Good morning, ladies and gentlemen. Welcome to Midway's 2022 annual general meeting. I'm Gordon Davis, Chair of Midway. I'm joined at the table here on my left with Leanne Heywood, Director. On my right, Tony McKenna, CEO and Managing Director. Far right, Kellie Benda. Both Leanne and Kellie are up for Re-Election at this meeting. Very briefly, they'll have their say later on. In the room, other directors are Tom Keene and Nils Gunnersen, and online, Tom Gunnersen and Greg McCormack. I now declare the meeting open as we have a quorum. The procedural pieces which we have to go through, voting on all resolutions at today's meeting will be conducted by way of poll conducted online. You will need the link provided in the notice of meeting and your shareholder details to vote in the poll. The poll is now open, and you can vote at any time if you wish. At the end of today's meeting, you will be given time to vote if you wish. The results of the poll will be notified to the ASX following the meeting. As we deal with the resolutions at today's meeting to shareholders, I'll provide the opportunity for shareholders to ask any questions or make comments. Questions or comments should be submitted via the chat panel on the screen for those online. At this meeting, there will be 5 items of business, four of which will be voted on. There have been proxies received in respect of today's resolutions, which I'll announce as we move through the resolutions. The figures, proxy figures are at the closing time for receipt of proxies. As chair, I will vote all available undirected proxies in favor of each item of business. Before we move to the formal business of today's meeting, I would like to address shareholders in relation to the company performance. I shall then invite our Managing Director, Tony McKenna, to deliver a presentation to shareholders. A copy of my address and Tony McKenna's presentation have been lodged with the ASX. I began my 1st term as chairman of Midway on the 1st of May this year, only some 7 months ago. We've made significant changes in that time to the company leadership, company strategy, and company operations. My appointment as chair by the board follows the decision of Greg McCormack to step down as chair and retire as a non-executive director of the company after today's annual general meeting. Greg is a founding shareholder of Midway and has been on the board for 25 years, most of that time as chairman. Greg should be rightly very proud of how Midway has developed over the time of his service and the position he leaves Midway in today. A listed ASX company with diverse operations, a competent management, and an effective board, and some very exciting growth options. This is quite a contrast to when, what we call, 4 visionary Victorian sawmiller groups combined together to find a solution to a waste wood problem. Tony McKenna will speak more to Greg's contribution to the global and Australian industry more broadly. On be1/2 of Midway community, shareholders, staff, suppliers, customers, we wish Greg well with his future endeavors and welcome his continued interest in the company. Tom Keene will also retire from the board at this AGM. Tom has been on the board for 14 years, bringing his experience as a CEO and MD of a large enterprise to the challenge of evolving Midway from a small, closely held company to an ASX entity. Tom will continue to advise the company as we develop the proposed Grain Terminal project. I would like to welcome Kellie Benda as new independent non-executive director of Midway. Of course, Kellie is subject to the election today. Kellie will address shareholders later in the meeting. These changes mean the Midway board, following this AGM, will comprise 3 independent non-executive directors, 2 shareholder directors, and the managing director. As the Midway future strategy options develop, we will continue to assess the skills and experience needed on the board. I've also had the pleasure of recruiting and now working closely with the new Midway Managing Director, Tony McKenna. Tony replaced former Managing Director, Tony Price, in January this year, and has focused on making important changes to the company's strategy and their operations. Tony will speak more to the strategic review of the company that we announced earlier this year on the fourteenth of March 2022. Tony will also talk more of the operational environment for Midway and the transformation program he has been working on. I'll therefore only touch briefly on what I see as the key developments since I've been the Chair. There's no doubt the financial year 22 financial performance was disappointing. However, much of the poor financial performance of the past, the last 12 months was due to a range of external factors that we had to manage, including the COVID-19 pandemic that adversely affected global supply chains and also disrupted consumer demand in major markets. While we could only manage or influence the impact of these market forces on the company, we were determined to control as much of our own destiny as possible and actively make changes that improve shareholder returns. A number of major initiatives were taken to adjust company strategy and operations to the new realities of the wood fiber markets in the wake of the pandemic. Midway announced it would wind down the loss-making operations of Midway Logistics in Western Australia, and a number of actions were taken to improve the performance of the