Done that, that's good. Good morning, I'm Kerry Stokes, Chairman of Seven West Media. Welcome to this Annual General Meeting of the company. There is a quorum present, and I'm pleased to declare the meeting is open. First, please let me introduce the members of our board: Teresa Dyson, Michael Malone, Ryan Stokes, Michael Ziegelaar, Jeff Howard, our Managing Director and Chief Executive Officer, and also joining us is Warren Coatsworth, our Company Secretary. Representatives of our auditors, KPMG, are also present at today's meeting. And now to my address. The past year has been a typically eventful one, unpredictable and undeniably challenging for an industry facing persistent pressures, regulatory uncertainty, and ongoing threats from foreign marauders intent on snapping at our heels and snatching our heartland. But Seven West Media continues to excel at what we do best, which is telling Australian stories, connecting communities, and building engaged, loyal audiences. It's been a year in which Seven West Media has regained our confident stride. We're adapting to evolving customer habits and adjusting for and with our audiences, delivering world-class television, news, sport, and entertainment through broadcast channels, print, and digital. We're listening to our audiences while also guiding them through the complexities of the modern media landscape, and we're taking our clients on the journey with us. With political and economic uncertainty here and a broader abating, we're optimistic we can capture a greater share of advertising market as we continue to drive results that connect clients with our expanding audiences. Seven West Media now reaches close to 20 million people every month across all corners of the country. Our coverage of The Ashes, through to every single sports-loving household in the country, will dominate this summer. We don't stop there. We'll roll back into the footy season, the V8s, racing, the Commonwealth Games, and yes, we'll bring the International Rugby League back to our family for every game in the 2026 World Cup, live and free on Seven. As the world changes, so do we. Seven West Media has entered into a scheme of implementation and a deal with Southern Cross Media Group, a proposed merger of the two great Australian media companies. The merger will create a larger integrated media company with even greater scale and reach across both metropolitan and regional Australia. We fit together exceptionally well, a seamless combination of high-value brands across free-to-air television, streaming, audio, digital, and publishing assets. Our CEO, Jeff Howard, will provide further details of the proposed merger, which has the support of the Seven board, later in the meeting. The proposed merger will not only deliver strong cost savings but combine the exceptional creators of content, delivering strategic benefits for shareholders of both companies. Metropolitan and regional viewers, listeners, partners, and advertisers will benefit from stronger platforms with even more compelling and integrated content. The new structure means this is my last AGM as Chairman of Seven West Media. I'll be stepping down as Non-Executive Chairman next February, replaced by the highly competent Mr. Ryan Stokes. At the same time, Michael Malone will retire from the board. The incoming Chairman will discuss any future involvement with Michael Malone. Jeff Howard will become the CEO of the combined entity. Our board members, Teresa Dyson, Jeff himself, and Ryan will join the merged company board. I thank them for their service to Seven West Media over these years. The merger's subject to both shareholder and regulatory approvals. We'll see Michael Ziegelaar vacate his position as non-executive director of the group. After seven years on the board, Colette Garnsey has decided to retire from the board with the effect of this annual general meeting, having completed three years since her last re-election in 2022. On behalf of the board, I'd like to thank Colette for her valuable contribution to the company as a director, including her outstanding service as Chair of the Remuneration Committee and Nomination Committee since 2022. I thank all the board for the dedication. While the proposed merger will close another chapter of my involvement with the media over the last 50 years, I remain close to the new company as a special advisor to the board. Our family will continue to hold a significant interest as major shareholders in the merged group. My son, Ryan Stokes, will also remain a director. Seven is an integral part of Australian society. We entertain, inform, and connect Australians all over the country through all arms of the media. Our brand, our stars, our household names. Our impact on the lives of so many Australians is immeasurable. This month, again, we saw the extraordinary power of our company when it comes to working through the community with Seven West Telethon in Perth. Truly exceptional outcome for the most vulnerable in our society, raising over AUD 90 million in telethon this year. Personally, I'm