I hope I you can hear me well because I'm having you only just interrupted. What I understand is you're giving me a quick chance for an introduction. Thank you very much. I appreciate this morning, this chance to briefly introduce myself. As Tony said, I'm being proposed as the next chairman. I'm on the board of Circa since one year. I came on with the AGM one year ago, I'm a former senior executive with over 30 years in the chemical industry. Mostly leading regional and global businesses from volume polymers all the way to specialties where like fine chemicals or automotive coatings. The journey, which includes, 18 years with BASF, the German chemical company, seven years with Solvay, the Belgium company, and a few years as the CEO of the specialty lumina company, Almatis, took me also around the world. I worked in Germany, France, Spain, the U.S., and China. I'm on boards of publicly listed companies since 2014. Was back in Thailand, and in 2017, I decided to focus exclusively on these board roles, respectively advising investors on transforming chemical businesses for profitable growth. Currently, I'm on four boards, so in addition to Circa, I'm on the board of the Polish chemical company, CIECH. It's also publicly listed in Warsaw and Frankfurt, and I'm on the audit committee and chair the ESG committee. I'm on the advisory board of the private equity-owned company, Fysol, which is a small company in the glass fiber space. I'm also on the board of a U.S. startup focusing on new battery materials. My passion for sustainability is central to everything I do, and this may not surprise you once you know that I have five kids and seven grandchildren. To me, caring about what they will be living in this is central. Chemicals are part of the problem, chemicals are also part of the solution, and this is what attracted me to Circa. I hope the AGM will follow the proposal so that I can step up my contribution to the success of Circa, changing chemistry for good. With that, back to you, Tony. (crosstalk) Yes. Thank you. Right. As I mentioned, this is basically just a bit of an overview on some of the developments, some of the work that's going on in the first quarter, so January to March this year. I think, and we quite deliberately talk about the plant in Tasmania. There's been a lot of work going on in Tasmania to basically value stream mapping, looking at increasing the outputs. We're never going to end up at what we originally considered to be the volume that we had hoped for out of Tasmania. Tasmania is proving at the moment a very important part of the link between the company and the market. As we said, we've got... In the first quarter, we had Merck ordering their largest quantities of cylene. We had other companies in Europe, two others in particular, ordering in the ton quantity level as well. These are now getting into serious orders for companies moving forward with industrial trials as well as getting product to the markets in the case of Merck. We moved forward, and Philip will talk more about this. We moved forward with the strategic partnership with EKATO. EKATO, based in Germany, will be the providers of the hydrogenation equipment for ReSolute and probably FC6 going forward as well. They're an excellent company to work with and are recognized as probably being the world leaders in hydrogenation. The obvious benefits of that is that we work with them to optimize both catalyst use, yields, and everything around whole hydrogenation of levulinic acid to cylene. The dossiers for the permits, both environmental and the construction permits for ReSolute have been submitted. Philip will talk more about that shortly. The ongoing work which we've flagged in earlier calls as well with Valmet, the development work that's going on for the next plant. It's related. There's two parts of the work. There was work related to ReSolute and optimizing the process at ReSolute. There's also work going on related to side streams that will be commercially available, if you like, or the commercial volumes of some of the side streams that are coming off when we start to build FC6. The reality is that it is not large enough to spend a lot of money on purification and separation of FC6. It is a completely different commercial outcome or product. As most will be aware, we signed a capacity reservation agreement with OQEMA for the sale of cylene into the EU. Nick might talk a little bit more about that and the benefits that this is already driving into the organization with regards to market understandings. The CRCI at the University of York was launched in March. We had about 50-55 people on site for that launch, and I think it was the VC of York who opened the day, commented that was an unexpected number of people. That's not way over the usual number of people who would turn up to an event like this. It was also a very good day, and three or four new companies that introductions were made, which are now being followed up. As was alluded to earlier, we're working with a Danish technology company called Textile Change, who are purely focused on textile recycling. We're working with them with cylene. Again, Nick will mention that briefly shortly. That's really all I want to do as far as an overview at this stage. I'm gonna pass over to Tone to talk about the, yeah, basically the financial position of the business at the moment. Tone? Thank you, Tony. Good morning, everyone, and good afternoon to Australia. Mm-hmm. We will go through the quarterly figures. The financial report is out there with all the details. We will just go through the headlines here in this presentation. Yeah. As you can see, the spend in the quarter remains in line with what we have seen the previous quarters and is in line with our budgets and