Good morning, ladies and gentlemen. My name is Kirstin Jones, and I'm Sky's Company Secretary. I will shortly hand you over to the Chairman, Philip Bowman, but first I will take this opportunity to outline a few procedural matters. As well as our live audience here in Auckland, we are joined today by shareholders and guests attending online who can watch the live webcast and see the presentation. In addition, shareholders and proxies attending online have the ability to ask questions and to submit votes. I'll now take a moment to outline the process for doing this. Online questions can be submitted at any time by selecting the Q&A icon to the right of your screen. Type your question into the field provided and press send to submit your question. You can also use this method to ask for help, and a member of the Computershare team will respond to you directly through the chat function. Whilst you can submit questions from now on, we will not address them until the relevant times in the meeting. Whether you're attending the meeting virtually or in the room, we do ask you to ensure your questions are relevant to the meeting, and we encourage you to be succinct and specific. Please note, in the interest of time, if we receive multiple questions on the same topic, these may be grouped together. We will endeavor to answer all online questions during the meeting. However, if we run out of time, we will answer any outstanding questions directly via email after the meeting. Turning now to voting, this will be conducted by way of a poll on all five resolutions. Those in the room who are eligible to vote should have received a registration card when you entered. If you did not receive your card, please visit the registration desk now, and a member of the Computershare team will be able to assist you. For those online, if you are eligible, you will be able to cast your vote by selecting the vote tab to the right of your screen. To ensure those online have enough time, we will be shortly opening the voting. Once open, you can select your voting direction on each resolution from the options shown on screen. You will know that your vote has been cast when the tick appears. Lastly, for those in the room, if there is an emergency and we need to evacuate the building, please follow the instructions of The Maritime Room staff. They will direct you through the doors from which you entered. If you entered via the elevator or need assistance, please make yourself known to a member of staff. We will assemble outside. Thank you, everyone. With the housekeeping now complete, I will hand the meeting over to our Chairman, Philip Bowman. Thank you, Philip. Kirstin, thank you very much. As Kirstin mentioned, I'm Philip Bowman, and I'm the Chairman of Sky Network Television Limited. It's my pleasure to welcome you all to Sky's 2025 Annual Shareholder Meeting, and it's nice to see such a good physical turnout. To all our shareholders, proxy holders, and guests joining today's meeting, thank you for making the time to be with us, whether you are in the room here in Auckland or attending online. As we have a quorum present, I'm pleased to declare our Annual Shareholders Meeting open, and I'm also pleased to officially open online voting. I'm joined today by our Chief Executive Officer, Sophie Moloney, our Sky's Interim Chief Financial Officer, Andrew Hirst, and Sky's Company Secretary, Kirstin Jones, who you've already met. We also have my fellow board members. To my immediate right, Keith Smith, Sky's Deputy Chair and Chair of the Audit and Risk Committee, Dame Joan Withers, Mark Buckman, who chairs Sky's People and Performance Committee, Belinda Rowe, and at the extreme right, Mike Darcey. Members of Sky's leadership team are also in attendance today, and I also welcome representatives from our auditors, PricewaterhouseCoopers, and our corporate solicitors, Chapman Tripp. Turning to the format of today's meeting, I will comment on the 2025 fiscal year, as well as our plans for the current year. I'll then invite Sophie to provide more detail on the significant progress the management team made in fiscal 2025, including a summary of our financial performance and the priorities for the coming period. We'll then move to the formal business of the meeting, and finally, I'll open the floor here, and virtually, for questions of a general nature from you, our shareholders. Sophie and I look forward to engage in a good conversation with you. Following the conclusion of the meeting, there'll be an opportunity for those in the room to continue discussions over morning tea with the directors and members of the leadership team, and also to experience some of our products firsthand. As Sky's Chairman, it's my pleasure to address you at our 2025 Annual Meeting. The past year has been another challenging one for the New Zealand economy, and particularly for consumers. Most forecasts of a recovery made at this time last year proved to be optimistic. Instead, we've seen discretionary spend continue to be squeezed by inflation running ahead of income growth. Consumer-facing businesses, such as retailers, faced weaker demand, and Sky was no exception. Recent forecasts now suggest an economic recovery in 2026, and hopefully these will prove more accurate than those forecasts last year. At the same time, the local media landscape continued to evolve at an unprecedented rate, with both cyclical and structural shifts redefining the competitive landscape. Key impacts included the continued decline in linear TV advertising revenues, industry consolidation, and an increased focus by some global streaming platforms on the local New Zealand market. For Sky and our customers, the challenging year was compounded by the complexity of managing the migration from a prematurely end-of-life satellite under extremely tight timeframes. Against this backdrop, Sky delivered a solid set of results reflecting the clarity of our strategy, the resilience of our business model, and the disciplined execution by our team. As we reported in August, management delivered results within revised market guidance ranges for the FY 2025 year. Adjusted revenue was at the lower end of guidance, whilst adjusted EBITDA was at the midpoint of guidance, and cash generation was strong. These results enabled the board to declare an increased fully imputed final dividend of $ 0.135 per share, lifting the full year dividend by nearly 16% on the previous year. At last year's meeting, I highlighted the two key priorities for FY 2025. Firstly, satellite migration. This was completed successfully despite very significant operational complexity, but at the cost of some disruption for a limited number of our customers. Second, renewal of New Zealand Rugby rights. Negotiations concluded in August, and subject to shareholder approval today, Sky has secured a further five-year agreement on improved commercial terms. This outcome ensures that our customers will enjoy an expanded suite of content, including every big rugby moment, for the next five years. At the same time, the agreement allows New Zealand Rugby, with our support, to pursue supplemental free-to-air arrangements for provincial rugby. The new agreement with New Zealand Rugby, along with other rights secured, including those for the Olympics, New Zealand cricket, and Formula One, cements our unrivaled coverage of sport that New Zealanders care about. These achievements demonstrate the ability to execute successfully under pressure, and they've strengthened the board's confidence in management's capability to deliver on future opportunities that may emerge in the sector. One such opportunity this year was the