Appreciate your attendance for our FY 2023 results presentation. I'll quickly run you through our agenda for today. I'll start by running through what I see as the key highlights of the FY 2023 result. I'll update you on important developments in the Midway Growth strategy. I'll then hand over to Michael to discuss the FY 2023 financial results. Then I'll come back to discuss the operating environment and outlook. We'd be pleased to take questions through the Q&A box at the end of the presentation. Next slide. The FY 2023 results announcements show an underlying performance improvement. This is demonstrated by the AUD 4.7 million turnaround in underlying EBITDA for the PCP. Our strong balance sheet, including low net debt and solid current asset ratio, and our progress on key projects to maximize shareholder value. I'll now turn to the key highlights. I'm pleased to report that Midway is making steady progress on key elements of our strategic plan, and the turnaround in performance is beginning to show results. Unfortunately, the sudden downturn in the global pulp market in the second half of FY 23 has masked the full extent of the underlying improvement in Midway performance. But after 18 months as managing director, I remain very confident that Midway's turnaround will gather momentum as strategic initiatives gain traction and as the market recovers. We're also seeing increasing new opportunities to grow revenue and earnings in emerging market segments, such as carbon management. As noted in the results announcement this morning, the board of directors has not declared a dividend at this time. The highest priority is to ensure that the company has sufficient funds to support its business plan and operations. We do appreciate shareholders' desire for a dividend, and the board will consider a return to dividend payments as soon as trading conditions and operating cash flow have improved. I'll now turn to our strategy. Midway was founded in 1980 in an act of collaboration and creativity to find a valuable market for sawmill waste product. The company is now one of Australia's largest wood fiber processors and exporters, with operations in five regions around Australia. Our fiber goes into growing segments like plastic replacement and recyclable packaging, hygiene products, and bioenergy generation, replacing coal, as well as traditional printing paper. We have a strong and growing plantation carbon management business that has the potential to transform our company. In 2022, we undertook a strategic review to determine how we could improve our core wood fiber business, maximize the value of our assets, and develop new earning streams. We subsequently developed a strategy built on three key pillars. The three key pillars of Midway strategy are: improving operating performance, leveraging our capabilities and maximizing the value of assets, and positioning Midway to exploit emerging carbon market opportunities. The overriding objective of this strategy is to maximize shareholder returns over time. Now, let's look at the progress we've made in each of these pillars. The first pillar is to improve operating performance. We had a quick win in closing down the loss-making business, Midway Logistics, in Western Australia in 2022. The management team also worked hard on remedial strategies to improve performance at each of our key businesses, including increasing access to wood fiber volume through our Geelong site, planning for additional commodities, including grain, to ship through Geelong, securing additional supply and commencing exports through our newly commissioned site at Bell Bay, minimizing costs and generating biomass sales from the Tiwi Islands, and progressing longer-term opportunities on the Tiwi Islands through a second rotation plantation and carbon project. Go to the next page. In the plantations and carbon segment, the sale of the plantation estate to MEAG also boosted operating performance by generating revenue from plantation management activities and reducing holding costs on the Midway P&L. In the long term, offtake agreements with MEAG will also provide increased timber supply for export through Geelong. This will provide additional volume towards our key take-or-pay contract with Geelong Port. While these changes are initially incremental, they will convert the plantation and carbon division from a cost center into a substantial driver of growth in the longer term. Next page. The second key pillar is to leverage capabilities and maximize asset value. We've considered the natural ownership of our assets and looked at how our core capabilities can be leveraged to improve or grow. Midway is not the natural asset owner of large tracts of land and trees when compared to investors with much lower cost of capital. We also had a quick win here with the sale of the Victorian plantation assets to MEAG for a AUD 12.5 million profit in the book value. The grain project requires Midway to instigate it and to bring together our assets and the opportunity. However, the ownership