proud of what we, our people, have built with telethon. There's nothing like it in the world. It has changed the lives of so many families and has ingrained something very special in the psyche, passion, and compassion as a natural state for the young and old alike. Telethon is just one of the remarkable examples of the way Seven West works in the media generally to play to improve our society. As I said earlier, our industry faces unique challenges and disruptions determined to eat away at such a vital component of the Australian life. Governments need to think very carefully about how they can protect Australian companies like Seven built with Australian values, quality news, locally produced world-class content, and offer audiences who are expecting the best the world can offer. Australians should not be forced to pay for our national sports. Seven will continue to fight for the best environment for Australians to enjoy our special way of life free as it always been. On behalf of the board, I'd like to thank you, our shareholders, and our staff for our ongoing support of Seven West Media. I'd like now to welcome Jeff Howard to speak. Thank you, Jeff. Thank you, Chairman. Good morning, everyone. There is nothing better than Australian content to truly engage audiences that will drive results for our clients and results for our shareholders. In a noisy and fast-moving market, Seven West Media is giving our clients access to a growing audience, strong partnership, and performance outcomes that matter. Our ambition is to make Seven West Media the unmissable choice for news, sport, and entertainment for all Australians. To achieve that ambition, we have set ourselves a strategy that is designed to drive sustained and growing earnings and returns for our shareholders. We've made solid progress with that strategy of optimizing our traditional businesses, driving a digital future underpinned by 7plus, finding new revenue streams and business opportunities, and managing our costs responsibly. In February this year, we said we expected to achieve modest growth in the second half of FY25. Pleasingly, we delivered an EBITDA increase of 6% in the second half, driven by TV EBITDA growth of 4%. That was Seven West Media's first half-year of growth in EBITDA since FY22. 7plus was one of our standout performers, and is a critical part of Seven's future. We achieved 7plus revenue growth of 26% across the full year, including 41% in the second half. The number of 7plus daily active users grew 27%, and the number of streaming minutes increased by 41%. In the second half of FY25, Seven's total TV advertising revenue decline moderated to 1% versus a 6% decline in the first half. Across the full year, that decline was 4%. Operating costs of AUD 1.2 billion were 2% lower than FY24 and in line with guidance. Reported costs of AUD 1,196 million included revenue-related cost savings late in the year when the ad market slowed after the April federal election. Seven's total TV audiences increased 1% across the year, including growth of 1.5% in that key 25-54 age group. A number of our shows across news, sport, and entertainment saw substantial audience growth year on year, Home and Away being one great example, which was up 7% in the year. On 30 June this year, we completed the acquisition of a number of Southern Cross Media's regional TV licenses, making Seven the largest commercial broadcaster in Australia. This slide shows our FY25 financial results in more detail. Group revenue declined 4%, as I mentioned, or AUD 61 million, with group EBITDA down AUD 28 million, or 15%. Profit before tax decreased 55%, and underlying profit after tax, excluding significant items, was down 27%. Turning to television, Seven's total TV revenue share of 40.4% improved by 0.2 points on the prior year. This was our fifth consecutive year of share growth. The gain in share reflects the positive impact of premium digital sports rights on Seven Plus for the first time and Seven's strong content lineup. The total TV ad market was down 3.2% across FY25. However, the decrease moderated to 0.7% in the second half. Other TV revenue of AUD 103 million declined 9% during the period and included the negative impact of the non-renewal of the Meta agreement. The 2% net reduction in total expenses reflected the benefits of the revised operating model introduced in June 2024 and ongoing cost discipline. On a gross basis, we offset more than AUD 80 million of contracted and cost inflation with AUD 108 million in cost initiatives. Media content costs, which represent more than 70% of our television costs when we include the personnel costs of Australia's number one Seven News service, increased with the ending of onerous contracts and included the new cricket contract. Looking at The West now, The West continues to transform with a focus on driving digital audience growth and paid subscribers, leading into print products, reducing costs, and creating new revenue opportunities. The West performed solidly with EBITDA of AUD 27 million steady year on year. Digital audiences