year, including franking. We actually think this is one of the attractions of Mirrabooka. Getting a fully franked dividend of this size from a portfolio of small to mid-caps is rare. After paying these dividends, we still have sufficient franking credits to cover AUD 0.27 worth of dividend, and I'll come back to that shortly. Looking at the bottom row, portfolio was down to AUD 635 million at the end of the year, and Kieran and Stuart will go through the main drivers of that. The management expense ratio or MER is a proxy for the cost of running the company and is calculated as the cost for the year over the average portfolio for the year. Even though the costs are flat and the portfolio down at the end of the year, due to the rights issue, the average portfolio this year was higher than last year. The MER dropped to 0.52% or AUD 0.52 for every AUD 100 invested. Don't worry, there won't be a quiz on that, but happy to take any questions. We think that for this sector of the market and the work involved, the costs are actually very competitive, are always monitored by the board and management. Realized gains per share were down on last year, combined with the increased earnings, the board were comfortable to declare a special dividend. The next slide shows the history of special dividends, which Mirrabooka has been paying out, as Kieran said, since 2013, not, I should note, every year or even of a consistent amount. Mirrabooka will pay a special dividend depending on the level of earnings, the level of realized gains, and what is considered a prudent reserve of franking credits to continue to pay the ordinary dividend in times when we are not receiving or generating as many franking credits as usual. As noted this year, after paying out the dividends in August, we'll have roughly AUD 0.27 worth of coverage, which is the dotted line on the chart that you can see. It's important to note that Mirrabooka's ordinary earnings, as in earnings per share, what it gets from dividends received, options, et cetera, that I mentioned earlier, only approximate to 50% of the ordinary dividend, even in a good year. The rest of that dividend needs to be funded from realized gains. Mirrabooka does need to be more cautious with regard to the reserves of franking credits that we have in order to maintain that ordinary dividend for times when gains are hard to come by, than perhaps you will see in other LICs. The last slide that I will cover shows the premium-to-discount chart. As you can see, for the first time in recent years, Mirrabooka has been trading at a continuous, albeit until very recently, small discount, which means that the share price is less than the value of the portfolio per share. The board were conscious that this might have meant that we might be issuing shares in the DRP or DSSP as a discount. We have put a share buyback plan in place should the board decide to use it. However, as we noted in the estimated NTA at the close of business last Friday, and that's in the box there on the screen, that discount has now closed considerably. We will continue to monitor the situation. As I said, very happy to take questions about this or anything else at the end of the presentation. In the meantime, I'll hand back to Kieran. Thank you, Andrew. For those following, I'm now going to slide 12. As mentioned in my earlier remarks, the prospect for longer-term outperformance in returns in Mirrabooka do come with extra volatility. It's important to acknowledge in this period that we've been both challenged and disappointed by the one-year returns, and they're very clear on this slide. We understand that a number of -10.8% for the year versus the benchmark doing +7.8% is likely to raise questions from investors, which we'd welcome later. The significance of this underperformance has dragged our long-term numbers under, which on a 10-year view, we'd previously had an unblemished track record of outperformance on. Our main aim in this session is to provide you with reassurance that the settings for the portfolio and the strategy is consistent, in place, and that we have full confidence in it delivering strong returns in the long-term future for Mirrabooka. I think it's important in the next few slides to outline some of the key factors behind this underperformance, both through the lens of what we haven't owned that's been performing particularly well, and those that we have owned that haven't. I'll pass to Stuart, He'll give a snapshot of the portfolio as it stands today and some of the recent buying and selling activity. Moving on to slide 13 and focusing in on what we haven't owned that has been performing particularly well. It's been quite an unusual year in the market in terms of the concentration of returns. As mentioned, our benchmark return has been +7.8% for the one year. Within that return, the mid-cap resources indices did +68% for the year, and the small-cap resources index was +31%. If you look at all the other companies in the benchmark, which are known as the industrials, the non-resources, they actually did modest negative returns. That 8% return for the benchmark has really been driven by the strength in the resources area of the market. I guess the clear question with that is what is Mirrabooka's approach to investing in mid and small-cap miners? What we've consistently said here is that we apply the same investment approach to these companies as we do to other companies. As we acknowledge with resource companies, they tend to be price takers, in that they don't influence or control the price of the products they