of the grain assets and operations probably naturally belong with a third party. Our plantation management expertise and growing carbon skills are ripe for leveraging for growth. We are working closely with a range of major companies to help them achieve their carbon emission reduction and offset targets. I'm confident this will generate new sources of future earnings for Midway. The emerging carbon market presents the most exciting long-term growth pillar for Midway. The two graphs on this slide clearly show the expected opportunity to generate income from the growth in carbon offset projects between now and 2030. The management team is actively positioning Midway to be a market-leading player in ACCU generation and carbon abatement. The next slide. Midway has secured access to a carbon-endorsed AFSL license that will enable us to provide greater value-adding services on carbon projects. We are making good progress on our three-pronged carbon strategy: of being a plantation owner, such as with the second rotation of the Tiwi Islands, managing carbon aggregation projects, which is starting in Tasmania, and managing carbon plantations on behalf of large investors such as MEAG. This approach will generate incremental income in the short term and is a natural adjacency to our historic business. It has the potential to be transformational for our business into the future. The carbon market is rapidly evolving, and our approach is to position Midway at the forefront of the industry so we can capitalize on emerging opportunities. I'll now move on to some of our sustainability activities. Sustainability and safety have always been important in Midway's business and are key enablers of our overall growth strategy. For example, our safety LTIFR is consistently below industry averages. Our relationship with the Tiwi people is important to us, and over the course of 2023, 27% of our staff on the Tiwi project were Tiwi people. Midway products contribute to bioeconomy initiatives, such as replacement of plastic packaging and the growth in bioenergy production. We will continue to expand sustainability initiatives as part of our growth strategy in the next few years. FSC and PEFC sustainability certifications are an important third-party endorsement of the way we conduct our business. The certifications help us to achieve better pricing on some products and to access a broader market. I'll now hand over to Michael to walk you through the key points of our FY 2023 financial performance. Thank you, Tony. The key points for me on this slide are lower headline sales revenue due to lower-than-expected sales to China in the second half of the year. A higher gross margin of 11% due to higher export sales. A higher profit contribution of AUD 2.4 million in FY 2023 from South West Fibre to the Midway result on the back of increased export volumes to Japan. A AUD 12.5 million book profit on the sale of the Victorian plantation assets to MEAG, maximizing the value of those assets for shareholders. Unfortunately, the downturn in Chinese sales meant we were required to provide AUD 7.8 million for aged receivables held by NAB on the Tiwi Islands. The net result was a statutory EBITDA of AUD 7.5 million, a AUD 3.7 million improvement on last year. I will now turn to the key drivers of this result. The starting point for the year was an uplift of AUD 2.9 million, as Midway Logistics was closed. It didn't negatively impact on FY 2023 earnings. Other positive contributions included high prices on export sales in the second half, with average prices across all products being $178 per bone dry metric ton versus $159 in the prior corresponding period. An improved FX position after previous hedging losses were exited, and the AUD 2.4 million South West Fibre profit contribution. Although this cannot be seen on this chart, QCN in Brisbane also made a solid contribution to earnings in FY 2023. Offsetting factors included higher supply costs, comprising higher timber payments to suppliers and higher fuel prices. A lower grain dry component of exports due to weather, wetter La Niña weather conditions and product mix, with more softwood shipped out of Midway Tasmania. Lower export volumes from Geelong, Bell Bay, and the Tiwi Islands in the second half, and a small deterioration in performance at PMP. The management team worked hard to control expenses and reduce our cash outflows once the market downturn became clear, by focusing on cost-effective supply sources and reducing production volume. I will now turn to the balance sheet. One of the highlights of the FY 2023 results for me is the way Midway has transformed its balance sheet to a position of strength that not only enabled the company to manage through the second half downturn, but provides a platform for future growth. The sale of surplus land in the MEAG transaction, combined with improved capital management, enabled Midway to pay off all long-term corporate debt, substantially reduce its legacy strategic finance liability, and manage an unexpected working