Seven West Media acknowledges the Gadigal people of the Eora Nation as the traditional custodians of the country we are meeting on today. We pay our respects to elders, past and present, and extend that respect to all First Nations people present today. Good morning. I'm Kerry Stokes, Chairman of Seven West Media. Welcome to this annual general meeting of the company. Due to the impact of COVID-19 and the interests of health and safety of shareholders, staff and other stakeholders, the board has decided to hold 2021 AGM online rather than at a physical location. There is a quorum present. I'm pleased to declare this meeting open. I'll introduce the members of the board to you now. I'm joined in the room by Colette Garnsey, Ryan Stokes, John Alexander and James Warburton, the Managing Director and Chief Executive Officer of Seven West Media. Attending this meeting remotely are Teresa Dyson, David Evans, Michael Malone and Michael Ziegelaar. Also joining us is Jeff Howard, our Chief Financial Officer, and Warren Coatsworth, our Company Secretary. Representatives of our auditors, KPMG, are also present at today's meeting. If, as a holder of ordinary shares or a proxy or authorized representative, you would like to ask any questions, I will take questions during the course of the meeting which relate to the resolutions being put. Questions relating to general business will be taken at the end of the meeting. Shareholders and proxy holders are able to participate in this year's AGM using the Lumi AGM platform by referring to the information you were sent in the notice of the meeting. The company has received a number of questions in advance of the meeting, which we'll address in relation to the relevant item. Please note, only shareholders and proxy holders may ask questions online during the meeting through the Lumi platform by clicking the Question icon, composing your question, and then clicking the Send icon. If you're asking a question about one of the seven items of business at today's meeting, please include the item number at the start of your question. There is also a link in the Lumi portal for shareholders and proxy holders to ask questions orally. Clicking this link will allow shareholders and proxy holders to enter a separate window where a moderator will invite them to ask their questions at the appropriate time during the meeting. While you can submit questions at the start of the meeting, I will not address them until the relevant time in the meeting. Some questions may be amalgamated if we receive multiple questions on the same topic or resolution. Our meeting comes at the end of a year, which will be remembered as the COVID-19 pandemic, resulting in dramatic changes to our work, viewing and leisure activities. While there were challenging conditions, Seven regained our dominance in the free-to-air market, reached 10 million viewers of our streamed content on 7plus, and lifted readership numbers in our newspapers. Seven Network achieved this extraordinary success on the back of marquee sports events including Tokyo Olympics and the AFL, particularly its final season and the summer of cricket. The combination of our premium sports program with continuing dominance of news and current affairs, as well as a refreshed programming schedule, were the keys to our success. We will continue our renewed dominance of the market in the coming year, led by the 2022 Commonwealth Games, the Winter Olympics, as well as an exciting slate of primetime programs. Our dedicated management team and staff have worked over the last year in very difficult circumstances, often remotely, but they displayed their mettle in producing brilliant content across our platforms. In particular, there was a very high degree of difficulty in broadcasting the Tokyo Olympics. Despite the obstacles, our teamwork has been widely recognized as the best Olympic coverage of all time. Indeed, the President of the International Olympic Committee has written to Seven congratulating us on the quality of our broadcast and the innovations we created. We expect more innovations to be created in next year's games. The directors thank each and every one of our staff for not only the Olympics, but all of the other content produced over the last year, making Seven Australia's leading integrated media company. While we've been focused on navigating our way through the pandemic, we've also been executing our long-term strategy to focus on producing first-class content across all of our digital assets. We have divested non-core assets to have a much sharper focus on our cost structure and capital management. This process continues with stringent controls placed on our spending and constant reviews of our organizational structure and operational efficiencies. Our annual results reflect this work with net profit after tax of AUD 318 million and revenue reached of AUD 1.27 billion. Over the last week, Seven has entered into a conditional share sale agreement to acquire Prime Media Group as well as a new three-year finance facility underwritten by the ANZ and Westpac banking groups. James will provide you with more information about both of these in his address. We will continue to balance our costs with investments like Prime acquisition to stay ahead of the game, and this delicate equation is at the top of your directors' priorities. We're very proud that our news programs and newspapers have not only attracted record audiences and readers during the year, they have provided vital information channels for Australians of all ages during the pandemic. This increased engagement with the public through our many platforms has