sell, and they tend to have more limited competitive advantage. What we're really saying there is when we take a decision to buy a company that we intend to hold through cycles for the long term, we find it more challenging with the majority of mid and small-cap miners to make that decision and really to back them in when that commodity price has gone against them and own them through those tougher times. These businesses also come with more volatility in both their earnings and the share prices that attach to that as those cyclical conditions play out. It's important to note that where they do meet our criteria, we have owned them. We're not a non-mining investor. In this period alone, we've owned Lynas Rare Earths, as mentioned earlier. It's been a really good investment for the portfolio. It's one we've sold, which Stuart will cover, as it graduated to the 50 leaders index. What we're really looking at there is the competitive advantage we feel that company has. That's because, as the only material producer of rare earths outside of China, we felt they had a strategic nature to their asset base. Where that applies or where a company has really strong market positions, a cost position that's really attractive in its industry, where we can back in returns through the cycle, we will invest in them. As you look through the index, and particularly at the moment, where around 25% of the benchmark is in mining companies, with the way we invest on a long-term view, and I guess the returns we've been able to generate from that, it is challenging for us to really meet that benchmark. We're likely to be and remain underweight in this space. It's important to note this is not the first time we've seen underperformance coming from the mining sector of the market. If you look at the chart on slide 13, what we're reflecting here is how resource companies have tracked versus industrials within the benchmark on a one-year rolling period since 2002. In the chart where the orange bar is above the line, that is periods where industrial companies are outperforming resources, and when it's below the line, that's when the resource companies are outperforming. You'll see from the chart, this most recent episode has been the strongest period of outperformance that resource companies had against industrials in Mirrabooka's time investing in markets. Moving to what we have owned, which has been weighing on our numbers. If you look at the key drivers of relative portfolio performance, and I'll start in the right-hand box and the negative contributors. Through the year, we've had a number of stocks that we have backed in as good long-term investments in the portfolio that have suffered from earnings disruption and downgrades. We'll cover this later. We're finding the way the market structure works these days is the penalty for downgrading profits has never been greater, and the volatility in downside terms has never been greater. In companies like Gentrack, Temple & Webster, and ARB, we've experienced that through the period. Just to quickly touch on each and how we're looking at them from a long-term point of view now. Gentrack, just to remind those in the audience, is a software utilities billing company with an airports business as well. We think that's an interesting space. There's a lot changing in the energy market that's changing the way customers are being billed. We think Gentrack's one of few companies globally with good intellectual property to benefit from this. They're going through a phase where they have project earnings as well as recurring, high-value recurring software earnings. Through this period, their long sales cycles, they've had a gap in terms of signing new customers, which has seen them move very quickly from being a market darling to one that's now under pressure and has had a lot of people exit the register. Temple & Webster and ARB, the similarity with those is companies that we think have got really good long-term track records of growing market share in their industries. We're seeing increased consumer pressure recently. Temple & Webster has seen that in a slowdown in their sales, as has ARB, which again has seen de-ratings in those stocks. Stuart will touch on this a bit more later. It's important to look at the long-term track record on these companies. These are companies we've owned for a long period of time, bought well, had sold at much higher prices. In a one-year view, they have hurt the numbers. In the longer-term sense, they've been good for the portfolio. Equity Trustees is another one that has impacted numbers. Those who have followed markets would understand it has an exposure to Shield and First Guardian that's been prosecuted at the moment by ASIC. There's some court cases there. Their role in that is that they are the trustee that had some of these products on menus, and they're being asked whether they should have excluded that from the investment menu of those participants down the line. That will play out. It's impacted the share price understandably. There is potential exposure that they will have to foot the bill to some of those losses that have been suffered. A lot of that has now been reflected in the share price. We'll continue to hold that position, watch it very closely from here. The one most particularly we want to talk about is Corporate Travel Management. As mentioned earlier, we talk about our investment style as being quality first. That's the first thing we look at. We're really trying to avoid blowups, to be candid. This is particularly disappointing to have a business like