Ladies and gentlemen, welcome to the annual meeting of Premium Brands Holdings Corporation. Ple ase note this meeting will be recorded. I would like to introduce Bruce Hodge, Chairman of the Board. Mr. Hodge, the floor is yours. Thank you, Oliver. Good afternoon, ladies and gentlemen. My name is Bruce Hodge, and I am the Chairman of the Board of Directors of Premium Brands Holdings Corporation. I will be chairing this meeting. Welcome to the annual general meeting of shareholders of Premium Brands Holdings Corporation. In order to ensure that this meeting covers all required business in an efficient manner, we have pre-arranged with Doug Goss and Will Kalutycz to move and to second, respectively, the motions of business at this meeting. This procedure is in no way intended to discourage any comments or questions from shareholders who are present today. Please note that questions can only be submitted through the virtual meeting platform. Please note that only eligible shareholders are entitled to vote at this meeting. Eligible shareholders are defined as registered shareholders who held their share in their name at the close of business on Friday, March the 19th, 2021, the record date of this meeting, or their validly appointed to vote. The meeting will now come to order. Douglas Goss will be acting as secretary and treasurer for this meeting. Sandy Hunter of TSX Trust Company will be acting as scrutineer. The notice and access notification to shareholders respecting this meeting was mailed to the shareholders of the corporation in accordance with National Instrument 54-101 on April 1st, 2021, as evidenced by the affidavit of mailing of Lenchii Kosteczka of TSX Trust Company and the registrar and transfer agent of the corporation. The affidavit of mailing of Lenchii Kosteczka will be added to the minutes of this meeting as Appendix one. As you have all received a copy of the notice calling this meeting, I would request a motion dispensing with the reading of the notice. Mr. Chair, I move the reading of the notice of this meeting be dispensed with. I second the motion. Are there any objections to this motion? As no objections have been raised, I declare the motion carried, and with proof of service of the notice calling this meeting duly tabled, I direct the copy of the notice, together with proof of service, be kept by the secretary with the records of this meeting. The bylaws of the corporation provide that a quorum for the transaction of business at any meeting of shareholders shall be two persons in present or by means of a telephonic, electronic, or other communication facility that permits all participants to communicate adequately with each other during the meeting, and each entitled to vote at the meeting and holding or representing by proxy, not less than half of the votes entitled to be cast at the meeting. I have received the scrutineer's report on attendance and can confirm that this criteria has been satisfied. Therefore, I declare that there's a quorum present at this meeting. The scrutineer's report will be attached to the minutes of this meeting as Appendix two. I now declare that this meeting is regularly called and properly constituted for the transaction of business. There will be an opportunity to ask questions regarding each resolution in turn, noting that questions may only be submitted through the virtual meeting platform. As chair, I will pause for the appropriate amount of time to allow shareholders to submit their questions. Once discussion on all items of business has been concluded, I will give you a minute to enter your votes and then declare voting will close on all resolutions. The results of the meeting will be released today and will be available on our website. We will run through each of the items on the agenda in turn, responding to questions that an item on that item of business while it is before the meeting. I now declare the polls open on all resolutions. The next item of business is the presentation of the corporation's audited financial statements for the financial year ended December 26, 2020, together with the accompanying report of the auditors. The corporation's financial statements for the financial year ended December 26, 2020, together with the auditor's report thereon and management's discussion on the matter regarding same, were filed with SEDAR on March 11, 2021, and are available for viewing and/or printing at no charge on the SEDAR website at www.sedar.com. Copies of the corporation's financial statements together with the auditor's report were also made available on the corporation's transfer agent, TSX Trust Company's website. As you no doubt have had an opportunity to review this material, I would request a motion on dispensing with the reading of the financial statements and the auditor's report. Mr. Chair, I move the reading of the corporation's financial statements for the financial year ended December 26, 2020, together with the auditor's report thereon, be dispensed with. I second the motion. Are there any objections to the motion? As there are no objections to the motion, I declare the motion carried. The next item of business is the appointment of PricewaterhouseCoopers LLP, as auditors of the corporation, and I ask for a motion in this regard. Mr. Chair, I move that PricewaterhouseCoopers, Chartered Professional Accountants of Vancouver, British Columbia, be appointed as auditors of the