Today we're holding the annual shareholders' meeting in conjunction with the special shareholders' meeting to discuss, in relation to the Coretex acquisition. I'd also like to welcome to the meeting Selwyn Pellett, who's sitting here in the front row. Selwyn's the CEO and driving force behind Coretex. We appreciate that you've all taken the time to join us here today. With that said, I'm pleased to be able to confirm that we have a quorum represented here today, and therefore I'll declare the 2021 annual shareholders' meeting and the special shareholders meetings both open. Up front on the table, sitting to my left today is CEO and Board Member Steven Newman. To his left, Tony Gibson. To his left, Susan Paterson, and to her left, CFO Alex Ball. Online in Pennsylvania, we have Barry Einsig. I can't see him on the screen. Also in the room today is our company secretary and secretary to the board, general counsel, Mark Heine. Thank you, Mark. Our CIO sitting next to Mark, sandwiched between Mark and Selwyn in the front row, Tim Hogan. Welcome, Tim. I think this is your first EROAD annual shareholders meeting. First. The acquisition of Coretex is expected to complete around October this year. On completion, Selwyn will become a member of the EROAD board as an executive director. He'll also be an advisor to Steven during the period of the integration. Selwyn has worked in the technology sector in New Zealand and overseas for over 20 years, and has particular expertise in telematics and network security. We're also joined here today by a number of the EROAD senior team and staff, many of whom are shareholders. On arriving today, you would have been greeted by staff from Computershare, our share register. The Computershare team are here to support you with the formal aspects of the meeting. Also in the room today are KPMG, our company's auditor, and Chapman Tripp, our company solicitor. The agenda for today's meeting will start with a short overview from myself, followed by a more fulsome address from Steven. Alex will present the financial statements, and then we'll move to the formal part of the meeting, where we have six resolutions to consider, three for the annual shareholders' meeting and three in relation to the special shareholders' meeting. For those of you that are in the room today, I'll encourage you to stay on after we've concluded the formal part of the meeting to have a drink and mix with staff and ask any of those questions that you're too shy to ask during the meeting. The last financial year was an interesting one. As you're well aware, the impacts of COVID affected the business community, and EROAD wasn't exempt from that. It brought some interesting, challenging macroeconomic conditions across all of our markets, most particularly North America, but also here in New Zealand and Australia. The wildfires, civil unrest, and political unrest in the United States sort of compounded the COVID impacts. You would've seen that our growth in the United States in terms of units was significantly less than we've experienced in previous years. Despite this, our business model and our customer value proposition sort of ensured that we weathered this storm relatively well. Revenue increased year-over-year by 13%, up now to NZD 91.6 million. Earnings before interest, tax, depreciation, and amortization, or EBITDA, as it's referred to, grew by 13% to NZD 30.7 million. One of the key measures that we keep an eye on for the business is our annualized monthly recurring revenue, which provides a forward view of the sustainable revenue generated by the business. This increased from NZD 84 million- NZD 88.4 million during the year. Contracted units increased by 8% over the year, reflecting the quality of our service and our product offering. In a year that brought with it a large amount of uncertainty for our customers, our asset retention rate stayed around that 95% mark, 94.9%, which was very pleasing. ARPU sort of remained stable at NZD 58.30. It would've been a little bit higher if the exchange rate hadn't moved against us in an unfavorable way. We are growing our SaaS services to customers. It was good in a year complicated by the COVID, to be able to maintain ARPU, keep a high retention rate, and still show strong growth in both revenue and EBITDA. Throughout the last year, 300 EROAD staff, the management, and the board all stepped up and navigate us through a new reality, working differently. An increased focus on managing our cost base, a large amount of working from home. Rather than retrench in the face of the COVID threat, we recognized that this is a time to be bold and we're prepared to take advantage of growth opportunities. For EROAD, this meant increasing and accelerating investment in our platform and in productivity. The ASX listing and the simultaneous NZD 53 million capital raise in September 2020 ensured that we had upfront funding to be able to begin this acceleration. We were ensuring that EROAD was stronger than ever and ready to grow and to grow quickly. You'll see evidence of that with what we're going to present to you today around the acquisition of Coretex. Coretex is a perfect complement for EROAD. We are both aligned behind the same purpose. Both EROAD and Coretex aspire to create safer and more sustainable, and more productive society. Steven