this in the portfolio. It was a small position. It's still one that's caused a lot of reflection on how we got our quality assessment wrong here, to be candid. There were red flags that, I guess, in terms of some of the margin profiling, particularly in their European business, that we were watching. They have eventuated that has been some accounting irregularities, and it looks like this business is not going to survive through that. That's something we reflect deeply on and will ensure that we're reflecting those red flags in the way we manage these positions going forward. Just to complete those on the right-hand side, companies we don't own, Pilbara Minerals and Mineral Resources are in the lithium mining space. That's been particularly strong with commodity prices, and that goes to what I was touching on earlier. Important to balance this, there's been some good positive contributors. Stuart will again mention some of these in the top 20 investments shortly. A lot of these are businesses that we've been buying more recently as we've seen better value in them, and they've been good, strong performers in the portfolio. I'll leave Stuart to cover those in subsequent slides. With that, I'll hand to Stuart. Thanks very much, Kieran, and good afternoon all. Now moving to a discussion on the Mirrabooka portfolio. Turning to page 16 in the slide deck. This is the top 20 holdings as of the 30th of June, with the associated ownership period for each of the holdings. This is a slide we always like to include in the deck, as I think it shows that we generally are a long-term investor. I guess the reason why we view that as being increasingly important is it allows our companies the time to grow and compound their cash flows and then our returns in those companies. It also means that it reduces unnecessary transaction costs and gives us time to build confidence in the management of these companies. As Kieran pointed out, a few years ago, we reflected there was some pretty high growth and top 20. We did move down a couple of defensive businesses like Cuscal, Region, Channel Infrastructure. They're some of the more recent entries into the top 20. We purchased those businesses in smaller size, but they have performed very well over the last couple of years and have earned their way into the top 20. The one of note that you'll notice with a shorter holding period is ASX. That's a recent addition in the last couple of months, and we'll talk to that in a little bit more detail on the next slide. As always, we're happy to talk about any of the businesses in our top 20 and any of the stocks in the portfolio more broadly in Q&A. Moving to page 17, the major transactions across the financial year, starting with the acquisitions. ASX, as mentioned, entered into the portfolio after a really tough period with a number of cost-related downgrades, predominantly relating to the ongoing CHESS replacement issue that has been quite public. The ASX subsequently fell out of the top 50 companies, which has been there for a number of years, and back into our investable universe. We see the ASX as being a critical piece of unique market infrastructure. It still has a good balance sheet, strong revenue growth, and due to the underperformance of the shares, it is now on what we see as an undemanding earnings multiple and has a solid dividend yield. They have announced a new CEO who comes highly regarded, and we look forward to meeting them when they commence in September. CAR Group, as shown on the previous slide, we have owned CAR Group for many years, and following the heavy derating of technology stocks in the second half of the year, we added to that position. We are attracted to its dominant industry position in automotive classifieds across a number of international markets, its very strong balance sheet, and highly capable management. Vista Group, probably less well-known to the audience. This is a business that produces software that powers nearly 50% of the cinema industry. They spent the last three years transitioning from what was an older on-premise software business to a fully cloud-based, largely subscription business. Once again, that was a business we added to in the technology sell-off in the second half of the year, as we think it is a very hard-to-replicate piece of infrastructure software. Web Travel, this is another business that we have owned previously, one of the major global bed bank hotel wholesaling businesses. Understandably, was sold down quite heavily when the Middle East war broke out earlier this year. Despite having an exposure to that region, we have announced earlier this week that their operating performance continues to be really strong. Due to the subsequent share price weakness following the war and the combination of a very strong balance sheet, they have announced an AUD 9 million on-market buyback. Pleasingly, even though it is a short period since we have owned it, the stock has responded really well in the last week. In terms of disposals, as Kieran mentioned, Lynas Rare Earths, the rare earths miner, was a very successful investment for us over the year, but was promoted to the ASX 50 and out of our index. This tends to be a natural catalyst for us to reassess our ownership, we have subsequently sold out of that position. Cobram Estate Olives, the major olive oil producer, and Peet, a residential land developer, we still own both of these businesses, and in both cases, the companies performed very well during the year. Both were businesses we have been buying in the last couple of years, but following