My name is John Prendergast, and I will be chairing today's meeting. It is now 1:30 P.M. here in Sydney, and there being a quorum present, I declare the meeting open. I confirm that the meeting has been properly constituted. Let me introduce the other board members of the company who are in attendance today. On my right, James Graham, our CEO and director. Our executive directors, Michele Dilizia and Justin Ward. And at the end of the table, our independent non-executive directors, Alistair McKeough on the end, and Alan Dunton. I also acknowledge our CFO, Justin Reynolds, and auditor, Jarrad Prue of BDO, who join us via Zoom, and Maggie, our company secretary. The virtual component of this meeting is being held via Automic's online meeting platform, which enables shareholders and proxy holders to participate in this live webcast of the meeting. As well as ask questions and submit votes. Questions can be submitted at any time. To ask a question, press on the Q and A icon. 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First, our CEO, Mr. James Graham, will present to the shareholders an overview of the company's achievements since the last AGM, as well as provide a trading update, after which there will be an opportunity for general questions and discussion, and then we will proceed to the formal matters to be considered at today's AGM. I'd now like to invite James to address the meeting. James. Thank you, John, and thank you, everybody. I'm James Graham. I'm Managing Director and CEO of Recce Pharmaceuticals. We've prepared a presentation which has been released to the ASX of some 16 or so slides. For some, it will be new information. For some, it will be information that they've naturally become aware of as their long-term shareholder status. So who is Recce Pharmaceuticals? As we saw during the year, the World Health Organization recognized Recce as clinically the most advanced new class of anti-infective in the world at this time, in fact, the most advanced new class of antibiotic. We maintain our qualified infectious disease designation with the U.S. FDA for sepsis, which, to our knowledge, is the only qualified infectious disease designation for bacteremia, which is the technical term for sepsis. That provides us, obviously, with a 10-year market exclusivity above and beyond our patent position, plus fast-track regulatory review. What we may have noticed over the year is we've brought on additional clinical studies. Not only have we delivered Phase I, we've delivered some Phase II studies, and we're about to embark on a registrational Phase III study into the ASEAN and, of course, out of the back of a Phase II concluding within this calendar year across Australia with a U.S. focus. It's my pleasure to introduce to you today our team. Next to me is Dr. John Prendergast, who is our Executive Chairman. John has been with us for some five years and really comes from a doctorate in the study of bacteria and blood diseases with a skill set of some 30 years on Wall Street and has gone from concept to commercialization with three to four drugs in his time. I started as the founding investor. I think it's not obvious that my grandfather, in fact, invented the Recce compound in his years after his time at Johnson & Johnson Australasia. He was tinkering away in his garage, my family garage, of course, and we got him out of that garage into a laboratory to really see that we could identify this compound. And that was where my founding investment originally started. I've invested in almost every capital round to date, in fact, some AUD 410,000-ish dollars, I believe it is, over the last 12 months. Dr. Alan Dunton is an exceptional member of the team, as will I, of course. Dr. Dunton led Johnson & Johnson Research globally, or Janssen, as it's well known, ran Roche's clinical trials and has had significant success going from concept to commercialization with a number of drugs. In fact, I think four or five of them were in the anti-infective space, Alan. My mother's actually on one now. There you go. Mum in hospital's using a drug Alan invented. That's great. Okay. Michele Dilizia is a founding member of Recce, in fact, co-founder or co-patent inventor. Michele's skill set is really on the scientific side, and if not obvious, my input is on the business side. Dr. Justin Ward is our executive director and principal quality chemist, really from a background in manufacturing of top-end pharmaceutical drugs, particularly with Pfizer. And Alistair McKeough. Alistair is really from a place of corporate governance. Alistair has had many successes. In fact, one of the largest shareholders of Automic, maybe it's selling his private news, but still a large shareholder and supporter of Automic, among other commercial successes along the way. And we thank all board members for their contributions. So where are we as a company? So we've got a market cap of about AUD 105 million at a price of about AUD 0.45. We have multiple clinical candidates, of course. As we mentioned, we have IV applications, topical applications, inhalation applications, so on and so forth. Supporting our equity position there, where we recently announced around AUD 6.5 million, 6.3, I think it says there, cash at bank, we are due to imminently receive, say imminently with the sincerity on imminently, an R&D rebate from the Australian government. The top 20 holders are about 50% of the company. I think my family for what it's worth is about 20-25 of that. And we really are commercializing this brand new class of broad-spectrum anti-infectives. The extra piece I'd emphasize there is this piece in the bottom left corner. We see the Australian government awarded us a AUD 55 million guarantee that if we do spend money on our R&D programs, not only will they rebate it in Australia, but they'll extend that Australian taxpayer 43.5 cents to any activity anywhere around the world. That means our studies across the ACR is covered. The U.S. is covered. We have a government-backed guarantee of that support, which really helps extend our non-dilutionary cash runway. At our last AGM, we really said that we would accomplish these four primary categories, and as you'll see, I'll touch on these categories, but you'll see over the following slides, despite the share price per se, we have delivered. The first, of course, is that we would really expand our data and complete on clinical studies, and of course, we have certainly done that. We would expand our government and private enterprise partnerships, so things like research partnerships, funding, being capital partners, particularly look to endpoints there. Licensing, we've announced an MOU with a leading Indonesian pharmaceutical company. That's very likely to progress into a commercial license. Military grant submissions, we got $2 million, which is just under AUD 3 million from the U.S. Department of the Army for topical burn work. It's pretty unusual to have a foreign entity providing good grant money across, but we were pleased to receive that. It's obviously in line with building out our presence in the United States. They're working with the U.S. Army. Of course, on our investigational new drug applications, we have one, of course, for the ACR region, run out of Indonesia. We have one open, obviously, in Australia or our Australian equivalent, which is through the HREC process. That Australian data is focused upon the U.S. engagements. Next slide. This is the first topic there. We said data review and completion of clinical trials. What have we done and what are we going to do? We've delivered a Phase I IV clinical study where we IV dose the most invasive method of administration into human vein at different time points between one hour, 45 minutes, 30 minutes, 20 minutes, 15 minutes, fast infusion. The compound was shown to be safe, and it was shown to be well tolerated at very, very high concentrations. We then looked at that and looked to infuse even quicker again or within those time parameters, I should say. Why did we do that? For a one-hour environment, you're in the hospital. For a fast infusion environment, you're in the general community. You're in your GP settings or medical settings. And we wanted to demonstrate that not only could you administer quickly, you could administer at concentrations that were efficacious. And we delivered that. We also delivered Phase II diabetic foot ulcer infection study data points. And that connected us into our next two big categories. We've passed the two-thirds of the way or 20 of 30 patients dosed of our ABSSSI study, 100% response