forecasts. We have a quite moderate cash burn in the organization. We continue to have the sales here and the operating revenue is the sales from the FC5 plant in Tasmania. We are also including grant income related to spending in the quarter. Other employee and other expenses are in line with the quarterly run rate. If you look at the balance sheet, our accumulated CapEx is now up to EUR 11.2 million. It was EUR 1.1 million capitalized in the quarter, and this is offset by grant contributions of EUR 3.5 million. We do expect the CapEx to ramp up the next coming quarters. This is exactly in line with our planning. This far we have, we are accruing grant income from especially the Horizon 2020 grant, but also France Relance and CoFun. It's also important to notice that we have been awarded EUR 20 million in grants, but we have only included here what is recognized in our spending. We still have around EUR 12 million in grants that are not reflected here. Cash as per first quarter is EUR 32 million. That's a spend of EUR 2.8 million in the quarter. That was the status as per now. Then over to Nick. Thank you, Tone. Am I there properly? Okay. Sorry, we have an echo. Okay. Yeah. Can I be heard properly now? Yes. If someone in the chat could just confirm? Yeah. Yeah, great. Okay. Yeah. Thank you. Very nice to be on the call with you all today. Yes, I would like to give an update on the activities in the first quarter from the development and commercialization function. If you remember when I spoke to you in the Quarter Four 2022 call, I was explaining that my role is based around the development of markets, of the customer interface of course, of product and application, and finally also of capability development within the company. It's those strategic priorities that have driven the activities that we've been making in the first quarter. Along those lines I will report back to you now. The first thing I'd like to talk about would be the work we're doing with OQEMA. Tony has referred to OQEMA already. You'll remember that we signed a capacity and distribution agreement with OQEMA in January. Also that OQEMA of course, for us as a young company, OQEMA has an incredibly important role and the distribution chain in fact has an incredibly important role in gaining us access to market. I've said that's a strategic priority for 2023, is developing the distribution channel in Europe. In line with that, we started immediately after signing the contract, we started a number of intensive work streams with OQEMA. I would say also specifically we have within my team assigned dedicated resource to work with OQEMA and indeed our other distributors. Amongst the first activities we've done together with OQEMA was to clarify and elaborate on how we would work together, what's the nature of our relationship, how we will approach the market, how we work together. One major activity which you would see here in the photo, the photo was taken from the European Coatings Show in Nuremberg in Germany at the end of March. There you can see my colleague who is dedicated to the distribution channel, and myself in discussion with a customer on the OQEMA booth. OQEMA had a very, very successful showing at the European Coatings Show, which is an important target market for us by the way, with Cyrene. Very, very well attended, and we were alongside them on the booth. Their booth was showcasing their company, their sustainability journey, and also their new relationship with Circa. That show on a practical point of view, did also create significant new interest and new contacts for us. Could you move on please, Dana? Yeah. Along the second strategic priority of markets and customers, I would like to just talk about two specific areas. We're working in a number of markets, as known, Cyrene has application in many markets. There is a clearly a need to focus. I would like to talk about two markets on which we are dedicating a significant part of our focus. First one, agrochemicals, and the second is textiles. The agrochemicals market interest did continue to increase during the first quarter and this is a growing trend. What we see is Cyrene showing very interesting results in crop protection formulations. That means pesticides, herbicides, fungicides. The development is that we now have a number of leading companies, international companies, many billions of EUR companies, requesting strategic collaborations with us on the back of their testing results for Cyrene. Crop protection also leads into seed coating as well. There are of course multiple applications within the world of agrochemicals, this is an important development in the first quarter. Second point I'd like to just to mention and say a few words on is the textiles industry, particularly recycling of textiles. There are some 100 million tons of textiles disposed of every year. Of course in, certainly in Europe, the filling of textiles into landfill will be prohibited as we move towards the end of the decade. Therefore there is a nascent industry in textiles recycling. All kinds of textiles have to be recycled. This is a new market, a new potential application for solvents and indeed Cyrene. We're working again here with a number of different companies. Tony has mentioned Textile Change before. Textile Change is a Danish startup, which has patented processes for the separation of blended textiles. Blends of polyester and cotton, which accounts for a large majority of textiles used. They've discovered a way to produce two clean streams from those textiles, a cellulose stream and a polyester stream, and also the discoloration of the textiles using Cyrene. It's not only one company, we're working also with other companies. There are companies in different textile areas. For example, there's