and I first sat down with Selwyn and members of his board before Christmas to discuss this. We entered those conversations talking about a merger, and the tone of a merger has prevailed throughout the conversations. Even now, as we're preparing planning around integration, the mindset is a merger. Even though technically this is an acquisition by EROAD of Coretex, the mindset and the way that we've approached this is as a merger. We have, for a long time, talked about how EROAD's customer solutions not only help reduce speed, ensure vehicles are safe, improve driver behavior, but also help our customers achieve greater fuel efficiency. They reduce compliance costs and increase fleet productivity. Coretex's specialist products complement EROAD's solutions. For example, Coretex's refrigerated transport solutions optimize compliance, safety, and fuel consumption, and help reduce wastage and emissions. Their construction solutions help reduce construction and industrial wastage, and their waste and recycling solutions help reduce contamination. We've always stated that an acquisition would be part of our growth strategy. We have been clear that we would seek complementary and proven technology to augment our product range. To accelerate growth, any acquisition needs to be able to deliver increased capability, improved customer experiences, and access to additional industries. In Coretex, we have found a highly complementary partner that allows us to satisfy all of these criteria. The acquisition of Coretex is truly transformational and it significantly accelerates our key growth measures, and propels us two years into the future. The strategic rationale is clear. Coretex brings with it a proven technology solution for refrigerated transport, construction, less than truckload haulage, and waste and recycling. Coretex brings with it enterprise solutions, increasing the ability of EROAD to win large enterprise customers. We gain Coretex's next generation platform, which means we can accelerate our technology and our product roadmaps. We also add over 64,000 units in our key markets, significantly lifts our position in both North America and Australia. While there are some cost synergies, this merger is not about cost synergies, it's all about revenue synergies, and there are a huge amount of those. We see growth acceleration and revenue synergies in North America and Australia, and we also see a large amount of synergies around the technology as well. You will hear about these some more when Steven talks through the acquisition in more detail. With that, I'll pass it across to you, Steven. Thank you, Graham. Welcome everybody. I really enjoy this meeting and the year because we get to share our report card, and we've definitely got some wonderful things to share with you today. Welcome everybody, and welcome to our new shareholders that we now have in Australia as a result of the ASX listing. If we turn to the next slide. This one here is a slide that is in every deck that we produce, and shows the growth of the company half year on half year. It's fair to say that COVID was a trip into the unknown, and when we caught up at last year's ASX, we were very clear in terms of how we were going to face it, and as Graham said, we were going to do it boldly. We have retained our staff. We got very busy, and we've delivered some incredible new technology which allows us to come out of this COVID period in a lot more competitive position. In conjunction with that, the acquisition of Coretex really sets us up beautifully for the years to come. Next slide, please. These are some of the products that we've been working on. I'll take a little bit of time to explain what each of them are. Over on the left-hand side, this is a dashcam, so it either faces the driver or it faces out the window. The primary market to start with is North America, and it's about what happens in an accident. Most of the statistics show that if there's an accident between a car and a truck, about 70% of the time it's not the truck. You would expect that because they're professional drivers. Invariably the most hurt and injured are the passengers in the light vehicle. Being able to show what happened, really important, and particularly for our customers. That's kind of where it starts, but it is a start. Cameras can also be used for health and safety, and that's really the business case from a New Zealand/Australian perspective in terms of being able to provide additional coaching support for drivers. Really excited about cameras because the next step beyond that is using the camera as a sensor in terms of processing the images and getting additional information to help our customers. We'll talk more about that in the future. Next product is EROAD Go, and this is about providing a more enriched driver interface, so the driver can be told where to go, navigate there, and whatever they're doing, if it's delivering a load or delivering a service. Next product is the logbook. I think everyone knows about the paper logbooks that drivers have. This one here makes it really easy for them to comply with their rules, and it pretty well almost fills itself in. Instead of it being an electronic paper, it's substitute for the logbook. It actually helps the driver be compliant. That product has been well received in New Zealand. In less than six months, we have been able to deliver 6,500 drivers. We mostly go through 10,000 drivers using it during the course of this half and this next half of the year. This is a product that's an application, you can use this as a driver without having EROAD in your vehicle. 