material share price moves, their position sizes in the portfolio became quite large in the context of what we would deem to be quite full valuations for both. We used the subsequent strong share prices to reduce both positions, but we do continue to hold them in the portfolio. Infomedia was a successful takeover in the first half of the year. The next box includes three companies that we still own in the portfolio. These are examples of stocks that we sold material amounts earlier in the year when their valuations became stretched, and the positions had grown quite large in the portfolio. All three businesses subsequently had large share price falls, and given our positive disposition to each, we repurchased the shares at what we thought were much fairer prices. Unfortunately, in each case, the shares have fallen further than we anticipated and remain below the most recent buying levels. Kieran Kennedy will touch on this a little bit later, and we've alluded to it already in the presentation, but this is something we're reflecting on with our buying. As many listeners will have noticed, we're seeing much higher volatility in share prices than we have in many years. For example, over the last 18 months, Temple & Webster traded in a range from AUD 13 up to AUD 28 and back to AUD 5. Life360 traded from AUD 22 - AUD 55 and back to AUD 18. Thankfully, we were able to use this volatility to our advantage, selling into the strength and creating significant capital gains that have helped fund our dividend. It has made us reflect upon our approach to buying companies where momentum has turned negatively and their share prices are falling. I will now hand back to Kieran to expand on this topic a little bit more, discuss the recent market observations and the outlook for Mirrabooka Investments. Thank you, Stuart. I'm now on slide 19. We've talked about this a lot through the presentation, but it's clearly a more volatile market that we're now operating in. We thought it'd be interesting just to stop and reflect on why that is. We think it is fair to say that the structure of equity markets have changed, and it's hard to see how they return to where they were previously. Why we think that is, there's been an increased flow to passive funds, which I think has been well documented and most will understand. What that means is there's now more of the buying and selling activity in the market that is determined by index weighting, and the operating momentum often of those businesses rather than fundamental bottom-up stock picking. With that force in place, it's meant that active managers now are very aware of these technical drivers of share prices and their positions versus the benchmark on their stocks, because the penalty for managers now underperforming has never been greater as more of that money moves passive. If you think about the super fund industry and the performance tests that apply to them, it also means that there's a lot of money now that is very closely following the index and much more than there ever was. This actually heightens share price volatility because it means when a company stumbles, there is more selling pressure than there ever was before, and that opens up the possibility in terms of how far share prices can fall. Moving on to slide 20, how are we responding to these changes and how do we reflect it in our investment process? I think the most important point to make is the first one, which it doesn't change the sorts of companies that we want to buy that we think fit our strategy. Our belief in quality being the most persistent factor and compounding earnings growth for the long term, and that earnings growth is the best determinant of long-term share price direction remains unchanged. Where we do think there's room to reflect is more in the tactical piece rather than the strategy, and that's thinking about investment timing and our awareness of the volatility and the way share prices move with the direction, operating momentum, the earnings momentum of businesses, and the index weighting consideration. Which we think can improve, I guess, the prices we achieve, particularly on the buying side versus what we've experienced in the last little while. The other element of this is in terms of sector weightings. The moves between sectors have never been greater. It's interesting to reflect on how that's played out over the last few years. As we've alluded to through this presentation, we've gone through a period of higher than usual turnover in selling in Mirrabooka over the last three or four years, as we've been aware that our quality companies that we prefer have often been more highly rated and more highly valued than they were before. That's led to more selling and more capital gain generation. As we reflect on this today, we think about the sort of high returning businesses that are offered in sectors like technology and healthcare and where they sit now, and it's actually flipped. We feel like if you're now looking at the sectors that are most out of favor, it is actually in those areas which are well-represented in the portfolio, which has been one of the underlying performance headwinds in the portfolio. The final slide on slide 22, just moving to outlook. As mentioned, we aren't changing the way we're investing. We think the LIC structure provides us a unique ability to look through cycles and be a true long-term investor, and we think that the long-term track record of Mirrabooka gives us confidence to continue to do that. As we look at the portfolio, we're confident with the businesses we