the pure cotton area of denim. Evidently, a huge market. And a number of different areas around textiles, again, in which we're working with a number of companies. What we also have seen in the first quarter is a steady stream of new patents coming out. From the use of cyrene in the textiles area. Apart from those for Textile Change, also patents around the separation of spandex, nylon, cotton, and so on. So a lot of activity in the textiles recycling area, which can be an important market for the future. Finally, in the areas of product development and capability building, I'd like to just say a few words about the launch of the CRCI, the Circa Renewable Chemistry Institute. As mentioned by Tony, we had the launch event at the end of March. I'd like to just mention what is the CRCI for? It has longer-term ambitions, of course, longer-term strategic ambitions to develop the field of renewable chemistry or bio-based chemicals. In the short to medium term, practically what that means is the center is assisting with the development work together with customers, the development of applications, so to help us achieve industrial approvals of cyrene in industrial applications, for us to develop our own production processes and of course, to develop new products. Some of the companies that were attending in that event in York were Merck, Sintoma, a large British chemical company, and also Croda as well, another large British chemical company, as well as you would expect, top academics in the field from around Europe, by the way, who were demonstrating work on cyrene. Finally, on the product development side, I'd just like to point out a few developments. Evidently for us to bring new chemicals into the market, it's not all about development of the product. There are also regulatory steps to be taken. I'd like just to give an update here that in the European space, we have submitted the Annex IX dossier to ECHA for the next level of REACH. That's a chemical registration process, so REACH registration authorization of chemicals. We've filed the dossier for the next level to bring us up to the possibility to produce and sell the quantities that we will produce in ReSolute, i.e., 1,000 tons. Allied to that, we've also submitted dossiers for Levoglucosenone to support its sale and production within the EU. Since the second, as I mentioned last time, our current focus is on the European market. The next focus in terms of timeline after that will be the North American market. We've also kicked off the TSCA process, which is the American equivalent of REACH. So that's the Toxic Substances Control Act it's called. Don't worry about the word toxic. That's the name of the legislation as part of the U.S. Environmental Protection Agency. That's just their equivalent of the chemical registration body. We've kicked off that product registration process in preparation for business in the U.S. I think with that, I would hand on to Philipp. Thank you, Nick. Good morning and good afternoon, everyone. I'm happy to walk you through the progress on the operational side of the business. Thank you, Tony. As Tony mentioned, we have made significant progress on in FC5 in Tasmania. Just small continuous improvement activity, stabilizing the plant, and with that, actually increasing the output significantly compared to last year to almost 2,300 kg year to date. As you can see on the chart on the right, we have set a monthly target of 600 kg of cyrene, and we have achieved that goal already in two months. That material is needed. We had two large orders with a total of 1,261 kg actually distributed to Merck, to Aldrich Chemical Company. The bigger one of these two orders you see there at the bottom, 847 kg ready to be dispatched from Tasmania in early March. As we have been informing, we had a change in the management of FC5, with that we have put a big focus back on safety and housekeeping, ensuring all checklists are up to date, training is up to date, and also with that, actually, starting to prepare procedures in order for the handling of the chemicals with a review of preparation for the ReSolute process. We increased cross-functional training for plant operators to make sure that we have backup plans and backup manning for all the processes on site. In addition to the small continuous improvement activities, we have been doing an extensive value-stream mapping exercise of the entire operation. This currently the current state map has been closed, and we see we have identified a potential of 40% - 45% productivity improvement. The main issues are the high moisture content of the sawdust after the drying. This requires a lot of rework to just take the water out of the process. Several extra distillation processes have to be done. Goal there is to improve the dryer capacity and reduce the sawdust, the moisture content after dryer. This future state map is currently developed with an action plan to reduce the moisture content. Also what we're doing is we're putting in, we're setting up a KPI system, also for the operation of FC5, but also as a view to ReSolute to get that ready and set up to be taken over for ReSolute. Good progress and good improvement and increase in production and deliveries for trial materials for cyrene. On ReSolute, Tony mentioned the partnership agreement with EKATO. The equipment and contract has been signed before. We made progress also with Rhine-Ruhr for the supply of the distillation equipment that has been signed. Rhine-Ruhr will supply all distillation columns, heat exchanges for the LGO and for the Cyrene distillation plant. Rhine-Ruhr is known to Circa already. The distillation equipment for FC5 is coming from Rhine-Ruhr, a company based out of Australia. The last big contract for the major equipment