wood fiber operation on the Tiwi Islands in the Northern Territory. Midway secured new export contracts for wood fiber exports to China and Japan for the pulp paper sector. We're currently examining the second rotation options on the Tiwi Islands to improve and extend the commercial returns of that activity. Midway also expanded its operations in Tasmania with a modest investment in a dedicated processing and port facility at Bell Bay that will export wood fiber from regrowth thinnings. It has the potential to generate solid earnings growth over the next few years. The most significant announcement over the period was the sale of Victorian plantation assets to MEAG, a subsidiary of the German-Based financial services group, Munich Re, for an estimated Australian dollar value of AUD 154 million, and a commitment from MEAG to invest another AUD 200 million in greenfield forest plantation in the Geelong catchment. The Foreign Investment Review Board recently agreed to both elements of this transaction, giving a high level of certainty for all parties. Midway also secured plantation and carbon management contracts and an offset agreement with MEAG that will ensure ongoing log supply from these plantations for our operation here at North Shore in Geelong. Following the closing of the transaction in June 2022, we announced that Midway would use the plantation sale proceeds to firstly repay all Long-Term debt, and then the intention to pay a fully frank special dividend to shareholders of up to AUD 0.195 per share, subject to the achievement of certain conditions, which we detailed. Midway has now settled the first tranche of the deal, and we are expected to confirm timing of the dividend at our 1/2-year results, to be announced in February. I can assure Midway shareholders that the board of directors and management team are doing everything under our control to improve the financial performance and generate sustainable shareholder returns. The strategic review is an exciting development, I hope initiatives we announce today will provide Midway shareholders with confidence about the new direction of the company, its strategy, and its approach to doing business. I'll now hand over to our Managing Director, Tony McKenna, who has a presentation on the activities of the company. Thank you, Tony. Thank you, Gordon. I have the presentation up on the screen. You may wanna rotate. If you like. It's just over 10 months since I started as managing director of Midway. We've taken a lot of decisive steps in those 10 months to reposition the company. Thought this was gonna work. Is it not? Yep. Can you just flick it to the first page? The intro page. My immediate priorities are to turn around the operating performance of the business, to capitalize on the emerging carbon opportunity, and to improve shareholder value. There's been no shortage of challenges. In an environment of strong regional demand for wood chips, the Australian producers, including Midway, have been locked into a low annual price fixed in February. COVID-19's impact on availability of contractors, rising fuel and operating costs, and extreme wet weather have impinged on the business's operating margins and restricted the amount of wood fiber able to be harvested and exported. These factors have been felt across the whole industry in Australia, and we've experienced them acutely at Midway. While external factors have featured prominently in our business this year, there are things we can control, and the Midway team are taking steps to action those. We've commissioned new facilities in Bell Bay, Tasmania. We're turning around the performance of the Tiwi Islands. We've exited the loss-making logistics business in WA. We've identified and are pursuing carbon management opportunities, and we've sold our Victorian plantation assets. The board has announced the intention to pay a special fully franked dividend of up to AUD 0.195 per share from the proceeds of the plantation sale. In my time with Midway, we've also seen a change in the chair, the retirement of 2 Long-Serving directors, and the introduction of a new independent director. I'd like to endorse Gordon's words of thanks to Tom Keene, whose wise counsel I have enjoyed, and to Greg. It's an enormous credit to our retiring chair, Greg McCormack, and new chair, Gordon, that these major changes have been made without disruption or distraction to the executive team. Greg is renowned for his passion for Midway and the industry. He's recently retired from 11 years as chair of the peak industry body, the Australian Forest Products Association. His deep knowledge of the details of the forestry and wood chip industry is most impressive. Greg remains a major shareholder, and I know that he remains happy to share his vast knowledge accumulated over a lifetime in the industry. This has been a dynamic time for the company. Much has been achieved in completing major initiatives and repositioning the business. We have good people and good underlying operations, and I'm confident that we are on the right track to creating shareholder value. To improve earnings of the core business, Midway has invested in infrastructure and operations in Tasmania, where there is good access to wood fiber. With a huge effort from the Midway Tasmania and business development teams, we recently commissioned a new processing facility at Norfolk Street and the ship loading facility at Berth Seven. The first vessel of sof2od being loaded