seen advertising expenditure on Seven grow, and we expect to accelerate this lift as the Australian economy emerges quickly and robustly from the pandemic during 2022. The last year has been marked by the fact that the federal government finally acted, partly to arrest the damage caused by foreign multinationals in the Australian media sector. Key legislative changes have allowed local companies like Seven to generate substantial income from our content and build relationships with the digital platforms so that they pay fairly for our content, which generates value for them. More needs to be done to ensure the ongoing universal free access to Australian news, sport, and entertainment. We call on the government to commit the regulation of the prominence of free-to-air services on all types of televisions and the extension of the anti-siphoning lists to include online streaming services. On the back of our long-term strategy, our revitalized programming schedule, and our first-class team, the recovery in the economy, and we're expecting a very bright 2022. On behalf of the board, I thank you, our shareholders and our staff, for your ongoing support of Seven as we continue to sharpen our performance and produce strong returns. I'd like to welcome now James Warburton to speak to you. James. Thank you, Chairman. Good morning, everyone, and thank you for joining us. Our company has seen many changes since I first addressed you as Managing Director and CEO in November 2019, and the results have been very encouraging. Put simply, Seven is back to its winning ways. Any way you cut it, calendar year or survey year, with or without the Tokyo Olympics, we're back at number one in television. We have an unbeatable lead in total people across both calendar and survey year. We're number one in key demographics for the calendar year. We're the only network with substantial share growth in every demographic. We're the only network that has increased its audience shares in all the key demographics for the calendar year. Our free digital streaming service, 7plus, is the number one in BVOD. The West dominates print and digital news media in Western Australia and is the best performer among its peers on a national basis. Why does being number one in television matter? Clearly, it means that more people are tuning into Seven than any other network, and that we have the shows people want to watch and talk about. It also creates a strong perception of success and leadership among advertisers, media buyers, our staff, and other key stakeholders. Every additional audience share point we gain has a direct and tangible impact on our revenue and on our bottom line. I'm very proud of the entire team across Seven West Media for their great work over the past two years. The improved performance has been driven by the relentless pursuit of three strategic priorities we introduced in the second half of calendar 2019. Those priorities are content-led growth, including making unbelievable television. Secondly, transformation, including finding smarter and more effective ways to deliver our objectives. Thirdly, capital structure and balance sheet with a clear focus on paying down debt and repairing the balance sheet. We're two years into that plan, and we've made excellent progress. In terms of content-led growth, we have revitalized our lineup of entertainment tentpole shows to complement our dominant spine of 7NEWS, Sunrise, The Morning Show, The Chase, Home and Away, and Better Homes and Gardens. The new tentpole shows have changed our demographic profile, bringing more 25-54s and 16-to-39s to our business and making 7plus the leader in BVOD. While we have revitalized the schedule in record time, it's worth remembering that revenue share growth lags ratings improvement. We'll continue to monetize these successes in FY 2022 and beyond, and we expect to be number one in revenue share for the first half of FY 2022. The Tokyo Olympics clearly demonstrated the potential, effectiveness, and power of our platform, and we continue to look for content partnership opportunities with global players in subscription video on demand. Our data offering has been completely rebuilt. 7REDiQ and our SWM IDs now position us the best in market, delivering strong results for our clients. Across the group, we have simplified our operating structure and redefined work practices. The continued push to reset our cost base by AUD 200 million and to ensure that the cost out is permanent has been extremely important in ensuring we have a sustainable business. We sold our stake in Airtasker in April this year with net proceeds of AUD 45 million to help repair our balance sheet. Seven West Ventures has completed several new investments since mid-August and now has a portfolio value of more than AUD 70 million, with more underway. Our balance sheet is in substantially better shape than it was two years ago. While net debt has reduced by more than AUD 320 million over the past eighteen months, we retired AUD 250 million of debt during FY 2021, and we are confident the balance sheet will sustainably support our strategies and plans going forward. Our key priorities moving forward includes sweating the assets we have, further paying down debt, and capital management initiatives. Our FY 2021 financial results reflect the continuing success of our transformation strategy and the recovery in advertising markets during the year. The metro TV advertising market grew 11.5% during FY 2021, including a 25.8% increase in the second half. 7plus increased its revenue 78% in FY 2021, compared with 55% growth in the BVOD ad market. A 7% reduction in