500 drivers are using this just as an application. That allows us, in conjunction with another application here, EROAD Inspect, to start selling products to customers alongside competitors, which may have telematics in them. This is a really new, interesting way to get to win business from customers, and it really supports a digital marketing approach. The next two, the MyEROAD Fleet Maintenance, in conjunction with EROAD Inspect, it is really useful for making sure vehicles and assets are fit for purpose. At the beginning of the day, you have a pre-vehicle inspection from the driver. Any defects, they can be reported if they're serious, like brakes, then they'll be told not to use the vehicle. It's completely customized, so if you want to have specific things checked, you can have that programmed into that application. Then, of course, we've talked about EROAD Where, which is our intro into the IoT side of things. This is a product that costs around about NZD 25 for the piece of hardware, and then we can track micro assets at around that NZD 3- NZD 5 a month. You can see quite a few products delivered in the 12 months, which was FY 2021. We're really pleased that we're in such a good position as markets start to open up. We go to the next slide. We'll go through the markets quickly. In New Zealand, which remains our home market and very important to us, we grew 9%, which was adding 7,500, which was below what we would have expected in an un-COVID-impacted world. It was good growth in the market, and I think we did very well in achieving that. In addition to that, we also renewed 7,500 vehicles. That's customers on a 36-month contract, which were coming to the end of their contract. I think that speaks an awful lot to the quality of our service and the importance to our customers that in a time of COVID, where they're really focused about, are we going to get through this as a business, making a three-year commitment to EROAD. We're very pleased with that. Our retention rates remained high at 95.8%. We saw 11% growth in our EBITDA. New Zealand is definitely a significant cash cow for driving the business forward. In America, as Graham mentioned, this was a really hard market for us last year. At one point, when I was talking to some of our staff virtually in Oregon, it's like, what could go wrong? Everything seems to have gone wrong. At that point, there were riots in Portland, there were fires that were out of control, and then there was COVID. We've seen a huge improvement in how that market is starting to come back. There's definitely the second wave or third wave from the Delta variant, but definitely confidence is coming back into that market, and we're expecting it to open a lot more than it currently is. Our retention rates did drop a bit. Some of that was smaller companies, unfortunately, going out of business. One of the things that we did manage to achieve with the resigning of customers, we did increase our monthly ARPU $1- $42.95. With the unfavorable exchange rate moving even more than that didn't translate to an increase in New Zealand dollars. We got the full annualized benefit of our North American customer base, which saw our EBITDA increase from NZD 7.5 million- NZD 10 million. On to Australia. Australia was a pretty good year for us, adding 745 units to market. That is a big focus for us, moving our marketing to Australia, hiring a country manager, and extending our people on the ground to support enterprise customers and increase further sales. As a result of some of the good work that's been happening there, and also in New Zealand, we run a company called Ventia. Ventia had been a customer in New Zealand, 600 vehicles for nearly three years. As a result of what we did well here, there was pilots done in Australia, and we got an order from their Australian sort of parent, which was 1,500 units in New Zealand and 2,500 in Australia. That was really one of the things we have been talking about in terms of these 300 Trans-Tasman customers that we have their operations in New Zealand, being able to step across the Tasman and win their business in Australia. Yeah, we're really pleased with the preparation that happened in FY 2021 in Australia, and we're definitely well-placed going forward. I'm going to hand over to Alex to go through the financials. Thank you, Steven. Good afternoon, everybody. As a group revenue, I'm going to talk through the key metrics, financial metrics for the financial year 2021 results, then I'll move and talk briefly about the trading update that we provided for the first quarter of this financial year to June, 2021 at the back end of the discussion. Group revenue increased 13%, as we've said, from NZD 81.2 million- NZD 91.6 million, reflecting the growth that Steven's just talked about in both those key markets of New Zealand and North America. New Zealand revenue increased by 12%, as we've said, reflecting an additional 7,500 contracted units through both the continuing expansion into the customer fleets that we already have, as well as