corporation until the close of the next annual meeting. Until a successor is appointed, up remuneration to be determined by the board of directors of the corporation. I second the motion. The motion is open for discussion. You have heard the motion, and if there's no further discussion, I would ask that anyone who has not previously voted their shares in this regard, please do so. The results of the vote will be announced later in the meeting once all of the votes have been tabulated. The next item of business is fixing the number of positions on the corporation's board of directors. I would request a motion in this regard. Mr. Chair, I move that the number of directors of the corporation be elected at this meeting be fixed at no more than eight. I second the motion. You have heard the motion, and if there's no further discussion, I would ask anyone who has not previously voted their shares in this regard, please do so. The result of this vote will be announced later in the meeting once all of the votes have been tabulated. It is now in order to proceed with the election of directors. Management's nominees for election as directors of the corporation are listed on pages 17-24 of the corporation's information circular. They are Sean Cheah, Johnny Ciampi, myself, Kathleen Keller-Hobson, Hugh McKinnon, George Paleologou, Mary Wagner, and John Zaplatynsky. The shareholders of the corporation have been asked to either vote for or to withhold their vote for the election of each of management's individual nominees. Each director elected today will hold office effective as of the completion of this meeting until the close of the next annual meeting of shareholders, or until his or her successor is duly elected or appointed, unless his or her office is earlier vacated in accordance with the articles of the corporation, or unless he or she becomes disqualified to act as a director. Proxies have been received sufficient to elect all of management's nominees. If shareholders present have other nominees they wish to propose for consideration, the board will be pleased to receive their names for consideration for future elections. In light of this, are there any further nominations? Mr. Chair, the virtual platform would suggest there are no further nominations. Thank you. I now declare the nominations closed. Mr. Goss? Motions. Thank you. I move that Sean Cheah, Johnny Ciampi, Bruce Hodge, Kathleen Keller-Hobson, Hugh McKinnon, George Paleologou, Mary Wagner, and John Zaplatynsky be appointed as directors of the corporation to hold office until the close of the next annual meeting of shareholders, or until each of their successors is elected or appointed. This is George Paleologou. I second the motion. You have heard the motion, and I would ask that anyone who has not previously voted their shares in this regard, please do so now. The results of this vote will be announced later in the meeting once all of the votes have been tabulated. The next item of business is the approval of the advisory resolution respecting corporation's approach to executive compensation. As outlined on pages seven and eight of the information circular, the board, through the Compensation and Human Resources Committee, is responsible for formulating and monitoring the effectiveness of the corporation's executive compensation program. The board believes that the corporation shareholders should have an opportunity to express their opinion on the corporation's executive compensation program by voting for or against the resolution set out on page seven of the information circular. As this is an advisory vote, the result of this vote will not be binding upon the board. However, the board and the Compensation and Human Resources Committee will consider the outcome of the vote as part of their ongoing review of the corporation's executive compensation program. In order to meet the requirements of the Canada Business Corporations Act, this resolution must be passed by a majority of votes cast by shareholders of the corporation. As you have all had a chance to review the resolution prior to the meeting, I would request a motion dispensing with the formal reading of this resolution. Mr. Chair, I'll move the formal reading of the resolution approving the corporation's approach to executive compensation found on page seven of the information circular be dispensed with. I second the motion. Are there any objections to this motion? As there are no objections to the motion, I declare the motion carried. I would ask that anyone who has not previously voted their shares regarding this resolution, please do so. The results of this vote will be announced later in the meeting once all of the votes have been tabulated. I would now advise that we are closing the polls. It is 1:45 P.M. Pacific Time. I will close the polls with respect to all resolutions in 30 seconds to allow all online votes to catch up. The polls are now closed. While the ballots are being tallied, we will receive a brief update on the corporation's operations from George Paleologou, our President and Chief Executive Officer, and Will Kalutycz, our Chief Financial Officer. Thank you, Bruce, and welcome everyone to our 2021 AGM. Hopefully, you all have the presentation in front of you. Our CFO, Will Kalutycz, and I are going to take you through a formal presentation followed by Q&A. This is the second AGM by video conference, and hopefully