operating expenses, plus revenue growth contributed to a 105% increase in underlying EBITDA to AUD 254 million. Underlying EBIT increased 141% to AUD 229 million, and underlying net profit after tax was AUD 126 million. Seven Digital was a standout performer during the year, increasing its EBITDA 131% to AUD 60.5 million. We recorded a gain on significant items before tax of AUD 277 million, which included a partial reversal of impairments and onerous contracts. In FY 2021, we achieved a 40% reduction in net debt to AUD 240 million, and our leverage ratio now stands at 0.95x. Seven West Media is unashamedly a content company, and our focus on investing has driven our return to market leadership across linear and digital television. This will create significant revenue upside as we maintain the momentum. The Tokyo Olympics gave us an incredible start to FY 2022 and a powerful platform to promote our upcoming content on Seven and 7plus. The Voice launched off the back of the Olympics and became the No. one regular series of 2021. The AFL is Australia's No. one sport, and the 2021 grand final became Australia's No. one television program. We have an unmatchable 2022 schedule with a massive kickstart strategy for a year with an exciting summer of cricket with the Ashes Test series, BBL, and WBBL, plus key horse racing, supercars, including the Bathurst 1000 in December and the Beijing Winter Olympics in February. In July, we will present the 22nd Commonwealth Games from the U.K. As a content company, reflecting and celebrating the diversity of Australian society, both on the screen and in our business, is a key priority. We're constantly working to improve gender balance at Seven West Media. 51% of our management roles are now held by women, and across our total business, 52% of all of our staff are women. We're part of the Everyone Project, an initiative from the Screen Diversity and Inclusion Network to improve on-screen diversity in all of its forms. We're also working on our reconciliation action plan, which will include Indigenous scholarships and programs at Seven. Our social responsibility extends beyond representation, which is why we are focused on contributing to a cleaner, more sustainable future. For example, we're engaging with several brands to partner with us on a carbon neutral production for the next series of Farmer Wants a Wife. In February this year, we were honored to join with UN Women Australia as the Australian broadcast partner for International Women's Day 2021. We're also the official media partner of the White Ribbon Day 2021, which takes place on November nineteenth. While you cannot flick a switch when it comes to rebuilding our audience numbers, the investment in our content is clearly paying dividends and in record time. Across FY 2021, we were number one in 31 ratings weeks, with our closest rival winning 21 weeks. One week was a tie. In comparison, in FY 2020, we were number one in just 18 weeks. So far in calendar year 2021, we've been number one in 26 weeks and will end the year as the number one network. Our share of the television advertising market in FY 2021 reflected the content gaps we experienced in FY 2020 and a slow start to the calendar year, which was the riskiest period of our schedule. The content has now improved significantly and so will our revenue. There is an AUD 90 million upside opportunity when we return to our historical revenue shares. We expect to lead revenue share in the first half of FY 2022. The BVOD market continues to grow rapidly, fueled by changes in how, where, and when Australians consume video content. 7plus is performing very strongly in terms of growth in both audience and advertising revenue. 7plus increased its revenue 78% during FY 2021 and saw its share of the BVOD ad market increase by 4.8 points. Seven's digital EBITA has soared since FY 2018 with a compound annual growth rate of 110%. One of the major milestones achieved during FY 2021 was their agreements with Google and Facebook over payment for our news content. The result was an exceptional outcome for our businesses, generating a significant earnings contribution. This, combined with the strong growth from 7plus, gives us the confidence that Seven's digital earnings will more than double during FY 2022 to over AUD 120 million. Four years ago, our digital earnings were just AUD 6 million. The team at The West continues to push hard, driving readership and digital subscriptions across our print and digital products. The growth in readership of The West Australian is a result of the team's unrelenting determination to hold the line on print and to also understand the audience and find growth in areas of opportunity. At the same time, PerthNow is gaining new users and building a large audience, which is a great result for a site that competes against the big national players. Print and digital audiences grew during FY 2021 with the readership at The West Australian and The Sunday Times up 19%. PerthNow and West Digital also increased their audiences. Circulation revenue, which includes digital subscriptions, grew 5% for the year and now represents approximately 35% of total revenue. Advertising conditions remain mixed with a strong performance in retail, offset by softer conditions in travel, auto, and real estate. WAN delivered on its FY 2021 savings targets, with costs down AUD 13 million or 8.9%. The strong performance of the business has seen us dramatically improve our debt position. Net debt has been reduced from AUD 564 million in FY 2019 to AUD 240 million in FY 2021, a decline of 57%. Our net debt to EBITA ratio now stands at less than 