winning new customers. In North America, revenue increased NZD 4.8 million, reflecting the additional just over 1,400 units that we contracted during that financial year. Australian revenue increased slightly in a group sense from NZD 0.7 million- NZD 1.4 million. Obviously, that was a doubling of revenue from a quantity of just the Australian business. Our operating expenditure increased by the same amount of 13%, by NZD 6.8 million. In terms of dollars, in line with the revenue, as I say, reflecting the acceleration of our R&D operating expenditure, as well as some ongoing spend in company-wide initiatives, which is intended to deliver further long-term improvements in operating leverage. As a result, our EBITDA grew NZD 3.6 million, or 13%, to NZD 30.7 million. Finally, the profit before tax increased from NZD 1.4 million in the prior year to NZD 1.9 million. This is really just reflecting that EBITDA growth offset partially by depreciation and amortization charges. If we turn to the next slide and talk about some of our key metrics, which we've touched on briefly. As we've said, one of the main focuses for us in this financial year that's just gone was to weather the storm as we went through what was going on in our markets, internationally and domestically. Not only come out of the year far more competitive, but also retain all of the underlying metrics that we've historically enjoyed and the strength of those, and particularly focusing around strong monthly recurring revenue metrics and high retention rates, which really drive the enterprise value of this organization. We believe we've done a very good job at achieving that. Our average revenue per connected unit per month, or ARPU, was essentially the same at NZD 58.30. As Steven Newman has indicated earlier, that reflected underlying good growth in the metric, in North America, by at least that $1. Unfortunately, after the exchange rate movement from USD into NZD, that actually reversed that growth. If we move on to asset retention rates, Graham Stuart mentioned, that's maintained itself at the 95% level. We operate 36-month customer contracts, so during the course of the year, we re-signed on new 36-month service contracts, 640 customers, which represents about 14,000 connected units. When you look at that as the number of vehicles per customer, that works out to be about 22 vehicles per fleet. That's a lot of smaller customers continuing to sign up for our service, really demonstrating the importance of the service to them as customers, and particularly in that small and medium-sized customer segment, which is a very important segment for us, in each of our key markets. Annualized monthly recurring revenue or AMRR, as we've talked about before, grew from NZD 84 million at a group level to NZD 88.4 million. That figure would have been higher, but again, there was a significant impact on the foreign exchange rate, with the New Zealand dollar strengthening significantly during the year against the US dollar. Just move to the next slide. Oh, sorry, move to the next slide. If we move on to the quarterly operating update for this new financial year of FY 2022. At the same time, we announced the acquisition of Coretex, which will be discussed further in the meeting. We also released our quarterly operating update for the first quarter, that's i.e. for the three months ended 30th June 2021. EROAD had a good quarter, net sold 4,152 contracted units during the quarter, reflecting accelerating quarterly growth across all markets. Unit growth in North America remains slower. However, there are signs that the economy is opening up, as we've said. We currently have two enterprise customer prospects in pilot for Ehubo delivered services, as well as a solid mix of mid-market pilots as well. We've got further pilots for Clarity Dashcam product sales into new and existing customers. In our back of the room today, we have a demonstration of the EROAD Clarity Dashcam product, which I do encourage you to take some time after the meeting if you haven't, to look at that. EROAD continues to make good progress with selling additional services. These are over and above the Ehubo contracted services. EROAD Day Logbook sales, we added 425 driver subscriptions in the quarter. We added 627 EROAD Inspect subscriptions in the quarter, and 1,580 tags, EROAD Where tags, during that same three-month period. On the 2nd of June, we announced that we'd entered into a strategic partnership with Phillips Connect, which is a global leader in expandable and durable telematics solutions, specifically focused on trailer and asset operations as well as safety and health. Since entering into the partnership, EROAD sold 322 of those Phillips Connect solutions in that period between the 2nd of June and the 30th of June. Just to round out, we provided guidance in November last year at the time of our half year presentation for how we thought this financial year to the 31st of March 2022 was going to go. Since then, our guidance remained unchanged. We expect percentage revenue growth in this financial year to strengthen from what it was for the last financial year, which was 13%, but not be at the same level as that pre-COVID year of FY 2020, which was 32% growth. We do continue to expect that our R&D spend will be between 24% and 27% of revenue during FY 