acquisition of Discovery New Zealand for a nominal consideration and on a debt-free basis. This transaction aligns with our strategy to grow advertising and digital revenues and strengthens Sky's position in the local media ecosystem. Sophie and I have received a significant amount of positive investor feedback since the transaction was announced. Put simply, the work undertaken to strengthen Sky's commercial position over recent years helped to create the conditions to secure this strategically important and carefully structured deal. The integration of Discovery New Zealand into our new Sky Business Division and the delivery of significant cost synergies and potential revenue synergies is the key focus for management in FY 2026 and will be a continuing focus in later years. Over the financial year, Sky's share price appreciated by 27%, which combined with fully imputed dividends paid of NZD 0.205 per share, delivered total shareholder returns of 36% for FY 2025, tangible evidence of value creation and our commitment to rewarding shareholders. Having confirmed dividend guidance for FY 2026 of at least NZD 0.30 per share, management is on course to deliver against this target first communicated back in August 2023. At the current share price of NZD 3.60, a NZD 0.30 payout this year represents an impressive 8.3% cash yield and will deliver a further increase of 36% in our annual dividend. Importantly, one paid out of free cash flow and not out of debt, providing a clear illustration of the strength of Sky's cash generation and your board's confidence in its sustainability. Following the Discovery New Zealand acquisition, the board has paused further capital management actions in the short term but will continue to review opportunities as synergies are delivered. This has been a demanding year for your board with significant additional workload arising from satellite migration, the rugby negotiations, and the Discovery New Zealand acquisition. As with many New Zealand listed companies, our Audit and Risk Committee, supported by the management team, also undertook considerable additional work on Sky's climate-related disclosures. As a low carbon intensity business, we believe that the current cost-benefit and liability exposure of the present disclosure regime is disproportionate, and we welcome the pragmatic decision from the government to amend the CRD regime in 2026. I would like to take this opportunity to acknowledge the dedication and professionalism of my fellow directors. Three of us on the board, me included, are standing for re-election today, and we look forward to addressing you individually. An internal board effectiveness review confirmed that the board continues to operate very effectively, and we review the composition of the board every year to assess whether the mix of skills, competencies, and experiences remains appropriate. The impact of the acquisition of Discovery New Zealand will be a new factor for consideration in FY 2026. I'd also like to thank Sophie, our leadership team, and the wider Sky team for their hard work and great resilience in navigating a complex year. These efforts have delivered positive outcomes for customers, partners, and for our shareholders. Finally, a thank you to you, our shareholders, for your continued trust and support. In this context, it is good to be able to report a very positive total shareholder return for FY 2025. FY 2026 will be an exciting year as we integrate Discovery New Zealand and continue to lay the foundations for accelerating our growth across the broader business from 2027. Your board and management remain focused on delivering great value for customers and for shareholders alike. Thank you for your attention, and as I said earlier, Sophie and I look forward to your questions and engaging with you later in the meeting. Sophie, over to you. Take the feelings if wake up. Everything's pointing you towards something. We can do whatever we like. Once you open that door, there's no going back. I'm ready. Welcome. How excited I am to meet you. This place is insane. We should all feel like this. We've never seen a force like this. Has been reached between Israel and Hamas. One chain to make history at home. She's a bit weird. Look. Bingo. We're all in this canoe together. We're hunting to be. What a time to be alive. Can't get much better than that, does it? Thank you, Philip. [Foreign language] Tina Taso Kattura. Good morning, everyone. It is my privilege to address you again as your Chief Executive Officer in Sky's 35th anniversary year. When I reflect on Sky's journey since 1990, from the early days of satellite broadcasting to the dynamic multi-platform media company we are today, I'm reminded of how deeply woven Sky is into the fabric of Kiwi life. It feels especially fitting that in our 35th year, we have welcomed another iconic New Zealand media company into the Sky Group, with Three also sharing a proud 35-year legacy in this country. I'll touch more on that acquisition shortly. As Philip referenced, it certainly has been another busy financial year for your company, with additional demands from significant projects and the challenges of navigating a tough operating environment. In this context, we're particularly pleased to have delivered a solid set of FY 2025 financial results, with all metrics on an adjusted basis within the updated guidance ranges provided at the half-year. While the customer experience impacts of the satellite migration project and economic strain on household wallets meant revenue came under pressure, our disciplined cost control continued, with the results demonstrating our ability to swiftly adapt to optimize business performance. Our strategy continues to be guided by our ambition to be Aotearoa New Zealand's most engaging and essential media company, and, of course, by our purpose to share stories, to share possibilities, to share joy. We have five strategic pathways to achieve that ambition. Now, in the interest of time today, I refer you to our 2025 annual report, where we set out the achievements of each pathway in more detail, with a brief capture in my address today of the ongoing priorities in FY 2026. Underpinning everything we do is our enduring commitment to be a responsible and sustainably profitable Aotearoa New Zealand-focused business. To demonstrate our ability to achieve this enduring commitment, in August 2023, we set ourselves some ambitious three-year targets, and it's gratifying to report that we've made good progress in the second year of delivery during FY 2025. Pleasingly, the CapEx intensity and employee engagement results are already aligned with our FY 2026 ambitions. While the revenue and EBITDA margin targets remain challenging, disciplined spending means we continue to be on track with the critical revenue-linked programming cost target. Importantly, while customer NPS, net promoter score, is not quite where we want it to be yet, we have seen continued improvement following the successful migration to the new satellite in April of this year. Most notably, for the audience in this room and online, we remain firmly on track to deliver our dividend target of NZD 0.30 per share, a strong signal of our resilience and focus on execution. Speaking of resilience in our strategic pathway of making Sky a great place to work, as measured by the engagement of our people, I am delighted at the strides we've been making in this space to help our crew be their most productive selves at work. We understand that empowering our people leaders is also critical to achieving this pathway. You can be assured that we have real bench strength in our senior leadership, which