capital build. The key numbers for me are, a reduction in net debt to only AUD 3.9 million, down from AUD 38 million in the prior corresponding period. A AUD 15 million increase in inventory to AUD 35 million, highlighting the working capital build. A strong current asset ratio of 2 x current liabilities. Net tangible assets of AUD 1.43 per share. The sale of plantation assets has also simplified the balance sheet and substantially reduced our exposure to swings in the value of biological assets as market prices play through to the value of trees. Given our strong balance sheet, Midway is reviewing our financing structures to better manage working capital cycles and to improve our ability to take advantage of the expected recovery in the global pulp and wood fiber market. I'll now look in more detail at how we used the proceeds from the MEAG transaction. The board's decision to preserve cash proved to be wise in hindsight, as it enabled Midway to pay down debt in a period of high interest rates and manage through the sudden downturn in China, in the China pulp and wood fiber market in the second half. As you'll see from the waterfall chart, the sale proceeds allowed Midway to repay all long-term debt, substantially reduce the legacy strategy finance liability, repay the working capital facility and build inventory, purchase AUD 5.1 million worth of pine trees as a part of the MEAG deal, fund a small capital spend, and pay tax liabilities. Carrying higher inventories positions Midway well to capitalize on a recovery in the market from a sales and cash flow perspective. Future cash flows will also be supplemented by outstanding proceeds from the sale of the Victorian plantation assets in the next two financial years, as can be seen on the table on screen. I will now hand back to Tony to talk through the operating environment and outlook. Thank you, Michael. These two graphs clearly show market dynamics in FY 2023. The top chart shows that the Japanese demand for wood fiber was slightly higher in 2023 as they recovered from COVID. This, along with a strong pulp price, enabled Midway to secure a 10% increase in the headline export price with our Japanese customers in the second half of 2023. However, Chinese demand for wood fiber slumped in 2023, and our export sales were adversely affected, particularly from Geelong, Bell Bay, and the Tiwi Islands. New pulp mill capacity came on stream in China at a time when demand was falling, and as a result, pulp stocks rose to more than 2 million tons and customers deferred wood fiber contracts. The bottom chart shows the dramatic fall in global pulp prices from April 2023 onwards, which was triggered by overproduction and weakening consumer demand, causing a rise in pulp stocks. The pulp price now has stabilized, and some price increases are being achieved. We are closely watching for a return to normal pulp stocks to reactivate wood chip demand in 2024. Midway is heavily invested in market analysis to ensure we have the best insights into future market movements through our customer contacts, technology, and industry analysts. This will enable us to minimize information lags and move as quickly as possible to manage market downturns and to position ourselves to capitalize on market upswings. While the market remains volatile in the short term, the good news is that the industry analysts continue to predict a wood fiber supply shortage that will underpin export prices in the future. I'll now summarize the key points from today's presentation. The key takeouts in today's presentation are: Midway is improving underlying performance despite the headwinds of trading conditions in 2023. We are seeing results from some important quick wins in closing down the loss-making logistics business and selling our Victorian plantation estate. We have clear remedial plans in place to improve performance in each of our businesses. We are establishing new businesses that will generate incremental earnings over the next few years. These include wood fiber processing and export facility at our new Bell Bay site in Tasmania and a second rotation on the Tiwi Islands. We are leveraging our capabilities and maximizing asset values through projects such as the proposed grain terminal at Geelong, and we're positioning Midway to be a market-leading player in an emerging carbon project sector. Midway is moving forward. We are making solid progress on our strategy, and we're repositioning the business for future growth. I believe that far-sighted and patient investors will reap future benefits from this strategy. Thank you. Michael and I are now happy to take questions from the Q&A box. Thank you, Tony and Michael. We've got about a dozen questions. I'll start with a question from Anthony Back. The first question is: How do you account for the sudden and significant change in wood chip demand between the investor presentation in February and announcements to the market in April and May? How are you forming an accurate and independent view of demand for Australian wood