own. We think there's extra competitive advantage in our portfolio of stocks versus the universe. We think there's good, attractive long-term returns, and there's now a less demanding valuation backdrop for these businesses. That, and I guess the since inception returns gives us really good confidence in the long term. As always, near-term direction of markets, economies, they're always difficult to predict. At the moment, there's any number of things both coming from White House policy, Middle Eastern conflict, I guess the tax changes we've seen in Australia and the consumer pressure we're seeing in Australia that do cause some caution in the short term, but we do have strong belief in the portfolio and our strategy for the long term. With that, I'll hand to Claire and she'll queue some questions. Thanks for that, Kieran, and thanks for all your questions. Just a reminder, you can ask a question through the question button at the bottom of the webcast. This could be for Kieran or Stu. Could you just provide some insight on the average return on equity and earnings growth of the Mirrabooka portfolio? Yeah. Look, it's obviously across a portfolio of 60 stocks and each at different stages of their maturity. There's a lot going on in terms of quoting a return on equity figure, and I think it's misleading to pick a figure. When we're looking at what we look to invest in and how we identify quality, obviously companies with a spread over their cost of capital, the mature companies in the portfolio, that's absolutely a factor we look at, and we see that well represented across the portfolio. We're confident our portfolio of stocks has a higher return than the average in the indices, but there is a lot of noise in terms of short-term earnings, that influences those return on equity figures in our benchmark. Okay. This listener has pointed out that AFIC has invested in international shares. Would Mirrabooka consider doing the same? Look, we'd never say never, and it is something we have thought about in the past. We do travel to see some of the businesses in the portfolio. We've often remarked in the past about some of the quality companies in Australia, the valuations can be quite demanding versus what you see in other markets around the world. We really feel at the moment that we've seen some volatility in the portfolio recently. Our strong desire now is to get out hunting for the next ASX-listed companies that really can drive our returns and get us back to delivering those good long-term returns in the portfolio. I think that's our near-term focus, but in the medium to long term, we wouldn't rule it out. Okay. In the presentation, you talked about the investment in the Corporate Travel Management. Have you written down this investment? We've gone further than that. We've actually sold that investment. Obviously it was a modest amount that we sold it for, but in this situation, we had a lot of capital gains in the year. The most value that stock could produce for the portfolio from here was to realize that loss and offset some of those gains. It's important to note, we still had net capital gains after that activity, which has funded the dividend, but we no longer own Corporate Travel Management. Thank you. This question refers sort of to what you were talking about earlier, about realized gains being part of the dividend. When was the last time Mirrabooka's earnings per share was greater than its dividend per share? I cannot think of a time, certainly not in the last 15 to 20 years. It's always been a key feature. Ever since we increased the dividend up to AUD 0.10 and above, that's always been funded by realized gains. I can understand the logic behind the question. I'm guessing it's going to sort of sustainability of it, and is that dividend policy sustainable? I guess it's important to reflect on this area of the market. The average dividend yield in mid- and small-cap companies is sort of in the low 2%. That's the sort of running yield you'd get if you buy the average market stock. I guess when you're in a listed investment company, the sort of volatility we're dealing with, the extremes in valuation, it's prudent that we do, and I guess the way businesses change, you get businesses taken over. There's just a natural level of turnover you're going to have in a portfolio. When we have that turnover and we've had a successful investment, we pay tax as a company, and that takes away some of the value out of the portfolio because you've paid the tax. We get a franking credit from that. We've got to communicate that value back to shareholders because it's important that a franking credit on our balance sheet is worth nothing, but when it goes back to shareholders, that's where the value is transmitted. It is important that we pay out those realized gains. I think going to the question, it's most important that we do it in a sustainable way. What we've been most pleased about in our dividend policy in Mirrabooka is we've lived through both a GFC, a COVID pandemic, where dividends were cut significantly in the market. Even in a portfolio like this that's operating at small- and mid-cap end of the market, we didn't cut the ordinary dividends through that period. We think that's important to note. I'd note that it's the reason why our level of reserves of franking credit are higher than you'd see elsewhere for exactly that reason. Thank you very much. This one's about changes in sectors. You talked about the turnover in the portfolio. Have we had any sort of major changes in sectors in the portfolio? Not really, no. We are