continue to grow strongly, with The West digital platforms achieving 54.5 million monthly page views, an increase of nearly 4.5% year on year. The Nightly, which was launched in early 2024, saw a significant increase of 60% in its page views. The West revenue of AUD 169 million was down 2% during FY25, reflecting advertising revenue declines of 7%. Advertising revenue was impacted by macroeconomic conditions. The decline was partly offset by digital advertising growth, primarily for The Nightly, and circulation revenue increased by 4% thanks to home delivery sales and subscription price increases. The West's costs of AUD 142 million were down 2%, driven by tight cost control and efficiency improvements across the advertising, production, and editorial teams. The West is deeply embedded in the WA community, as demonstrated by the 2025 telethon, as mentioned by the Chairman, which raised more than AUD 90 million to support organizations that help sick children and their families. We were very pleased with the growth in the nighty's audience, 80% of which is outside the WA market. The Nightly is expanding with successful Nightly On series and, more recently, the launch of Rome, a premium travel brand that is published every Saturday to The Nighty's Three million readers. Our key priorities for FY26 include driving 7plus's audience and revenue growth to offset broadcast outcomes, delivering further cost efficiency, and improving Seven West Media's cash flow to reduce leverage and get it back to the target range of one to one and a half times. We're also still very focused on achieving the positive outcomes on the various regulatory matters outstanding, including the News Media Bargaining Code and its possible replacement, the news bargaining initiative. While discussions with the government have been constructive, we encourage them to accelerate these and other initiatives to ensure the Australian media sector operates on a level playing field with the international platforms who dominate the landscape and control many parts of the value chain. Turning now to a trading update. Our total TV advertising revenue in the Q1 of FY26 was in line with the Q1 of FY25. This includes 7plus revenue growth of 32% year on year and the acquired Southern Cross Media TV license, approximately AUD 7 million of revenue. Looking at the Q2, the total TV ad market slowed in October. We estimate it was down 12%-13% compared to October 2025. On a positive note, Seven's advertising bookings for the upcoming summer of cricket are up 10%-15% versus the prior year. We expect Seven's total TV advertising revenue to be down 2% in the Q2 of FY26 compared to the previous corresponding period. In response to market conditions, we've expanded our cost-out program for FY26 from AUD 35 million-AUD 50 million as we continue to look for ways to offset inflation and drive efficiency in the business. First half group revenue is expected to be down 1% on the previous corresponding period. Costs are up 3% on PCP, including AFL contract, Southern Cross Media TV assets, and net of savings. Based on current market conditions, expectations Seven West Media continues to target FY26 EBITDA consensus of approximately AUD 161 million. As the Chairman mentioned, on 30 September this year, we announced Seven West Media has entered into a scheme implementation deed with Southern Cross Media Group in relation to a proposed merger between the parties by way of scheme of arrangement. The proposed transaction is subject to a few things: regulatory approvals, including from ACMA, ACCC, and the ASX, approval by Seven West Media shareholders of the scheme, an independent expert appointed by Seven West Media concluding that the scheme is and continues to be until the Seven West Media vote in the best interest of Seven West Media shareholders, an independent expert appointed by Southern Cross concluding that the scheme is in the best interest of its shareholders and court approval. Bringing together the complementary assets and brands of Seven West Media and Southern Cross will create a truly national, diversified media organization, one with extensive scale and reach across free-to-air television, streaming, audio, digital, and publishing assets. The possibilities will bring new energy to Seven West Media. Building our digital audience through both content creation and cross-promotion, we'll be able to extend our storytelling into new audience access points. For us, that could be podcasting on LiSTNR. For Southern Cross, it could be more video. What we can do when we put our creative minds together will be really exciting. Our news will be even more comprehensive and available everywhere. Our sport, even more insightful, powered by a true audio plus video opportunity, and our ability to weave talent into storytelling across all platforms will drive entertainment to a new level. Our intention is simple: to build one of Australia's leading integrated media platforms, combining world-class content creators with unmatched local and national audience reach and engagement. Our