from Berth Seven in July this year. In October, we commenced processing logs at Norfolk Street, and regrowth thinnings will commence in 2023. This business expands our national footprint, increases our product range, and has the potential to generate incremental earnings growth for Midway in the coming years. We've exited the loss-making WA logistics business. The decision to exit a business unit is never made lightly. However, the returns that business could generate simply did not justify the management time and capital investment required to turn the business around. Following an exceptionally difficult period, our marketing team has secured new export sales from the Tiwi Islands, with 7-8 Acacia vessels planned for this calendar year 2023. Our Tiwi team has worked flat out to increase production to meet this renewed demand. The increased activity has created additional employment for Tiwi people and is generating productive economic activity for the traditional owners. We are working with the traditional owners on establishing the second rotation for the Tiwi plantation. Our carbon team has run the Tiwi second rotation project through the beta version of the 2022 FullCAM carbon accounting model. We expect that it will generate over 4 million ACCUs or 4 million tons of carbon emission offsets. The operations team are working hard to secure additional sources of wood fiber to improve capacity utilization at Geelong. We continue to progress plans with counterparties for a grain export terminal at Northshore. It's a multi-party negotiation, and we have not reached agreement yet. The logic of the project is compelling for all, and the parties are encouragingly engaging constructively. The grain project is intended to contribute volume to our take or pay ship loader contract with GeelongPort and generate lease revenue for Midway. The share price of Midway has been trading well below net tangible asset backing since March 2020. This was partly due to poor performance in the last few years, but it was also apparent that the market undervalued our plantation assets. Midway, as a small listed company, is not the natural owner of large tracks of mature forestry land. We made the decision to sell Midway's existing plantation estate to MEAG Munich Re for AUD 154 million, which is better than the carrying book value. As part of the transaction, MEAG has committed to invest another AUD 200 million to purchase greenfield land for establishing hardwood plantations. The MEAG transaction is more than just a sale. It's the establishment of an important long-term partnership. The significance of the transaction should not be underestimated. Midway has secured offtake agreements that preserve access to current wood fiber supply. The greenfield commitment secures an expansion of wood fiber supply well beyond 2032. Volatile biological assets are removed from our balance sheet. It enables the buyback of the strategy trees, removing the costly financing facility, and it enables repayment of corporate debt and gives the company a solid balance sheet with appropriate debt arrangements. We have contracted to provide ongoing carbon and plantation management services to MEAG for the existing and greenfield estates, generating ongoing income and giving immediate critical mass to our emerging carbon management business. All regulatory hurdles for the transaction have been cleared and the first tranche of the sale has settled. We're in the process of finalizing transaction arrangements, including the buyback of the strategy trees, settlement adjustments, debt reduction, and taxation payments. There are 2 further tranches that we're aiming to complete in December. We expect to be able to advise shareholders of the final details of amount and timing of the proposed special dividend at the 1/2-year results. As previously advised, the board will make decisions about the amount and timing of any future shareholder returns when the financial year 2024 and financial year 2025 tranches of the MEAG transaction are finalized. Global investors and companies are becoming increasingly aware of the need to offset carbon emissions so they can meet social and regulatory expectations. The most effective technology for removing carbon from the atmosphere is still the ancient natural process of photosynthesis. That's the way carbon dioxide is removed from the air, oxygen returned, and carbon sequestered in the wood fiber. Plantation forestry has a critical role to play in helping achieve a net zero carbon emissions. Midway's core business is ideally suited to play a lead role in this. Demand for eligible carbon credits is forecast to increase substantially over the next ten years. The value of Australian Carbon Credit Units or ACCUs over the next decade is also forecast to increase markedly. Midway has a unique value proposition in carbon management that will enable it to leverage new growth opportunities in this market. Midway's core business activity is sourcing suitable land, establishing and managing the plantations, harvesting the trees, and replanting. From harvest, we process, sell, and export the wood fiber, generating a commercial return from the exercise. This activity is the same process that generates plantation carbon credits. A new business has come to our space, and we are positioning Midway to capture the opportunity. There are 3 models by which Midway can immediately participate in the emerging carbon economy. First, Midway