rate among all patients dosed, as we see further in here. And we're on track to complete that within this calendar year. Running in parallel to that, or soon enough to be, of course, is our registrational Phase III study in Indonesia. We talk about why Indonesia. It's a major opportunity built upon the success of our clinical data to date. This is our data to date. Now, I recognize many of you will have seen this through the ASX announcements, but effectively, we see broadly the H1 of the patients. The one that was withdrawn there was totally unrelated to us. They just didn't turn up. So that, of course, gets knocked off from a statistical perspective, but many, many were cured within the first seven days. All 100% had a complete patient or had a patient response, and we worked against a gamut of different types of bacterial infections, diabetic foot ulcer infections, topical skin structure infections, puncture wound infections, so on and so forth, so that really sets you up for a massive global unmet medical need of large patient populations. Of course, yes, onto the next slide where we talk about our commercial opportunity there, so we go, what's this Indonesia thing, and how does that make sense? Lo and behold, Indonesia just above Australia is about 280 million people. 11% of them have diabetes. It's one of the highest incidences in the world. Of those 11%, 34% will get a diabetic foot ulcer. And of those who get a diabetic foot ulcer, 50% become infected. So when you break that down across the areas of market application there, Indonesia alone in US dollars is about $190 million, AUD 240 million-ish. And the global DFI market itself is about $5.2 billion, probably each year. If you have a diabetic ulcer or you have an infection as a result of that diabetic ulcer or really an infection in general, we then look across to the sepsis market. The sepsis market is growing at a CAGR, compound annual growth rate, of 5.5% each year. Big, big markets, major unmet medical needs, and commercially very attractive. This is onto the next one. So we've talked about the clinical data points. Now we're down into government and private enterprise partnerships. So domestically, what did we achieve? Well, we got the Australian government, literally the commissioner, to give us a lovely letter, which is an underwritten government guarantee over a three-year period that if we do submit an R&D claim, they'll pay it domestically, they'll pay it internationally, and they'll pay it without question according to the framework that we submitted, or the finding as it's known. So that extends our non-dilutionary cash opportunities. We're built upon a Murdoch Children's Research Institute, for what it's worth, is the third largest children's research institute in the world. And there we are really leading the way in a preclinical setting against things like M. abscessus, which is the bacteria that kills the majority of cystic fibrosis patients, a microbacterium, which is one related to tuberculosis, which, of course, then correlates with our ACR strategy, and a variety of others there. So a really key research partner in that way. Globally, we've announced, of course, that we have a memorandum of understanding with a leading Indonesian pharmaceutical company. I mentioned, and I think it's well recognized, that that is likely to progress into a formal licensing deal due to the obvious advances that we have in that region. One we didn't expect, and many others have, of course, aspired to achieve, is a U.S. government grant, a grant with the U.S. Army, a grant for topical burn wound infections to a funds worth approximately AUD 3 million. We also wanted to build our presence in the USA. Why the USA? It's obviously a big market. It's a large capital market. It's a large patient market. And here we, of course, look to a number of conferences in that region, building awareness. We delivered the opening keynote address and the opening R&D address at the World Antimicrobial Resistance Conference, the World Superbug Conference, where we're positioned as the sign of new hope in the fight against superbugs. We delivered a presentation at the J.P. Morgan Healthcare Conference, of course, getting the US capital market interest in ourselves. And we had a very nice feature there on, what was that, on the NASDAQ Tower, of course, in New York. It's not paid for in Times Square. It's just that they seem to want to do a bit of greenwash association with us. So they very kindly put that up there. We thought that was great. So collaboration. We got the topical burn wound grant. We presented to BARDA. Obviously, BARDA is one of the leading U.S. grant authorities in the United States. Typically, when you get a grant to start with, there's generally follow-on grants down that path. It's hard to open that door, but once you're in, it's quite a great place. We've delivered research abstracts and poster presentations to the U.S. military symposiums. And of course, we're keeping our eyes open for expansive manufacturing opportunities to cater to the medical demand that's coming with the clinical results to date. I'll briefly touch on this. It's a pretty sad reflection of where the global antibiotic pipeline is. 90% of those existing long-old, 30, 40, 50-year-old technologies, beta-lactams and similar. We are the only ATP disruptor. What that really means is we're the only compound, according to World Health Organization, in a clinical stage that works against the ATP, the beating heart, the lifeblood of bacteria. The only one. So it's a whole new class there. So a global regulatory strategy. So we talked about focusing towards IND applications, and we are really taking a global perspective to meet global demand. We're pursuing our registrational Phase III strategy with Indonesia. Of course, why again on Indonesia is Indonesia is the gateway to the ACR. You've got 280 million people in Indonesia. About 10%-11% are in the high net worth category. Okay, they can pay a significant premium for your product, but well, they effectively lose their leg. And of course, we can enter from that registrational status, Malaysia, Philippines, Singapore, Thailand, and a number of others under that ACR approach. We maintain our focus towards the U.S. IND application. Of course, that includes countries such as Australia where these studies are done. There's a reciprocal regulatory data sharing environment there, and what it really means is you have an ACR strategy, which I think we actually come on to in the next slide. We have a U.S. strategy, and that creates parallel programs, a lot of data synergy, and near-term revenue opportunities down the ACR path. Might be the next slide. That's probably one after, but this is fine. This is us in Indonesia about two weeks ago. That fellow in the middle there is the head of the Indonesian FDA. Indonesian FDA, their acronym is BPOM. So if you keep saying this BPOM thing, that's what that represents. We are on track to launch a Phase III registrational clinical trial well within this calendar year. I know when we're positioned for our first patient dosing, but I can't say that here now. But I will just say that the parties are working very productively to achieve that. We would expect that ACR strategy or the Indonesian study for the ACR to track for about 12 months. I'm not sure if we say it here, but it's about 300 persons. It's not a lot. There are a lot of people up there. And of course, we have an expedited regulatory review where that could be a commercialization or early revenue in as early as H1 of 2026. People ask a question, and I ask a question every day. Where's the bloody selling come from? Now, the answer is it's not from the top 20. The top 20 we see here has increased their holdings by some 14.3 million shares. The top 20 ain't selling. Or if they are, people are quickly coming in and rapidly picking it up and increasing their holding. So where's the selling come from? Simple answer, I don't really know. It's hard to tell, but I do know it's benefiting the smart money, the top 20 money, who is accumulating that. So top 20 holds about 50% of the company, and they've increased their position from last AGM to this AGM by about 14.38 million shares there. So, of course, thank you. Look for what it's worth. Hidden behind the nominees is always your institutions. I'll get in trouble if I say any, but I'll say one because it's well known, and that's Fidelity. So Fidelity still has something around 7.7% shareholding. They're one of the biggest banks in the world. They split their share, get