is for the wood yard. That is well on progress, and that contract will be signed in May. On the construction site, we are also preparing the tender. The call for tenders for civil works has been issued. We have been a good response. Offers are on the preparation that is needed because we will start site activities in September 2023. Also call for tenders for the balance of plant are in preparation and have partially been issued. On the permitting, the environmental and construction permits have been submitted in early March. The construction permit approval is expected latest by the end of July, and the environmental permit approval is expected within nine to 12 months after issuance. With the receipt of the construction permit, we will start the civil, the public inquiry that is on the preparation and will start in September. The start of the commissioning activities of the plant will start mid of 2024, as announced previously. On the organization set up, we are still hiring to strengthen the engineering team, the corporate engineering team, as well as the ReSolute site manager. That is ongoing. We started discussions with the local unemployment agency there in Saint-Avold called France Travail to discuss the hiring of the ReSolute manning. These discussions have started to be prepared for this. Next chart, Tone, a couple of pictures from the site. On top left, this is a view towards the future woodyard area. On the top right, this is a view from north downwards to the distillation and hydrogenation area. Bottom left, we are looking there from the other side towards the (uncertain) building. The tall building there in the middle, that will be the location for the utilities motor control room, air compressors. On the left side, we are planning to actually install some offices, control room, warehouse, and maintenance shop. The picture at the bottom right is from the inside of this tall (uncertain) building. You can see the site is prepared to start with the preparation and work excavation on the ground and preparation. That's to ReSolute. On FC6. On FC6, we have we will start trials for wood fractionation, which will substantially increase yields. We are actually putting two different materials in. We are targeting or we are working now with Valmet and test their BioTrak fractionation process. Through this process, the hemicellulose is separated from the lignin and cellulose. This is a proven technology, and it could be easily integrated into a concept for the wood yard. That's one focus, and the second focus is to actually test fully fractionated material from another company. With that material, lignin, cellulose and hemicellulose are completely separated and that material will be trialed as well. As said, the fractionated wood will improve and increase the LGO yield significantly. A second thing we are doing is, we have started a study to assess the availability and the long-term cost of biomass that has been ordered. It includes the areas of the south of U.S., Finland, Norway and France. It will include the output for the biomass demand, historic and current prices, and an outlook to prices to 2025 and 2030, but also, an assessment of potential markets for biochemical by-products. That's the update on FC6. With that, I'll give back to Tony. Thank you very much. Thanks, Philip. Thanks, Nick. I hope that everyone can see that there is considerable progress moving forward with both the commercial side of the business and the market and the development of the relationship we've got there, but also at the site itself. It may look like just a hole in the ground at the moment. Well, it's not even that. You can see from the photos that are put up, there's considerable work moving forward. Okay. Now just one slide on the outlook on some of the issues. Alongside progress in the market and progress on the what's ReSolute, there's also progress with succession, which I'm sure that everyone has seen. So the board have been undertaking for the past few months an employment process looking at successor to my role as CEO. That's been successfully concluded. Steve Daren will be starting with us in about 6 months' time. Obviously, the period of transition, the 6 months relates to his current contract in Germany with the government that he's currently with. At this stage, it's a, you know, six, nine month transition period. The board will put out further communications as, you know, as date changes and as things move forward. Mentioned the next one. Nick mentioned product development. We are working with CRCI. We've got resources there that we haven't had up until now. They are being ramped up, and we are refocusing on a number of tool opportunities alongside the primary reason for the CRCI, which is to support the market application activities. We have an excellent relationship with York and the CRCI, and as we said, we see that as a core, an absolutely core part of the market development approach that we're taking at the moment. The ReSolute permitting process, I just highlight that from the point of view that we have to go through a public inquiry process, so that will happen in hopefully this year. That work is in preparation at the moment. It will incorporate both towns and people around the site in France, but then also just over the border in Germany as well. We'll end up doing 1 in Germany, probably, and two of these sort of town halls in France. I say town halls, but there is a reasonable chance that this work can actually be done online via email rather than necessarily fronting up to literally a town hall, public gathering. We're taking this quite conservatively and certainly taking advice from the local authorities as to their view on what is the best way forward. Philip alluded to this as well, but