chips over the medium to longer term? Yeah, good question. As you'll see, or you, you would have seen from the slides, the pulp price, and there's also information available on pulp inventories. But the pulp price plummeted. There was additional pulp manufacturing capacity coming online at the same time as demand was dropping off, and that's partly related to Chinese domestic economy and Chinese exports, particularly relevant to our market. That happened very quickly, as you can see on the chart. And we are putting in place or have put in place some really good initiatives around... Other than just following what the independent analysts are doing, we have our own sources of information. We track all the vessels in the wood chip fleet. We monitor inventories at export ports in Vietnam, our major competitor as a country, and we also monitor inventory levels at our customers, both by aerial visions and site visits. ... Thanks, Tony. A follow-up question by Anthony: Have the deferred Chinese sales now been completed, or if not, have the wood chips subsequently been sold? Yeah, so we're working through our contracts with our Chinese customers. We've, as Michael said, we've slowed production down to match demand. Now, it's caused pressure on our business, but that's what we need to do to... If we don't have the demand, we can't keep building inventory, both from a funding point of view, but also from a physical storage point of view. So, there's been a reduction in production. We're just working through vessel by vessel, and the customers are performing, but more slowly than we would like. A related question from Damien Williamson on the market activity: Can you outline the factors you see behind the weaker customer demand in China? In particular, how are customers substituting Midway's premium product for cheaper products? Yeah, so, we're—there's been some Chinese domestic supply come into the market that's more than usual, as land has been cleared in China for food production. That's a one-off, and so we've seen that replacing our product a bit. But, the Vietnamese exports have dropped right off this year, so we're not seeing a big factor of substitution away from our products. And we do have a range of products, from the premium globulus mountains through to the regrowth thinnings products, mixed eucalyptus and our acacia products. So it's really an overall demand story rather than replacement away from our products. Tony, a separate but related question from Charles Kingston: When do you realistically think you'll clear the AUD 14 million in inventory build that you have at the moment? Do you anticipate you'll make a profit on this, and what market are you likely to sell into? Yeah, so absolutely, we'll make a profit on the inventory that we're carrying. That's assessed at the end of the year, and if we carried it at significantly below what we could realize it for. So confident of that. We will continue to work with our Chinese customers to have them perform their contractual obligations, and we will also continue to work with our Japanese customers for the sale of that. The timing for moving those that inventory through or reducing the inventory back down will depend a lot on the market. In some ways, and I think I've said in previous presentations, carrying inventory is not a bad thing. It means that when the market comes, we can quickly respond to that. But there are finite, obvious constraints on how much inventory we can carry, that are both physical and financial. Thanks, Tony. Another question from Charles Kingston: Can and when will Midway reduce reliance on the Chinese to become a more stable business? How much of Midway's current issues are structural and market issues? Yeah, so obviously, we've this year we've had a tough time with a couple of Chinese customers. They are very major players in the Asian pulp market, and their customers will always be part of our part of our program. Our long-standing relationships with Japanese partners is still strong, and we're obviously building on that, and we're seeing growth in their interest in wood chips for bioenergy production, going as biomass, which is particularly coming out of the Tiwi's, and that's one area where we've seen some growth since the downturn in the market. Thanks, Tony. Anthony Back and one other shareholder have asked about the Indonesian market, and what's the potential for India, or not looking to sell Midway wood chips? Yeah, so we still have Indonesia on the radar. Their domestic production appears to have reduced, but they're experiencing the same issues as the Chinese mills with demand constraints, so they're slowing their production down. So there's not a lot of demand coming out of there at the moment. India is a hard market. We've had a look at it. They don't meet the sort of prices and volumes that we need to be achieving at this stage, but it's always another option we continue to look at, particularly when there's difficulties in China. But it's a global pulp market issue. Thanks, Tony. Question