in trouble again, so they split their shares between HSBC and a number of others they haven't allowed to talk about, but basically, they still have about 7.7%, but they're hard behind the nominees, so people like me can't pick them out. There's our commercialization pathway. This is critical because what you see, whether it be us 12 months ago or really any other Australian company, is more time looking at Australia-US, more time, more cost, longer pathways. What we have created is a dual prong or a parallel strategy. We have a strategy into Indonesia or the ACR that is heavily subsidized by both the Australian and Indonesian governments that brings back the opportunity of near-term revenue while maintaining the Australia or US focus in the background. We see, as we've mentioned there, that Indonesia should be at a commercialization stage in the H1 of 2026. The bigger picture strategy, of course, is our ABSSSI, which we may rapidly expand in Indonesia to include the ABSSSI. But that gives really a third to two-thirds of the globe by a population basis and certainly a market basis commercialization opportunity as we have here. So, in summary, we will have delivered another Phase II study by the end of this calendar year for all topical infections, which is the technical term of ABSSSI. Have a registrational Phase III Indonesia study before us. That will, if successful, deliver a commercial opportunity in approximately 18 months from now. We have multiple clinical candidates focused upon the U.S., the ACR, and surrounding regions. And of course, with multiple candidates for major unmet medical needs, large patient populations, Recce is well positioned to capitalize on a very compelling intellectual property profile with a highly unique technology. That's my presentation, I think. Thank you. Now I'll open up the floor to questions online and just, oh, so you might interrupt us. Do we go to the Q and A? Yeah, can you see the left? Oh, there is. So we have a question. I don't need to name the person asking the question. So the question is, can you update on the IV trials for UTI and what is planned there, including relative effectiveness? Sure, Alan. The first clinical trial with the intravenous was a safety and pharmacokinetic study. So is it safe to give, and can we measure the bloodstream concentrations and the concentrations in the urine? You probably remember from last year that we noted the drug is highly concentrated in the urine. For some physiologic reasons, you can see about 20%-30% coming out of the urine. So what does that tell you? Well, it probably treats urinary tract infections pretty well. So we then went to a second clinical trial, which was designed to give the drug faster. It was the first trial gave it within one hour. And as James mentioned, we found out that we could give it in about a half hour infusion, which is quite fast, up to about 4,000 milligrams. We conducted this study, which was essentially in an ICU environment where we collected the urine from volunteers who were in this study. And then we created an environment to create what's essentially a urinary tract infection where we put the bacteria, in this case, was E. coli. coli bacteria into the urine where the drug already was because it came through the urine. So we kind of simulated the clinical condition and then looked at the killing of that bacteria over time in the laboratory. And lo and behold, it was quite effective. And the way you do that is you can, the E. coli has a fluorescent label on it. So when it dies, it stops emitting light. So you can measure that fluorescence go away quickly. And you can see in basically a dose-response fashion, it killed the bacteria quite effectively. So that basically gave us the green light to say, okay, we could treat urinary tract infections. And it's not just bladder infections. It would be any type of infection from the kidney down through the ureters into the bladder and as the urine leaves the body quite well. We will be doing that type of study. But in the same time, we had all this information coming through quite positively for the topical gel. That's a much more accelerated program. And as you see, we're about to enter into Phase III with the topical gel. We also have some research work going on that Justin is actually spearheading because our drug, or RECCE 327, is actually multiple - we call them oligomers of the product. Some are active, some are not. It's a result of the synthetic route. And we're going to zero in on those bits of that or those oligomers that are very active, which would be more ideal to put into a human IV infusion system. But knowing that, we can move into other disease states. So there's pneumonia, either induced by the community - and that's my mother has - a community-acquired pneumonia. So she's on something called Levaquin, which was developed in the 1990s. Or a big problem in hospitals now is also ventilator-acquired pneumonia to treat that. So we are also going to have programs to do aerosol delivery of those, which would be probably concurrent with intravenous patients going forward. So it's moving forward quite well. We understand the drug very well right now from the research we've been done. But the team is really going in the direction of the topical gel. This has opened up a very broad area for treatment. It's not only diabetic foot ulcer infection, but it's all of complicated skin and soft tissue infections. And what we're looking at there is, yeah, there's common infections, but what we're really going to be known for is the ability to treat those bugs that have shown resistance right across the spectrum. So patients get an infection. They typically come in. They would usually be given an oral antibiotic by the physician. Sometimes they come back, and it's just not even cured, or it's not even on the way to being cured. They've developed either some kind of resistance or they didn't get the right dose, but usually it's resistance. In the data that we're doing the study right now, and it's an open-label trial, meaning you can see in real time what's happening, which is ideal so we can do our planning. We analyzed 14 patients. There's now 20 enrolled. In those 14 patients, they all met the primary endpoint of the study, meaning this is the state that the drug is effective. That primary endpoint is the one that the FDA accepts as the primary endpoint for those indications: acute bacterial skin, soft - I always get it wrong - to ABSSI, as well as diabetic foot ulcer infection. And they accept that. And in fact, as we were doing this study, they issued the guidance on how to do the proper study. And that was the primary endpoint. So we're really onto something here. I know that was a long-winded answer to the IV, but all these programs fit together because the IV data supports the topical data as well. We measure how much drug can get into the body when it's given topically, and then we understand all the safety parameters as well for the topical. It's gone quite well. Sorry, I'll stop talking. There's a couple more questions online. Could you please indicate the likely year when a product might be granted FDA approval for sale if all goes to plan? Look, I think we addressed that on maybe slide 14 or so where we had the Indonesian or ACR strategy, and we had the US strategy. I think it indicated ACR around H1 of 2026 and the US about 2027, I think it was. That is publicized there. Yep. And if I can just say something else. So this is like a building blocks. You go along the way. So if you think about this, we'd have a positive Phase III coming out of the patients in Indonesia. We'll be doing work also in Australia and New Zealand, some additional positive studies in these acute bacterial skin and soft tissue infections. And then we would be presenting this to the FDA. My position would be, we'll do one study in the U.S., and then you'll grant us the approval, right? Just take it right at them. Or we could even be more aggressive, depending on the quality of the data, to say, "We're seeking an approval based on these data." To be quite frank, Indonesia is a bit of a stretch, but the data that would come out of Australia and New Zealand is very well accepted in the U.S. So we'd introduce that to FDA. They're going to want you to do a little bit of something in the United States, which is fine. We have these connections with the military as well, some very good centers to do these types of trials. And then even thinking beyond what we're even talking about here, the obvious is, okay, what are you going to do in