can own the trees and carbon directly, leasing the underlying land. We are currently exploring this opportunity on the Tiwi Islands. Secondly, Midway can aggregate projects for small landowners and manage plantation carbon on their behalf. We are currently pursuing this in Tasmania. Third, Midway can manage carbon on be1/2 of institutional investors. The MEAG transaction is the first example of this. These carbon opportunities emerge from our existing business and are immediately in front of us. They can generate revenue in their own right, as well as securing sources of woodfibre for our processing and export business. Now to the important trading conditions. Woodfibre demand amongst our major trading partners, especially China, is strong. China's demand is up 19% in the year to end September. It is also reassuring that our major regional competitors in Vietnam have been struggling to main supply at recent levels. This means that Midway should be able to benefit from increased export sales demand when domestic supply constraints ease in calendar year 2023. It's disappointing that Australian wood chip prices were locked in for calendar year 2022 just prior to the increase in international demand and increase in spot prices. Industry experts forecast that Australian exporters, including Midway, should be able to secure higher export prices in calendar year 23 because all hardwood wood fiber stock is currently sold out until the end of calendar year 22, and customer interest remains very strong. The industry is confident that Australian exporters will achieve an uplift from 2022 prices of around USD 25 per bone-dry metric ton on the benchmark eucalyptus species. The unfavorable US dollar FX hedges will be rolling off at the end of December, and better exchange rates will help improve margins for the second 1/2 of the financial year. To summarize the key takeouts from today's presentation for shareholders. The first 1/2 of FY 23 remains tough. Ongoing harvest and haulage weather disruptions will continue to constrain sales volumes. Margin pressure from higher fuel costs, labor shortages, and our FX hedging position will adversely impact first 1/2 profit margins. This means that our first 1/2 23 result may be slightly weaker than the first 1/2 22 results on a PCP basis. Strong export demand and early pricing suggests a much better second 1/2 of the FY 23 financial year. We'll provide an update on full-year trading conditions of the first 1/2 results in late February. Our team is making good progress on initiatives to turn around the core wood fiber export business. We've identified and are determined in our pursuit of new growth opportunities in carbon emission offsets, and we've settled the MEAG transaction, drastically reducing corporate debt and enabling progression to payment of the special dividend. We're making good progress, but there is still a great deal of work to do. I'm confident that the board and management team have a united view of our future strategy, and we're all committed to driving better shareholder returns in the coming years. Back to you, Gordon. Thank you. Thank you for that, Tony, for that presentation on the position of the company and its future. Now to the formal business of the meeting. The first item of business is consideration of the audited financial statements and related reports for the year ended 30th of June 2022. Corporations Act requires that the audited financial statements and related reports for the 2022 financial year be considered at the meeting. Shareholders are not required to vote on these reports. I would welcome any discussion or questions. The company's auditors are KPMG, and Simon Dubois, the partner responsible for the company's 2022 audit, is present at the meeting today and is willing to answer any questions on the conduct of the audit or the content of the auditor's report. As the reports have been available for some time, I don't believe any further background information on this item is required. I ask the Company Secretary, are there any questions or comments on the financial or other reports from the virtual participants? Chair, can I suggest that if participants online want to ask questions, they go through the chat box function. Yeah, I think we had that in the early instructions, that's a good reminder. Participants online, there's a chat box in the Zoom. In the meantime, I'd ask, are there any questions in the room? Chair, I've got one question. I think this one is better asked for the Managing Director. Can you please give an indication of when negotiations will be finalized with the possible Grain Terminal partners? Is Midway Limited progressing the project? Can you speak to the possible reasons behind the town reaching contact? That's a fair question. The Grain Terminal's been on the agenda for quite some time. We are and continue to make good progress on the negotiations. There is Multi-Party negotiation and it's takes time to bring all the parties together. Confident we'll get there's still some work to do. I'm hopeful of having something announced in the coming months. As I said, it's a multi-party negotiation and parts of it are outside of our control. The logic behind it is very strong that I think every party should benefit from it. I do believe we'll get there. Thanks. Are there any other questions? Sorry. Sure. There is one more. Once again, I think this is a question for the Managing Director. Will the new plantation with MEAG