For now, I'll hand over to our speaker, CEO Phil Bishop. Thanks very much. Good morning, everyone. I'm Phil Bishop, The Reject Shop CEO, and it's my pleasure to welcome you to our 2022 full year results conference call. Joining me on the call is Clinton Cahn, our CFO, who will start by presenting our full year results. I will then provide an update on the progress the team has made during the year and set out our key objectives for 2023 financial year. I'll now hand you over to Clinton. Thanks, Phil, and good morning, everyone. I'll start by walking you through the group's FY 2022 results, which are summarized on slide three and four. We've again presented our financial results in both a pre- and post-AASB 16 basis, which will assist you in comparing the result with historical performance. I should also note that the FY 2022 financial year was a 53-week period. Therefore, we have normalized our FY 2022 results to exclude the impact of the 53rd week, as this more accurately reflects the underlying financial performance of the business and allows for comparison with previous financial years. All the figures I mentioned on this call are presented. No drawn debt. In terms of dividends, the board has decided that no dividend will be declared in FY 2022, but we'll touch on capital management in a bit more detail shortly. Turning to slide five. Comparable store sales were down 2.2% on the prior period, primarily due to the adverse impact of Omicron on customer behavior during the key Christmas trading period. As mentioned at our first half results, December and January sales were unfavorably impacted by the emergence of the Omicron variant in the lead up to Christmas, which saw reduced store foot traffic with large parts of the community limiting their movement or self-imposing their own form of lockdowns amid concerns about increasing COVID-19 case numbers. In addition, sales during the first half of FY 2022 were impacted, in some instances unfavorably and in others favorably, by government imposed lockdowns in each of New South Wales, Victoria, Queensland, WA, South Australia and the ACT. Our stores in large shopping centers and CBD locations were most impacted by customer concerns around COVID, with comparable store sales down 3.6% on the prior period and down around 14% compared to FY 2020, FY 2019, which was before the impact of COVID. Metro and country stores in neighborhood and strip locations were more resilient, with comparable store sales down 1.2% on the prior period, but up 2.1% compared to FY 2019. These stores are the key focus of the company's future growth strategy. Pleasingly, sales have been steadily improving since March, as the impact of COVID-19 on customer behavior appears to be diminishing. The company generated positive comp sales growth during the period between March and June 2022. It's also worth mentioning that during the year, and in line with our stated strategy, we opened 22 new stores, predominantly in neighborhood and strip locations in both metro and country areas. We also closed 14 mostly underperforming stores. We finished the year with 369 stores, up from 361 at the end of June last year, and 354 at the end of June 2020. Moving on to gross profit, which was AUD 313.3 million on a pre-AASB 16 basis, with gross margin% up by approximately 20 basis points on the prior period to 40.5%. We are pleased with our efforts to maintain gross profit margin, given higher raw material costs and elevated supply chain costs, with international shipping costs incurred during the period approximately five times higher than pre-COVID levels. Turning to slide six. Our pre-AASB 16 EBIT was AUD 6.9 million, which is in line with our expectations following the half year result in February and above the broker consensus estimates referenced in our June 16th announcement to the ASX. The cost of doing business continues to be well managed. Costs are up AUD 3.9 million or 1.3% on the prior period, but that represents a saving of almost AUD 20 million or approximately 6% over two years. The increase in the cost of doing business during the year comprises a saving of AUD 1.8 million in store expenses, offset by an increase in admin costs or head office costs of AUD 5.7 million. It's worth noting that savings have been achieved in both store expenses and admin expenses over a two-year period, with those costs down approximately AUD 15 million and AUD 3 million, respectively. The increase in admin expenses in FY 2022 primarily relates to supporting growth, which includes investment in technology as well as bolstering our store support center team. During the year, store labor reduced from 13.9%- 13.7% of sales, while store occupancy costs reduced from 14.7%- 14.4% of sales. Both of these are in line or better than our stated targets, which is pleasing given sales were lower than the prior period. I also note that store expenses include the operating costs associated with opening and closing stores. These costs totaled approximately AUD 3.8 million during the year, up from AUD 2 million in the prior period, and include the non-cash write-off of assets associated with store closures. Depreciation reduced by approximately AUD 1,500,000 compared to the prior period, mainly reflecting the full year impact of a number of non-store assets which were fully written down in the prior period. Turning to slide seven. The company's balance sheet remains strong, with a cash balance of AUD 77,500,000 and no drawn debt during the year. This compares to a net cash position of AUD 73 million at the end of June last year. We were also compliant with our banking covenants at the end of the period. Inventory closed at AUD 113 million, which is up from AUD 99.8 million