the last, as we love meeting you, our fellow shareholders, in person. Slide two and three are standard disclaimers as usual on slides two and three. Slide four, a s you can see, it's been quite a journey over the past 16 years. We've grown substantially from humble beginnings. We began with eight operations located mainly in Western Canada, and we have now expanded across Canada and the U.S. Our overall platform now includes an investment in a dry cured meats company located in Parma, Italy, and also includes seafood assets in the U.K. and in Argentina via our investment in Clearwater S eafoods. Next. Slide five, o ur vision is very simple and straightforward. We want to invest in and support companies that are doing really good things in the food space. Slide six, m aking great quality food and taking care of our people, our communities, and the environment is also good for business. Over the past 16 years, we have delivered a 23% compounded annual return to our long-term shareholders. As you can see in this chart, our stock chart correlates well with the growth in our free cash flow per share. Slide seven, w e invest our capital carefully and responsibly. We're diversified across many parts of the food space. We sell our products globally. We back incredibly talented people, we support them over the long term. We don't buy businesses to flip them, we're not afraid to invest in state-of-the-art technology and best-in-class operations. Slide eight, o ur core values and guiding principles, our common DNA, as we call it. We understand our responsibilities to our communities and to the environment. We support regenerative agriculture, the humane treatment of animals, the sustainable stewardship of our fisheries, and most importantly, we prioritize the well-being of our people. Slide nine, 2020 was a year like no other. Crisis management every day. Everything that could go wrong, did. We were stress-tested to the maximum every day. Thanks to our unique culture and great people, we persevered. We're emerging from this nightmare stronger and more resilient. Our first comprehensive ESG report is due to come out in June of this year. We're committed to achieving carbon neutrality, and we'll be disclosing targets and objectives in our upcoming ESG report. We're also committed to producing authentic food that is healthy and nourishing. We understand that climate change represents a significant existential risk to our business and to the world as we know it. We believe that our passion for regenerative agricultural practices, combined with our stated objectives to help reduce food waste while producing satiating nutrient-dense food, will improve both the environment and human health, and also help reduce food insecurity. We believe strongly that humans cannot thrive when nature around them suffers. Our company, Yorkshire Valley, is a proud sponsor of various organic and regenerative agriculture initiatives, including being the lead sponsor of the Canadian Eco-Scholar Award. The following video introduces you to some brilliant student contestants and gives you an idea of why we're so excited to support the regenerative agricultural movement. Video. [Presentation] Slide 14, s ales channel diversification remains a key obj ective. Our progress over the years in this area was a key factor in helping us pivot our capacity to new customers when the pandemic decimated demand in certain food service related channels. A map of the locations of our various operations in North America. For next year's AGM presentation, we will replace this map with a more global map showing some of our operations around the world that came with our recent investment in Clearwater Seafoods. Our U.S.-based sales continue to grow. For Q1 2021, our U.S.-based sales in our specialty foods division exceeded our Canadian-based sales for the first time. We have tremendous runway to grow our business in the U.S. for many years to come. Slide 16, we were very active with acquisitions during 2020, and we remain very active in 2021. We're very well-positioned to take advantage of the various opportunities that will be created from the great reopening of the various economies around the world. We're emerging out of the pandemic stronger, bigger and more resilient. Many of our platforms have reached or are close to the billion-dollar mark in terms of sales. Our platforms are well-positioned for further growth by expanding capacity and by driving great innovation. Slides 18 to 23, our protein group thrived during 2020 as consumers prioritized quality and convenience. The next few slides show you some of our exciting new products we launched during 2020 and 2021. Slide 24, our sandwich platform had a rough start to the year in 2020, but rebounded nicely as the QSR channel came roaring back. We're continuing to invest in automation and robotics as a way of building on our many competitive advantages in this area. The next slide shows you some of our artisan panino, wrap, and sandwich products, followed by two videos that demonstrate the progress we're making in automating our panino and sandwich lines in the U.S. The Generation three line in our sandwich group. We're now on slide 28, our seafood platform took tremendous strides over the past few months with our investments in Allseas, Starboard, and of course, Clearwater Seafoods. Our seafood platform is very well-positioned to grow as economies around