financial ambition is to grow the combined revenue base and find even more efficient ways of operating in ways that we can't do on our own. Each will help drive earnings and cash flow for shareholders. Shareholder vote and regulatory outcomes pending. We're hoping to be driving this hard from early 2026. In conclusion, let me thank the Chairman and the Board of Directors, our executive team, and all our staff for the hard work and dedication during the past year. Seven West Media is a proud and evolving Australian media company, and our focus remains clear: to deliver great content that attracts a scaled, diversified, valuable daily audience, to provide our clients with more ways to connect with them efficiently and measurably to drive the results that matter to them, and that will drive the results that matter to us: earnings and cash flow. Thank you also to our shareholders for your continued support. We're committed to delivering value for our shareholders, employees, and communities, and to creating a stronger and more successful Seven West Media. Thank you. Thank you, Jeff. 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. If, as the 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 resolution being put. Questions relating to general business will be taken at the end of the meeting. I ask you to direct all questions to me. Please move to the nearest microphone, show the red or yellow card you were given when you registered, give your name. Before each resolution is put to the meeting, we'll display on the screen the count of proxies as directed by the proxy firm. The proxy counts reflect the valid proxies lodged by the deadline stipulated in the notice of meeting. As Chairman of the meeting, I propose to cast all available undirected proxies in favor of each resolution. You'll see from the screen display a significant number of our shareholders vote by proxy. Accordingly, in my capacity as Chairman, in accordance with the Constitution, I demand that the poll be taken on items two through five. These items will be put to a poll at the end of the meeting. The first item of business is to lay on the table the financial statements and reports of the directors and auditors for the year ending 30 June 2023. There is no requirement for formal resolution on this item, so the item is excluded from the proxy form and will not be voted on. Prior to the meeting, we received a pre-submitted question from a shareholder about the company's approach to capital management, particularly when dividends will be reinstated. Seven West Media Board regularly reviews the company's position regarding dividends and shares. The appetite of shareholders to resume dividends as soon as possible is noted. Against a challenging backdrop, we are focused on improving cash flow, reducing our debt. When these improve, we'll be in a better position to reinstate dividends to shareholders. Should the proposed transaction with Southern Cross Media proceed, dividends will become a matter for the board of the merged company in the new year. Are there any questions from holders of ordinary shares in the room? Again, please move to the nearest microphone, show your red or yellow card, and please give your name. Is it appropriate now to ask the question? Yes. Mr. Chairman, I'd like to thank you for the wonderful contribution you have made to the Australian media over the years, and I wish you all the very best for your retirement. But I'd like to say I'm an ordinary, my wife and I are ordinary shareholders, and we're very concerned that we haven't had a dividend for eight years. And when we bought our shares, they were AUD 5, and they were paying a 5% dividend. So, Mr. Chairman, through you, could I ask the board, could they consider paying even AUD 0.005 dividend? That would be only AUD 8 million based on our AUD 1.5 billion shareholders. Sorry, of shares. AUD 0.005, it's AUD 8 million. That is a minuscule amount for a wonderful company like Seven West Media, which is the greatest, as we've heard today, it's the greatest media company in Australia. So, look, I believe that Seven West Media is treating minority shareholders such as my wife and I with contempt, belittling us. In the letter from Mr. Howard in the annual report, he talks about, "Oh, thank you for the confidence that shareholders have in the company." Well, I'm sorry, minority shareholders have no confidence in the company. We've seen the share price decrease every year. The share price, Mr. Howard, hasn't increased over the last five years. It's gone down, down, down, and even reaching AUD 0.135 a share. That's from AUD 5. Look, I think I've said enough, but I do want to say that channel Seven, Seven West Media is a great organization. My wife and I, we love The Farmer Wants a Wife, Dancing with the Stars, The Voice, all those programs. So good on you. Thank you for that. What was your name, sir? Oh, sorry. I'm Paul Carey. I've been a shareholder for quite a while. I've only got about 200,000 shares, and so my vote probably doesn't count. But look, I wish the company all the