Europe, the United Kingdom, etc., and the rest of the world? So it's kind of working our way east as we went a little bit north, and then we're going out east as well. So it all fits together. One more question, an obvious question regarding topical gel trials is if it's better than standard care. Like of the 14 successes, if they'd had a topical antibiotic, would it have been as good? You mean if they had an oral antibiotic? A topical. It means like if there was a penicillin gel, how would that have gone versus us? It has to be one in the first place. Yeah. There is none. There is none. So you can't actually really. You could compare to iodine, but it's kind of not very ethical. It's just poison. It's poison, yeah. To answer that question in another way, we go for superiority. Superiority is easy when you're the only category in that space. So I'll grant that. But really, some of the patients treated actually were treated because they were unresponsive to any therapy in any form, whether it was repeated debridements or iodine or silver or whatever it was. But all patients had a clinical response, which is an outstanding outcome. And one of the beauties of this particular approach is that what we've done so far is we've tested well over several hundred different types of bacterium. And in all cases, there's never been resistance developed to it, and there's been effective killing related to it. That's why we're really confident about the topical gel, for example. For a lot of antibiotics, you need to know what it is to be able to treat it. We are agnostic to what the bacteria is. It shouldn't be there. And if we can cure the bacteria, then we give the best opportunity for the immune system of the body to go to work and help repair the wound. We're not in wound healing. We're in the business of killing bacteria. If they shouldn't be there, they shouldn't be there. And so what we have with this particular RECCE 327 molecule is the ability to kill all types of bacteria that come in front of it. Just for technical correctness, we say we're not in wound healing. That's because a lot of diabetes patients have already lost their cellular regenerative abilities. We can't fix that. But it gives them the ability to have a skin graft, to have platelet therapy, which Alan actually invented, the only one ever approved there, and another form of regenerative assistance. So if you have an infection, you can't have any of those. In fact, things only get worse. So we create really the ability for other technologies to work. I don't see any other questions. Oh, yes, of course. The floor. The floor. I have one. You spoke about the, to use a technical term, profit pool that exists potentially for your various commercializations. How have you measured that, and what does that number actually represent? S o firstly, the advantage of our manufacturer is really one of the key advantages of ours. I say that because with all existing antibiotics, they are about a 50% waste, expensive waste, low yields which come with that, and fairly expensive raw underlying goods. We have 100% yield, inexpensive raw materials, water, egg, 50% of pharmaceuticals use that, and acrolein, which is considered a useless waste in petrochemicals. So they burn it off. They don't care about it. So the underlying price position of making something that you get 100% yield that has a very low raw product, you can compete with generics if you wish to. We don't wish to. We go for unmet medical needs of large patient populations. To answer the question of how one would price this, in the United States, we've had a leading group there suggest that the pricing for a diabetic patient to be treated, Alan, do you remember what that number was? Of course, the $300 a day dose. I think that was a $4,200, wasn't it? Yeah, that's right. $4,200 for treatment, $300 a day would be the approximate pricing for this. I think that. So that's U.S. But that in different terms. Yes. You're inferring that if people adopted your drug instead of a different drug, they would. Well. Yes. Sorry. They would save that amount that you've represented as the profit pool or. Well, it's out there. I mean, it's not on. So in the U.S., you can do it. I'm trying to get the. So, for example, Ozempic, are you aware of the drug Ozempic? It's a diabetes drug, premium price. That's being priced, say, for example, in Indonesia, $286. We can price in those sorts of regions for the same. But to James's previous point about the cost of goods, the cost of goods is basically dollars on that. So from our perspective, working with a partner that would be our marketer and distributor, we get a very, very significant royalty. That's typical of a late-stage product. It's a very high-end royalty. So this allows us to really generate significant revenue over time as we build it to the market. Because to be honest, what's the standard of care up there right now? It's a silver wound bandage. And it doesn't work because people keep coming around and around and around. It's not that effective. And to answer your question in another way, one way that you can price is reduction of hospital burden, a care reduction on the cost of the patient, continually coming around, so on and so forth. That's another economic pool. There's various economical ways of doing it. Yeah. But are you representing that's the profit pool that you would target for yourself, or is that the profit pool in which you're going to compete? We always target the biggest profit pool available. That's the current market as we know it according to references. That's the market that we face. And if I say it another way, the initial entry into Indonesia will be initially focused upon high net worths. So high net worths are about 10%-12% of the population there. Now, we already have engagements with the Indonesian government, obviously, bringing on the government purchasing side of things. But really, when you add that and that, that's your market. With your respect, what I'm asking is, how did you come up with that number? Okay. So the way we did that is we actually have secured the services of the former head of Merck, Indonesia, to help us build a model. And so it's based on their knowledge, local knowledge. I mean, we don't have knowledge of the Indonesian market, but it's based on current drug pricing within the Indonesian market and then being able to see what a premium pricing would be for those that it could afford to pay. The negotiations with the government for the broader population will have to be ongoing, and that will be done through the partner. But looking at one sliver of the market for one sliver of the actual patient population, your DFI is a small component of the broader category we're trying to demonstrate what we are demonstrating: effectiveness in ABSSSI. This is a way we can actually generate significant revenue for us. It's really using people on the ground that have the expertise of how market entry and pricing would occur. To be frank, we haven't done this. We didn't realize it. Okay. I can give you some stats to help with that number if you want. Yeah. I'm just figuring what the provenance of the number is. Okay. 280 million people is the population. 11% get diabetes. You've got about 30% who have diabetes. 34% of them get a diabetic foot ulcer, and 50% of them get infected. And something like a very high number goes to patients' family about what that is. But of those who have a diabetic infected ulcer in that region, you get that number, which I think was like eight million. I haven't got it in front of me. It's like six or eight million. That's 100% of the market times the dollar value of what you can achieve in that market is how that number is taking place. And the flip side of that is, what are the implications if you don't get adequately treated? The costs in Indonesia were very high as well because they're admitted to hospital. They try to treat it in a hospital environment, and just like every place else in the world, it's more expensive than the patient going home. And then, God forbid, they ultimately end up with an amputation. And there's all the downstream implications of somebody dealing with an amputation, number one, and then living with it, loss of employment, etc., etc., etc. So it's a big ball of data. That number gets out of there. But those statistics are very sound. Trust the people from Merck. Do you make sense? Sorry. Sorry. Thank you for your presentation and congratulations on our progress this year. I ask whether the company has any plan to collaborate with some external