this is really quite important. The, the role of those trials in fractionated biomass are about to get underway. This is very important from the point of view that we've always seen fractionation of biomass into its core components as a way of significantly reducing the cost of the plant, but also the cost of the output. By fractionation, what I mean is that biomass, take in trees, for example, or small or big biomass. Biomass is primarily made up of lignin, hemicellulose, and cellulose. You know, it's not quite third, third, but it's not far away. Our process works primarily on the cellulose. A little bit of the hemicellulose is useful in the process, shall we say, but it works primarily on the Furacell process works on the cellulose component. If we can, we fractionate the biomass, we effectively end up putting half the half the volume of the live biomass through the process for the same outputs. You can obviously see, you know, it doesn't take much to understand what that means. What it also enables us to do is to command sales of either the or both hemicellulose, which can be C5 sugars, and lignin as well, where there's a developing market. These trials are quite underway at the moment. They're actually a little bit earlier than we anticipated, but they are highly relevant to the way that we go forward and to the modeling. Philip also mentioned we've got site investigations and the work that we've commissioned on the with Argus biomass availability in, yeah, Norway, Southern U.S., France, potentially Brazil. It relates to the you know, to the site decision. There are two things relating to the FC6. Three things which relate to the FC6 site, which are important. One of them is support by local governments. Another one is just the cost structure in that particular part of the world. The third one is biomass. At FC6 levels, we need biomass relatively close to the plant, and we need to be able to do long-term deals. That's not a situation that is as bad as ReSolute because ReSolute doesn't really use an awful lot of biomass. When we get to FC6, you know, which is gonna have a 20-year, roughly 20-year life, we need long-term contracts for supply. Understanding what resources are available is critical. We're not going to be making a decision unless we do understand that. The final point I'm gonna make here is that there is no doubt that we are under considerable cost pressure on ReSolute from the perspective of both inflation, but also more recently, some of the site issues that were uncovered. The analogy to this is like renovating an old house. You really don't know exactly what's happening until you lift the floorboards. That's almost exactly what's happening on the site at the moment, and it is leading to some considerable cost increases. Now exactly what they are at the moment, we're not gonna go through those in depth, but we'll be coming back to shareholders around the end of June. There's a lot of work going on at the moment to understand what we're facing. There's a lot of work going on with the site owner as well to establish which is their responsibility versus what is ours. It is causing, Philipp, I understand, considerable extra work than we anticipated on this. It's not a particularly pleasant situation, but it is one, again, that we're just gonna have to deal with as we, as we go forward. I just wanna flag at this stage that we will be coming back to the market. One way at the moment, we'll be going back to the market for further equity financing around this. I'm not gonna try and pre-empt either the timing of that at this stage or the quantum. It's way too early. With that note, which may not sound as actually positive, but it's, you know, it is, it is what it is. It's something that we, you know, are in no position to do anything else other than address and address it to the best of our capabilities. I'd like now, suggest we throw it open to Q&A. We're sitting here. We're here to take any questions that you might have, please. Yeah, thanks. Thanks. Thanks Tony. You've answered one of my questions already. The other two which I've got, one is project management for ReSolute. You know, obviously we've had a couple of delays already to the project. I just wanna know what's in place, what is, what has changed in terms of the project management to ensure that there are, that the that it does get delivered by during next year? I think as you go through a process and a project, obviously there are different stages, which going through on the later stage where there's been, I'd spend the last four or five months with Nick Smith. It's an extra project management, both internal but also external, depending on the expertise we need. Philipp, perhaps you could give a little bit more detail as to project management, you know, with Delta in this space please. We have in the team, we have a full-time project manager. It's my role overlooking the whole project. We have on our side a full-time project manager, and we have the engineering company is met. There is a range of at least 10 engineers working full-time on our side. Also, they changed their project manager at the end of last year to a very experienced person. There's been a much, much stronger focus now on ReSolute and on the timeline. The timeline we have just gone through again last week, that is solid. On our side, we are increasing the resources. We have still support from Tasmania on the project. We also still have our external engineers from from Wood Consulting in the United States, who has been part of the projects from the very beginning. That's still part of it. We are, as I said, we are currently increasing our team with the goal of bringing on an additional three resources on the corporate engineering team this year. Also site