1x, down from a consistent 2x or worse since FY 2017. This is our lowest level of leverage since 2004. A AUD 600 million revolving debt facility was refinanced last month, underwritten by ANZ and Westpac. Its maturity has been extended to October 2024 with a lower cost of funding. The facility means we will be required to hold less cash on the balance sheet, further reducing interest costs, and the previous restrictions on capital management have been eased. On November 1st, we announced we had entered into a conditional share sale agreement to acquire all the businesses and related assets of the Prime Media Group via the acquisition of Prime Television (Holdings) Pty Ltd, Seven Affiliate Sales Pty Ltd, and all of their subsidiaries. The proposed acquisition will be subject to a vote by Prime shareholders in December. Combining the two businesses will create the leading wholly-owned commercial premium broadcast, video, and news network across Australia, reaching more than 90% of the population every month. Prime shareholders will achieve a significant premium for their shares, and Seven West Media shareholders will benefit from a transaction that is highly earnings accretive, both before and after synergies. For Seven West Media, the proposed transaction is a real game changer and will deliver significant value creation by providing advertisers with a single platform to reach metropolitan and regional markets, cutting the workload of advertisers and agencies in half, unlocking the premium and integrated revenue potential of the combined metropolitan and regional audience base across broadcast and digital platforms. Enhancing and expanding the presence and reach of 7plus in the regional markets is another great benefit. Generating estimated cost synergies of AUD 5 million-AUD 10 million on an annualized basis, the cost savings are expected to be fully realized within 12 months-18 months of the acquisition being completed. Revenue upside is also expected, but has not been quantified at this stage. Now to a trading update. As I mentioned earlier, we'll win the television ratings survey year with or without the Tokyo Olympics in total people. That will represent our first total people win since 2018. We're well-positioned to hit our target of a 40% share of the metropolitan television advertising market in the current six-month period. Revenue from 7plus has soared 145% since the start of the FY 2022 year, including post-Olympics growth of about 50% in September and October. Our target of AUD 15 million-AUD 20 million in new cost savings in FY 2022 is also on track. The revenue growth and cost savings give us confidence that we will exceed analyst consensus forecast for FY 2022, of EBITA of approximately AUD 260 million by between 7% and 10%, excluding any benefits from Prime. In conclusion, I'd like to thank you, our shareholders, and all of our staff for your ongoing support. Our company is in much better shape than it was two years ago. We're not gonna stop now. We'll continue to work harder and smarter to make Seven West Media even stronger and more successful, and to grow our value for all of our stakeholders. Let me end with a short reel that reflects how we have performed this year. You've got to have it. The moment she's dreamt of her entire career. You have to want it. The winner is. Got to have it. This is unbelievable. A A magical moment. Oh. You have to need it. I've never it. I've never seen a woman do that. You're my first. We are Seven. We're back to where we belong. Back to number one in 2021. Everybody come together. When we unite together. We're gonna win forever. I know that. We got that fire in the soul. Light the fuse. Will you marry me? You've got to want it. I'm in love with you. More than silver and gold. Everything you do. You have to pass this course. Well done. Let the beat inside. Let the rhythm flow. Ain't no odds, it's all just lessons. Let it go like this. Ain't no lesson, it's just lessons. Get some popcorn and sit back and enjoy the show. All the tears, all the screams, all the joy. Oh, this is so great. There's so much more to come. Everybody come together. Oh, come together. Oh, what a catch that is. When we unite together. Who will be next to get their happily ever after? I know that we got that fire in the soul. That's unbelievable. She said that you have to want it. More than silver and gold. The most watched. Been waiting up for me. The most trusted. Everything and wherever you be. A somber moment outside the Capitol. Back to number one. Number one. Everybody come together. When we unite together. We're gonna win forever. Number one. Number one. We got that fire in the soul. Thank you, everyone from home. Seven. Seven, Australia's number one. More than silver and gold. Thank you, James. We'll now attend to the business of today's meeting. The notice convening the meeting has been in your hands for some time. I'll take the notice as read, unless there is an objection. Again, holders of ordinary shares or a proxy or authorized representatives of an ordinary shareholder may ask questions using the Lumi AGM platform, and I'll take questions which relate to resolution being put. Any questions relating to general business will be taken at the end of the meeting. If we experience significant delays today in receipt of questions submitted by shareholders through the virtual meeting platform, we will endeavor to come back to those questions during the time set aside for general questions. Voting today will be conducted by way of a poll on all items of business. In order to provide you with enough time to vote, polling on the resolutions is now open. The