the world reopen. In fact, our overall seafood group delivered a record quarter in Q1 2021, driven by the reopening of food service channels in the U.S. and in China. Slide 29, t his slide demonstrates our unique vertical integration capabilities from ocean to plate. We have access to best-in-class seafood resources that are highly coveted around the world, but also leaders in traceability and in sustainability. Slides 30 to 33, t hese slides show you some of the progress we're making in value adding and branding some of our seafood products. We believe that we have a unique opportunity to connect the end consumer with the entire supply chain, demonstrating environmental stewardship, sustainability, and traceability in an area that often lacks these important attributes. Slide 34, o ur distribution platform demonstrated its resilience during 2020 by pivoting to other sales channels while continuing to support its food service customers that were impacted greatly by the various lockdowns. This platform continues to operate in a difficult environment, but it is very well-positioned to benefit from the reopening of the economy and the return of the out-of-home dining. Slides 35 and 36, a s the pictures show, our various distribution businesses continued to add capacity during 2020 and are very well-positioned for growth as the pandemic subsides. Slide 37, o ur bakery platform continues to grow and is currently investing in doubling its capacity and enhancing its ability to service its growing business in the Western U.S. Finally, on slide 39, our culinary group welcomed Global Gourmet into its ecosystem during 2020. Global Gourmet is a leading soup, protein mix, and sauce business with exciting opportunities to leverage PB ecosystem resources to grow its business in Asia and in the U.S. I will now pass it back to Will for the financial part of the presentation. Will? Thanks, George. Welcome everyone. I'm going to start my presentation by talking about the single largest challenge our company has ever had to face, and that is the COVID-19 pandemic. This first slide shows you the impact in 2020 of COVID on our company by quarter. You can see starting in the first quarter was actually a positive impact as the bump we saw in our retail sales of about CAD 15.9 million was offset by only about a CAD 9.3 million impact from lost food service sales. A net positive impact of CAD 6.6 million. Going into the second quarter of the year, you can see the dramatic impact it had on us. George referred to it earlier, CAD 132 million. Almost all our sales channels were impacted. QSR, retail, due to logistics challenges, C-store, food service, airlines, and cruise lines. This quarter accounted for 62% of the impact of COVID-19 on our company in 2020. As we move to the third quarter, you can see quite a quick recovery, driven a lot by QSR and some normalization in the boots of the retail channel and C-store channel. A bit of a bump back up in the fourth quarter as a result of food service related events being canceled, year-end events being canceled. Overall, for the year, roughly a CAD 212 million impact on the company, and like I mentioned earlier, certainly the greatest challenge we've ever faced. Next slide. The good news is that when you strip away the impact of the pandemic, many of our businesses generated very strong organic growth in 2020. The chart illustrates the solid blue line, our actual organic growth rate, and then the dotted line normalizes for the impact of COVID, that the business is impacted by COVID. You can see that when you look at the businesses normalized for COVID, we had pretty consistent growth of high single digits, low double digits over the last five quarters. This is really showing the underlying strength of many of our businesses that's been masked by COVID. There's been four main drivers of this growth. One is our strategic focuses on our focus on product categories benefiting from a number of consumer trends. These include meat snacks, artisan sandwiches, seafood, charcuterie, cooked protein, artisan breads, all the categories that George went through earlier. They're benefiting from consumers' demand for convenience, high quality, protein rich diets, and healthier eating. The next driver has been investments we've made in capacity in the last several years. We've invested about CAD 230 million in incremental capacity supporting those categories. Late 2019, 2020 were the years where we started gaining traction from many of those investments. Thirdly has been our US expansion, which has been a tremendous success. Essentially, it's taking all of our unique differentiated products and into a bigger market that's being driven by the same trends that has driven our past success in Canada. As George mentioned earlier, with the success in our specialty foods segment, we are seeing tremendous growth there. Finally, acquisitions. We've invested about CAD 1.2 billion in acquisitions over the last several years. Generally with them come a whole host of organic growth opportunities, from accessing new products with existing products and brands, to new products for our distribution networks, to leveraging the brands of the newly acquired companies. Next slide. Talking about our revenue for the quarter. We generated sales of CAD 4.0689 billion For the year, representing about CAD 420 million of growth or a 11.5% increase. Stripping away acquisitions, our