qualify for ACCUs, and who will own them? Very good question. They will qualify for ACCUs. ACCUs will be owned by MEAG, as MEAG are funding the acquisition of the land and the establishment of the plantation and the management of the plantation. We benefit from that by being paid a fee per hectare for managing the plantation and the carbon. Thanks. Rob, are there any other questions? No, at this stage, thanks. Thank you. Okay. Sorry. No, okay. So the way the- Okay. -the process. We're all learning. Yes. Once again, a question for the managing director, Chair, from Charles Kingston, institutional owner. Tony once referred to assessing the natural mining business as part of the strategic review. You said part of the discount went into the NTA was due to the market not valuing the plantation land. That's now sold, yet the discount still exists. The market generally doesn't value significant business as well. Private carbon players like New Forests, Climate Friendly, et cetera, have seen huge value for their businesses. Do you think the ASX will ever pay a fair price for Midway, which in my view is run by NTA? It's a fair question, and I share the frustration that I hear coming through that question that our valuation didn't move as we announced the sale of the plantation. I think as a company we remain undervalued, and part of my job and part of the board's job is to close the gap between that where we're trading today and NTA and better, and that's constantly part of what we're, what we're doing. It's very much in our minds. Yeah. Any other questions as well? No, at this stage. People can ask questions any time through the process, so we don't close it out. The next item of business, item 2, is a non-binding resolution to adopt the company's remuneration report, which is set out in the company's 2022 annual report. A summary of the remuneration report also appears in the Notice of Meeting. The Board will take into account any discussion on this resolution and the outcome of the vote when considering the future remuneration policies and practices of the company. The information of the meeting, the proxy votes we have received are 43.6 million for the resolution and 200,000 against, indicating a majority of 99.1% in favor. Are there any... Rob, are there any questions or comments on this resolution? If there's any residual questions from the previous commentary, we can deal with that now as well. There's no questions on the current resolution, Chair. There is one additional question that relates back to the previous discussion with Charlie, the Managing Director, but you may want to answer this, Chair. It's from Chris Honey, and he says, referring to NTA versus share price: If that's the case, why hasn't dividends or a share buyback been considered? I'll deal with that. The part of the strategic review is the whole generic piece around capital management. It, in a timing sense, the MEAG transaction was well advanced before we initiated the strategic review, but clearly we're open to different forms of capital management as part of that strategic review. I mean, we've considered share buybacks and fully franked dividends are more tax effective. From my point of view, with the undervalued share price, the idea of buying back our shares had appeal. We went through the process of assessing that against paying a fully franked dividend and a fully franked dividend to the. Shareholders. Yeah. To shareholders is the advice that was gonna get the best outcome for shareholders. We've gone that path, but we have considered the share buyback option. Thanks, Tony. Are there any questions in the room on the resolution to regarding the remuneration report? Thank you. As I said, all these resolutions are subject to a poll, which is open now. The next item of business, item 3, relates to the election of Kellie Benda as a director. Kellie was appointed to the board early last month. Kellie's qualifications and experience are set out in the notice of meeting. As is the way these days, I'll now invite Kellie to address us. Thank you, Gordon. Thank you, Chair, and the management team for the opportunity to make a few brief comments. First, thank you to my colleagues for supporting my nomination and those shareholders who've already shared their support. I'm very grateful for the opportunity to serve the shareholders, to work with the impressive management team in my short tenure that has exhibited a very engaged and great desire to deliver positive outcomes for the shareholders. To work with board members to support the stewardship and governance required. I hope to leverage for the benefit of shareholders and Midway Limited, the breadth and depth of my past executive and non-executive director experience that complements and strengthens the current board members. I've held senior leadership positions across diverse portfolios that have required a highly attuned capability to deliver on very complex strategy, generally directed towards significant growth and new business, while managing the risk that fundamentally impacts profits and revenue. I possess expertise in the design and implementation of transformational change, resulting in corporate, cultural, and commercial outcomes. With a background as a corporate lawyer, a master's in finance, and having studied digital leadership at a master's level, moved into an investment banking career and then corporate senior leadership roles. I bring a very diverse and multifaceted