at the end of last year. Inventory is expected to continue to increase as a result of cost price inflation. However, we are comfortable with the level of inventory in the business with the number of units or physical stock down 7% compared to this time last year. Turning to slide eight now. Further to our announcement on June 16th and given our strong balance sheet, we're announcing an intention to undertake an on-market share buyback of up to AUD 10 million. The buyback is expected to commence next month. Based on yesterday's closing share price of AUD 4.51 per share, a buyback of AUD 10 million represents the repurchase of approximately 2.2 million shares or approximately 5.8% of issued capital. The total number of shares to be purchased under the buyback will be dependent on business and market conditions, and the company may, at its discretion, vary the size of the buyback to up to 10% of our issued capital. In light of the board's decision to undertake an on-market share buyback, we have decided that no final dividend will be declared in FY 2022. We will continue to assess our dividend policy, including in the context of our broader capital management strategy, and will provide an update on dividends at our half year results in February next year. On to slide nine. Pleasingly, the company has generated positive comp sales growth during the first seven weeks of FY 2023. Although I do note that sales in the prior period were adversely impacted by various lockdowns in several states. At this stage, it appears that customer concerns around COVID-19 continue to decline, and customers are becoming increasingly confident to go out and shop, albeit customer foot traffic is still below pre-COVID levels. That being said, we remain cautious in relation to how rising COVID cases may impact customer behavior and confidence. Australians are facing significant cost of living pressures driven by interest rate rises, elevated gasoline prices, and broad-based consumer goods inflation. We recognize the opportunity for The Reject Shop to play a more significant role in offering low-price products to its customers at a time when so many Australians are facing significant cost of living pressures. We also continue to navigate the challenges of operating in a rising cost environment. Our focus in FY 2023 will be on generating comp sales growth, which is expected to be supported by an improved product offering with more deals on branded Consumables as well as new and exciting General Merchandise. We also remain focused on managing the impact of inflation on gross profit margin and operating costs. We'll continue to look for new store locations where we can conveniently serve more Australians and are planning to open up to 25 new stores during FY 2023, including approximately seven in the first half. We also expect to close five to 10 underperforming stores during the year. Most of these closures are consistent with our stated intention to close stores that are loss-making or where landlords seek rents that do not reflect customer foot traffic, especially at large shopping centers and CBD locations. We have determined not to provide specific profit guidance for FY 2023. This takes us to slide 10, where I'd like to share with you our key takeaways from the FY 2022 result. First, sales were challenged during FY 2022, with customer behavior disrupted by the emergence of the Omicron variant in the lead up to the key Christmas trading period, as well as COVID lockdowns in six states and territories. There was further COVID-related disruption in the domestic and international supply chain during the year, with international shipping costs incurred during the period being approximately five times higher than pre-COVID levels. Pleasingly, notwithstanding these challenges, our stores remained open during lockdowns. We prioritized the safety of our team and customers. We improved gross profit margin. The cost of doing business was well managed, and we continued growing our national store network. Finally, we enter FY 2023 with a strong balance sheet, including AUD 77,500,000 in cash and no drawn debt, as well as with positive sales momentum. In addition, we continue to work hard to manage the impact of inflation on our margins. I will now pass back to Phil to talk about the strategic operational progress we made during the year, as well as our key areas of focus for FY 2023. Thanks, Clinton. I'm conscious this is the first time speaking with many of you, so I thought I'd start with a very quick intro. My retail journey started nearly 30 years ago when I joined my local Target store as a people greeter. Since that time, I've worked across different retail sectors and markets with a strong focus on building great teams to deliver a very clear winning customer proposition. Most recently, I've spent almost 10 years at Wesfarmers across Officeworks and Bunnings. I would like to say how excited I am to be joining The Reject Shop at such a pivotal point in its journey. While there is still lots to do, I'm pleased at how well the company is positioned, and thank the team where they've got to in undertaking over the last two years to improve the cost base, strengthen the balance sheet, and grow the national store network. In a moment, I'll set out our key focus areas for FY23. First, I'll ask you to turn to slide 11, where I'll talk you through key highlights the team have been able to achieve during FY22, a challenging year for all Australians. I should start by saying that during the year, our customers, our team, our business were challenged by the uncertainty and volatility associated with COVID-19. During the first half, we endured lockdowns in almost every state and territory, with