companies or some other pharmaceutical companies to support the clinical trial and development of R327. I could answer that, I suppose. We are constantly engaged with pharmaceutical companies. If I name them, a big one that begins with R from Europe, can't say the name, but you get what that one might be. A big one that begins with P from America. Another one that's an acronym that starts with G. Those companies, by example, are. Oh, and then there's another one that begins with M. But anyway, those companies are actively engaged with us for their respective areas. Interestingly enough, one of the challenges, if I'm honest, is each of them wants something different. One goes, "We're IV and IV only." One goes, "We want the whole bloody lot." One goes, "We're only interested in topical applications." One goes, "We want this, that, but we're also interested in animal and veterinary applications, which we haven't really looked into." Others are in geographical areas. For example, I think of Shionogi up in Japan. I shouldn't say they're interested, but they're around. Each has different interests. Each has a different geographical area. Each has a different patient population that they're seeking to treat and reasons for it. Are we engaging with them? Absolutely. Indonesia, I think, will be the first licensing deal off the rank. Yes. Yes, also. Congratulations. Fantastic progress. I guess that maybe we can clarify this billions of dollars market value. By thinking about it in terms of penetration, usually you'd think about, "What can I get as a market share of that pool?" But if there's an unmet medical need, the answer is 100%. If it's not working, that's the pool that has to be drawn from. That's the cost being used that's not being met, resulting in amputation or failure to actually see recovery. Can you just clarify for us on that? I think it's obvious where there's an unmet medical need, and it's a need, not a want, and you're in that space with the available product to serve that, your ability to capture market share is dramatically increased. I don't think anybody ever has 100% of anything. That just doesn't exist, but the potential to take up market share in an unserved area is significant. Just one further question. Is it possible that the other applications outside just the IV and the topical could actually, once they're approved, accelerate all the other potential areas of disease that are unmet? And it brings to mind some of the preclinical studies you're probably doing through Merck's, say, and gonorrhea and others. Haven't been progressed because of the urgency of the Phase III in the germ? That's a really good question. Does that contract that process once it's met a couple of hurdles, IV and topical through FDA? And then they just sort of say, "Well, of course, you can apply it to this or that or whatever." Well, what I love most, and it's kind of so obvious when you really think about it, once you've done a Phase I, by example, you don't do another Phase I. You do Phase II, three, Phase II, three, Phase II, three. So, you bolt on immediately on top of that Phase II, 3s. So where we started with, by example, IV for sepsis, turned out, well, since we're extremely safe through an IV dose, what other infection areas can that compound get to through systemic administration? Now, the way to investigate that is to straight into Phase IIs in those respective categories. Yeah. I think we did one of the most comprehensive Phase I studies. It was done very carefully because we really wanted to see how far we could push this and also learn more about what the drug would do in the bloodstream. And obviously, we've got a very welcome surprise that it concentrated in the urine. But we really can sit down now and look at developing Phase II programs for other areas of the body simply because the systemic absorption into the bloodstream, we've gone to so much greater levels by having done that to know that the drug is safe. And so that's one of the surprising aspects of the drug is it's extremely safe. And it gives us the flexibility to look at alternative administration routes. And that's what we're doing. So, for example, to your point, I mean, we know one of those companies is extremely interested in ventilator-associated pneumonia and hospital-acquired pneumonia. To be honest with you, we're in a later stage set of clinical trials now. We're trying to get the time and the energy and, frankly, the human resource component to be able to really work diligently to provide a good preclinical package. Because I think this particular company that has been interested in that will be very, very happy to invest further to come back to the gentleman asked about partnering for clinical trials, that they would invest in the clinical trial development of that program. Right now, we're going into a transitional state from early-stage development to late-stage development pre-commercialization. You're in a different world when you start to do this. This requires an extremely concerted effort of human and money resources to get to the finishing line, which is, to be honest with you, relatively near, and so the transition that's happened in the last 12 months for the company has been somewhat dramatic, but with that comes a lot of energy and effort to expend and resources so that we can meet those timelines that James put up before. I have a question here online. It says, "AUD 850,000 salaries extremely excessive for a pre-revenue company is one of the main reasons people criticize Recce. Would you consider turning that down and wait for the success of your equity?" Well, to answer it, because I think everyone's directed at me, if you, so I'll just use that number, 850, you lose 50% of it in tax. You've got about 450. You buy AUD 410,000 of the company stock. I'm left with like 50 grand. Can't do much with 50 grand. So I reinvested it in the company, some of it on market, some directly in the placements. You don't get much change at the end of that. Well, the number's not true. No, no. I just went along with it. That's the bottom line. The number's half that. So, I don't understand the question completely, but I wanted to make sure everybody heard it because it was a question there. We have not paid that. In fact, when we look at compensation analysis, both here in Australia for other biotechnology companies in a similar developmental paradigm, and also then looking even at similar companies in the States, this number is really below the median, frankly. So, I'm not exactly sure what the question is, but I'm happy to answer any further questions. If it includes donation of stock, well, then obviously that would be reflected there. But it's stock that can't be sold. But in terms of true cash, that's not the number. I think that's quite an important point you last made there, Dr. Peter. You can't be seen to be selling stock, undermining your expectations for the company's future value. But you still have to bear the tax that's going to be applied to you when you actually get these share grants or exercise options, which makes you in a difficult position of eroding your free and available income and being constrained by accessing any capital. And that's a very difficult position for all biotech companies, all small companies who reward their executives with equity rather than cash. It squeezes them, and it makes them very difficult to manage for their personal account. I think that's what has to be emphasized. That's a very good point. Just in good theory, if I took instead of a salary, if I just took equity, I would actually be taxed on the equity at a rate of probably 50%. So I'd be in a negative equity position before even having to pay the tax, which I'd have to use to sell the shares and everyone would complain and see a director selling, and it just ends up so it's a difficult system that we navigate that's not unique to us. But I think that really explains that. Any other questions? I want to come back to your question. Are you satisfied with the answer? Because I can see one of the things we don't really want to do is put out our revenue model to. Yeah, it's exposed publicly. So there may be a little coyness in our answer, but I will tell you that what will come out of that as a drop to the bottom line for us, if I said it was north of, what's the right number to give? I don't want to shoot myself in the foot here, but it would be at the 90% percentile of what a typical bite of a good biotech company could achieve. It would be in the top 10% percentile from a royalty rate. And that would