best, and thank you for what you've done. Paul, let me confirm. Your vote certainly counts, gentlemen. Your vote certainly counts. Shareholder and all shareholders' votes count. You talk of minority shareholders. It's no different for other shareholders. I've had no dividends either. So I am sympathetic to shareholders and dividends. In our other companies, we've been fortunate enough to increase dividends from profits. Here, it's pretty public, the challenges that we've faced, particularly from the platforms that come in and steal our businesses. Let me give you an example of that. If you take Netflix and YouTube and the platforms that are coming into Australia, they've taken out last year some AUD 6 billion in revenue that would have been normally attributed to both Seven and Nine and Ten and News. We would have shared that revenue. It's gone to external parties with no taxpayer, no tax. When you talked of our shares being AUD 5, yes, they were. At that point in time, Seven was paying over AUD 1 million a year in tax. This year, we'll probably pay less than AUD 100,000 because we've lost our profits because it's being taken offshore by people who don't have any accountability and don't pay tax in our country. And if there's something to be upset about, I think that's a real reason. We've looked to the government to help us ameliorate that, and the government's sympathetic to that, and it's looking at ways it can do. We're pressuring very diligently to try and rectify and see how we can come back. And I think with the digital side of the business and having the opportunity to grow digital channels, we actually have a chance to compete again, but it's going to take a little time for that to show its rewards. Given we go together with Southern Cross, I'm optimistic that from next January, we'll see better results. I can't predict the dividends in for the company then, but there's going to be a better opportunity for the dividends than we are now. And I'm sure that board, certainly if I advise, will be looking for shareholders for dividends the best they can. Any other questions? Please. Writing for our shareholder. Mr. Chairman, I was hoping you might allow Mr. Howard to elaborate on the trading update, so just maybe break that down a little bit more. At the full year results, I think you disclosed that, obviously, revenue was flat, July, August, improving trends into September. I think the SMI media data just came out for September. Metro free-to-air down 3.9%. Obviously, BVOD's on top of that, sort of indicating maybe close to flat, depending exactly on what BVOD was. So interested, October down 12%-13%, and just maybe that sort of seeming choppiness where maybe the trend seemed to be going the other way. Obviously, July, August impacted by the Olympics. So just interested if you could touch on that. And then maybe BVOD, I guess, so if you had the streaming rights now for 12 months to both the cricket, sort of, and AFL, and just sort of what you're seeing into the Q4 once we, I guess, annualize out of now having the digital rights to that for the full year. So it's a proper year-on-year comp with both those digital rights. So interested in any commentary that you could make on that? Thank you. Obviously, the trading update, we gave a fair bit of color around what happened in Q1 and what was happening in Q2 that we could already see. Certainly, July and August were improvements on the May and June months that we had at the end of FY 2025. Certainly, what we saw in September was a fairly substantial result for Seven West Media, particularly driven by AFL and the digital rights we had to AFL. We had our best ever month from a Seven Plus audience and revenue perspective in September. What we've seen in probably September and October is a softening in the entire ad market. You called out SMI. The updated SMI number for September came out Tuesday or Wednesday. Can't remember exactly when it was. They're sort of suggesting that the total ad market was down 10.5% in September. We've obviously delivered a better result than that, which is great. My sense is that that sort of market softness has continued into October. It feels like it's moderating into November and December. And certainly, as you pointed out, the cricket rights and The Ashes coming is giving us some buffer against that soft ad market as we go into the end of the calendar year. Early indications for next year, too early to call at this point, but we'd expect to see a continuation of that moderation. The dynamics playing out are a very strong digital market offsetting the broadcast challenges that we're facing. And from a publishing perspective, things are trucking along pretty well. Just put in one more. Obviously, you've done a fantastic job as a company in management in terms of costs and trying to moderate, I guess, what's been happening on the revenue side of things. You sort of came in sort of under guidance sort of last year on what your cost was. You've obviously sort of updated the cost out, AUD 35 million-AUD 50 million. Just be a little bit