voting icon is now visible on the Lumi AGM platform. Selecting this icon will bring up a list of items and present you with a voting option. To cast your vote, simply select one of the options. There is no need to hit Submit or Enter button as the vote is automatically recorded. You do, however, have the ability to change your vote up until the time I declare voting closed at the end of the meeting. Results of the voting will be concluded once the voting is closed and released to the ASX later today. Please look out for the ASX release to see the results. As you'll see from the screen displays, a significant number of our shareholders vote by proxy. Before each resolution is put to the meeting, we'll display on screen the count of proxies as directed on the proxy form. As chairman, I propose to cast all available undirected proxies in favor of each resolution. First item of business is to lay before the meeting the financial statements and reports of the directors and auditors for the year ended 26th of June, 2021. There is no requirement for a formal resolution on this item, so this item is excluded from the proxy form and will not be voted on. There haven't been any questions submitted to the annual accounts for the year under review. Chairman, volume number three. Some new questions have been received from shareholders about the performance of the company, its share price, and reinstatement of dividends. Could you please provide comment? Thank you, Jeff. Last year, I stood before you as Chairman and talked about the plan James had put in place to improve our content, to attract audiences and revenue, to transform your company and reduce debt. Very pleasing to be able to stand before you today, as you've just heard from James, to be the number one network in 2021. Earnings growth in 2021 has continued into 2022 and has helped repair our balance sheet. The work James and his team have done reducing debt has enabled two things. Firstly, the purchase of Prime for cash, which as a result of this earnings, accreted for shareholders. Secondly, it will give the board an opportunity to explore capital management options for the first time since 2018. While I'm not committing to a timetable at this point, I will commit that we'll review the reinstatement of dividends in 2022. As I said last year, I'm completely aligned with shareholders' appetite for a dividend. Chairman, another pre-submitted question has been received from a shareholder. How much did Seven West Media receive from JobKeeper, and is there an intention to pay this back? Thank you, Jeff. FY 2021 results included AUD 25.7 million of JobKeeper benefits, similar to what we received in 2020. The JobKeeper subsidy operated as designed in this period and relieved us from having to make hundreds of staff redundant. Seven West Media was limited in its ability to stand down staff to reduce costs, even in periods where we're seeing greater than 50% revenue declines. This was due to the need to continue to produce the news throughout the pandemic, which is considered as an essential service. The SWM income taxes payable in respect of 2021 are twice as much as the JobKeeper received. It's also worth noting that JobKeeper receipts are assessable income for SWM, so close to AUD 8 million of the JobKeeper received is returned to the ATO as tax payments. Are there any other questions on this item? Chairman, there's a follow-up question on the first question from a shareholder that's come into the platform. I'll read it out. It's quite lengthy. "Mr. Stokes, at the 2017 AGM of Seven West Media, I pointed out to you that since your group took over running this company, the share price had dropped by 93% from AUD 10 to AUD 0.67, and the dividend had dropped from AUD 0.52 to AUD 0.04. I asked you what the board intended to do to restore the share price and dividend to a decent level. You answered that this would be the board's number one priority for the coming years. Since then, the share price has dropped a further 28% to AUD 0.54, and ever since 2017, the dividend has disappeared completely. How can you state FY 2021 was an exceptional year for the company with extraordinary financial result and give Mr. Warburton AUD millions in bonus shares when the ordinary shareholders are being treated so abysmally? When are you and the board going to do something for the ordinary shareholders? Thank you. I think we're doing something for the ordinary shareholders by improving performance. No question that there have been issues, particularly from the COVID. Before COVID, the company had a plan in place which would have seen most of those issues resolved, and we were caught with our plans unable to be executed. We lost the Olympics from when we expected to have them a year earlier. A whole bunch of issues affected the company and our productions and our ability to put content to air, put the company in a very difficult position and the share price reflected the difficulties we faced. James and his team, with the efforts they've made, have recovered that, and the share price has began its recovery. I'm confident that we'll see this year where we'll see the company's share price recognized for the work that's been done and recognized that the future is looking much brighter than it was before. None of us, directors or any of us, get anything more out of the company when it's not performing. The directors themselves took less in fees this year because they went with the staff and went without directors fees for three months, so that we're all in the same boat together. Now we can see daylight, and I'm really beginning to get excited that we have