be cash to the bottom line for us. Without giving you the model. We'll have a side discussion. We'll have a side discussion on that because I don't want to talk about. We do have a model that's been put together. We also are negotiating the model. But I would like to make sure, so if I said that the 10-year value of the revenue for just DFI for us could be well over AUD 1 billion, that's fine. Just for Indonesia. But that's just for Indonesia, and that's just for diabetic foot infections. Fine. The platform I was worried about, what I was concerned when I look at a number like that, is just the lure of big numbers. People throw out big numbers in presentations. Billions and billions. And you don't know what it means. Is that your projected profitability? Is it the profit of the. We've got to pay our taxes. Yeah. It's gross revenue. It's gross revenue. Or gross market size, which can be converted to. So it's a market size. How have you measured that market size? Through the metrics that we were talking about. And that's what I'm trying to get to. No, no. We have an ex-CEO of Merck Indonesia, that's what she's done, market and distribute drugs in Indonesia, looking at premium pricing for the accessible population in the first instance, which is those individuals that can afford premium pricing. Then when you look at a premium pricing drug like Ozempic that is charged $280 in Indonesia now, you can start to see. So the penetration rate doesn't go to 100%. The penetration rate only goes to 50%. Without giving you the model. But more importantly, what it does for us as a biotech company, it gives us a true path to commercialization. But beyond that, then we have the whole Asian region to expand into ABSSSI. The real driver of value, if you will, won't be off the revenue. It is when we come down to the ABSSSI trial that we think we would be able to do in Australia and New Zealand to get an approval because that will take us to the U.S. And that's a huge opportunity for us. And so our U.S. strategy is still a primary goal of us. But over the course of the 12 months, opportunity has presented itself so that we can then avail ourselves of another opportunity based on the data that we've received, which has been quite compelling. And so that's, from a market perspective, won't even model for that, but it would be certainly reflected in the value of the company because there's been nothing out there approved that really can do what we anticipate would do based on the early data we've seen, not only in DFI, but now also in ABSSSI. I don't want to dwell on this, but the consequence of that discussion, you've said that the company's value today at AUD 105 million. And you're telling us that in the imminent future, you believe you're going to be competing for a profit pool that would allow you to have an income of five point something billion. Just for clarity, we have not said we have a profit pool. Firstly, it's not a profit pool. It's the size of a market. We haven't said we're going to own 100% of the market. We also haven't given our specifics of what portion of that and in what period of time per se. We have said in about 18 months, we would expect, assuming the success continuing that we have had, we would be able to sell our product into a market that represents a total value of that. Our ownership of that, we know what and it hasn't been released. We can't talk about it. If we did have a term sheet or license come together, we can start to consider what annual purchase agreements could look like. I think the thing that you want to focus on for that is the fact that the company would have an approval of a drug in different jurisdictions in two different geographic jurisdictions in two different types of clinical indications. And that is an incredible major accomplishment for any company. So upon that, we would obviously be able to build on that success. But that success will be a true value driver for the company. And that's what we want to focus on. I mean, we are working with good people. We have partnered. But our goal is to be able to develop the drug from a clinical standpoint. And that's what's in sight right now for us. Can I just ask one last question? It might be helpful. I know you've already got one research report out there, which I think you commissioned. People said, "Oh, well, it's to be paid for." It sounds like you're supporting Republicans because you're wow, sort of thing. But is there any chance in the horizon that's now shrinking for monetization that we can get an updated research report, whether it be by the previous analyst or some other independent broker analysts, which can capture this information, which is obviously new and substantially different from where that last research report was prepared? The monetization horizon has shrunk dramatically. Biotech people tend to price 10 years out. Well, here, we're talking 2026, 2027. Correct. So So that's a massive change to the potential capitalization of the company on those revenue streams. So I think that last report had Recce potentially priced at $3 something, $3.30 or something. Forgive me, I can't remember the last number. But obviously, it's gone up. It's way away from current market prices. The managing director of corporate finance for Ord Minnett is in the room. So crack a whip on the research coverage guys over there, hopefully. I do know they are actively engaged in our stock, and we certainly thank them for their support. But we would certainly like to see a recalibration of the recent advances. Yeah. All right. Thank you. Can I ask one last question? If I may. The linkage between the opportunity and the profitability that you want to do is ultimately what your pricing strategy is. Nobody in this room would suggest that you should price to the limit of the profit pool. That is, try and extract it all, become pharma bro, and screw all of your customers. But we'd like to learn from you what your strategy is underpinned by in terms of both financial outcomes and ultimately benefit to the community that you're serving. Of course. So one of the challenges in answering that is an excellent question. That's really what the fundamental to our business is: pricing and positioning. That's really for any business. That's really in the term sheet that we're currently working on. So what I mean by that is the term sheet specifies effectively net royalties to us, effectively quantums of sales, positioning as a good, better, best by way of what the market has currently, which is silvers or what they do, which is surgeries or so on and so forth, where we fit in that. I don't think I'm at the liberty to really go into that detail now. I know you want it. I want to share it. I'll tell you, my colleague here will tell you that his analysts can't forecast a value for the company. Well, I can talk in wishy-washy terms, which they will. But I can't give you the exact dollar here today. Well, first of all, we haven't put a definitive agreement signature down. So we're not really limited to give you the specifics. But we've given you metrics on which to measure the market, which is quite, you can go find yourself if you want to. Again, James gave you those metrics. And then you can just apply a penetration rate yourself and still figure out what the number would be. And given that the cost of goods we've told you is essentially dollars, not hundreds of dollars, there's a significant margin in it. But those are things that we can figure out now. And obviously, an analyst would do. But we just don't want to, obviously, shoot ourselves in the foot given the fact that we haven't put a final signature on the document. But beyond that, the value is in what the treatment effect will be for us. This is a new opportunity to introduce an anti-infective where for a lot of these infections, multiple anti-infectives have not worked. And so the true value proposition is really in what's created from a medical standpoint. At the end of the day, truth be told, I think if this company is really, really successful, then those big guys out there who are starting to put their feelers back into the anti-infective world will have a long, hard look at us. But in the meantime, our goal, primary goal, is to get to an NDA. Along the way, we want to create good business deals. I think the business deals will reflect that because we do control our manufacturing and control that. And that'll give us that offset that's really, really critical where a lot of companies don't have that luxury. They've got to do external, expensive manufacturing. Sorry. Just