bottom-up investors, and that remains the case. We're looking at each stock individual on its merits. I guess where we're alluding to some of the volatility within sectors before, part of what we're thinking there is when we were grappling with some of the extreme valuations in the portfolio going back over the last three or four years, as I said, that led to higher turnover, which is helping with the dividends today. There's probably, going through those conditions again, our learning from that period is to be looking a bit more at sectors then and saying, where are those unloved sectors and what are the best quality businesses you could own for the long term in those sectors, when the higher growth sectors that we're invested in are flying high? That's our learning that we'll deploy over the next cycle. I think we're in a position now where it has flipped and, I guess the sectors that we're well-represented in the portfolio are those that are out of favor now, which gives us some confidence and evaluation sense going forward. Thanks you. Andrew, will the DRP be in operation for the final dividend? Yes. As will the DSSP, which is the bonus share plan. The board have decided to keep both of those turned on for this dividend. Thank you. We've got a question here about Objective Corporation, which has seen some share price movements of late. How is management reflecting on the news that the Department of Defense did not renew their agreement? Maybe you could reflect on that announcement and then also your thoughts on. I'll take that one, Claire. Very well picked up. Obviously, this one came in as a bit of a shock to us too. Just a little bit of background for people on the call, Objective Corporation produces software for local government, federal government, and a lot of government agencies. The contract in particular was a Department of Defense contract, which was not renewed. It related to, essentially, they've been with the Department of Defense for a number of years, and this related to the support and maintenance revenues associated with that contract. It was reasonably material to the business, probably 7% of revenues, and came as quite a shock to us and to the company. We've obviously spoken to the company since then. They were surprised by it, and as part of our work, which is a continuing piece of work, is trying to understand the drivers of that, whether there's something related to the Objective Corporation software in particular or whether price was an issue. We feel relatively comfortable that it was unique to Department of Defense. They're on an older on-premise piece of software. It's quite different to Objective Corporation's current subscription software stack. When a company You own these software companies because they have very low churn and really high returns. When they do lose a contract, it is time for us to pause on the investment case and really get to the bottom of that, and that's a continuing piece of work. At this stage, we do feel like it's isolated. We'll catch up with the company in result period, be able to talk to them more fully, have a look at the full financials and make an assessment from there. Just to add to that, it's quite unusual isn't it Stu? That a situation like this where the support hasn't been renewed, but they are still using the product. Which you know- that means there's a lot of work to be done to work out what exactly is going on. Thanks, guys. This one's about share buybacks. Is there any specific companies that you think are doing a good job of value-accreting buybacks? Look, it's interesting. I'll give a general answer to that. I guess we like having companies with latency in their balance sheet, really good, strong financial positions. We've noted over the last six to 12 months, the number of companies in the portfolio that have active on-market buybacks has definitely grown, which encourages us. It's a good signal of confidence. It's not always an accurate signal. We've seen some buybacks before that have preceded large share price falls. It is a good way to deploy a latent balance sheet. I guess Webjet's a really good recent example, where they're feeling that if the market doesn't want to buy us, then it's a good use of our capital at this stage. We've got a question here on Clover Corporation. Is this a company that you have considered, or have you met the management team? It's not a company. We have met the management team. Admittedly, it was a few years ago now, it hasn't been one that's screened for what we're looking for, in terms of the, I guess, the free cash generation and an ongoing growth story. I guess Clover Corporation is captured in this. I think probably the market cap's probably AUD 150 million now. This is something we're thinking about more broadly, is just raising potentially the level of market caps and, I guess the size and maturity of the businesses that we're investing in. I think we've found that some of the liquidity constraints in micro caps and small caps, and then even if you post these budget changes about whether we're going to get the appropriate reward or they're going to be priced appropriately down at this part of the market, is potentially an area that we move slightly higher up the, I guess, the food chain in terms of market caps and size of companies. Thanks, Stu. This question's about PWR Holdings, and we've got a small holding in the portfolio. Do you believe that their pivot into cooling systems for drones and aerospace makes them a more attractive company to invest in? Yeah, look, a very astute question, and we