organic growth for the year was about 5.9%, despite the impacts of the pandemic. If you lo ok at the bar that's labeled 2020 N2, in that bar, we've normalized for the COVID impact, the CAD 212 million I talked about earlier. You can see on that basis, we would've generated about CAD 4.3 billion in sales, which would translate to about 11.6% in organic growth. Again, reflecting the traction we're gaining in those underlying businesses and the investments we've made in the last several years. Another normalization we've added to the chart, we call it 2020 N1, which is very interesting, is all we've normalized for in this number is for the impact of Q2, as you saw earlier, which accounted for 62% of the COVID-19 impact in 2020. Normalizing for just that, we would've had CAD 4.159 billion in sales, representing a 14% increase from 2019. Interestingly, if you compare that number to our original guidance for the year, and I should say in that normalized number, we also stripped out the impact of acquisitions made during 2020. When you look at that number and compare it to our original guidance for the year, you can see we're well above the CAD 4.075 billion top end of our range. Again, just another indicator of the strong fundamental growth happening beneath the noise of the pandemic. In terms of our CAGR over the last 10 years, you can see we've grown our sales at about 22.5%. Again, combination of organic and acquisitions growth. Last comment on the slide is on the far right, we show our 2023 targeted sales. This is from the five-year targets we set back in 2018, CAD 6 billion in sales. With that, I'll flip to the next slide, which gives you a bit of a roadmap of how we see getting to that CAD 6 billion in sales, a number we're very comfortable with. We start with our 2020 actual sales of CAD 4.068 billion. We normalize for the COVID-19 impact, which we are very bullish on once the economy starts opening up, seeing a nice recovery there in our food service businesses. We annualized for acquisitions completed in 2020 or a nnounced in 2021, which is about CAD 325 million. The next number is a bit of a calculated number. We looked at, starting from our CAD 4.068 billion in sales. We added 6% compounding growth for the next three years, 2021, 2022, and 2023, to take us to our 2023 sales target. That gave us about another CAD 840 million in growth. To put that 6% target in context, that's a volume target. In the last two years, normalizin g for COVID-19, we've grown at about 9.7%. If you look over the last 10 years, our nominal growth rate has been about 7%-8%. We're very comfortable with that 6%, a nice conservative number. Finally, the plug to get us to our CAD 6 billion target is acquisitions. We need about CAD 550 million in acquisitions. The reality is, when you look at our acquisitions pipeline today, in what we call our advanced bucket, these are acquisitions where we have a term sheet. We're well down the road in negotiations and are very confident on closing the transaction. That accounts for about CAD 342 million in revenue. A good chunk of that CAD 554 million, which again, is a three-year number we need to achieve. Also, to give a little context to that number, over the last three years, we've added about CAD 422 million in annual sales per year from acquisition. Again, very confident in that number, and that gets us to that CAD 6 billion number that we are very comfortable in achieving. Next slide. Wanted to talk a bit about the entrepreneurial culture that George mentioned earlier. George went through sort of some of the strategic initiatives we built into the Premium Brands business model to risk mitigate, business diversification, channel diversification, customer, product, geographical diversification. George also touched on entrepreneurial. This one really kind of focuses and shows you the power of entrepreneurship and how it mitigates risks and creates value within our company. The gold highlighted column is the sales and EBITDA numbers, metrics associated with our food service-focused businesses. The next three columns are three of the public broad line food service-focused businesses in North America. The final column is a niche specialty food service-focused distributor, The Chefs' Warehouse. Probably the most similar to our businesses, because ours are again, niche-focused food service distribution businesses. You can see the organic impact of the pandemic on our food service business is only about a 4% contraction in their sales relative to anywhere from 12%-30% in the case of Chefs' Warehouse. Again, showing just what an amazing job our food service businesses did in pivoting to the pandemic. We list on the right-hand side of the slide some of the things they did. Their shift in focus to retail. They developed online initiatives, cash and carry initiatives, developed new relationships with home meal solution providers, developed school lunch programs, and developed co-packing and procurement opportunities with sister companies. Just an absolutely amazing job done by these businesses and their ability to pivot in a very tough set of circumstances. It's a similar story on the EBITDA margins. You can see how much better our food service group fared relative to the comparatives. I should mention, our food service margins are also being hampered by investments we've made in infrastructure over the last couple of years, that's added a