Welcome to the seventh WAM Microcap Annual General Meeting. This is a hybrid meeting, so both online and in person here at the Museum of Sydney. I'd like to acknowledge the Gadigal people of the Eora Nation and pay my respects to elders past and present. Thank you for joining us here today and for your continued support of WAM Microcap. Before we begin, I would just like to point out the disclaimer slide, which is just coming up onto the screen in the next couple of seconds or minutes. So the disclaimer slide, yeah, there we are. Yeah, so it's a general disclaimer. It means we can only give general advice, not specific advice. My name is Geoff Wilson. I'm Chair of the Board of Directors. And joining me today are my fellow members, Kate Thorley, Adrian Siew, and Jacqueline Sullivan, or Jackie. When I thought, "Jacqueline?" Yeah, jeez, that's very official. Acting in their capacity as a moderator today is WAM Asset Management's head of finance, Ophelia Lam. And she'll be assisting in addressing any questions that are asked online, but also here in the room. Richard King, our representative of our auditor, Pitcher Partners, is here. So if you have any specific questions that require the auditor to address, Richard is your man. It's just a little after 2:15 P.M., and a quorum is present. I declare the meeting open. The notice of meeting has been circulated to shareholders. And in the absence of any objections, I'll be proceeding on the basis that the notice has been read. I encourage you to read the chairman's address, which we emailed out early this morning. It's also on the ASX. But if anyone didn't receive the email, please go onto the Wilson Asset Management website and sign up because this is your company, and we'd like to keep you fully informed. Shareholders who have logged into the webcast with your username and password will have the opportunity to submit questions online or use the audio function and ask questions live. Also, they have the opportunity to vote online. For those that are online, you can vote at any time between when I open the voting and when I close it and submit questions anytime. If anyone online wants to ask a verbal question, then what do they have to do? They've got to wait. Oh, I was getting a bit, I was free-flowing, but now I've missed it. Oh, they've got to wait for the, yeah, they've got to wait for the audio. I just want to make it a bit more interesting so that everyone heard it for the sixth time. Yeah. They've got to wait for the audio to turn up. Obviously, for people joining us in person, please hold up your hand, and we'll bring the microphone to you. Voting today will be conducted by way of a poll on all the items, and I'll be opening the poll in a second or two. If you're voting online, then the voting will appear on the navigation bar, and simply select one of the options to cast your vote, and if you change your mind, you can change your mind at any point in time until voting is closed, and that'll just be before the close of the AGM. Now, in terms of WAM Microcap, we all see the incredibly stellar performance of the investment team since inception. Have they actually, Tobias, have you outperformed the market every year since being listed? Seven years? Congratulations. Yes. That's not a Dorothy Dixer. I was pretty sure that was a fact. I just didn't want to use it. And then a shareholder who's been doing their research catches me. Now, in terms of, so again, a really solid year last year. Well done. And in terms of the portfolio, this is the AGM for the year to June last year. We'd like to bring you up to speed with where we are and just looking at the start of this year. So we've had the first four months in terms of the data that we've announced. And the portfolio increased 8.8% in the four months till the end of October, and again, outperforming the Small Ords by 1.4%. In terms of the profit reserve, the profit reserve is just a little under AUD 0.44. That's at the end of October. It's AUD 0.438. And that's after the payment of the AUD 0.0525 per share fully-franked dividend. You'd all be aware as shareholders that yield, it's a solid yield. The share price is just trading at a slight premium NTA. There's a solid profit reserve. And as I pointed out, the team is, which is quite exceptional, outperformed for each year for the last seven years. Now, I'd like to move on to the formal part of the meeting. Geoff, can I just interrupt you quickly? Can I just get you to open the voting for everyone? Yes, yes, yes. Just as I move on to the formal part of the meeting, Ophelia, I'm going to open the voting for, A, everyone online, and B, everyone in the room. There are five items of business today that are set out in the notice of meeting, and four of those have to be voted on. The notice of meeting and explanatory memorandums were circulated to shareholders. And in the absence of any objections, I'll proceed on the basis that these items are taken as