temporary closures at stores due to team member illness and having to deal with unprecedented disruption right across the domestic and international supply chains from the factory all the way to the store shelf. However, we were pleased to be able to continue trading throughout each lockdown. The emergence of Omicron variant saw large parts of the community limiting movement or self-imposing their own form of lockdown during key Christmas trading period and the January summer holidays, which, as Clinton mentioned, adversely impacted sales during December and January. If this wasn't enough, communities in Southeast Queensland and many parts of New South Wales suffered from flooding in February and March, which resulted in three of our stores being significantly damaged and two permanently closed, while also disrupting our supply chain in that part of the country. Finally, as we saw globally, the cost of goods continues to increase due to the high raw material costs and elevated supply chain costs. While our team is working hard to ensure our business can manage these elevated costs, we also know that inflation, together with interest rate rises and elevated petrol costs, means that our customers are facing significant cost of living pressures. This represents an opportunity for The Reject Shop, as I believe the discount variety sector has an important role to play in helping Australians navigate this difficult economic time. As Australia's largest discount variety retailer, I believe The Reject Shop can have a meaningful impact on offering our customers both branded Consumables as well as exciting General Merchandise at low prices. Aside from navigating challenging and volatile macro environment, I would also like to recognize a few key achievements throughout the year. We said that we continue to focus on customer and team safety, especially given the impact of COVID. We ensured all of our stores were safe to remain open through the various state lockdowns, including the extended lockdowns in Victoria and New South Wales. Inflationary pressures such as escalated supply chain costs and increasing raw material costs are a challenge that are affecting all retailers. This is a challenge for our business in the short term, but are working hard to maintain our value proposition. This means absorbing as much of these costs as possible while selectively reviewing prices to maintain margins, as well as working with our suppliers to introduce new products sourced from all around the world and locally that represent great value. I'm proud of, what our team have been able to do to improve our margins throughout FY22, and we are working hard to protect gross profit margin going forward. We said that we would close underperforming stores, build a pipeline of replacement and growth stores, and reduce occupancy costs through lease renegotiations. As Clinton mentioned, we opened 22 new stores and closed 14, mostly underperforming stores during the year. We also renegotiated approximately 125 leases that were either in holdover or expiring during FY22, with a further approximately 125 leases to be renegotiated in FY23. These renewals continue to represent an opportunity for us to rebase our rental expense. We flagged our intention to spend AUD 5 million in FY 2022 to improve our systems and technology, as well as prepare for growth. We have bolstered our store support center teams across merchandise, property, store development, IT, and supply chain to support our growth plans. Our largest strategic project involved upgrading our inventory replenishment system, which is now complete and will allow us to increase the number of products we have on replenishment and in turn, improve availability in store. We've made changes we committed to in our stores. This includes rolling out common shelving to improve safety and labor efficiency, as well as introducing Wow Bins at the entrance of each store, which showcase our great value products at AUD 1, AUD 2, AUD 3, and AUD 4 price points. Finally, we continue to prioritize the development of our team. We are proud to say that approximately 85% of all new store managers appointed in FY22 were promoted internally. Despite the series of macro challenges that we faced this year, I'm proud to be leading a team of over 3,500 dedicated and committed team members who have worked hard to ensure that The Reject Shop delivered results for its shareholders in FY22 and helped Australians to save money every day. Turning to slide 12. I believe there is a significant opportunity to grow The Reject Shop by ensuring we maintain and build trust with our customers by becoming more relevant to their needs. In summary, our focus for FY23 is simple. We will continue to evolve our merchandise offer by further enhancing our low price position and continuing to differentiate our offer through more special buys, newness, and variety. This will in turn drive comparable store sales growth through bigger baskets and more frequent visits. We will continue to expand our national store network with a focus on providing customers with even more convenient locations throughout Australia where they can shop and save, with a plan to open up to 25 new stores in FY23. We will continue to work hard to maintain gross profit margin and manage the cost of doing business in a high inflation environment. Finally, we'll continue to explore and invest in strategic projects across the business, particularly in supply chain and technology, which minimize risk, enable growth and improve our customers' experience. To conclude, I'm excited that as a team, we make a difference to our customers, our team members and shareholders. I look forward to The Reject Shop delivering