lot of overhead that had positioned them to be growing in 2020. Unfortunately, didn't see that food service growth because of the impacts of the pandemic. The reality is, this group should be a 7%-8% EBITDA margin group. Flipping over to the next slide in EBITDA. For the year, we generated CAD 312.6 million in EBITDA, a CAD 4.9 million increase from 2019, mode stly 1.6% increase. Again, the big story is COVID and the impacts of COVID. If you normalize for COVID, and we've got three buckets we look at when normalizing for COVID. One was the sales impact, which was about a CAD 47 million hit to our EBITDA during the year. We incurred about CAD 9.6 million in direct costs related to COVID. These are additional PPE inefficiencies associated with spacing and logistical disruptions relating to COVID, thank you bonuses paid to our employees and inventory issues resulting from changes in demand patterns. There was some offsetting benefits from reduced marketing, travel, and a little bit of government subsidies resulting in that net CAD 9.6 million. We also net out, we had some unusual commodity benefits because we went into the COVID situation with some heavy inventory positions were able to benefit from some of the disruption that happened in supply channels. Overall, we're looking at about an impact of CAD 50 million from COVID. You normalize for that would have given us EBITDA for the year of about CAD 363 million, just slightly above the top end of our guidance for the year of CAD 360 million so sort of in our expectation for the year. From a CAGR perspective, over the last 10 years, we've grown our EBITDA at about just a little under 21%, relatively similar to our sales of 22%. A little bit lower because of the impacts on our margins, recent investments in infrastructure, some ASF impacts, and obviously the lack of deleveraging from the COVID-19 impacts. In terms of our five-year targets and our outlook for 2023, we've got the bar on there showing our CAD 600 million target. If we flip over to the next slide, similar to the sales bridge we provided on our targets, here's a bridge for our five-year adjusted EBITDA target of CAD 600 million. We start with the 2020 adjusted EBITDA of CAD 312.6 million, normalized for the pandemic sales impact I talked about earlier. We didn't normalize for the cost impact, because once you net the commodity benefits from the incremental costs and you take into account some of the ongoing PPE costs we expect to continue to incur post-pandemic, it all sort of netted out to about zero. We added an amount for the annualization of acquisitions completed in 2020 or announced in 2021. We added in the investment income and management fees associated with our recent investment in Clearwater Seafoods. Then we added the EBITDA or contribution margin associated with the incremental organic sales growth I talked about earlier. We used a contribution margin of 20%, which is very conservative. When you look at our mix of businesses, that number runs anywhere from 15% for some of our distribution businesses to up to 35% plus for some of our value-added branded businesses. For sort of a comparison, you can see on the pandemic sales impact, it was about a 22% blend. That was lower than our general average just because a lot of the impact was in the food service channel, which is sort of at the lower end of our contribution margin spectrum. 20%, very conservative estimate there. We've added in some expected efficiency gains for 2021. We're budgeting roughly CAD 20 million. We took half of that. Just to give some context to that, in the first quarter of the year, we generated CAD 5.8 million in efficiency improvements. Again, a conservative number. The final adjustment is for acquisitions. We used an 8.5% EBITDA margin on acquisitions that we've assumed. The reality is our acquisitions tend to generate 10%-20% EBITDA margins in the specialty food group and 5%-10% EBITDA margins in the distribution group. 8.5% again, should be a fairly conservative number. With that, you can see we easily exceed our CAD 600 million target, CAD 665 million, giving us an 11%+ EBITDA margin. Again, very confident in hitting our EBITDA target for 2023. Next slide is on our adjusted earnings. For the quarter, sorry, for the year, CAD 122.7 million. You can see for the last three years, our earnings have been relatively flat. In 2019, we were heavily impacted by ASF-related issues, African swine fever, which broke out in China and disrupted the protein complex across the globe. This year, clearly COVID has been the big factor. If you normalize for COVID, you can see our earnings would have been about CAD 165 million. A nice increase there. Even with COVID, the CAGR in our 10-year CAGR in our earnings growth is about 22%. Looking at earnings per share year-over-year, our earnings for the year were CAD 3.06/ share. That was a slight decrease from last year. That's again COVID, but also we really strengthened our balance sheet during the year. We did two equity issuances. That diluted our earnings while much of that capital had not been put to use by the end of the year. You'll see later on, we have now put a lot of that capital to work. That weighed on our EPS, and we should see some significant improvement in the quarters to come. Normalizing for COVID, our EPS would have been about CAD 4 a share, which would have been, even with the share dilution, a nice increase