do have a small position in the portfolio. I think the direct answer to the question is yes. It's taken us a little while to be convinced. These are new markets, big new markets they're entering. We've got some wariness about the margin they'll achieve in these markets versus the core Formula One pedigree of the business. What we admire about the company is it's a company that's developed fantastic, unique IP on the Gold Coast, with a really charismatic founder, has been prepared to back themselves in, invest overseas and take that expertise and penetrate larger markets, like in aerospace and defense. I did catch up with them recently in the U.K. in the last month or two, and just seeing the progress over there from when they opened that facility, you come away really encouraged that they're getting traction on that bold decision to double down and reinvest in the business. That's, I guess, some of the buzz you get out of investing in smaller companies. One thing I would say, and the reason it's a small position, is it's a fairly popular stock and the valuation has jumped up again. We'd love to see a fair evaluation for that stock so we could build the position, but we'll be patient on that. Did you consider taking a position in the Vista Group cap raising? I apologize if I've got that wrong, that pronunciation. No, look, that's not one that's been closely on our radar of late. I've got a question here just about the longevity of the LIC model. It's particularly with respect to the popularity amongst younger investors. Yeah, we still think that the LIC model has a lot going for it. We've talked quite a bit today about the ability to make reserves and pay dividends. I think that will be critical. What we haven't seen so far is a sustained downturn in the market when that sort of strength really comes into its own. Let's wait and see what happens, whether that does heighten interest in LICs. Certainly, I can say that as a group, we have been increasing our marketing efforts. In fact, the presence of Claire and Suzanne are testament to that. We are conscious that we can't necessarily wait for them to come to us. We do need to go out, show, and explain those benefits. Geoff, I don't know if you've got anything else. Well, I think, Andrew, there's definitely obviously growth in ETFs and that's where the younger people are gravitating to. I think as people move through their investment journey, and particularly when they're starting to look at the LIC model and sustainability of dividends, I think that's an area where investors start to gravitate back to the listed investment companies. As Kieran mentioned, we still think it's a fantastic model for taking a long-term investment view. That's, I think that, referring to what you were saying before about downturns, that's when the LIC model action does prove itself. We have seen the past when we have gone through a downturn in investment cycles and also interest rates going down, the LIC has come back into favor quite dramatically. There's no doubt there's a cyclicality around the discounts, there's also potentially some longer-term structural issues. We are dealing with those. I think with the nature of the market, the growth of self-managed super funds, we're still confident that the LIC model is very effective in those particular investments. Thank you. This question is about Magellan and the fact that they believe or seem to remember that it was in the portfolio in the past, and they're just wondering whether the merger or takeover with Barrenjoey will make them a prospect for the portfolio moving forward. No, that hasn't been in Mirrabooka, and it's not something we've taken a very active view on at the moment, so I'd probably let that one pass through. One on resources. Do you distinguish between mining services companies and companies that own or mine the resources? Look, I think that it gets back to what we were saying earlier, that we start with the same philosophy, and it's all about can you own this business for the long term through different cycles, and why do you think you can? The clearest business factor in that is sustainable competitive advantage. ALS is the second largest stock in the portfolio. It, in a way, is a mining services company because it's testing the samples in its laboratories out of mines. We've owned that for over 20 years through different cycles. When mining's been challenged, their earnings have gone down, but often that's given you a really good buying opportunity to buy it back because they have a network of labs around the world. They have competitive advantages. There's very few players of scale in that industry, and when you look through the cycle and the average of the earnings they make through the cycle, it's really attractive on the capital they deploy. That's the approach. I think some of the challenges, and it's probably just worth pointing to again in thinking about mining companies in this end of the market versus the large end of the market. If you think about a BHP and Rio Tinto, they have cost advantage. They have scale. They have diversified operations. If one of the mines isn't producing very well, and mining's a tough business, you get some protection in that in the way the businesses operate and more consistency of the cash flows. There's now 26 gold companies out of our index of 250 companies, and a lot of them have far less assets than that. A lot of the jurisdictions are challenged. It does make it harder to really have a strong representation where there's competitive advantage in the portfolio. Importantly, we