is giving me and my executive team confidence about our delivery into the future. In terms of the strategic pathway of meeting customers where they are, delivery by satellite and via digital products remains key, as does the FY 2026 priority of supercharging the new Sky experience. Now, when I addressed you last year, migrating to a new satellite was our number one priority, with close to 450,000 of our customers connecting to Sky's content via satellite at the financial year end. As Philip shared, this was an incredibly complex project undertaken in a highly compressed timeframe, and it touched almost every part of our business. While it was not without its challenges, I remain incredibly proud of how our Sky crew pulled together to deliver for our customers and our business. As we signaled from the start, we expected the project to be largely cash neutral by FY 2026, and this is still the case. We are now operating from the KT6 satellites delivered by our partner, Optus. KT6 has a dedicated New Zealand footprint with a superior signal for most customers compared to our prior satellite. With Optus anticipating further delays of the completion and launch of the Optus 11 spacecraft, it is of great comfort to have KT6 as our primary satellite with security of supply until the end of our current contracted period in 2031. Now, while satellite delivery will remain an important component of our distribution strategy for some time to come, increasingly, our customers' experience of Sky is a digital one. At the full year, this included 37%, close to 170,000 Sky Box customers who are already enjoying the significantly enhanced digital experience of our new Sky Box or the Sky Pod. For those on the new Sky Box, this includes the benefit of IP switchover capability. Starting with today's Ashes test, the new Sky Box and Sky Pod will offer 4K ultra-high definition for certain sporting events. Over half of all Sky Box customers are also using our popular Sky Go companion app to enjoy their Sky content while on the move. Adding to this significant digital audience, we serve just over 400,000 recurring customers on Sky Sport Now and Neon, with many more subscribing for these services at other times throughout the year. Our expansion in digital also includes a fast-growing digital advertising space, where we now offer high-value digital ad replacement on Sky Sport Now. As expected, this initiative has been a hit with advertisers, which, importantly, has not impacted the viewing experience of our customers as we simply swap out existing ad spots with targeted digital ones. This initiative builds on our existing digital advertising revenue streams from Neon and has now expanded to Sky Go. Accelerating advertising and the associated revenue is a strategic priority for Sky that created the opportunity for the acquisition of Discovery New Zealand. As Philip mentioned, the acquisition is a strong strategic fit that propels our growth strategy in a way that would have been difficult to achieve organically. This includes access to the fast-growing Three Now digital platform, which expands our reach to a younger, more diverse audience that is highly attractive both to content partners and advertisers. As shared at the time, you don't get to acquire a business for a dollar if it is profitable, and the combined teams are working hard to deliver on the complex technology integration program while also remaining clear-eyed on delivering cost synergies and moving to capture the revenue growth opportunities ahead of us, particularly from FY 2027 onwards. In the more immediate term, our freshly renamed Sky Business Team is now in market with a unified sales proposition, and we look forward to sharing the outlook for the combined business at the half-year, with more on that process to follow shortly. As a further compelling proof point of the merits of the acquisition, our recent announcement that Sky has secured the exclusive rights to the Olympics through to Brisbane in 2032 was made possible due to the inclusion of Three and Three Now in the economic case backing this bid. Overall, it exemplifies how a significantly boosted freeware offering means we can meet many more New Zealanders than ever before across more platforms and with more choice. Here's a taste of that offering for you. Let's do this. Scott Bonone is here again. You need - 30 seconds. Do I look ready? Oh, he's going out. Go on, Mom. Daddy Lake. This is a whole new world. This life's more magnetic all eyes so automatic. Right up there with last meal before you die. Man, you slick. They try to make some jokes as though. I don't think they were joking. Whoa. Here, there is no special treatment. Oh, God. I am so happy you're home. Everything's a little different around here. That's real. New Zealand, for God's sake. Now, my hearty might, welcome to Three News. All 20 hostages are back home. Home insurance. Will your house soon be with us? What is your story? I was thinking the story kept changing. This is bloody stressful. Shocking, but keep going. Keep your train in hand. We'll definitely attack. You're being watched. They need me. They know where to find me. Wow. This has been fun. Thanks. It'll give us a hell of a bright night. Okay. As referenced by Philip, in terms of our content as a strategic pathway, securing the Olympics only serves to further strengthen our unrivaled sport bundle, which remains a vital asset of our shareholders. On the entertainment side, we are reinvigorating our strategy to deliver on the mix of entertainment programming that Kiwis enjoy from our broad range of studio partners. Much like sport content, our approach in this space is grounded in data and a deep understanding of what resonates. For instance, in FY 2025, we know the standout hit for our customers was Paramount's Yellowstone. We're building on those insights to shape a strategy that curates the best entertainment content for New Zealanders. Continuing to produce and showcase premium local content is a key part of this. We recently celebrated the launch of Sky Originals and BBC Scotland's psychological thriller, The Ridge, and we continue to support stories that feel uniquely Kiwi. As you've just seen, the acquisition of Three has also enhanced our local content proposition with love shows like Seven Days, David Lowe's Investigates, and Married at First Sight, now part of our customer offering. Our deepening of content engagement as a priority is also about creating content that engages fans and sparks conversation beyond the final whistle, including through initiatives like League Lounge with Jordan Johnson and Forever Auckland FC. Turning now to the performance of our business in the initial months of this financial year. As we signaled at our full year results in August, economic conditions were expected to remain challenged at least through the first half of FY 2026. So far, this is largely playing out as we anticipated, with continued pressure on revenues and added pressure on Neon subscriptions. Notwithstanding this pressure, there is no change to Sky's FY 2026 guidance provided in August on a standalone basis. While trading conditions for Sky Three have been softer at the revenue level than expected in the initial standalone period, lower than expected costs have somewhat offset the impact. Importantly, audiences have remained stable and we're expecting positive signs in the 2026 calendar year as advertising brands and agencies see the benefits and new opportunities created by our unique combined proposition. Our expectation of delivering NZD 3 million-NZD 5 million of synergy benefits across the group in FY 2026 is unchanged, as is our