read. I note BoardRoom, the returning officers for today, and we'll conduct our poll. I further note that resolution 104 is subject to voting exclusions as outlined in the notice of meeting. The board recommends approval of each resolution. And as chairman, I'll be voting all open votes provided to me for each resolution. Yeah. We will advise the ASX as soon as the results are determined, which will be a little later today. Now, the first item of business is to receive and consider the financial statement, the director's report, and the auditor's report for the company for the year ended 30th of June 2024. I introduce you to Richard, who's representing our auditors, Pitcher Partners, here today. Are there any specific questions for our auditor or any questions on the director's report and the auditor's report for the year to June last year? Anything online, Ophelia? Nothing online, Jeff. Anything in the room? No. So resolution one is the first item that we need to vote on. It relates to the adoption of the remuneration report. If there's any questions for anyone who's online, please submit them now. The proxies, if we can just show there's the resolution to consider and if thought fit to pass the following resolution as ordinary resolution. The proxies, they're the voting on the proxies. Do we have any questions online? Nothing, Jeff. Okay. Any questions in the room? Yes. Please. One sec, Michael. Yeah. Yeah. My name's Michael King, and I reside in Hornsby. Yes. The question I want to ask is, and it's a broad-based question, is would the Wilson Group of companies, including WAM Microcap, include a as part of their financial report? Can I guess? Can I guess? Do I get a prize if I guess it? You may guess, Jeff. triple line of reporting? Yes, please, Jeff. And I would love to see some effort made on a triple line of reporting. And I'm sure you would love to explain that a little bit more than I can. So I'll leave it to you, Jeff. Oh, hey, you're putting the pressure on. You know better than me. We've got Kate, as CEO. What's that? Oh, who would like to talk about it? Kate, Jesse, or Richard? What do you think? Okay. Looks like Jessie. Thank you, and good to see you. I thought I was going to have an easy day not being on stage. Just to confirm, we're talking about the three levels of performance reporting? Got it. I mean, it's incoming. So the Australian Accounting Standards, I think, Richard, it comes in from next year. Yeah. Yeah. Yeah. I mean, probably the biggest thing for us, when you think about emissions, we're in that scope three territory. You've got sort of scope one. You've got scope two. So scope one, you're directly responsible. Scope two is your supplies, your operations. And then scope three is investments. It's probably yet to be determined the true methodology as to how we're going to account for those scope three emissions and to be able to collect the data from the underlying companies themselves. And especially when you think about WAM Microcap, where you've got smaller companies in the Australian equities market, we're going to be relying on them publishing their data to be able to then report on ours. So it's a little bit unclear. Obviously, it's coming in over the coming years. More and more companies are going to be reporting that way. We will be able to collect the data, and there will be statements that will get included in your reports going forward. It's just probably the consistency of the reporting and the data is yet to be determined just because it's going to be quite new for the Australian market. The top end of town will be quite easy. They're already doing it, probably in the ASX 200. So it's going to be a lot easier if you're investing in that part of the market to work out your scope three. Sort of as you go down the tail end, obviously, you'd be aware that when you get into those smaller companies, they're reporting and governance isn't as it is in the top 200. So we're going to be reliant on them getting up to speed to be able to collect the data and report it ourselves. Does that sort of answer your question to a degree or not to a degree? Yeah, no, thanks for that. And just through your good work over the years, what was the charity? Bush Heritage. I know we supported them. But Wilson Asset Management is carbon neutral and has been carbon neutral since 2018, is it? As in the management company, because that's our money. So we're happy to use our money to make sure that's the case. In terms of for your money, then yeah, that would be a harder thing because we'd need all shareholders to want us to use your money to offset, say, the carbon footprint of the companies we invest in. Correct. And it's getting the data on the companies, but also the companies themselves might be doing offsetting as well. So a lot of it's going to be data and collection. And we need that to then be able to work out the position of the actual investment portfolio. And we don't know