of about 20% year-over-year from 2019. Next slide is capital allocations. For the year, for 2020, you can see we allocated about CAD 255 million in capital. Most of that was for acquisitions, CAD 145 million, and then the balance for six major capital projects, as well as CAD 35 million for a range of smaller project CapEx. Of the six major projects, three were completed by the end of the year. Our Harvest Yorkton meat snack capacity expansion and the new panino line at SK Food Group, which George Paleologou showed you a video of, and the new Gen two automated sandwich line also, which you saw a video of earlier. Total spend in 2020, because some of those capital projects will carry over to 2021, was CAD 210 million, CAD 145 million in acquisitions, and CAD 66 million in project CapEx. Subsequent to the year, you can see much of that capital we raised in 2021 was put to work. Acquisitions, we've invested CAD 485 million and announced three major capital projects, including a major expansion of meat snack and premium processed meats capacity at our Ferndale plant in Washington, and two brand-new third generation sandwich lines in our sandwich group, again, which were shown in the video. That'll bring our total capital allocation for 2020 and the first part of 2021 to about CAD 800 million, a little over CAD 800 million. I should note, our expectations around this investment is a 15% internal rate of return, and we calculate that on an after-tax basis, unlevered, using 10-year plus models. What tends to happen is, in the early years, until these initiatives gain traction, they tend to weigh on our returns, on our earnings per share, our cash flow per share, our return on net assets. As the investment develops, then you see those returns coming in the later years. Flipping over to RONA. Four lines on this chart. I'll just give a quick explanation of them. The black flat line at the top is our targeted long-term average RONA, which is 15%. The bottom blue flat line is our weighted average cost of capital, about 11%. In that weighted average cost of capital, we use a 15% cost of capital for our equity. That's what we want as a minimum return to our shareholders. The gold line is our RONA by year, and then the green line is a rolling five-year average. For 2020, you can see, unfortunately, our RONA fell below our weighted average cost of capital. It came in at 10.2%. Again, three major factors contributing to that is our recent investments. A lot of capital is invested in from 2017 to 2020. A lot of those investments are just starting to gain traction. 2020 was a key year. You saw that in that underlying growth when we stripped away the COVID impact. We should see those returns starting to pick up in our RONA in coming years. Also, COVID was obviously a major impact on our return on net invested assets for the year. In terms of normalizing for that in the year, if you take out the COVID impact as well as a couple of capital projects that were still in progress during the year, our normalized RONA is about 12.5%. Nicely above our WACC, our weighted average cost of capital, but still some work to do to get to that 15% target. On a five-year rolling basis, we finished the year at about 13.7%, or normalizing for the COVID and capital projects I mentioned earlier, it'd be about 14.1%. Approaching back to that 15% level. Turning now to our balance sheet and our liquidity. We finished the year in an extremely strong financial position. This is what was weighing on our EPS, weighing on our RONA. We had almost CAD 900 million of excess credit capacity at the end of the year. Our senior debt EBITDA ratio was 0.6 to 1. The target for that ratio for us is 2.5 to 1 to 3.0 to 1 over the longer term. Our total debt EBITDA ratio at the end of the year was 2.2 to 1. Our target for that ratio is 4.0 to 1 to 4.5 to 1. The difference between those two ratios are our convertible debentures, I'll talk a bit about those on the next slide. Normalizing for the capital we put to work after year-end, which I talked about on that earlier slide, we still come out with a very strong balance sheet. We would have CAD 600 million in available credit capacity, a senior debt EBITDA ratio of 1.9 to 1, and a total debt EBITDA ratio of 3.3 to 1. The company's in extremely good financial health. Turning to the next slide. This is sort of the follow-up pro forma calculation to the bridges we did on the five-year targets. This is kind of reflecting the capital associated with some of the assumptions behind those bridges. What we've done here is we started with our 2020 closing balance sheet. We had roughly CAD 194 million in senior funded debt. Our 0.6 senior debt EBITDA ratio and CAD 883 million in unused credit capacity. We added in the financing associated with the announcement, the announced acquisitions after year-end, some capital associated with our plant efficiency initiatives, and then based on the assumed acquisitions number and an 8.5x multiple paid for those acquisitions, what it would cost to purchase them, that worked out to about CAD 400 million. That would leave us with about CAD 1.1 billion in debt, 2.7 senior debt EBITDA ratio, and still about CAD 200 million of excess credit capacity, as well as the ability to expand our credit facilities given the fact of the acquired and growth EBITDA. Very well-positioned still, even after completing out on those capital expenditures. Again, the