expectation that Sky Three will contribute positive free cash flow in its first year. Looking further ahead, we are confident the acquisition will achieve at least NZD 10 million of incremental EBITDA for the consolidated group by the end of FY 2028. As is usual following an acquisition, we're working through a purchase price allocation process to establish the fair value of assets acquired, such as content, brands, and the platforms. We expect this process will be completed by the time of our interim results, along with an intention to provide updated guidance on a group basis at that time. Overall, at a Sky group level, we're making good progress on each of the FY 2026 priorities that contribute to the financial outcomes we are targeting. As shared at the start of the financial year, our EBITDA guidance includes provision for some reinvestment in people, marketing, and customer experience after a challenging FY 2025. This reinvestment will lay the groundwork for accelerating our growth from FY 2027 onwards. In conclusion, I want to express my gratitude to Philip and to our dedicated, hardworking board. Built on the work of preceding years, your guidance, challenge, and unwavering support have been instrumental throughout what has been an intense and transformative year. This has been marked by major initiatives, including the satellite migration, securing the rugby rights, and the acquisition of Discovery New Zealand. The depth of experience you bring is an asset to me and my entire management team, as well as to all of our shareholders. Thank you. In addition to acknowledging the dedication and commitment of the wider Sky crew, I also want to acknowledge the contribution of my executive team, including the fresh perspectives brought by our newest members, Kim Niblock, Juliet Peterson, and Nikki Goodman. As we look forward to welcoming our new Chief Financial Officer, David Mackrell, in January, I'd like to take this opportunity to offer a special thank you to Andrew Hirst. Andrew, your care and expertise has made a significant impact for which we and I personally are very grateful. To all of our shareholders, all of you in the room and those online, thank you for your continued trust and support. You can be assured that we are firmly focused on our strategic pathways and FY 2026 priorities to ensure we can deliver on our results and on that all-important 2023 target to double the dividend to NZD 0.30 per share in this FY 2026. Thank you. Sophie, thank you very much for your address. Ladies and gentlemen, we now move to the formal business of the meeting. There are four ordinary resolutions and one special resolution for shareholders to consider. The ordinary resolutions relate to authorizing the board to set the auditor's remuneration and the reelections of myself, Dame Joan Withers, and Mark Buckman as directors. The special resolution relates to the New Zealand Rugby rights transaction. These resolutions are all set out in the notice of meeting, and you will also find them in the voting section of the online platform. There will be an opportunity to ask questions on each of the resolutions, but a reminder that only shareholders and proxy holders are able to ask questions. Kirstin has already outlined the process for submitting questions online. For those in the room, I would ask that you raise your hand and wait for one of our team to bring you a microphone, and please state your name and whether you are a shareholder or a proxy holder. We've been accepting online votes throughout this meeting, and for those in the room, we ask that you vote by marking the card issued by Computershare. If you need a pen, please raise your hand, and the Computershare team will provide one for you. Once the discussion on the final item of business is concluded, members of the Computers hare team will collect voting cards in the room, and for those online, I will give you notice shortly before the voting will close. Moving to the first resolution to be considered by this meeting relating to auditor remuneration. I now move as an ordinary resolution that the board be authorized to fix the auditor's fees and expenses for the ensuing year. Do we have any questions on this resolution? Kirstin, have there been any questions received online? There are no questions for this resolution, Philip. Thank you, Kirstin. With no questions, I'd now ask you to cast your vote on resolution one. The second resolution refers to my own reelection, and I'll therefore invite our Deputy Chair, Keith Smith, to take the chair for this part of the meeting. Thank you, Keith. Thank you, Philip, and good morning, fellow shareholders. As Philip mentioned, resolution two relates to the reelection of Philip Bowman as a director. Philip's CV is well covered in the annual report, but in summary, he was first appointed on the 1st of September 2019 and was last reelected by shareholders on the 2nd of November 2022. He serves as an independent director and also as Chair of the board, Chair of the Content Rights Committee, and as a member of the Audit and Risk Committee. Philip retires in accordance with NZX Listing Rule 2.7.1, and being eligible offers himself for reelection. The board has determined that Philip is an independent director and unanimously supports his reelection. I would now like to invite Philip to address the meeting. Thank you, Keith, very much. Fellow shareholders, it has been quite a three-year period since I last stood before you at the annual shareholder meeting to seek reelection to the Sky board. The media sector in New Zealand has changed at unprecedented speed. Sky has gained share of advertising revenues despite a prolonged economic downturn and the accelerating transition to digital media. A premature and complex satellite transition has been delivered successfully, and prolonged renegotiations of the New Zealand Rugby rights saw Sky retained as the home of rugby in New Zealand. Most recently, we completed the acquisition of Discovery New Zealand. It has been a demanding and unpredictable environment in which the boards and management of every business have had to make many difficult decisions. My international career spans a wide range of sectors in management, leadership, and governance roles, each appointment bringing its own opportunities, its challenges, and learnings along the way. Most roles were turnarounds where good businesses had got into difficulties for a variety of reasons. I still travel extensively, and I bring a global perspective to Sky and board discussions. I've been privileged to lead several global corporations as Chief Executive, including through periods of significant disruption and change. I currently serve on two other listed company boards: Ferrovial SA, a global infrastructure and construction business, which is now based in Amsterdam, and KMD Brands, which is based in Christchurch, New Zealand. As was true in 2022, we've made and continue to make good progress. However, there remains much more to be done, in particular, successfully integrating the Discovery New Zealand business. I would welcome the opportunity to continue to serve as your representative to build on that progress. Our investors are a broad church, many of whom I've had the opportunity to engage with over the past three years. Risk appetites range from aggressive to very conservative. Many have differing views on strategy, not to mention on dividend and capital management policy. Bottom line, I know from past experience that I can never keep all of you happy all of the time. What I can promise is that I listen to disparate views with an open mind and will continue to do that. I ended my