a very good future ahead, and I hope we can restore the share value. In time, as I mentioned earlier, I expect we can look at dividends again by the end of this financial year. Any other questions, Jeff? No, Chairman, there are no further questions on this item. Thank you. The next two items of business, items two and three, relate to the re-election of directors. No nominations received from other persons. The first director candidate standing for re-election is David Evans, who is retiring, and being eligible, offers himself for re-election. David brings a deep knowledge of financial, banking and commercial matters to the board. His business acumen and understanding of the company management are valuable to the board's assessment of the company's strategic priorities, as well as its financial and non-financial risks. David is a member of the Audit and Risk Committee and a member of the Remuneration & Nomination Committee. Are there any questions on this matter? Chairman, there are no questions on this matter. Proxies lodged for this resolution appear on the screen. Thank you. As I have directed a poll to be taken on this resolution at the end of the meeting. The second director candidate offering themselves for re-election is Michael Malone, who is retiring, and being eligible, offers himself for re-election. Michael is a highly experienced CEO and company director who has a proven track record as an entrepreneur and in building shareholder value. He brings this mindset and expertise to his role on the board and its committees. Michael's technical and strategic understanding of technology is particularly valuable to the board and management as the company undergoes its continued digital transformation. Michael is a member of the Audit and Risk Committee. Are there any questions on this matter? No, Chairman, no questions on this matter either. Proxies lodged for this resolution appear on the screen. Thank you. I've directed a poll be taken on this resolution at the end of the meeting. Next item for business is item four, the adoption of the remuneration report for the company for the financial year ended 26th of June, 2021. The 2021 financial year continued to be unpredictable and challenging for the company, with uncertainty in terms of the pandemic and the economy. The company has nevertheless performed strongly for our shareholders, with unquestionably strong financial results positioning us for future growth. The board continued to review the company's remuneration framework to ensure it serves to attract and retain exceptional talent that aligns with shareholders' interests and is fit for purpose for the years ahead. As part of this review, the board introduced a minimum shareholding policy effective July 1, 2021, to further promote the alignment between directors, executives, and shareholders. Directors and executives have five years to build the required shareholding level. This year's short-term incentive outcomes were the first under our new executive remuneration framework. The company's underlying earnings before interest and tax were solid and exceeding 100% range of target, and the STI gateway opened fully. The board believes the STI outcomes for the executives this year are fair and appropriate and reflected the strong performance against both financial and non-financial performance measures, including significant progress made in our transformation strategy, repairing our balance sheet and making a necessary change for the business to capitalize on the market recovery. The 2019 LTI award reached the end of its three-year performance period on the 30th of June 2021. The award was tested and did not meet the performance hurdle. Therefore, it did not vest, and all of 2019 LTI performance rights were lapsed. In the year ahead, we'll continue to review the company's remuneration framework to ensure it remains appropriate. I welcome discussions on the questions on the remuneration report for the year under review. Are there any questions on this item? Chairman, yes, there is a pre-submitted question received from a shareholder. Why overpay the Managing Director? Obviously in the board's opinion and in my personal opinion, the Managing Director is not overpaid. He's paid for performance. Considering the problems we faced with pandemic and the other issues hitting the company at the same time, James' dedication and resolve have enabled us to get to where we are now, and I'm very pleased with that progress. I don't consider him to be overpaid. I consider him to be rewarded for the efforts he's made. No further questions at this time, Chairman. Proxies for this resolution appear on the screen. I've been asked to advise you that the vote on this resolution is advisory only and does not bind the directors of the company. Directors of the company, its other key management personnel or their respective closely related parties cannot vote in relation to this item, except as proxy in limited circumstances. The next item of business is item five, relates to the issue of the fully paid ordinary shares in the company on vesting of the equivalent number of performance rights to be held by SWM Equity Incentive Plan Trust on behalf of the MD and CEO. As mentioned, FY 2021 has been an exceptional year for the company, with over-achievements of performance objectives set by the board for the MD and CEO. The MD and CEO's FY 2021 STI outcome reflects this over-achievement against the targets that were set across the company's three strategic pillars of content-led growth, transformation, and capital structure. Mr. Warburton's leadership and disciplined approach during FY 2021 has