2022 as we continue that acceleration for future growth. Given the expected one-off integration costs from the acquisition of Coretex, we do expect standalone EBITDA margin now to be between 28% and 31%. If you excluded these integration costs, EBITDA margin would be consistent with that of FY21, which is 30%. Thank you. I'll hand you back to Steven for the rest of the presentation. Thanks. Let's learn about the acquisition that we're proposing. On this slide here, you see where we are at the end of FY21, and if we had been together, and the acquisition complete for the same period, you get to see what EROAD and Coretex together looks like. I refer to this acquisition as absolutely transformational for the company, and you can see that reflected in the metrics. Revenue going from NZD 91.6 million-NZD 138.2 million. EBITDA increasing 50% to NZD 46 million, and significant increase in the ongoing recurring revenues from NZD 88.4 million-NZD 132 million. When we look at it in terms of units, and that's really one of the ways that telematics companies kind of report their size and importance. We've talked about the 250K challenge before and what we aspire to become. This acquisition really accelerates us at least two years in achieving that. Going from 126,000- 190,000. By the time we complete this post ComCom clearance, which is September, October, that number will be close to 200,000. The ARPU between the two businesses are very similar. The composition of that's quite different. I'll talk to that in a minute. A large part of Coretex's connections in North America are trailers. Many of those got parked up during COVID. That reflected in the reduction in retention. We're confident that a number of those will come back as that market opens up again. Next slide, please. At the beginning of this, I talked about the real importance of the New Zealand market in terms of funding growth. With this transaction, we get a lot more diversity in our business and a bit more spread. You can see we go from 70% New Zealand to 51%, and North America goes from 28%- 43%. That's a real balancing of revenues for the business. You see the Australian market goes from 2%- 6%. When we also look at enterprise mix, because of the services of what both companies do, we're destined to have more enterprise customers than small to medium type of customers. That doesn't mean we're turning our back on our SMB customers. Not at all. They will get to enjoy the quality of an enterprise-grade solution. There'll be more than they will ever need. Very important to us, but the mix tends to change. From 40% enterprise, we get to 53%. I think as we progress over time, that'll get to more like 65:35. The next slide talks about the strategic verticals or the strategic market segments that we're in. You can see by just looking at the pie chart, there's more sections to the pie. We're very focused in that sort of construction and civil engineering space, particularly in New Zealand. That remains a very important segment for the merged company, but that drops down to 23%, and that doesn't mean it's not a high growth segment for us. It absolutely is. We get revenue coming from new segments, from Coretex, such as the refrigerated transportation waste and the construction bit which they do, which is ready-mix concrete. Next slide, please. A bit more about this wonderful company, Coretex. You've got the metrics over there on the side, just under 65,000 vehicles connected. Their entry into North America was around refrigerated transport trailers. You can see in the middle here, when we break down the types of connections into in-cab, which is trucks, or trailers, the high percentage of trailers. That's how they entered the U.S. market. Having got established, then got more into the trucks, particularly in the construction side of things. I look at the 65% trailers as potentially an opportunity to get into the truck. All of those trailers are being dragged around by trucks, so that's potentially a good opportunity for us. When you look at where the units are, 74% is in North America, 14% in New Zealand, and 12% in Australia. This acquisition has been really focused on growth in North America and Australia. There is a small impact from a New Zealand perspective, but that really hasn't been the focus. When we look at other things on here, Coretex's entry into the U.S. was initially through their dealer network. They used the carrier dealer network to sell refrigerated solutions. Further on from that, they started going direct. They also have some good OEM relationships with telematics trailer manufacturers. There's some new channels for us to go to market as well. Next slide. If you look in the information packs that were provided on ASX and NZX around this transaction, you'll get some case studies and a bit more explanation about market size, et cetera, for these three specialist verticals, refrigerated transport, construction, waste and recycling. One that I'll talk a little bit more about is the construction side of things, and this is really to explain why Coretex and EROAD are so complementary because they're so different. For EROAD, our claim to fame has really been around regulatory telematics. When you think about that, we're talking about health and safety, we're talking about road user charging, we're talking about