reelection address in 2022 by saying that the next stage of transition will not be easy, that we won't get everything right, but be in no doubt that I'm committed to do my utmost with my board colleagues to generate value for you, our shareholders. We have delivered on this promise with total shareholder returns of 84% over this period, including an effective 59% increase in the share price and NZD 0.56 per share return by way of dividends, with the recent and future dividend payouts benefiting to some extent from the repurchase of 5.4% of the company's shares. I'm pleased to have the unanimous support of my board colleagues for reelection, and I would ask you to endorse my reelection to the board. Thank you. Keith. Thank you, Philip. I'd now move as an ordinary resolution that Philip Bowman, who retires at the annual meeting and is eligible for reelection, be reelected as a director of the company. Now, I'll start with the floor. Do we have any questions on this resolution? Over here, Coralie. Thank you. [Coralie Van Kamp]. I would have liked to have dealt with the rugby resolution before the director resolution. My question to Mr. Bowman is, naturally, you're the one that's organized the chief organizer of this second rugby deal. The first rugby deal left me with only 271 shares, which means that the dividend and the share price are negligible. I can't agree to endorse you when I'm not happy about what I see in the last resolution, which I'll talk more about, so I have to vote against you. Thank you, Coralie. That's noted. Do I have any more questions from the floor? Kirstin, do we have any questions received online? Yes, we do, Keith. We have a question from Steven Maine. How old is Philip Bowman, and is he intending to serve a full three-year term as chair? Also, why does his CV and the notice of meeting exclude the fact that he was a very famous finance director of Coles Myer in 1995, who stepped up on governance issues in a spectacular way that is still talked about across the ditch in Australia? I do not think age is allowed to be said these days, but I will let Philip choose how he answers that comment. I think anyone can look up my age and who's who, but I was born on the 14th of December 1952, so I am currently 72 years old. Second question is whether I intend to serve my full term as chairman. No one knows what the future brings, but certainly my present intention, with the support of the board, would be to do so. In terms of Coles Myer, we are talking a long time ago. That was 1995, 1996. It was covered in the media extensively, and I don't see any reason why people need to be reminded of that here in 2025. Thank you for the question, Steven. Kirstin? No further questions. Thank you. Thank you, ladies and gentlemen. I would now like to ask you to cast your vote on resolution two. Whilst you're doing that, I will hand the chair back to Philip. Thank you. Keith, thank you very much. Resolution three relates to the reelection of Dame Joan Withers as a director. Dame Joan was first appointed on the 17th of September 2019 and was last reelected by shareholders on the 2nd of November 2022. She serves as an independent director and also as a member of the Audit and Risk Committee and the People and Performance Committee. Dame Joan retires in accordance with NZX Listing Rule 2.7.1, and being eligible offers herself for reelection. The board has determined that Dame Joan is an independent director and unanimously supports her reelection. I'd now like to invite Dame Joan to address the meeting. Joan, please. Thank you, Chairman, and good morning, everyone. Thank you very much for the opportunity to speak to you in support of my reelection to the Sky board. I'm going to reflect back a little further than Philip and I joined the board five years ago at a very challenging time in Sky's history. It has been a privilege to serve as part of a team which has successfully moved the business from where we were back then, and that was moving through the massive disruption that was COVID. We were ridden with fundamental balance sheet challenges. We were incumbent in an industry that was facing existential threats, and we had at that stage an ambitious, well-funded competitor creating additional financial pressure for us in negotiating critically important sports rights contracts. A lot has changed in that time, but this is no time for hubris. We have seen off that local competition. The share prices, the chairman has described, are in the ascendancy, and we are delivering dividends which should keep shareholders happy. We have the rugby and other critical rights contracts under our belt, and we've now made a significant acquisition that capitalizes on the core competencies that Sky has and enables us to exploit our newly found but highly lucrative capability in selling advertising to complement our subscription revenues. Along the way, as the chairman has described, we've had to affect a satellite transition earlier than we anticipated. It hasn't been an easy time. The New Zealand economy continues to be very challenging, and businesses that are reliant on consumers' discretionary income are still, as we hear every day, having a very rugged time of it. Leadership of the business in the last few years has been fraught. I do take a moment to compliment Sophie and her team on their dogged determination to guide the business through the numerous minefields that they have faced, always with the best interests of our shareholders, our customers, and our team sharply in focus. I also pay tribute to the leadership and guidance of our Chair, Philip Bowman. His massive experience in many sectors, the commercial nous and heft that he has and he brings to the table, and the exemplary manner in which he has provided counsel to the CEO has made a formidable difference. What do I bring to the board? I think I am one of the most experienced media practitioners in New Zealand. I've operated in television, radio, newspapers, and digital media companies. I was formerly CEO of two of the largest media companies in New Zealand. I've served as the chair of TVNZ, and I've also served on the board of Fairfax Media in Australia. I hold an MBA degree, and I'm an experienced governor, having also chaired Auckland Airport, Mercury, and The Warehouse Group, and I've also served on a number of other boards. Alongside The Warehouse, I currently sit on the board of ANZ Bank New Zealand and Origin Energy in Australia. I believe I have good judgment, and the longer that I operate in the business environment, the more I understand how important that is, as is understanding that no one is infallible and that eliciting the collective wisdom around the table is critical. It remains the case in the corporate world where we now have data, AI, sophisticated analytics, and sometimes external experts assisting us to make the best decisions. It still comes down to the ability of the board to probe beyond the obvious to ensure that all the relevant facts are to hand and to rationally assess the pros and cons of the proposal. Sometimes I'm the black hat around the board table, as my colleagues know, and sometimes I'm the raving fan of a new initiative. My personal belief is that no matter if the composition of the board is textbook in terms of skills and experience, ultimately it's whether the board is able to interact productively and drive to the best decision or outcome that makes the difference and drives long-term shareholder value. I want to thank my fellow directors for their support of my reelection and thank you, our shareholders, for your consideration of the resolution. Thank you. Thank you, Joan, very much. I now