from Charles Kingston. On the current trajectory and assuming market conditions hold steady, will you make a cash profit in FY 2024? Surely, FX at 0.64 to the dollar provides a decent boost. So the FX certainly helps us. Now, we've got hedging positions we've taken as the currency's come down, so we're not at $0.64 across all our sales, but it certainly does help. Will we make a cash profit? We're not making any forward-looking statements, but that's certainly our plan. Thanks, Tony. A final question from Charles Kingston: What level of profitability will enable the board to deliver the intended AUD 0.19 per share dividend for shareholders? Yeah, so that's not a question for me to answer. I mean, the board will look at what's happening with cash flow from the operating business, what plans there are for capital projects that are required. The cash flow coming in from the MEAG sale and other initiatives that we have on, and decisions will be made on that basis. But we do understand and do appreciate that investors are disappointed with the way that played out, as are we. And we are very conscious of investors' desire to see dividends resume. Supplementary question, Tony, from Chris Honig on the dividend: Would Midway consider splitting the dividend to retain cash, but still return value to shareholders, given that splitting the dividend is good for income tax for shareholders and gives a runway to turn around operations? Yeah. Absolutely, considering all, all options, again, where one of the key drivers is looking at how we can, return to paying dividends to shareholders as soon as possible, and, and that's certainly one option that we're, that we're, we're looking at, and will be high on the agenda as, conditions improve. Question for Michael from Anthony Back. How much of the AUD 27 million in current receivables, as at 30 June, have been received in this new financial year? Thanks, Anthony. Of the AUD 27 million, approximately AUD 24 million is related to the next tranche of the MEAG sale, which is expected to settle in this first half. So, yeah, the short answer is, there's only AUD 3 million or AUD 4 million after that, which some of that has been received in July, August, but no credit risk on that amount. Thanks, Michael. Several questions for you, Tony, about ACCUs, generally, and on Tiwi Islands. The first question is on Anthony Back. How many ACCUs does Midway currently hold for clients or own directly or via its carbon management subsidiaries? Yeah, so we don't currently carry or carry a very minimal number of ACCUs. We have signed, well, a number of projects on the, on the go, that will generate ACCUs going forward. And we'll look at how we manage our position. It's, it's... We're going to have to have a look at, how we treat things. The way things are going at the moment, we'd be looking at, selling ACCUs as we, as we receive them, rather than carrying them as an asset on the balance sheet. But we're in the process of preparing a, a policy around how we manage that. Question from Damien Williamson, Tony. Can you outline some examples of projects that will qualify for carbon credits and the potential annual revenue opportunity? Yeah. So the sort of projects that we're looking at, the easiest ones are where there's a greenfield opportunity. We're doing, for example, with MEAG in the Otways and Apsley area around Geelong. Buy a farm that doesn't have trees on it, plant trees, earn carbon credits for the carbon that's sequestered by those trees as they grow. That's the classic one, and there's variations around that. And we're rolling those out, you know, in different models in Tasmania. The Tiwi project is where you have land that's been fallow, hasn't had trees growing on it for seven years, and we establish a plantation on that, so you generate carbon credits that way. One more question on ACCUs from Chris Honig. Not all the plantations they will qualify for ACCUs. Have you looked at other types of international carbon credits that would apply to R2 and the Tiwi, established short rotation plantations? If so, specifically, what credits? No. So our focus has been very much on ACCUs. We think that there is a really strong policy framework around ACCUs, and that that will help with the value preservation and creation around around generating ACCUs. There's the plantation methodology that we were involved in the formation of, through the industry body, and it's it's it suits our business very nicely. So our highest focus is on ACCUs. There are other side activities that can generate credits like CORCs, those sort of things which are on our radar, but at the moment, our bread and butter is doing our business and managing the process around registering for for ACCUs. We're working very closely with the regulator to make sure that we have that working really well, and that we're leading what's happening in the industry. Thanks, Tony. Another question from Anthony Back on R2. What's the expected timeframe for completion of the agreement between the indigenous owners and Midway