driver fatigue, and that applies to all transportation vehicles. Coretex has to do that for some of their customers, but their primary DNA is really around helping their customers get work done. In this area of construction, and particularly making concrete, there's a whole lot of things you need to be really good at. One of those is you want to make sure that that concrete is made the best it can. When you talk about making concrete, you've got your dry ingredients, and then you add water to it. If you add too much water, then the strength and integrity of the concrete is compromised. If you don't mix it up enough, likewise. They have sensors on the rotating drum of the concrete trucks, which can count the number of revolutions. They have water sensors to measure the amount of water that's in there. Very perishable goods. As soon as you've mixed that water in, that needs to come out of that concrete barrel and into a hole, hopefully one that a customer wants, but it can't stay in that truck for more than three hours. When you think about that and you think about a large industrial concrete sort of construction site, the typically continuous pours. It's not about getting one truck there, it's about getting a whole lot of convoy of trucks there, typically sort of 15 minutes apart, so you can get your continuous pour happening. When the barrel rolls, it's actually impacting the maneuverability of the truck. If you drive it incorrectly, the truck will fall on its side. There's a lot of specialist things that Coretex do for this particular vertical. Based on the product and the effort that we've put in the last three years to really understand that, reduce the installation times. The quality of the solution means they've got something that's incredibly competitive. The analysis that we did during DD, we can see that they've got a very clear path to get to a number two position in that North American market. These are the three verticals. I can talk about these all day long, and so can Selwyn, but there is so many exciting additional things that's happening when we talk about refrigerated transport. One of the things that happened in COVID was a lot of people bought their groceries online. Being able to deliver food that you can say how it was looked after all the way through to a customer's home, super important. That's a growing market. There's so many things once we can get together that we can expand out what we could go after. Many of the customers that we will be able to attract will be global in nature. In that construction side, there is one concrete customer that we will have in all three markets that we operate in. Yeah, there's a lot of exciting leverage points off this and also back into the civil engineering side. When we look at what we had said in terms of what our strategic initiatives for this year were, and that wasn't too long ago. We had set ourselves these tasks in North America during FY 2022. We wanted to get to 50,000 connected vehicles. This acquisition gets us, as at the 31st of March, FY 2021 gets us to about 86,000. Over this 18-month period, we will be north of 100,000. When we start looking at the technology that Coretex brings, it accelerates what we were planning to do in terms of introducing new technology into the U.S. That significantly improves our product market fit, which makes us far more competitive. Coretex has been in North America since 2007 and has built up a lot of expertise, particularly dealing with enterprise. There's good opportunities for us to go and win together. Next slide, please. In Australia, when we joined the two companies together, we achieved the first objective by having 12,000 connected vehicles in Australia. On top of that, you have the rollout of Ventia. In terms of the construction vertical, that's very close to civil engineering, and they are target customers which operate in both areas. The team and capability we bought into Australia can immediately provide additional support for existing customers as well as accelerate our growth in that market by selling the Coretex products there. I think you can see what the benefit of the acquisition is in these two markets. Next slide, please. We come all the way up to the top, which is what's happening globally in telematics. We previously talked about high annual cumulative growth rates. COVID actually brought that market back about 8%. From this research that we recently purchased. In terms of the go forward, the next five years looks like there is a CAGR, which is around 19%. For us as a company, it's about scaling up and maximizing that high growth rate, because you can't grow at 19% every year. At some point, you do saturate the market. This acquisition greatly accelerates our ability to get the biggest share of what is essentially a land grab in the markets that we're operating in. Next slide. With that, I'll hand back to Graham. Thank you, Steven. Now, this is an opportunity for general questions. There will be an opportunity, when we address the more formal part of the meeting and have the resolutions, to ask questions relating to the resolutions. Now, any questions online or from the floor, relating to anything that's been discussed or Jack Suhui, shareholder. Congratulations. I just had a quick look online as well on Coretex since I didn't know much