time. It's just my poor time. But there's one more question online. Okay. Probably up to—I have to read it out. Scroll up, John. Second from the bottom. Second from the bottom. Could the topical gel serve the same purpose as the off-the-shelf non-prescription chlorhexidine and povidone-iodine ointments that are widely available? That's easy. The answer is no. Those are products which are used on intact skin to kill any bacteria that's already there. They will not be used on an open weeping wound in a diabetic foot or most other ones that are out there that are then infected or, God forbid, have a resistance to it. Plus, it hurts like hell if you ever got povidone. I actually consulted for the company that had povidone was the originator. And it was funny. It was a private company, and it was headed by their octogenarian founder. And he was always angry that they sold povidone off to someone else. And it always came up in a meeting somehow, even if you're talking about other stuff. And he said to his son one day at a meeting, "So and so, look, they use it on the astronauts that came back from the moon on their spaceship." And he would always turn to him and say, "That's a pretty small market, Dad. I don't think we need to go there." The answer is no. Good. The last question is from, well, if there are no more questions from the audience here, we should move on, so we now move on to the formal business. The notice of annual general meeting was sent to all registered members on or around the 8th of October, 2024, and is to be taken as read. Voting on all resolutions will be conducted by poll. For the purposes of the poll, I appoint Sam Sundara of Automic Group, the company's share registry, who have examined and prepared summaries of the proxy forms received to act as returning officer and to conduct the poll. Shareholders in attendance via Zoom that have not submitted a vote by proxy and wish to vote on the resolutions being put to the meeting today can do so by following the instructions as set out on the notice of meeting or the letter to shareholders, both of which were lodged on the ASX on 8 October, 2024, and can also be seen on screen. Those shareholders attending in person today that are entitled to vote on the poll are all shareholders, representatives, and attorneys of shareholders and proxy holders who hold yellow voting cards. If you are attending in more than one of those capacities, you will have been issued with as many voting cards as you have separate capacities. If anyone believes they are entitled to vote on this poll in any capacity and does not have a yellow voting card in respect thereof, please raise your hand now, and a member of our share registry team will assist you. At the appropriate time, I will ask that you mark your vote for the resolution. If you are a shareholder and wish to cast all of your votes on a resolution, please place a mark in either the for, against, or abstain box next to that resolution. If you wish to split your votes, please write the number or the portion of votes you wish to cast in the corresponding for, against, or abstain boxes. Please note that the sum of the split votes must not exceed your total holding. If you are a proxy holder, a summary of the votes to which you are entitled has been attached to the voting card. If the summary of votes includes discretionary votes, these are yours to cast at your discretion. If you wish to cast the discretionary votes, please place a mark in the corresponding For, Against, or Abstain boxes. If your summary of votes does not have any discretionary votes, you do not need to mark your voting card and will simply need to hand it to the returning officer at the end of the resolutions. After all resolutions have been read and voted upon, please place it in one of the ballot boxes that will be circulating the room. Are there any questions in relation to the voting process? Proxies have been inspected, and all those validly lodged have been accepted. Proxies have been received representing 74.96 million shares or 32% of the issued share capital of the company. All undirected proxies or open votes that have nominated the chair as their proxy will be cast against resolution two and in favor of all other resolutions set out in the notice of annual general meeting. The first item of business is to receive the company's annual financial report for the year ended 30 June 2024. The financial report and the reports of the directors and the auditors are now laid before the meeting. There will be no vote on this item and is a discussion item only. The company's auditor for the 2024 financial year, Jared Prue from BDO, is present to take questions relevant to the conduct of the audit and the preparation and content of the independent auditor's report. Are there any questions or comments on the financial report or the reports of the directors and auditors? Are there any questions relevant to the conduct of the audit and the preparation and content of the auditor's report to be put to the auditors? We will now proceed to the resolutions set out in the notice of annual general meeting. Resolution number one, adoption of the remuneration report. Resolution one is as follows. To consider and, if thought fit, to pass as a non-binding resolution, the adoption of the remuneration report is contained in the company's annual financial report for the financial year ended 30 June 2024. The proxies received in relation to this resolution are on the screen. If you wish to discuss this resolution, raise your hand. Or if attending virtually, submit your questions via the Q and A. I now put the motion. Those physically in attendance, please mark your voting instructions on your yellow voting card. Shareholders attending and voting virtually via the online portal can mark their voting instruction. However, I reminded not to click on next until they have selected their vote for all resolutions. The resolution two is a spill resolution, a conditional resolution. Resolution two, the spill resolution, is a conditional resolution. Accordingly, once the share registry concludes the polling process, if less than 25% of the votes cast on resolution one are voted against adoption of the 2024 remuneration report, this resolution two will be withdrawn. Resolution two is as follows. To consider and, if thought fit, to pass as an ordinary resolution, that approval is given for: A, the company to hold another meeting of shareholders within 90 days of the date of this meeting, the spill meeting. And B, all vacating directors to cease to hold office immediately before the end of the spill meeting. And C, resolutions to appoint persons to offices that will be vacated pursuant to B to be put to vote at the spill meeting. The proxies received in relation to this resolution are on the screen. If you wish to discuss this resolution, raise your hand or submit your questions via the Q and A. I now put the motion. Please mark your voting instruction on your voting card or in the online portal. Resolution number three, re-election of Dr. Alan Dunton as director. Resolution three is as follows. To consider and, if thought fit, to pass as an ordinary resolution, the re-election of Dr. Alan Dunton as director, who retires by rotation. The proxies received in relation to this resolution are on the screen. If you wish to discuss this resolution, raise your hand or submit your questions via the Q and A. I now put the motion. Please mark your voting instruction on your voting card or in the online portal. Resolution four, the re-election of Alistair McKeough as director. Resolution four is as follows. To consider and, if thought fit, to pass as an ordinary resolution, the re-election of Alistair Q and A as director, who retires by rotation. The proxies received in relation to this resolution are on the screen. If you wish to discuss this resolution, raise your hand or submit your questions via the Q and A. I now put the motion. Please mark your voting instruction on your voting card or in the online portal. Resolution five, the ASX Listing Rule 7.1A approval, future issue of securities. Resolution five is as follows. To consider and, if thought fit, to pass as a special resolution that for the purposes of ASX Listing Rule 7.1A and for all other purposes, the shareholders approve the future issue of equity securities of up to 10% of the issued capital of the company calculated in accordance with the formula prescribed in ASX Listing Rules. The proxies received in relation to this resolution are on the screen. If you wish to discuss this