interested. Part of last year was obviously the revenue-related costs that I think was an extra seven million delta sort of versus your guide, but it was still very much at the low end of what you'd put out. So I was just wondering maybe if you'd be willing to unpack the AUD 35 million-AUD 50 million cost out, how much of that might be revenue-related versus additional sort of costs that are not revenue-related costs. Yeah, thanks for that one. Good question. So there are some revenue-related elements in the 15 from 35 to 50 based on what we've seen in the, as I say, September, October market sort of softening. But most of it we're looking for is permanent cost out from the organization. We continue to look for cost out. I think we've demonstrated we're pretty good at trying to find ways to make the business more efficient, and we will continue to do that over the next six to 12 months. And last one, if I may, and then I'll pass it on to somebody else. Probably take the other side to the first shareholder in terms of congratulations on getting the debt down so much. I understand we'd all like to have dividends, but I think that's obviously very important to put the company in sort of a good long-term stead. Just probably two sort of in and around sort of that. Obviously, there's been some various one-offs in restructuring, sort of Phoenix onerous provisions. Sort of, is the general expectation that the cash flow will start matching sort of EBITDA and PAT a little bit better going forward? I think you did call out the one-off make good in sort of Melbourne at the full year results. But should that generally, as sort of shareholders, be a closer expectation sort of on the go forward that we think that'll match better and that that should help sort of further bring down the debt to? Yeah, certainly, Phoenix was a material investment over a few years that is now behind us, and it's operating very well. We've called out the Melbourne make good exit, which we are still working through. So the timing on that one is unclear, but a large number of those sort of one-off things are behind us. So we're looking forward to having a better match between the net earnings of the group, subject to the normal timing around production of content. We're producing a lot of content sometimes six to 12 months in advance of when it goes to air. So subject to the timing piece, we're looking forward to that cash flow being much better and much better aligned with the earnings of the group. Probably, Mr. Chairman, and I understand you'll probably be a little bit constrained on this one, but obviously, you took a meaningful stake in sort of ARN Media given the Southern Cross transaction. There's obviously sort of meaningful balance sheet investment sitting there sort of as it relates to, I guess, sort of debt, cash flow, future dividends. I mean, at some point, do we expect that to sort of be monetized when you think the right sort of moment for that is? And that may help with the whole debt-dividends sort of go forward. The conclusion of a merger, but that new board will make that decision. But I would expect that they would look to monetize that depending on the market. On the other hand, it's quite handy for Seven to be in a position to be able to influence the outcomes for other players to our advantage. So there may be a short-term value in Seven holding that position. Thank you very much for taking my questions. You're welcome. Are there any questions of the company auditor on the financial statements for the year ended 30 June 2024? Mr. Chairman, I have one about the financials. Paul Carey again on page 67, I think it is, where it says the share capital is AUD 3.4 billion. It says share capital AUD 3.4 billion on page 67, whereas if you look at the market capitalization on the ASX, the company's only worth AUD 215 million. So I'd ask the auditor, could the auditor explain how you get a share capital of AUD 3.4 billion when it's some disconnect there, please, Mr. Chairman? Happy to answer that. Yes. So it's not quite a question in terms of the audit, but the share capital is. Not quite a question in terms of the conduct of the audit, but the share capital and the market capitalization are two different figures. So obviously, the share capital number is the amount at origination of the investment of the shares, and the market capitalization is a market movement thereafter. So the two things won't correlate, and your better proxy to look at is actually your net assets versus your market capitalization. thing you're referring to is what we originally had when you bought the shares at AUD 5. That was then the market capitalization. That's where it goes back to. Did that answer your question? Thank you, Mr. Chairman. Yeah, it's not a pretty story on the market capitalization. And so I might ask another question in general business about the board. Please do. Please Please do. Thank you very much. The next two items of business relate to a re-election of directors. The first director candidate offering herself for re-election is Teresa Dyson, who