about it. Apparently, they're a New Zealand company, and operating in similar countries as you are. It all looks very good from what I can see and what you've shown me. In Coretex's logic to be taken over, who was the bigger company by capitalization? EROAD by a factor of about 2.3, 2.4x. Okay. Now, NZD 96 million to buy it in shares. Is there an embargo on their sale of those shares? Yes. 16 million shares will be offered as partial consideration. They're essentially, the shareholders of Coretex will be able to sell those in 3 tranches staged over 6, 12, and 18 months. A third of them coming onto the market at each stage across that timeframe. You're talking about 60 odd million units, 64 million units that Coretex has sold in the three markets. Their units. What was the attraction to them? Did they like some of your products and wanted to move some of your products into their customer base? Yes. 64,000 units as at the 31st of March looking backwards. Both of us are growing. That number's increasing. Coretex not only had 64,000 units, but they've got a pretty healthy pipeline in front of them. Coretex has a higher proportion of its sales made to enterprise customers. A typical enterprise customer is going to be somewhere between nine months and two years in the pipeline as you work through. procurement processes. They have customers in that pipeline, which they've invested money in getting them to that stage that are ready to pop out in this next 12- 18 months. The 64 is sort of a backward-looking number. If you look forward, it's a significantly healthier number than that. There is a potential for us to be putting our technologies, and Steven sort of gave you the example. Two-thirds of their fleet are trailers. One-third, the tractor unit. There's all those tractor units that we have the opportunity to put our technologies into as well. It takes us into different verticals. We'll be jointly stronger around construction. Takes us into the whole food safety or refrigeration vertical, where we have the opportunity to sell our compliance products, and they have their products which are more related around managing the food safety through that process. Right. Well, congratulations. Thanks very much. Thank you, Jack. The man with the mic. We need a mic there. Okay. Michael Trott. Yeah, Michael. This is probably a left-of-center question, but, do you store your data in the cloud? What plans have you got to deal with cyber hacking? We are cloud-based. Definitely cybersecurity is very important to us. It is an internal capability that we do have. In terms of the sort of things we have in place, things are very petitioned and locked down, in terms of access into our systems. We have software that is running on our systems on every machine that we have, to make sure that there is nothing spurious coming in. If that happens, then we will lock down to a single computer. A lot more of the things that we do to protect our systems, of course, we don't want to publicly share for obvious reasons. It is a focus. A company like ours becomes quite interesting to look at, so we do need to make sure that we have the appropriate securities in there. Certainly having enterprise accounts, that's something which they very much expect we have well under control. Does that answer your question? I think most companies are getting cyber attacks all the time. It is a case of what mechanisms you put. Some of them are just nuisance. For companies to say they haven't had a go at would be not really genuine. Thanks for speaking. I stole my first question. I'm Bruce Clark from the Shareholders' Association. The question is around director and officer liability insurance. You've got to have it. What are the complexities having operations in Australia, in the U.S., and here? May I have a feel for what it costs the company, where shareholders for that insurance please? Good question, Bruce. Thanks for giving me a heads up that you're going to ask that question before the meeting. I've had time to think about it. If you look back across the last few years, typically year-on-year increases in the rates of insurance from the small number of reinsurers that offer D&O insurance has been about 30% per annum. It's close to hyperinflation. The big increments and risk we've had. Yes, having an operation in the U.S. creates risk in the beginning. Listing on the Australian Stock Exchange also added to the premium, because the more likely prevalence of class actions by shareholders in Australia. Last thing we want is activist shareholders, right, Bruce? I don't have the number exactly in my mind, but the order of magnitude is, it's about NZD 800,000 a year in premium for D&O insurance, which is this year about 30% higher than it was last year. Thank you. Good afternoon, everybody. My name is Peter Moosburger. I'm a guest investor and interested to hear what you have done today. I'm interested in what the situation is in the EU, in Britain, China, and South America. Have you been able to research similar companies in those areas at all? As a company, we've really focused on the three markets of New Zealand, Australia, and the U.S. We have people in the business which look at what's happening globally. The hurdle rate for us to actually consider something in a new market would have to be quite considerable for us to