perspective. I'm also a graduate of the Harvard University and a fellow of the Australian Institute of Company Directors. I have served in a past role as a director of the WA Forest Products Commission. I enjoy working in very complex, diverse, changing environments, balancing best practice, commercial acumen, and practical execution with an Evidence-Based approach that deals with the very many challenges currently facing all organizations in a very turbulent world. I undertake to commit the time and the intellect to ensure that Midway delivers on the vision of the board and the aspiration of shareholders. In advance, I wish to thank the shareholders for your support. Thank you, Chair. Thank you, Kelly. The proxy votes we have received are 53.5 million for the resolution and 200,000 against, indicating a majority of 99.3% in favor. Rob, are there any questions specifically relating to this resolution? Chair, those are among the several ones. Yes. We'll come back to that. We'll take them at the end. We'll have another question session at the end. The next item of business, item 4, relates to the Re-Election of Leanne Heywood as a director. Leanne's qualifications and experience are set out in the notice of meeting. Likewise, I'll now invite Leanne to address the meeting. Thanks, Gordon. Again, like Kellie, I'd like to thank my colleagues for supporting my re-election as an independent Director and Chair of the Audit and Risk Committee for Midway. Subject to my re-election today, this will be my second term on the board of Midway, having joined the board in 2019. You've all had the chance to read my bio in the notice of meeting, but just for the sake of all shareholders who are here and online. I bring to the board strong skills across accounting and finance, marketing, procurement, logistics, and business improvement, which I gained through an international executive career in the mining sector, including 10 years with Rio Tinto. I also have significant experience as Chair of Audit and Risk across 3 other ASX companies. I will continue, as I have in the past, to commit my time to support Midway in achieving its potential and support management to deliver on its aspirations. I thank shareholders for their support. Thank you, Leanne. Proxy votes we've received are AUD 53.5 million for the resolution and AUD 200,000 against, indicating a majority of 99.3% in favor. Rob, are there any questions on that, item four? No. Thank you. The next item of business, Item 5, seeks shareholder approval for the issue of performance rights to Tony McKenna, the Managing Director and Chief Executive Officer. The board believes it's appropriate to offer Tony another issue under the Long-Term Incentive Plan. The percentage of performance rights that will vest at the end of the performance period will depend on total shareholder return over the performance period relative to a comparative group of companies in the standard of course ASX 300 Index. This means that Tony will only receive that proportion of the performance rights if shareholders have been rewarded with relatively good returns over the next 3 years. The proxy votes we have received are AUD 43.6 million for the resolution and AUD 300,000 against, indicating a majority of 99% in favor. Rob, are there any questions relating to the Item 5? No, Chair. Before we proceed to the closure of the meeting, I think it's appropriate that we do pick up any other questions from shareholders on any of the matters that have been raised. Thanks, Chair. I've got several questions outstanding. Two from David Sue. The first question, which I think relates to the managing director, relates to the MEAG transaction and says, "How do you see the greenfield land price reacting to recent interest rate increases? Will that mean that MEAG will get more land? Will that generate more accruals and more management fee income for Midway? Good, good question again. We haven't yet seen movement in the value of land, but we've seen the market slow, and we expect that it will translate into a reduction, certainly a stabilizing of land values. If that plays out, we'll create the opportunity to acquire more land, which will generate, therefore, more revenue for MEAG, more investment for MEAG and more revenue for Midway. Thank you, Tony. The second question from David relates to the Tiwi Islands. The 4 million ACCU, as you mentioned for the Tiwi, second rotation, is that the total expected amount for the whole rotation of 16 years approximately? That's right. That's over the life cycle of the, of the project. Thank you. Next question is from Charlie Kingston. Once again, for the managing director. Can you comment please on the hedging strategy going forward, given the disappointing history, noting the current FX has been your favorite? Sure. Michael, did you wanna speak to that? Yeah. No worries. Go ahead. Yeah. Thanks, Charles Kingston, for your question. Obviously disappointing to be at AUD 0.75, but at the same time, we do need to protect our risk and that's our priority risk. Going forward, you know, we've gone through a comprehensive exercise of looking at what's our overall hedge exposure, taking into account the natural hedge, that is our supply costs. We are hedging only highly probable FIRB exposure in time band. By within 3 months, we can hedge up to 100%. Within 6 months, we hedge between 75% and 50% of highly probable forecast sales. Between 6-9 months, that drops down to 25%-50%. Beyond