an improved and differentiated merchandise offer that strongly appeals to our customers, which I am confident will deliver comparable store growth and create value to our shareholders. I would like to thank all of our team for their efforts over the past year, and I am very excited to be working with them in FY 2023 and beyond to serve our customers and help them save every day. Thank you to all of our team members across the country. To our shareholders, thank you for your patience and long-term commitment to our business. We are determined to deliver sustainable growth. This is the end of our prepared presentation. I will now hand you back to the operator to open up the call for questions. Thank you, and welcome to the Q&A session. To ask a question, you can do so by pressing star one on your telephone keypad and wait for your name to be announced. Star one on your telephone keypad to queue for a question. We'll just pause a moment to assemble a question queue. For those of you who had already queued with star one earlier, reminder, if you press star one again, that will take you out of the queue. Please star one to queue for a question. Our first question comes through from James Bales from Morgan Stanley. Please go ahead, James. Hi, guys. A couple of questions that I had. Firstly, you talked about the softer performance in shopping centers vs metro and regional. Can you maybe give some color on how the comps have started for those shopping center and CBD stores as you've seen reopening in early FY 2023? Hi, James. Good morning. We are seeing an improvement in our large centers. There are 45 of them. We'll talk to March and June, firstly. Sales were actually up 1.8% year-on-year between March and June in those large centers, but they were down 11% on pre-COVID levels on FY 2019. Transactions are still quite a way down, so between March and June down 9%, but down 25% on FY 2019. I think what's probably most significant about these stores is rent to sales at these stores is over 20%, and the store contribution margin is about 5%. Just to give you some context, if we compare that to our neighborhood and strip stores, those stores were up 4% year-on-year and 3.5% vs FY2019 vs March and June. Transactions were down at those stores as well. However, rent to sales is 11% and our profit margins there are closer to 13%, which hopefully gives you a sense of why we're focusing our new store strategy on those stores. Got it. Maybe when we're looking forward into comps and also gross margin, can you maybe talk through firstly your confidence into the Christmas period with that sort of predates the buying team that you've got in charge now? What we should expect in terms of how a sort of more variable product range vs the staple strategy means for comps and gross margins going forward. Sure. Maybe just, let's talk about the first half first, if we think about last year's first half, 'cause we're talking comps. July and August last year, as in FY 2022, were adversely impacted by six to eight lockdowns, six of which were short lockdowns, which hurt our results, and then two extended lockdowns, one in Victoria, which was quite favorable, and then one in New South Wales, which was mixed. Irrespective of what we do, there's an opportunity for us to comp positively in July and August. September, October will be a bit more challenging 'cause that was when we did have the extended lockdown in Victoria. Moving into Christmas, Omicron hit in early December, and as we called out in our first half results and again today, that really adversely affected customer behavior through December. In our first half result, we called out that we missed comp sales of about AUD 5.5 million in December alone, and it was a similar number in January as well. There's put aside strategy, put aside product evolution, there should be a natural opportunity to get some comp growth in July and August, December, January, and then some challenges through September and October and November. I think from a product perspective, our hope is that as the product evolves, that we'll see that benefit probably Easter onwards. Albeit there'll be little bits of improvement through the year as we get more deals into the stores. From a margin perspective, you're asking the right question. I think there's an opportunity for us to improve margin as we shift away from Consumables towards more General Merchandise. We're currently 50%, just over 50% Consumables, whereas most discount variety retailers globally and in Australia would have closer to 40%-45% Consumables. You will see us head that way, over the next two to three years. However, in the short term, I think in considering the cost of living situation in Australia, we are seeing customers weigh more to Consumables, which will make it harder to grow margin through a product mix in the short term. To be clear, your expectation is that gross margins stay north of 40%? Talk about gross profit margin going forward. The 40.5% is what we're gonna work really hard to maintain in the next 12 months. There is an opportunity for us to hopefully push that up to the 41%. I think the guidance we gave for FY 2022 was 40.5%-41%. We've come out at 40.5%, and I'm happy to talk about that a little bit more. Going into this year, again, our focus is on maintaining margins in a high, high inflation, high cost environment. If we can push it to 41%, that'll be what we're working towards. Great. Thanks, guys. I appreciate the help. Thanks, James. Thank you, James. Our next question comes through from Ben Gilbert. Please go ahead, Ben. Your line's open. Good morning to you all. Just wanted to understand in terms of the inventory. Your inventory is down about 7% in unit