for the second rotation to commence? Yeah. So we're working through a process with a good number of major emitters and traders of carbon credits to find a way to finance the project off a board sale of the ACCUs. This will enable Midway to retain some ownership in a very capital light way, and it'll also enable the Tiwi people to own a good share of the project. That process is underway. Once we have a really good read on what the market is and what's possible, then we will finalize our agreement with the Tiwi Plantations Corporation and the Tiwi Land Council and the family groups on the Tiwi Islands. And that's—we've got a framework of an agreement that's subject to securing the financing. Thanks, Tony. I've got two questions that come the same round about the proposed grain terminal. One from Anthony Back, Back from Canaccord.... Two aspects to it. The first aspect is why is it so complex, and why is it taking so long? And the second part of it is how long should we expect to wait for implementation to take place? Fair, fair question. Acutely aware that we've been talking about it for a long time, and I've been talking about it since I joined the company. It's important that we get it right. We get one crack at it. We need to get it done as soon as possible, but we have three parties, all with very different needs, different management structures, different ownership, and different ways of doing things, and bringing all of that together to an agreement that works for everyone takes time. We have some momentum at times, and then we get stuck on issues. We're confident we'll get there. There's still a fair bit of work to do, but we've got some really good core principles to it in place, and we think that we're getting a lot closer. Timeframe, I was wrong last time I gave a timeframe, so reluctant to do so again, but I can assure you there's a lot of work going into it to nail it down. One final question, Tony, from Anthony Back. On timber sourcing, what is the impact of the early cessation of native forest logging in Victoria on Midway's wood fiber supply? Yeah, it's a really interesting question. It's obviously been front of mind for our Geelong operation here. We historically have had volumes, and historically had planned for that to be up to 400,000 tons a year of product coming through. Now, that was in the past, and obviously, as things have, it's become apparent that it's going to phase down. We'd expected 120,000 tons of native to come through this year. It hasn't, because the supply got cut off, but it's also created other opportunities where Opal Paper, who are out in Gippsland, have historically consumed plantation hardwood down there. Now, they've closed the line that was using that, and that has. We've been working on sourcing that, so it's created other opportunities. It didn't impact our earnings this year because the market wasn't there for the native, and it's created an opportunity around plantation hardwood out of Gippsland. Thanks, Tony. One final question in the Q&A box this stage, from Richard Wilkins, about sustainable earnings. It says, "Midway made approximately AUD 20 million per year in the first three years as a listed company, but has struggled in the last four years. What can shareholders reasonably hope for in future years? Is a AUD 20 million profit long gone? Would you consider a AUD 5 million NPAT a good result? Yeah, so when we think about it on an EBITDA or an EBITDA basis, and I think 10-15's sustainable through the or average through the cycle is what our wood fiber business should generate. The Geelong business has changed. The supply of wood coming through Geelong has reduced, but there is potential to, you know, sustainable 10-15 through the cycle at an EBITDA level, and we see the potential to grow a really meaningful business off the back of the current opportunity there. It's an emerging area. We don't know exactly what it's going to look like, but we do know that we're getting really interested. We've got projects getting up and going, and we think that that gives us a great opportunity to reposition the business. Thank you, Tony. I don't have any further questions at this stage. I might just wait 30 seconds to see if anyone wants to chip in a final one before we end the conference call. Okay, it looks like you've answered all the questions that have been raised as a result of the webcast today, so over to you, Tony. Thank you very much. I'd just like to close by thanking everyone for their interest in the company. To reiterate, I think we're making some good progress. I know that doesn't stand out in the results, and we're not seeing what we'd like to see in the financial figures at this stage. But I think there's some really exciting stuff ongoing, both with turning the operating business around and pursuing some great opportunities. We appreciate our shareholders' patience, and we do think, as I said, there's some exciting opportunities going forward. So thank you all for your attention, and we can close off the call. Thank you.