sort of 12 months, we'll then go back to our sort of board approval. With that strict policy in place, we only hedge, as I said, highly probable forecast transactions. That's currently what we're doing with. That means we do have some hedge-able exposure for the next 3 to 6 months outstanding, but obviously a much better rates than AUD 0.75. Thanks a lot. Next, Michael. Thanks, chair. There's one last question on the chat line. Not sure whether it's for you or managing director, but it says from Anthony Back: "Further to the question on options around the natural ownership structure of the business, what are your current thoughts on options? Look, I think, all I can say is that Tony has announced, we announced in March that we're following a process and, that process is not exclusive of any options, as we've previously said. As we're in a position to make decisions and announce them, we will. Two more questions, Chair. The first from Charles Kingston. There'll be approximately $30 million in cash following the potential dividend. Is the board's preference to return this to shareholders over future growth capital initiatives, given the poor track record to date on those initiatives? Appreciate that was over the previous board members. Thanks. Yeah, I can add to that. Look, I think the we've been using the opportunity to reset the direction of the company and reset its balance sheet, which was. Part of that was we announced we were paying back long-term debt, which, referring to an earlier question for a business with, you know, inherent volatility and earnings like Midway, that's a sound thing to do. And we've taken action on the logistics business, which in retrospect, was going to be difficult at any point. The board's very cognizant that some of the initiatives in the past haven't played out as they might have been expected. Part of Tony's brief is to bring a discipline to decision-making around future initiatives. I know the board is very focused on that both individually and collectively. I think it's important to note that the receipts from the tranches after the ones that we are aiming to get completed in December won't be earned till the 2024 and 2025 financial years. A lot can change in the world between now and then. I think we're not in a position to be saying what will happen that far out. That's a good segue to the next question, Chair, which is for the Managing Director. To clarify the position on the further tranches being completely been settled compared to the 2 tranches of the... Just a clarification. Yeah, sure. In the first year, we have 3 tranches. First one's already settled. We have then 2 that we still need to sort out a couple of conditions to unencumber the titles. We're aiming to have that done by the end of this calendar year. We have another tranche. There's just one in FY 2024 and one in FY 2025. Thank you. Another question from Dave Xu. Why is the carrying book value rounded along the pathway, and when was the last revaluation done? Mile Michael, best to talk to the numbers. The carrying value at the moment is, AUD 16 million, thereabouts, and that was the valuation was done in June. The next revaluation is done during next year? Correct. We're obliged to do that, yeah. Final question on the chat so far from Mile. To generate this scheme, how is the sale to MEAG going to affect our cost of goods sold and future profitability? again, a good question, Michael. Do you wanna talk to the details on that? Yeah. There's a couple of elements to that question. The cost of goods sold will be impacted a little bit, but it's more the cash position will change. Because the trees are already on our balance sheet at fair value, they were already transferred through cost of goods sold at fair value when they were sold. The P&L impact is minimal, but the cash position, whereas we previously owned the trees, we didn't have to pay for the frontage or cost of buying the wood. We now have to buy the wood back, essentially. However, we do save on not having to establish the forest anymore and then maintain the forest. And we also generate a revenue line item or income from managing the forest from MEAG. If you balance all that up, our net position or exposure isn't too bad on a P&L basis and also a cash basis. One last question from Charlie Kingston, Managing Director. When do you anticipate the strategic review will conclude? Yeah. Most of the key initiatives about getting in and assessing the business and working out what business we're in, what we're not, has been done. Our focus around carbon will be an evolving strategy because it's a rapidly changing market, but our commitment to that and our direction, general direction has been set as part of the process. Obviously the sale of the assets has been concluded, and then there is an ongoing brief around looking at initiatives that can help us maximize the value of the company. That is a continual and ongoing thing that doesn't have a fixed timeframe at this point. Those are the questions, Chair. Thank you. Thank you, Rob. If there's no other questions, we'll now proceed. Oh, sorry. How do you see Midway looking in 5 years' time? Yeah. What's the image of Midway in 2027? Yeah. I think, I think you'll see some things will be the same and some things will be quite different. The, you know, the geographic footprint will probably be what we currently see, with enhanced activity in Tasmania. Hopefully, a longer-term position on the Tiwi