move as an ordinary resolution that Dame Joan Withers, who retires at the annual meeting and is eligible for reelection, be reelected as a director of the company. Do we have any questions on this resolution in the room? Coralie. I'll cut to the chase. For the same reasons I voted against you, Mr. Bowman, I vote against Dame Joan and Mark Buckman. Thank you. Any other questions in the room? Kirstin, any questions online? Yes, Philip. We have a question from the New Zealand Shareholders Association. To Dame Withers, the New Zealand Shareholders Association strongly encourages directors to own some shares in the company they are governing. I see you appear to own no shares in Sky TV. Could I please ask why you have chosen not to be a shareholder in the company? I suggest you check again. I do actually own shares. Thank you, Joan. There are no further questions. I will now ask you to cast your vote on resolution three. Resolution four relates to the reelection of Mark Buckman as a director. Mark was first appointed on the 21st of March 2022 and was reelected by shareholders on the 2nd of November 2022. He serves as an independent director and also as Chair of the People and Performance Committee. Mark retires in accordance with NZX Listing Rule 2.7.1, and being eligible offers himself for reelection. The board again has determined that Mark is an independent director and unanimously supports his reelection. I'd now like to invite Mark to address the meeting. Mark, please. Thank you, Chairman. [Foreign language] Kia ora. Good morning, shareholders. It's been a real privilege to serve as an independent director of Sky over the last three years and to also chair the People and Performance Committee during a period of significant transformation and renewal. When I joined the Sky board, we were in a period of reimagining its role in a rapidly changing media environment. Today we're a very different company: a larger, more integrated broadcaster, one that is more agile, more customer-focused, and far more confident about its place in the role of New Zealanders. Under Sophie's leadership, the team has revitalized the experience, the Sky box and our apps, integrated broadband in our entertainment propositions, promoted our streaming platforms, Neon and Sky Sport Now, and improved operational performance right across the business. More recently, the acquisition of Discovery New Zealand has been a pivotal step in accelerating advertising and digital capabilities, and these significant achievements have strengthened the company and position Sky for the future. As a board, we've placed significant emphasis on culture, leadership, and performance. In particular, I'm very proud of the work that the People and Performance Committee has led to ensure that our remuneration and incentive frameworks are fair, transparent, and aligned to long-term shareholder value creation. One initiative that I've personally championed was the inclusion of safety and well-being metrics into Sky's KPIs because how we perform is equally as important as what we deliver. I've also made it a priority to get to know our business and our customers, visiting with our field teams, spending time in our call centers, going out on field trips with technicians, and spending time directly with customers. Those experiences, I believe, have given me invaluable insight into the passion and professionalism of our people and the trust that customers place in Sky each day. I bring to the board more than two decades of international media and telecommunications experience, having held senior leadership roles as both managing director of Foxtel's consumer and retail business and as managing director of the Telstra Media Group. More recently, and to Dame Joan's point before about the need to continue to evolve, I've continued to postgraduate study in digital strategy, sustainability, cybersecurity, and artificial intelligence. These are disciplines that are increasingly important and central to Sky's future and to strong governance in a digital world. I'm genuinely impressed with the progress that Sophie and the team have made and the unity of purpose that now defines Sky. With your support, I hope to continue contributing that mix of experience, curiosity, and commitment to help Sky remain a bold, modern, successful, and trusted New Zealand company. [Naomi, Niwi], and thank you for your continued confidence. Mark, thank you very much. I now move, as an ordinary resolution, that Mark Buckman, who retires at the annual meeting and is eligible for reelection, be reelected as a director of the company. Do we have any questions on this resolution in the room? I do not see any. Kirstin, have you received any questions online? Yes, Philip. We have another question from the New Zealand Shareholders Association. To Mark Buckman, the question to Dame Joan Withers about owning shares in Sky TV applies similarly to yourself. Could you please respond? As with Dame Joan, I think you should recheck your records because you will find that I am a shareholder. Thank you, Mark. No further questions. No further questions. Thank you. Ladies and gentlemen, I would now ask you to cast your vote on resolution four. Resolution five relates to New Zealand Rugby rights transaction. This resolution seeks approval for Sky to enter into a new five-year broadcast partnership with New Zealand Rugby, commencing in January 2026. Approval of Sky's entry into the New Zealand Rugby rights transaction today would secure the New Zealand media rights for an unparalleled portfolio of rugby from 2026 through to 2030. This is an exciting transaction for Sky, and the terms have been heavily negotiated and are attractive from Sky's perspective. Due to commercial sensitivities, the total consideration payable under the New Zealand Rugby rights transaction remains confidential. However, Sky can assure shareholders that it remains committed to its target of maintaining total programming costs to between 47% and 49% of revenue, which is reflected in Sky's forecast for FY 2026 after taking account of the New Zealand Rugby rights transaction. Because of the value of the New Zealand Rugby rights transaction over the five-year term of the agreement, it is considered a major transaction under both the NZX Listing Rules and the Companies Act. Accordingly, the New Zealand Rugby rights transaction is subject to approval as a special resolution of shareholders. This resolution requires the support of a majority of 75% or more of the votes cast by shareholders entitled to vote and voting on the resolution. Your board unanimously supports the New Zealand Rugby rights transaction, and it recommends that shareholders vote in favour. I now move, as a special resolution, that the New Zealand Rugby rights transaction described in the explanatory notes to this notice of annual meeting is approved for all purposes, including under and for the purposes of NZX Listing Rule 5.1.1(b) and Section 129 of the Companies Act 1993. Do we have any questions on the resolution in the room? Coralie. Thank you. I see that the average market capitalization is NZD 410 million, and over half would be NZD 205 million. You do not actually, because you are citing commercial sensitivity, it is a bit like how long is a piece of string? Over half is the price that you are paying for it. I could not possibly vote for something that does not have a fixed figure on it. I also feel that if you are spending that sort of money on sport, it will compromise the entertainment side of the business. I'm voting against. Thank you, Coralie. Any other questions in the room? Kirstin. There are no questions online, Chairman. Thank