don't rule anything in or out. We look at each business and on its merits through the same lens. Thanks, Kieran. Just a question here about Macquarie Technology and just pointing out the fact that it's the largest holding and there's been a little bit of trading in that. Can you just explain what gives you such confidence in the company? Good question. Just to clarify, it is a large position and the number one holding. We have been reducing it. It has actually stayed quite a large holding because it's outperformed over the last year. I guess understandably, when we saw the sell-off in software businesses, technology businesses, there was a corresponding rise in anything related to the AI trade, data centers included in that. It has outperformed, hence why it still, despite our trimming of the division, has maintained quite a large place. We are cognizant of it. It is a very large holding. I guess we do have a lot of confidence in the management. The Tudehopes have been running these businesses for 25 years, very heavily invested. They own, I think, probably 43% of the shares on issue, and we've seen through our eight years of owning this business that they make very long-term, deliberate decisions as owners of the business. We take a lot of credence in that. They've kept a very modest balance sheet throughout and probably the most under-geared of the data center businesses, which once again gives us some comfort. It does have two other divisions that produce a significant amount of cash flow, their cloud business and their telco business, which has helped fund some of their data center development. It's not a pure data center exposure, so it gives us an exposure to both cloud, telco, and data centers, which helps. I guess more near term, they've built their Super West facility in the heart of Macquarie Park, which is, I guess the most attractive zone to be building a data center right now. That's probably two months away from being operational, so that's been very de-risked in terms of construction. We're expecting, hopefully, a contract announcement anytime soon. I guess, yeah, it is something we're aware of, the size of the portfolio. It is probably larger than we would expected it to be given it's outperformed and grown its way there. Something we'll keep our eye on, but we do have a lot of confidence in management and the business. Thanks, Stu. Andrew, in the AFI results presentation, you talked about the impact from the change in the capital gains tax settings. Could you just explain the potential impacts on LICs, please? Happy to do so. Good memory. We pay 30%, as Kieran explained, on all of our gains, so that doesn't change. As a company, we cannot pay capital gains to shareholders because it's a dividend. Separate legislation, when the CGT discount was introduced, was brought in for shareholders in LICs to effectively enable shareholders, when they receive a dividend from those capital gains, to be able to take advantage of that 50% discount. In fact, the entire dividend that we're paying this year comes from realized gains. That LIC gain is still available to shareholders. What we need to do is to ensure that that 50% discount for gains up until the end of June next year is still available to LIC shareholders as it is to other investors. There's then the other question of what to do with indexation that we also need to talk to Treasury about. Those are the two main issues there. Thanks, Andrew. There is a specific question here about what we're doing about the discount and getting the share price closer to NTA. Hopefully, the team have already addressed that question, and just note increasingly the discount has closed as at Friday. Correct. I'll just also note that Mirrabooka trades ex-dividend today, so there would've been a fall in the share price today as a result of that. Yeah. Thanks, Andrew. That looks like it's all the questions that we've got. With that, I'll hand it back to Alison for some final comments. Thanks, Claire, and thanks everybody for attending today's presentation. Just to close with a final comment. A few people have asked, coming in as the new CEO, what, if anything, might change. I would say, it's early days, but fundamentally, I think I'd reiterate what Kieran said earlier, which is that our fundamental approach to investing for the long term in quality companies will not change. It served our shareholders very well over the long term, and you can see that very much in the Mirrabooka performance. Over the long term, we've delivered some really amazing returns for shareholders, and it's a credit to the team, and that is another thing that will not change, the team. I'm very excited to be back with this quality team. Obviously, we'll be looking at reviewing processes. We're taking on board, as I hope you've heard today, the learnings and lessons from what has been a challenging period to invest in the short term. I've been in markets 25 years, and I've seen a number of cycles where certain sectors and stocks get over-hyped and for a short period of time, and we've certainly seen that in gold this year and resources, as Kieran mentioned. We do fundamentally believe that quality outperforms over the long term. Actually, I think there's a huge opportunity for a fund with this structure, a closed-end fund, to step into that volatility and to take that long-term view. I'm incredibly excited by the opportunity ahead and look forward to catching up with shareholders when we gather for the AGMs in October. Thank you and good afternoon. For your participation, you may now disconnect your.