Islands. We've developed an attractive project there. A clear focus on volumes through Geelong and Brisbane. I think the traditional wood exports business will hopefully... The global demand for wood products is very high and projected to remain high because of the population growth and people's consumption. Hopefully, I think also the initiatives that some of the initiatives that Tony's talked about, particularly the carbon initiative, I'm very much of the same mind that there's only one proven way to take CO2 out of the atmosphere, and that's photosynthesis. Emerging technologies, and that's what we do. We produce fiber. I can see that'll be a stronger piece. The other element which goes hand in hand with that is emerging markets for other elements of the benefits you get from growing trees, like biodiversity credits and so on. We're starting to see water quality credits. I think those markets for ecosystem services will continue to grow. I'm pretty sure that Tony and the team, as they, you know, get more experience with the carbon piece under their belt, will be, can be quite active in that part. How the balance between those different streams of activity ends up, that's, you know, too far away to say. I think it's, it will be different in that, in that way. Can I ask you a simple question? Yeah. In the future, and I kind of think about it now with all the water around. Yeah. When we have bushfires again, who's responsible for the forests? Is it you guys or MEAG? The ownership and the risk. Yeah. sits with MEAG. Yeah. The responsibility for managing them is contracted to us. There's, I mean, as you know, there's a whole lot of steps you can take to try and minimize. Right. The risk of fire and to manage fires when they do occur. Yes. We're very actively involved in those. The ultimate ownership and loss risk sits with MEAG. That's on the front. We of course, would have a supply side disruption. Yes. Not the financial weight. Yeah. Okay. Good. Thank you. Rob. Chair, 2 additional questions just in the chat line. The first one is from Anthony Back, to you, Chair. Have there been any approaches from third parties to acquire Midway? Generically, chairs can't comment on that because we've got obligations. We've got obligations to be quite open. There's quite strict disclosure rules. The ASX, and they've got hurdles and triggers in them. It's just a road we choose not to go down because it's not productive either way. I wouldn't comment on that. The second question is from Charlie Kingston to the managing director. It's a fairly broad-based question. Can you please run through the key items affecting Midway profitability, key drivers of FX price volume supply? At what stage does the board anticipate profitability is achievable? This business earning AUD 30 million in better times. Can you ever return to this or are there structural issues impacting profitability? I mean, it's obviously has a business that has its cycles. We expect a return to profitability in the second 1/2 of the financial year. We expect that that will be driven by increase in prices and strong underlying demand that we are seeing in the market. There's still work that needs to be done to realize or secure those prices and to secure contracts, and then ultimately, a contract's not worth anything until you've actually delivered on it with some of the clients that we've got. We expect to be returning to profitability in the second 1/2 of this financial year and cycles we might have FX and price go our way in the years where we're back at those sort of levels. Really you're seeing an increase in sophistication in our suppliers in the wood supply. I think the years of pulling massive profits because we're buying wood really cheaply are probably gone. The future of maintaining a really strong margin and getting the benefit of good pricing and good FX, I think is very real and in the not-too-distant future. The final question from Charlie Kingston to the Managing Director. Have you considered selling the Geelong property? Yes. I mean, I've thought about it. How do you structure the business? Are we the natural owner of this asset? We have consciously chosen not to because we think we can add some value to it through the grain project. We think we can add some value through it, through some of our own activities. Banks like some real assets on the balance sheet if we're going to carry the working capital debt, which I think is a natural way of funding this business. It's definitely been given some consideration. We've come to the view, or I've come to the view that it's not the time to sell it. Yeah. At this point, we remain the natural owners of that asset or this asset because we sit on it now. That may change. That's it. Sure. Thanks. Thanks. We'll now proceed to the close of the meeting. Shareholders may now if they wish vote on items 2, 3, 4 and 5. Voting is via the application shown in the voting application as shown in the notice of meeting. You will need your SRN or HIN to access the voting website, or if you are a proxy holder, you would have received specific login access code from our share registry at Computershare. The poll will remain open for 20 minutes after the close of the meeting, and results of the poll will be notified to the ASX later this afternoon. That concludes the business of the meeting. I'd like to thank you, our shareholders, for your attendance, ongoing support of Midway. I now declare the meeting closed. Thank you.