is retiring and being eligible, offers herself for re-election. Ms. Dyson is an experienced company director with a broad range of experience across public and private sectors. She brings skills and experience in financial, regulatory, legal matters, as well as in governance and risk management to the board. Teresa's special responsibilities include the Chairmanship of the Audit and Risk Committee. Any questions on this matter? The proxies lodged for this resolution appear on the screen. Thank you. As director, the poll will be taken on this resolution at the end of the meeting. The second director offering himself for re-election. Mr. Chairman, would Ms. Dyson wish to talk to the nomination by the board? Happy to. Thanks. Yes. Look, I'm very honored to be offering myself for re-election to the board of Seven West Media. I've served as a director on the board since 2017 and Chair the Audit Risk Committee. I do have a broad other sort of portfolio of board roles and audit and risk chairmanships across many different sectors. So I feel that I'm able to bring that broader experience to bear at Seven. I think it's the industry and the company provide an absolutely critical service to the Australian community, and it's a company that I'm very, very proud to be a part of. Along with the other directors, I'm supportive of the merger proposal. And should that go through with all the regulatory and other sort of requirements, then I think it's a very exciting future for the company, but not without challenges in the sort of environment of media that we have at the moment. So I offer myself for re-election in that context. Paul will be taking that resolution at the end of the meeting. The second director offering himself for re-election is Michael Ziegelaar, who is retiring and being eligible, offers himself for re-election. Mr. Ziegelaar is a highly credentialed corporate lawyer with deep legal and commercial experience gained through advising many of Australia's largest corporate transactions. He contributes to the board's skills in corporate law, mergers and acquisition governance, finance, business, and development of the board. Michael is a member of the Audit and Risk Committee. Any questions regarding Michael? Would he wish to speak for himself, Mr. Chairman? He may well do, but he will only be a temporary member because he'll retire when the transaction goes through in December. Right. Thank you. Okay. Paul will be taking this resolution at the end of the meeting. Next item of business, item four, is the remuneration report for the company for the year ending 30th of June 2025. 25 was a solid year for the company with significant ratings achievements. However, earnings have been challenged by the current macroeconomic environment. They've actually been challenged by some very large international companies stealing a lot of revenue. Our executives delivered important achievements in line with our strategic priorities, driving digital transformation, optimizing our traditional assets, an ongoing focus on cost management, and identifying and executing an appropriate industry consolidation opportunities and defend and grow Seven West Media and cash flow for the future. However, 2025, 90% EBIT gateway set by the board was not achieved. Therefore, no awards were made under the 2025 STI plan. 2023 LTI grant reached the end of its three-year performance period, 30th of June to 2025. The award was tested against the ATSR CAGR measure, and on testing, the plan did not vest all the performance and rights lapsed. The board considers the company's remuneration framework structures are fair and competitive. The reward outcomes closely align with shareholders' interests. Subject to the conduct of the poll, approximately 11% of the shares on issue have been voted against the remuneration report. Given the structure of the company's shareholdings, its relatively low overall vote against the remuneration report will nonetheless constitute a first strike on a remuneration report this year. The board believes the remuneration of the company's executive KMP is appropriate given their responsibilities and the qualifications and experience that are required to lead this large, diversified national media organization, which is highly focused on digital and strategic transformation. In determining fixed remuneration, market and competitive alignment, business complexity, regulatory environment, and market capitalization over time are considered. The board continues to review feedback on the company's remuneration framework to ensure that it serves to attract and retain exceptional talent and meets the shareholders' expectations. Directors of the company and other key management personnel with respective closely related parties cannot vote in relation to this item except as a proxy in limited circumstances. We welcome discussion on the remuneration committee report under review. Any questions? Mr. Chairman, I'd like to ask Paul Carey again. Could the report, the remuneration report, could it include the minority shareholders paying a