you, Kirstin. Ladies and gentlemen, I would now ask you to cast your vote on resolution five. Ladies and gentlemen, that concludes our discussion on the items of business today. Please ensure that you have cast your vote on all resolutions, and Computers hare will now collect votes from within the room. Following this, online voting will be closed. Has everyone who wishes to vote in the room and who has completed a voting card had their voting card collected? No one has a voting card still? All in order? Okay, I'll move on. You will now see on the screen the details of proxy votes cast ahead of today's meeting. Details of the final voting outcome will be released to the NZX and the ASX later today. I'd now like to open the meeting to questions of general business, and we'll begin with any questions from the room before moving to online questions. Do we have any questions from the room? Please. Hello? Sounds better. My name is [Yuris. Yuris, Alpharite], shareholder. I have two questions, please. The first one is on Discovery. I mean, you have been leading and integrating this business now for four to five months, and you have repeated that it's going to be 10 million synergies. Sorry, can you hold the microphone a little closer to your mouth? It sounds breaking up. I don't have to bite in it. It's not resisted. Okay. But I will try. My first question was regarding Discovery. After four to five months watching it and integrating it, can you elaborate a little bit more what you found and if what you found truly matches what you found during the due diligence? You have repeated the synergies perspective, but it is hard to believe that there was nothing positively or negatively surprising you. Maybe you can put a bit more. Sophie, I think that is one for you. Very good. Hopefully, this is working. The benefit of doing deep due diligence like we did with the help of external advisors is that I am really comfortable to say we have not had any surprises that have been uncovered. I do get asked that question often by the chair. It is definitely a complex technology project, which I referenced in my address. We have to disentangle a huge number of systems from Warner Bros. Discovery and reintegrate them into our business across linear and digital. We have the right teams. We can augment our resourcing to do that. Largely, it is one of excitement. We have the Sky free team now part of our downtown office, and we can only see a lot of opportunity ahead. However, we do have to complete the integration within the transitional services agreement period. That is why we are saying from FY 2027 onwards, you are going to see all of those opportunities for growth. I do look forward to giving a further update at the half-year once we get further along the integration process. Safely to say no surprises, really excited about some of the talent and seeing the teams work together. Thank you, Paul. The second question on your dividend outlook, please. The NZD 0.30, I would like to understand how sustainable you regard that. I'm specifically not asking about how likely it is you're going to pay because you could preach the payout ratio or it can be paid easily, but that may be unhealthy given certain circumstances. When you look at your business today, how sustainable do you think this NZD 0.30 level is, maybe before acquisition of the? You were right. We're not going to give further guidance at this time. Obviously, delivering on that target is super important, and I think, as the Chair shared, crucially, it's out of our free cash flow. The cash position of our business is strong. We obviously do have a NZD 100 million undrawn debt facility, but that's not in the purview. We do look forward to the full year of giving the guidance going forward. At this stage, we feel very comfortable about delivery in this fiscal on that. In 2023, it was quite a bold target to double the dividend, and we do generate good free cash flow in support of what we're doing. Anything else you'd add? No, only to emphasize that the business is still strongly cash generative and the intent is to pay the dividend out of cash flow rather than out of borrowings. Any other questions in the room? Coralie. Now I can say something positive. Thank you. I love the entertainment content. I'm not a sports fan, so I really don't want to see that compromised by the rugby deal. I've just got one comment. The TV guide has stopped rating your Premier Channel 30 movies, and I'm wondering if it's because there have been an awful lot of horror movies, which I detest. I have actually stopped watching your movie channels. It would be nice. I know there's not a lot coming out of the U.S. The U.K. and Australia are producing really good stuff, but it's not necessarily movies. Maybe that's the problem. Thank you, Coralie. I'm like you. I'm not a fan of the horror movie, but I do want to assure you there is no compromise of our entertainment content strategy by virtue of the rugby deal. In fact, what I'm really excited about when we talk about the entertainment content strategy, we're already coming out with some new channels that are going to be curated by our team. It's going to mean less repeats. On the movies front, we are investing. Probably the most recent one that I enjoyed was Conclave, so not a horror. You're spot on. Entertainment's a really vibrant and important part of what we're delivering. As you saw in the promos, we now have the opportunity to think about the buying power right across free-to-air and premium pay. I'm assuring you, Coralie, that we will have some great updates to come on the TV guide. I feel like that is something that we need to look into. I look forward to coming back to you or one of the team coming back to you after the meeting. Be rest assured, there's some excellent entertainment coming in H2. Sophie, thank you. Next question in the front. My name is Haley Cheng, shareholder of this company. I don't have questions, but I have some suggestions that will make some shareholders feeling a little bit happier, not so grumpy. Yeah. They criticised Philip for his age, 73. Have you noticed 72. Sorry. 72? Because you said that you were born in 1952. The very end, yes. Yeah, but I was born in 1951, and I'm 74. Listening. At this age, for your speech, you did not need to look at, what shall I say, the paper in front. You just spit out anything. You have very good memory. Thank you. Yeah. For Sophie, Sophie is a very capable CEO. Why? Because you are in the media industry, and I've been with the New Zealand Airline every day. The media industry, your, what shall I say, competitor, they all, what shall I say, gave very, very good comments in the newspaper for you. Also you can talk without any paper. Yeah. What shall I say? We should not blame the company for its past, what shall I say, performance. Because it's already very, very good. In September 2019 when Philip, you were employed in the company, I was also a shareholder at that time, September 2019. Then COVID came. All sports programs were cancelled. Now Philip and Sophie turned the company around. I'm very grateful. The shareholder complained that she bought it at about NZD 4.80 or NZD 4.60. You know why? Luke Murdoch, the most famous, wealthy media mogul in the world, he sold his shares in Sky TV at the price of NZD 4.80. At that stage, I never buy Sky TV. Why should I subsidize him to pay money for his third wife at that time? Now he had the fifth wife. Yeah, I won't spend money at that time. I just bought in September 2019, and I applied for the rights issue, and I'm getting even, and I have big dividend. Thank you, all the board. Thank you. Thank you. Thank