terms. How are you thinking about planning and ordering for Christmas? Particularly, I appreciate the comments you just provided around the monthly trends. We are starting to see the value shopper come back. As you said, there's a lot more traffic coming to centers. Guys like Aldi are seeing sort of decent rebound as well. Are you still planning for growth on a comp basis through this first half? I'm just thinking how much we should read into that comment around units. Ben, probably just an overall comment, and it's— I'll be backward-looking as a starting point. Our average selling price is up materially. Naturally we've seen units drop off, and we'd expect that dynamic to continue. That being said, when it comes to events, we tend to see and we've had reasonably positive Easter, Mother's Day, winter. If I use Easter as an example, while we saw ASP growth, we saw units pretty flat year-on-year, and so we saw overall growth in Easter. Looking forward to Christmas, we are looking to grow Christmas from both a units and ASP perspective. Just in terms of your freight costs as well, we're obviously starting to see them come back a decent way. We're seeing container costs back to sort of AUD 6,000 or AUD 7,000 bucks now. When do we start to see that flow through into the P&L? Is that sort of a Q4 fiscal 2023 type story? Yeah, you're spot on. We're talking about international freight. International freight was up 70% year-on-year. It was up five times on a two-year basis, and we expect that to go up again this year. Contract rates are higher this year than they were last year. In the fourth quarter, there's an opportunity to improve that. You are right, those spot rates have come back a bit. Probably at the half year, if we were looking forward, we would have been concerned about much higher spot rates coming into Christmas. It looks like spot rates will be closer to our contract rate, hopefully. Shipping costs will still be elevated into the first half and early second half, but there's hopefully an opportunity to improve them in the fourth quarter. The one that we're also looking at though, is domestic supply chain costs. We are seeing inflation in domestic freight, fuel surcharges, cost of DCs, and those feel like they'll be with us for a little while longer too. We're managing those too. Just follow up from me, just on the Consumables side, how have you found those direct relationships that you've been trying to establish with the suppliers over the last couple of years? Are you sort of where you wanna be or has COVID and a lot of the supply chain issues adversely impacted that? I suppose where I'm getting at is that a terms opportunity and an ability to have to hold less stock as we move forward? Do you sort of improve those direct relationships with the FMCG suppliers? Yeah, I'll take that one, Clinton. So I think the relationships there are definitely something that we want to get closer with our suppliers. I suppose as a new team, we've begun engaging with them and I think developing some really strong relationships with the majors. The opportunity around inventory, I think, is probably not one that we've really considered or related to terms at this point in time because we're happy where our inventory sits. You know, the focus going forward is really about how those suppliers can help us get access to better product at better prices rather than an inventory focus. Great. Thank you very much. Thanks, Ben. Thank you, Ben. Just a reminder, if you'd like to queue for a question, now's your chance and final chance to do so by pressing star one on your telephone keypad. We'll pause another short moment for any further questions. Ben Gilbert from Jarden, your line's back open again. Sorry, guys. I've got a few others I wanna start two other quick ones. Just on the CODB side of things, how are you thinking about wages, as we move through to fiscal 2023? Similarly, could you give us an idea of your rents in terms of split, you know, across CPI plus vs sort of fixed incremental increases? Sure. Ben, I might just take this as an opportunity to talk through the cost of doing business more broadly. Cost of doing business was up slightly, albeit still down AUD 20 million over two years. We're really pleased with the way we're controlling cost of doing business. Just to step through that, labor, we were targeting 13.5%-14% of sales and landed at 13.7% of sales, notwithstanding lower sales. We're really pleased with that one. Going forward on labor, our expectation is that we'll hold that as a% of sales or even slightly improve it to, say, 13.6%. We follow the Fair Work Commission's minimum wage increases, and we have flowed those through already. They are budgeted. There's a number of initiatives in place to offset them. We're working really hard to control that cost. Obviously, just from an absolute dollar perspective, as we open more stores, there'll be a bit more cost in that labor line. We've gone from 15.4% of sales in FY 2019 to 14.5% in 2020, 13.9% in 2021, and we're pleased with 13.7% in 2022 and think we can hold there. On rent, we had a really good year from an occupancy cost perspective. It's unusual to see occupancy cost dollars reduce, and they did this year. We took about AUD 2.5 million out of occupancy costs, notwithstanding opening net 8+ stores. Occupancy costs came in at about 14.4% of sales. We were targeting flat%, so 14.7%, so that was better than what we expected. Going forward, I think we'll see occupancy costs head towards 14%, which is about a 3% growth in the absolute cost line. We'll see new stores add to the occupancy cost. Some savings coming through from closing stores, particularly some of the larger stores, and then hopefully some