fundamentally repositioned the company and strengthened our balance sheet. Under the STI plan rules, 30% of the award is delivered in deferred restricted equity. These performance rights have previously been granted to Mr. Warburton. However, the board determined to issue shares on the vesting of those performance rights. Accordingly, shareholder approval is being sought as ASX Listing Rule 10.14 requires the company to obtain shareholders' approval for the issue of securities to a director under an employee incentive scheme. Are there any questions on this matter? Chairman, no questions on this matter. Proxies lodged for this resolution appear on the screen. Thank you. A poll will be taken at the end of this meeting for that item. Next item of business, item six, relates to the grant of performance rights to MD and CEO as the deferred component under the company's FY 2022 STI plan. The performance rights set out in the notice of meeting represent Mr. Warburton's maximum STI award opportunity. However, the final vesting outcome will be based on performance against the performance hurdles set by the board. It is currently intended that shares will be acquired on market to satisfy any performance rights at vest. However, approval is being sought under ASX Listing Rule 10.14 to provide flexibility for the company to satisfy performance rights under the plan with the new shares if that is considered appropriate in the future. Are there any questions on this matter? Chairman, no questions on this matter. Proxies lodged on this resolution appear on the screen. Thank you. Poll will be taken on this resolution at the end of the meeting. The next item of business is item seven, relates to the grant of performance rights to the MD and CEO to be made as part of FY 2022 LTI offer under the company's LTI plan. The performance period for Mr. Warburton's performance rights under the LTI grant is three years, commencing July 1st, 2021, and ending June 30th, 2024. Any shares allocated on vesting will be subject to an additional 12 months holding lock. Full details of Mr. Warburton's FY 2022 LTI grant are described in detail in your notice of meeting. Under the ASX Listing Rules, shareholder approval is required in order for a director to be issued new securities under an employee incentive scheme. It's currently intended the shares will be acquired on market to satisfy any performance rights that vest. However, approval is being sought for the FY 2022 LTI grant to Mr. Warburton to provide flexibility to the company to satisfy rights under the LTI plan with new shares if required. Are there any questions on this matter? Chairman, no questions on this matter. Proxies lodged on this resolution appear on the screen. Thank you. I have directed a poll to be taken on this resolution at the end of the meeting. Before we come to the end of the meeting and close the voting on items two through seven, I'll take general questions from holders of ordinary shares. Have there been any general questions submitted? Chairman, I have. A pre-submitted question has been received from a shareholder regarding the company's position on climate change and what measures have been put in place from an editorial perspective at The West in this regard. Publishers and broadcasters need to lead by example on the climate crisis. We recently released our 2021 sustainability report, which highlights our own initiatives across our sites on how we're reducing our carbon emissions. The West Australian prides itself on an unbiased, high-quality editorial, as it has demonstrated by its coverage of the Glasgow Climate Summit last week, which it covered in full and in detail on every day of the climate. Are there any other questions, Jeff? Yes, Chairman. A pre-submitted question received from a shareholder about the loan by the company to cover Ben Roberts-Smith's legal expenses and what collateral was provided and the interest rate charged. I've answered that question last year, but I'll answer it again. The loan associated with the legal cost was always guaranteed by me. The loan between BRS and the company was resolved in the previous financial year. Interest was charged on the loan at the statutory benchmark interest rate applicable during the period it was outstanding. Are there any other questions? One other question, Chairman. Another pre-submitted question from a shareholder who asks: What will the impact of impending industrial action and associated publicity at The West Australian newspaper plant, will it have a negative effect on the company? The enterprise agreement with some of our staff in the West expired some time ago. We have recommenced negotiations to update it to align to current market conditions. While we are hopeful of avoiding industrial action, this may be an option the employees take. If it does happen, we have extensive contingency plans in place to mitigate any negative impact on the company. Are there any other questions? No further questions, Chairman. Voting remains open on the Lumi platform and will shortly close following the conclusion of this meeting. Steve Hodkin from our share registry, Boardroom Pty Limited, has been appointed Returning Officer and will conduct the poll after the voting is closed. The result of the poll will be announced on the ASX later today. This concludes the business of our meeting. I now declare the meeting closed for purposes subject to conduct and conclusion of the poll. Voting will close in 10 minutes. Thank you for attending our annual general meeting of Seven West Media. We look forward to meeting with our shareholders at a conventional meeting next year. Thank you.