you. Thank you very much for your comments. Yes, over there. In the middle. Hello, my name is Brenda. I'm a shareholder, and perhaps please tell me if this question is not able to be answered at this time because I'm referring back to the resolution one, which was about remuneration. I thought of a question afterwards, which is, do you already come to the meeting with an idea of the kind of percentage, because undoubtedly it will be an increase, percentage increase that the remuneration will be? For the auditors? No, for the board and no, this is the resolution. Yes, for the auditors. For the auditors. The answer to that is it's a process of negotiation that takes place every year. Just occasionally, the fees do go down rather than go up. It is unusual. The reality is that the level of increase proposed this year is relatively modest compared with what it has been in some previous years. Yes, we have an idea. Andrew, do you want to make any comment? The other thing I'd say to you is the audit fees each year are somewhat dependent on the level of complexity that we're going through as a business. For example, the year we've just been through, there was a lot of complex accounting required for the satellite movements as well as for the change in our amortization policy for Neon. There is sort of a core audit fee that is largely static and has some inflationary pressure to it. The rest of it is really dependent on the activity we're going through in every year. For example, the year coming up now, we'll be doing the accounting for the acquisition of Discovery, which will be effectively something new. That's the only thing I would add, Chair, is it's really the variability comes from the level of complexity in any given year. Perhaps next year or whenever that could be elaborated on at the time of the voting. It would clear a picture of what the voting for is. I think if you look in the annual report, clearly you see the historical data in terms of the current data. I mean, we have not yet actually agreed fees for this year with the auditors, so it's quite hard to provide that information. That negotiation is ongoing. I note your comments. Thank you. I understand that. The information we've had just now was very helpful. Thank you. Okay. Very good. Any other questions in the room? Yes, one there. Gray cap. Hello, shareholder. I just want to elaborate for Coralie. I just want to say to Sophie, Andrew, and Kirstin, I do not know how you do it. You all look so refreshed and under all this pressure going through in the last couple of years. I just, unbelievable, the change that has happened. In fact, I have been in the share, out of the share, and then I felt a bit more confident, so I got back in again. I am so pleased I did. All I want to say is fantastic what you have done and what you have because I will not see you later because everybody will be flocking here. All the best. Thank you again. Thank you. Thank you Thank you very much for that comment. I don't see any other questions in the room. Kirstin, online. We'll come back to that. Yes, Philip, we have a question from NZ Shareholders Association. I note that there is currently no plan to repurchase shares. I wondered why the company does not seek to reintroduce a share buyback program to give you, as a board, the flexibility or freedom to enter the market at will and/or when the time appears opportune. Shareholders would be comforted in knowing that such potential support exists for the shares. I think my answer to that, the New Zealand Shareholders Association, and I'm not sure whether I covered it when I met with Oliver, is contained in the address given today. The board considered the acquisition of Discovery New Zealand, and although it was only for NZD 1 or the proverbial peppercorn, we believed it was prudent to suspend capital management activities during the early parts of the integration of the new business. As I said today, the board will continue to keep this under review, and if it believes it's appropriate, it will then move back with a proposal to do a share buyback or some other form of capital management. The door is not closed to it. I've made that very clear, but we believed it was prudent during the integration, and I still believe and stand by that view. Kirstin, next question. We have a question from [Jacques Barcelon]. Have you given any consideration to improving the news offering on TV3, for example, your weekend news? Thank you for that question. I think, Sophie, that's one for you. Please. We know the importance and understand the importance of Three news. We can see it in the ratings, and absolutely it's in focus for Juliet and the team. We do need to get through the integration. We are very appreciative it's an election year next year, and we will be very keen to make sure that the news offering is what New Zealanders deserve. There will be more in that space. I just can't comment further right now. Sophie, thank you for that. Kirstin. We have another question from Steven Maine. When did we last tender the audit contract currently held by PricewaterhouseCoopers, and when are we next likely to tender the audit? Steven, the answer to that question is it has not been tendered for a significant number of years. The board considers this from time to time, as does the Audit and Risk Committee. I think it's fair to say that we have a new lead audit partner who started this year, has taken a different approach to his predecessor. I'm not saying either is better than the other, but it's a fresh set of eyes and a different approach, and I think that's valuable. In terms of timing, I'm not going to make any commitment on that. What I would say is it would have been a very bad year this year or next year to make a change given the acquisition of Discovery New Zealand. One needs continuity, and there is one advantage, which is that our current auditors were also the auditors of Discovery New Zealand, and they understand the numbers, which bringing somebody in from the outside would be difficult. Just remember, we need to finalize accounts for some of the legal entities we purchased. They need to have audited accounts. We don't have the data to do that easily. That's still with Warner Bros. Discovery, who, as you will have read in the paper, are actually demerging part of their business if they're not purchased before that actually happens. At the moment, there were some very good and very practical reasons for not seeking to change auditors, but it is something that the board and the Audit and Risk Committee continuously keeps under review. Any other questions? Finally, from the New Zealand Shareholders Association, an acknowledgement that both Dame Joan and Mark Buckman are now shareholders, which the association supports. Thank you very much, and I'm glad that on checking the records, you found they have some shares. Thank you, Mark and Dame Joan, for that. Good. No other questions online? No further questions. Any other questions in the room? I don't see any. Kirstin, thank you for monitoring the online questions. Before I close the meeting, I'd like to thank all of you for your attendance and for your support of Sky. As we've outlined today, your board and management are focused on executing on the opportunities ahead, including the significant ones from the acquisition of Discovery New Zealand. There are exciting times ahead for Sky, and the board and the executive team look forward to updating you on the company's progress in the coming year. I now declare today's meeting closed and invite those in the room to join the board and management for a rather late morning tea. Thank you all very much.