manager is ongoing. With that, we are, they'll be solidly equipped to push the project forward. That's where we are. Thanks. Your second or third question. The just the second and final question just regards announcements. I mean, there still hasn't been a lot of frequent announcements. I know, you know, maybe the thought is that there isn't a lot to announce, but from the market's point of view, no news is generally regarded as bad news. We don't know what's going on. You know, even just an announcement along the lines of 10 o'clock and all's well, would certainly be reassuring. Is there any chance that we can get more frequent announcements? For an example, we've got the announcement of the replacement CEO is still not on the Euronext market yet. You know, that's an example of that. The succession, that one was out on Tuesday. It is out on Euronext, the press release, and it's also on our webpage. Ignoring the specificity, it is something that we're looking at the moment. We're actually changing our public relations people. We're looking at how we can sensibly increase some of the communications. I think it's a very fine line, obviously, between bombarding people. Not good. Yeah, nothing that's, people would be bored with that. It's, or under-communicating, I think from outside at the moment, we can probably do better than what we're doing at the moment. We are very conscious of the fact of just sending out stuff for the sake of sending out stuff. I would say that, you know, Tone's email, I think everyone's got, everyone's certainly got access to mine as well. If you have specific questions, please do. I know that's not being proactive, but as far as being a reactive approach for all shareholders, that's, you know, we're more than happy to, you know, receive questions. We are looking at the communications and how we might do this better. Especially as you said, Tony, towards the investor community. Hopefully you will see more, yeah. Okay. Thanks again. Any more? Chris. Chris? I'm not sure. I I don't, No. Okay. Yeah. Yeah. Hi. Thanks. Thanks for the for the update. It's nice to hear the progress. One thing that struck me was the impact of the potential of fractionated biomass. With Nick's presentation, he said it's potential of 40%-45% increasing capacity for ReSolute or the effect of that capacity on downstream processes is having. Does that impact upon distillation, hydrogenation, et cetera, and how is that being taken into account? The short answer is yes. I don't know we're putting a number on it or a range, but we would then, you know, I think the top end that we're working with at the moment is probably a 30% increase in output. It has absolute flow throughs, it has in starts with catalyst beds, because obviously you're using smaller equipment for the same outputs. Yes, it does have implications with regards to, you know, the vapor stream that comes out of the reactors is different, or is a little bit different. That's why the R&D work's starting. It's useful with particularly with Valmet who supply, you know, both the boilers and some of the downstream equipment. We're actually looking first up at their fractionation process. They've got a fractionation process called BioTrak that they sell basically to the top paper industry. It's proven, it's relatively mature. It's way too big for ReSolute, but for FC6, it's looking like a very good fit. There will be changes to the distillation process, and the waste stream. When we do any waste stream, side stream, the makeup of the side streams that are coming off the FC6 process. Again, that's why we wanna get this underway and get this underway quickly, because, you know, this is not something we're looking at retrofitting into FC6. It's something that's gotta be a core part of the early stage design into FC6. You know, that then will be picked up by people like Ryan Rue on the distillation design as well. It's a fair amount of work to be done on that, and that's, you know, why we're kicking off quite serious work at the moment. Starts with the boilers is, you know, is it feasible to bioize and what sort of optimum and what sort of yields we're getting out of that? Analyzing the streams that come out of that. Yeah. This isn't in. I took the 44- 45 from the presentation. Okay. Fine. Fine. The only thing that I would comment on, is it is not in consideration for ReSolute. Is that correct? No, not at this stage. I'd love to do it, but the processes are either... There are some processes that would fit ReSolute, but they're very immature at the moment. They're sort of, you know, TRL 4, where people like I don't have these things commercialized yet. What we've got from Valmet won't fit ReSolute, but it will fit FC6 quite nicely. That's, as I said, a mature process. They, they know it works. There's lots of people around the world using it. At this stage, putting it onto ReSolute would be an absolute overkill. The 40%-45% is the potential productivity increase in FC5, coming from the value-stream mapping exercise. That has nothing to do with fractionation. That is just a potential increase in FC5 production. Oh. That's this number. Yeah, that's right, yeah. Okay. If there are no further questions, thanks very much to everyone for their participation. Good morning, good afternoon. We'll take on board certainly a number of the points that have been raised there and, we'll be back to you in the next six, you know, say the next six weeks. We've got the AGM coming up, which I know everyone's been reminded of. Please attend. It is, you know, there are a couple of decisions to be made in that meeting as well, particularly with regards to, as Martin said earlier, his appointment, and general rotation of directors. Thanks very much, and we hope to see most of you again.