look anywhere else. If there was something that highly leveraged all the R&D assets that we have, and we had potentially a good partner in those markets that would do all the stuff that needs to be done on the ground around sales acquisition and support, we might look at it. There is so much opportunity in the markets that we're currently in, we're just really focused on those. In terms of the global trends and the digitalization of transportation companies and the need for telematics solutions, that is a pretty global need. Does that answer your question? Do you think you could be a target for a takeover? I think every public company is the potential target. I think potentially, that becomes of interest. Certainly, this transaction and our U.S. market presence potentially makes us more interesting than we were before. Certainly, we're very focused on running our own plan at the moment. If there was an offer to be made, of course, the board would act responsibly in how it would consider that. Certainly, that's not our primary plan, is to be attractive and sold off to somewhere else. There's an awful lot of value that we can bring to this organization, executing well. Any other questions? What about online? Well, thank you, ladies and gentlemen. There being no further questions, I'll now move to the formal part of the meeting, and the resolutions. If you don't have a pen or a voting paper and you'd like one and you're in the room, please raise your hand and one of the Computershare team will provide one to you. At this time, I can ask if there are any questions regarding the financial statements and the auditor's report. No. At this stage in the meeting, bearing in mind the nature of the next resolution, I'll pass the chair across to Tony Gibson, who chairs our Appointments and Remuneration Committee, and let him propose the resolution. Thank you, Graham. Is that on? Yes. Thank you. Good afternoon, shareholders. It's my pleasure to put to you the first resolution of the day, which is that Graham Stuart, who is eligible for election, be elected as a director of the company. The Board recommends Graham to you as a director of EROAD Limited and unanimously supports his re-election. I now invite Graham to address the meeting. Thank you, Tony. I've been a member of the EROAD board for 3.5 years. I was first appointed in January 2018, and I've been the chair for just over 2.5 years. I'm proud of what the company's achieved during this time and the work that we as a board have done. We're in the process now of revitalizing the board with both Susan and Barry Einsig having joined in the last two years or so. In that same time, we've had the retirement of three directors. Had it not been for COVID, we would've most likely made another appointment by now. We were looking to appoint a second U.S. resident director. Unfortunately, with the intervention of COVID and our board being a little bit traditional in our view, we sort of want to be able to see the people in the flesh. We've decided not to proceed with an appointment in an online or virtual space. This board is very engaged with the business, and we work diligently to provide EROAD with good governance. We challenge Steven and the management team in a constructive way to drive performance, and we also engage very positively with Steven and the management team to set their strategy for the business. I feel that the stage is now set for EROAD to drive to a new level of growth and performance, and I feel that we have the skills and the expertise around the board table to contribute towards achieving this. I'm excited at the prospect of being able to play a part in that, and hopefully, I'll win your support to do that. Thank you. Thank you, Graham. Is there any discussion on this resolution, both from the floor and online? There appears to be no further discussion. I now put to the vote the ordinary resolution that Graham Stuart, who is eligible for election, be elected as a director of the company. Please take a moment to mark your voting form in relation to resolution one. Thank you. I'll now hand the meeting back to you, Graham. Thank you, Tony. What a great job he did of chairing that piece, didn't he? Well done, Tony. We're now moving to resolution two, an increase in the non-executive director remuneration pool. It's proposed that the total amount of the fee pool be increased from NZD 500,000- NZD 850,000, which represents an increase of NZD 350,000 or 70%. This is to allow sufficient funds to increase the number of non-executive directors on the Board. The Board currently comprises five directors, of whom 4 are non-executive. It's proposed that in the next 12-18 months, the number of non-executive directors is increased to five or six, as we continue to build the expertise of the Board and to allow ongoing rotation of non-executive directors. It's also proposed that fees for the non-executive directors and the chairs, the chair of the board, and the Remuneration, Talent and Nomination Committee, be increased. In accordance with Listing Rule 6.3.1, no non-executive director or any of their associated persons, as defined under the NZX Listing Rules, can vote in favor of this resolution, unless casting votes under an express proxy of a person who is not disqualified from voting. Is there any discussion of this resolution?