basic message being that we are in a position to execute on our CAD 6 billion plan without going back to the market. Next slide, just a few comments on our convertible debentures. For us, we view convertible debentures as an equity strategy. Effectively, we're raising equity at a premium, i.e., the convert price on the convertible debenture when we raise it versus doing a straight equity issuance, which is generally at a discount to the market. We have done nine of those so far. It is an equity strategy, so our objective is to force conversion as soon as we can. We've done that with six of the nine issuances. They're almost entirely converted to equity. You can see on the list there, our seventh issuance, Series F, is now well into the money. The conversion price of CAD 107, well below our current trading value. Unfortunately, we can't force conversion until the end of the year, or if sooner, we have to have a 125% share price relative to the conversion price. Our shares would be needing to trade at about CAD 134 in order to do that. That prerequisite goes away at the end of the year, we fully do expect to be converting these shares in the relatively near future or at worst-case scenario, earlier next year, leaving us with only the two remaining series of converts. Turning to the next slide, free cash flow, last slide of the presentation. Our free cash flow for 2020 was about CAD 189 million. That was a CAD 11 million increase from 2019 or about 6.2%. We're pretty pleased with that, considering the challenges of COVID. From a free cash flow per share basis, there was a slight decline. Our free cash flow per share was CAD 4.87 versus CAD 4.97 last year or in 2019. That was about a CAD 0.10/ share decrease or 2%. Again, that was driven by the dilutive impacts of the share issuances we did in 2020 as well as COVID, as we talked about earlier. In terms of dividends, our dividend rate for 2020 was CAD 2.31. That resulted in a payout ratio for the year of about 48.7%, so below our general guideline of 50%. Then subsequent to the year, we increased our dividend by 10% to CAD 2.54/ share on an annualized basis. That is the seventh dividend increase in the double-digit increase in a row, going all the way back to 2015. With that concludes the financial presentation. Back to you, Doug. Any questions? Bruce, do you want to take it from there? Yeah. Except I need to know that this is the tally of the votes, which Doug must be collecting right now. I don't have them. As an interlude, should George sing a song to the shareholders? I'm just. Sorry, we apologize for the technical problems, everyone. Just give us a second while we get Doug back on the line. Ladies and gentlemen, please stand by. You're on the speakerphone next to the mic. Okay, thank you, folks. I'm sorry, I'm not sure what's going on with our platform here, but it hasn't let me in. I'm pleased to advise the secretary of the meeting of the results. The shareholders have voted by a margin of 99.49% to fix the number of directors elected at this meeting at the ones meet. The shareholders have voted by a margin of 99.86% to approve the appointment of PricewaterhouseCoopers as auditors and have authorized the directors of the corporation to fix the remuneration of such auditors. Each of our director nominees has been elected by a margin of at least 90%, and currently effective upon completion of the annual meeting, each will hold office until the next annual meeting of shareholders, or until his or her successors duly elected or appointed, unless his or her office is vacated in accordance with the articles, or unless he or she becomes disqualified. I'd like to congratulate Sean Cheah, Johnny Ciampi, Bruce Hodge, Kathleen Keller-Hobson, Hugh McKinnon, George Paleologou, Mary Wagner, John Zaplatynsky, whose petition will be appointed to the corporation's board. The shareholders have also approved the corporation's approach to executive compensation by a margin of 94.4%, which meets the required standard required for the passage of the resolution. Currently, I will declare that resolution to be carried, and would then ask that a copy of the resolution be attached to the minutes. I will also state that a full and complete report of voting results at the inspection of the meeting will be prepared and filed on SEDAR later this afternoon. Mr. Chair, back to you. Thanks, Doug. I would ask the secretary of this meeting to attach the direction of votes received by proxy from TSX Trust Company to the minutes of this meeting as Appendix four. Before I ask for a resolution to terminate the meeting, I have the pleasure, on behalf of the Board of Directors and all of our stakeholders, to extend a special thank you to George, our management team, all of our 11,000 employees, and of course, the patience and support of our employee families for guiding our company through the most challenging year of operations in its history. Your collective performance has been truly remarkable. Thank you again. If there's no further business to be brought before the meeting, I would ask for a motion to terminate this meeting. Mr. Chair, I'll move the meeting be terminated. I second the motion. Are there any objections? As there are no objections, I declare the motion carried. I declare. Thank you all for participating in this meeting today. Ladies and gentlemen, thank you for attending today's meeting. You may now disconnect.