resolution, raise your hand or submit your questions via the Q and A. I now put the motion. Please mark your voting instruction on your voting card or in the online portal. Resolution six, ratification of prior issue of placement shares. Resolution six is as follows. To consider and, if thought fit, to pass as an ordinary resolution, the shareholders ratify the prior issue of 17,777,788 fully paid ordinary shares issued as part of the placement on 9th of July, 2024. The proxies received in relation to this resolution are on the screen. If you wish to discuss the resolution, raise your hand or submit your questions via the Q and A. I now put the motion. Please mark your voting instruction on your voting card or in the online portal. Resolution number seven, ratification of prior issue of consultant shares. Resolution seven is as follows. To consider and, if thought fit, to pass as an ordinary resolution that shareholders ratify the prior issue of 250,000 fully paid ordinary shares issued on the 16th of April, 2024, to a consultant for services rendered to the company. Proxies received in relation to this resolution are on the screen. If you wish to discuss this resolution, raise your hand or submit your questions via the Q and A. I now put the motion. Please mark your voting instruction on your voting card or in the online portal. Resolution eight, appointment of the auditor. Resolution eight is as follows. To consider and, if thought fit, to pass as an ordinary resolution that BDO Audit Pty Ltd, having been nominated by shareholders and consented in writing to act as auditor of the company, be appointed as auditor of the company effective immediately. Proxies received in relation to this resolution are on the screen. If you wish to discuss this resolution, raise your hand or submit your questions via the Q and A. I now put the motion. Please mark your voting instruction on your voting card or in the online portal. Resolution nine, adoption of a new constitution. Resolution nine is as follows. To consider and, if thought fit, to pass as a special resolution that the constitution of the company be repealed and replaced with a constitution in the form tabled at this meeting effective as of, on, and from the date this resolution is passed. The proxies received in relation to this resolution are on the screen. If you wish to discuss this resolution, raise your hand or submit your questions via the Q and A. I now put the motion. Please mark your voting instructions on your voting card or in the online portal. Resolution 10 is a renewal of proportional takeover provisions. Resolution 10 is as follows. To consider and, if thought fit, to pass as a special resolution that the proportional takeover provisions contained in clause 36 of the company's constitution be renewed for a period of three years effective on and from the date this resolution is passed. The proxies received in relation to this resolution are on the screen. If you wish to discuss this resolution, raise your hand or submit your questions via the Q and A. I now put the motion. Please mark your voting instruction on your voting card or in the online portal. Resolution 11, the selective capital reduction. Resolution 11 is as follows. To consider and, if thought fit, to pass as a special resolution that subject to resolution one passing at the special general meeting of performance shareholders. Shareholders approved for the company to make a selective reduction of capital and cancel 8,777,423 class B performance shares on issue for AUD 0.00001 per class B performance share. The proxies received in relation to this resolution are on the screen. If you wish to discuss this resolution, raise your hand or submit your questions via the Q and A. I now put the motion. Please mark your voting instruction on your voting card or in the online portal. Resolution 12. Yeah, thank you, John. To consider and, if thought fit, to pass as an ordinary resolution that shareholders approve the issue and allotment of 2,650,000 unlisted options under the company's employee incentive plan to Dr. John Prendergast, director of the company, or his nominee. The proxies received in relation to this resolution are on screen. If you wish to discuss this resolution, raise your hand or submit questions via the Q and A. I now put to the motion. Please mark your voting instruction on your voting card or in the online portal. I now hand back to Chairman Dr. John Prendergast. Resolution number 13, approval of issue of options to James Graham, director of the company. Resolution 13 is as follows. To consider and, if thought fit, to pass as an ordinary resolution that shareholders approve the issue of the allotment of three million unlisted options under the company's employee incentive plan to James Graham, director of the company or his nominee. The proxies received in relation to this resolution are on the screen. If you wish to discuss this resolution, raise your hand or submit your questions via the Q and A. I now put the motion. Please mark your voting instruction on your voting card or in the online portal. Resolution 14, approval of issue of options to Michele Dilizia, director of the company. Resolution 14 is as follows. To consider and, if thought fit, to pass as an ordinary resolution that shareholders approve the issue and allotment of 1,600,000 unlisted options under the company's employee incentive plan to Michele Dilizia, director of the company or her nominee. The proxies received in relation to this resolution are on the screen. If you wish to discuss this resolution, raise your hand or submit your questions via the Q and A. I now put the motion. Please mark your voting instructions on your voting card or in the online portal. Resolution 15, approval of issue of options to Dr. Justin Ward, director of the company. Resolution 15 is as follows. To consider and, if thought fit, to pass as an ordinary resolution that shareholders approve the issue and allotment of one million unlisted options under the company's employee incentive plan to Dr. Justin Ward, director of the company or his nominee. The proxies received in relation to this resolution are on the screen. If you wish to discuss this resolution, raise your hand or submit your questions via the Q and A. I now put the motion. Please mark your voting instruction on your voting card or in the online portal. Resolution 16, approval of issue of options to Dr. Alan Dunton, director of the company. Resolution 16 is as follows. To consider and, if thought fit, to pass as an ordinary resolution that shareholders approve the issue and allotment of 2,250,000 unlisted options under the company's employee incentive plan to Dr. Alan Dunton, director of the company or his nominee. The proxies received in relation to this resolution are on the screen. If you wish to discuss this resolution, raise your hand or submit your questions via the Q and A. I now put the motion. Please mark your voting instruction on your voting card or in the online portal. Resolution 17, approval of issue of options to Alistair McKeough, director of the company. Resolution 17 is as follows. To consider and, if thought fit, to pass as an ordinary resolution that shareholders approve the issue and allotment of 1 million unlisted options under the company's employee incentive plan to Alistair McKeough, director of the company or his nominee. The proxies received in relation to this resolution are on the screen. If you wish to discuss this resolution, raise your hand or submit your questions via the Q and A. I now put the motion. Please mark your voting instruction on your voting card or in the online portal. That concludes the resolutions to be voted on today. Shareholders voting online can now click on next once they have selected their vote for all resolutions. Can all shareholders voting online please now ensure that they have submitted their votes? I will allow another minute before the poll is closed. If you have any questions in relation to the submission of online votes, please send them through the Q and A function now. For those shareholders attending physically, I now invite Sam to collect your voting cards. Have all persons that intend to vote submitted their cards? I declare the poll closed. The staff of Automic will now process the poll, and the results will be announced to the ASX once they are available. As that concludes the formal business of the meeting, I declare the meeting closed and note at 2:53 P.M. here in Sydney it is closed. I'd like to thank all the shareholders for their attendance. Thank you very much.