what that is. Yeah. So I mean, in terms of, that's right. It would create a significant cost if we did it, which we're just not sure who wants to pay that. That's to collect the data, wouldn't it be? If we did it now. Yeah. Probably just we can't determine it now because we wouldn't be able to collect all the data. No. But thank you. Thank you for the question. Any other? Okay. So the proxies on the screen. Did we check any questions online, Ophelia? Yes, they were none, Jeff. Okay. And nothing in the room. That's great. So I now put the motion that the resolution be approved. They're set out in the notice of meeting. I'm not sure if I mentioned that I'll be voting any open resolutions as chair for. I think I did earlier. So yeah, if anyone in the room, please vote. And anyone online, please vote. Resolution two is the re-election of myself as a director. And as such, I'll pass over to Kate Thorley to handle this resolution. Thank you, Kate. Starting to fatigue. Okay. Jeff, would you like to make a short speech on your re-election as being a director of WAM Microcap? Yes. Thank you, Kate. I was one of the founding directors of WAM Microcap. In terms of the value I bring to the board is probably four and a bit decades of being involved in the finance industry. And also, I think the last probably three decades of particularly being very interested in closed-end funds and what's happening in the closed-end fund space. So I'll now pass it back to you. Thank you, Kate. Thank you. So you may now submit any questions or comments that you have on resolution two. Am I supposed to read it out? No. Perfect. Okay. The proxies received are on screen. And for the open proxies, which have been granted to the chair, I will be voting in favor of the resolution. Do you have any other questions in the room? Anything online, Ophelia? Nothing, Kate. Very good. As there's no further questions or comments, I now put the motion that Mr. Geoffrey James Wilson be re-elected as set out in the notice of meeting. If you are a shareholder or a proxy holder and eligible to vote online, could you please now vote your vote for resolution two? Thank you. And I'll now pass back to Jeff. Thank you. Thank you, Kate. Thank you. Thank you, Kate. Okay. So we've got resolution three. Great. Resolution three is the re-election of Director Adrian Siew. Adrian, would you like to say a few words? Hi, everyone. My name is Adrian Siew, and I've been a director on the board for the last four years. To those who do not know me, a bit of background information on myself. I've been in the finance industry for coming close to 30 years now. I started my career with Goldman Sachs in London as part of their investment banking team. I then joined Carlyle back in 2002 when they first started their equity business in Asia and also Australia. I ended up spending more than 10 years with Carlyle. I'm currently the CEO of Wilson Family Office. And just prior to that, I was the lead portfolio manager responsible for WAM's alternative asset strategy. In terms of my value add to the board, I really hope that the diversity of my experience, having spent most of my career in Europe and Asia working for the Americans, having really been investing across multiple asset classes, and having been on the buy side and also on the sell side, I really hope that kind of experience has added value to the discussions at the board level. And with the blessings of the shareholders here today, I look forward to continuing to be of service. Thank you. Thank you. Thank you, Adrian. And the proxies, just up on the screen, let me just put them up. For the open proxies, which have been granted the chair, I'll be voting in favor of the resolution. Are there any questions online? Nothing online, Jeff. Any questions in the room? No? I'll now put the motion that Mr. Adrian Su be re-elected as set out in the notice of meeting. Please, anyone in the room, vote, or anyone online, please vote. Resolution four relates to the approval to ratify the prior issue of 29,619,185 shares. So that is the resolution. If anyone sees the resolution is on the screen, if anyone online's got any questions, please submit them. Are there any questions in the room? These are the shares that were issued in the share purchase plan, just so FYI. Anything online? Nothing, Jeff. No? The proxies are received, or we'll show them on the screen. I now put the motion that the resolution be approved as set out in the notice of meeting. Please vote online or in person. In terms of the poll, I now declare that the poll closed and formally charge Boardroom and the count of the votes, which we'll be announcing a little later today on the ASX. And of course, I'd like to thank all the shareholders that have attended today in person and online and thank the board for their continued guidance. And actually, probably more importantly, thank Tobias and the investment team for continuing to do a stellar performance. Thank you.