dividend or the price of the shares? Because while the board does a great and I don't think I'm well, I'm abstaining on the remuneration report, but I'd like to see the KPIs include either the price of the share or paying a dividend. That's my comment. Thank you. It doesn't include profit from dividends. It doesn't include, and that's the reason why there were none that were allocated. No executive got those bonuses this year because they didn't achieve the objective of our shareholders getting a dividend. It's not expressed in those terms, but that's a result of the outcome of the year's report. None of our executives achieved their bonuses. Hopefully, they will and serve the shareholders next year. Any other discussion on the remuneration report? Proxies for this resolution appear on the screen. I've been asked to advise you to vote on this resolution as advisory only. It does not bind the company or the directors. A poll will be taken at the end of the meeting. The next item of business relates to the grant of performance rights to the Managing Director and CEO to be made as part of the 2026 LTI offer under the company's long-term incentive plan. It sets out notice of meeting. FY 26 LTI plan includes a third measure, which accounts for 30% of LTI to be assessed against strategic measures. The intent of this measure is to incentivize and reward progress against the group's transformation strategy, which will enhance shareholder value over the long term. The two primary measures are relative to TSR and earnings per share growth. Under the ASX rules, shareholder approval is required in order for directors to be issued new securities under the employee incentive scheme. It is currently intended that shares be acquired on the market to satisfy any performance rights that vest. However, approval is being sought for the 2026 LTI grant to Mr. Howard to provide flexibility for the company to satisfy those rights under the LTI plan if the new shares are required. Any questions on that? All right. A right. A poll will be taken at the end of the meeting. Before we come to the end of the meeting, I'll take the polls on items two through five. I'll open the meeting up for general questions from ordinary shareholders. If there are any questions in the room, please now go to the microphone and show your card and give your name. I haven't scheduled you all off. Please. Thank you. Thank you, Mr. Chairman. Mr. Chairman, through you, I'd like to ask the board what they see as the future of the company with the market capitalization so low, only AUD 215 million, that if it wasn't for the protection of the Stokes family, this company, our company, is subject to being bought by another entity or disappearing. So through you, what do the directors see as the future of a company with a market capitalization, the shares at AUD 0.135-AUD 0.14? It's despairing for minority shareholders, Mr. Chairman. Is that the first instance for you? Can I answer that in the first instance for you? First of all, you're right, but nobody else is going to buy the company, that much I can guarantee you. We are going to merge with Southern Cross, and that will double the size of the group, and that will alleviate some of the debt problems. It will make a stronger and more balanced company. It will also give us a voice, not through metropolitan areas, but in every regional city of Australia, because Southern Cross's radio network in the region is the best in the country, and when you put that together with our regional television, our regional news, you put that together with our capital cities and Southern Cross's radio stations, we're going to have a stronger company working together to take on the bigger groups. I think you'll see that its capitalization, the market should be at least AUD 400-AUD 500 million when it's finished next month. After that point in time, I'm hopeful that the new company is going to achieve benefits. They're going to increase its share because I personally got a lot of shares, and I'd like to see them go up as well. You should pay yourself a dividend. I wish I could. When you get one, I'll get one. Promise. No more either, no less. But we will look to that. But at the end of the day, we all want the shares to go up. Management wants it. It will get properly rewarded if it gets its share price up to where it should be. That's, in my opinion, a long way north of where it is now. Does that answer your question? That's a good answer. Thank you, Mr. Chairman. Thank you. Thank you. Paul will now be taking our items. Please use your red card, which you received at registration. Cassandra Fidel from our share registry Boardroom unit has been appointed returning officer and will conduct the poll after the voting has closed. The results of the poll will be announced to the ASX later today. This concludes the business of the meeting. I now declare the meeting closed for all purposes, subject to the conclusion of the poll. Thank you for attending the Annual General Meeting of Seven West Media, and I wish you goodbye. Thank you very much.