ongoing benefits from rent renewals. We've got 127 rent renewals coming up in the next 12 months, of which we've already completed about 32 of them. Good progress there. Other store costs which include operating costs, marketing costs and our State Manager and Regional Manager network, those are well controlled. We will see a bit of inflation there on the back of inflation. Electricity costs, maintenance costs, et cetera, as well as new stores. Those will be generally well controlled. On the opening and closing costs, those were AUD 3.8 million this year, which is a step on from last year of AUD 2.1 million, and that's predominantly opening more stores. We opened 22 new stores this year as opposed to 10 last year. That results in an additional about AUD 1 million in costs. We did write off about AUD 550,000 in fixtures and other things as a result of two stores being flooded. That's in that cost line as well. We think that cost line will be pretty flat going into next year, so at around AUD 3.5 million. That brings us to admin costs, which is our head office costs, which increased from AUD 35.9 million- AUD 41.6 million, which is below where we kinda guided to. Nevertheless it's a AUD 5.7 mil increase. 50% of that increase relates to salaries, which is a combination of, one, the labor market, but two, bolstering our teams, which we flagged over the last six to 12 months that we'd be doing that. We've bolstered our merch team, we've bolstered our store development team, we've bolstered our property team, and we've also bolstered our tech team. That's to support us in growing over the next while. 40% of that increase relates to IT and projects. The biggest one there is we upgraded our replenishment system, and we started our data center migration and improving visibility. There's more work to do on both of those in the new year. We're actually expecting admin costs to increase again and probably towards the AUD 47 million mark, in FY 2023 on the back of, again, higher salaries, further tech investment and a bit more in share-based payment expense. Hopefully that gives you a bit of a view around the P&L, the cost of doing business across the P&L. Very helpful. That's great. Thank you. Probably the one just to jump in, Ben, the one I left out was depreciation. Depreciation was AUD 12.2 million, which was a AUD 1.5 million saving, which is the same saving we saw in the first half. Going forward, we'd expect that to be about AUD 12.5-AUD 13 million. Thank you, and thank you, Ben. We have another question come through from James Bales from Morgan Stanley. James, your line's now open. Please go ahead. Yeah, maybe just one more on that, cost of doing business. You've mentioned investment in strategic growth in FY 2023. Is that included in the AUD 47 million that you just referenced? James, I think our reference to investment in strategic projects is ongoing. That's a short, medium and long-term objective. There's still lots of opportunity to make improvements across our technology and our supply chain in particular. Some of that is included in the AUD 47 million. I think if there's something else that comes up, we'll probably flag it at the first half. Assume that is included in the AUD 47 million. Okay, got it. Maybe, one last one from me on capital management. Can you maybe give us some insight into the board's thinking in terms of, pursuing a buyback rather than a dividend, and what that implies about your sort of view of the outlook or the sustainability of a dividend? Sure. James, I think probably most importantly, if we think about when the buyback. Or maybe let's start with the fact we've got a strong balance sheet. We've got AUD 77 million in cash. We are looking to grow. We've flagged 25 new stores. We wanna use our capital for new store growth and for organic growth. We've also flagged strategic projects which will take place over the coming years, so we'll need cash to do that. We've also flagged that the average unit costs are increasing, so the cost of goods are increasing. We will need some of that cash to support working capital, particularly in the first half. Nevertheless, we also recognize we've got excess capital and the board formed its view in mid-June when the share price was AUD 2.85. Formed a view that not only do we have a strong balance sheet, but the company was undervalued and at that point decided to pursue or to explore a share buyback. What's great is we get 12 months to execute that share buyback. We'll the board together with Phil and myself will form a view on valuation and we expect to buy up to AUD 10 million of shares over the next 12 months. As to why the dividends, the justification for the share buyback was the share price and the company being undervalued. As for dividends, it's something we look at. I think we're of the view that our results is not at the point we'd like it to be to support a dividend yet. We're also conscious that there's been quite a lot of change over the last few months, so it doesn't feel like the right time to be announcing something that once we announce we'd like to hold in place. It's something we'll look at and we'll revisit it in February and hope to be paying a dividend again in the near future. Great. Thanks for the color. I appreciate it. Thank you, James. Just a reminder, and your last and final chance to queue for a question with star one on your telephone keypad. We'll pause one more moment before concluding the call. If there are no further questions, I'll hand back over to the team unless we're ready to close the call. No, we're good, thanks. Okay. That concludes today's Reject Shop financial year 2022 results call. Thank you for joining us today. All participants may disconnect.