Good afternoon, and welcome to our 2024 Annual Meeting. We're now at the scheduled time, so I will commence the meeting. Please note the important disclaimer information, as we will be making and commenting on forward-looking statements today. For those of you who don't know me, I'm John McMahon. I chair Vital. I own approximately NZD 1.2 million shares in the company, and I've been a Director since August 2022. We're holding a hybrid in-person and online meeting. We welcome online participants through our virtual meeting platform provided by our share registrar. You can vote and ask questions online, and I will shortly provide you with further instructions about how you can do this. If you encounter any issues, please refer to the Virtual Annual Meeting Online Portal Guide, or you can phone the helpline on 0 800 200 220. I would encourage you to send through any questions, as soon as you can, and this will allow us to ask questions at the appropriate time of the meeting. To ask a question, you just need to click, unsurprisingly, Ask a Question, within the online meeting platform, select the item of business, type in your question, and click Submit. Joining with me at the meeting today are fellow Directors, James Sclater and Susan Freeman-Greene, along with our CEO, Jason Bull, and members of the Senior Executive team, and we also have our auditors, KPMG, present. We will be hosting some food and beverage at the completion of the meeting, and I extend a warm invitation to those of you present to please join us if you're able. The company secretary has confirmed to me that the notice of meeting was sent out to shareholders and other persons entitled to receive it, and I have been advised that we have a quorum present. On that basis, I formally declare the meeting open. Proxies have been appointed for the purposes of this meeting in respect of approximately NZD 6.9 million shares. That represents around 16.6% of the total number of shares on issue. My fellow directors and I intend to vote all discretionary proxies we have received in favor of the single resolution as set out in the notice of meeting. Now, in terms of our agenda today, the order of events for this afternoon's meeting will be as follows: I'll provide a brief address. Jason, our CEO, will run through a review of operations last year and also provide some guidance that we've put out for FY 2025, and then we'll conclude with the formal business of the meeting, which includes the one resolution that we have to vote on today. Voting on all resolutions will be conducted by way of a poll. I encourage you to send in your questions as soon as possible through the virtual meeting website. While it will be covered in greater detail by our CEO, Jason Bull, I'll provide an overview about the year just gone, and then once both Jason and I have concluded our presentations, we'll respond to general questions about the business and the prior year at that point. FY 2024 I would characterize it as another solid year and in August we reported progress with results that were largely in line with guidance expectations, despite what were very challenging business conditions. The Vital turnaround strategy commenced a couple of years ago. It was designed to arrest the previous decline in key customers, stabilize the business, significantly improve operational efficiency and reduce costs, build better sales channels, improve the customer experience, and either win or re-sign key customers. And that turnaround strategy was reflected in solid results being achieved in FY 2023 and continuing through FY 2024. Now, this was despite particularly challenging macroeconomic operating environment, and particularly in the Wellington market, where most of our fiber is based. Most of our fiber network is here. We have a small amount in Auckland, and obviously Wellington has been heavily affected by pressures from cuts to central government spending in particular, and probably also some pressures relating from local government here as well. Now, look, while we're pleased with overall progress, our financial results, to be blunt, are still not where we aspire them to be and where we need them to be in the longer term. With a solid foundation now laid and two full years of disciplined delivery, our focus is now on driving revenue growth, generating greater operating leverage, and most particularly, the acquisition of new customers. One factor that happened recently, of which you'll be aware, in August 2024, Vital received a notice of intention by Empire Technology Limited to make a partial takeover offer for 50.01% of the fully paid ordinary shares in the company. The board was committed to acting in the best long-term interests of shareholders and considered this notice along with support from independent advisors. We advised Vital shareholders not to take any action about the notice until further guidance was received by the board, or if and when an offer eventuated. In September 2024, Empire Technology advised that it would not proceed with its partial takeover offer. And lastly from me, in governance updates, while Vital does have an appropriate balance of skills and experience on the board, it will continue to look selectively for additional and appropriate governance skills that will benefit the ongoing turnaround strategy. I'll now pass over to for an operational review of Vital, and then when Jason's concluded his presentation, we'll take questions on the material we've covered and then move to the formal part of the meeting. So, Jason, over to you. Thanks, John. Good afternoon, everybody. I think most people in this room know me, so and those online who may not. Jason Bull, the Chief Executive. Here's an update. So if we can flick to slide. Yeah, that's us. Look, revenue was down 4.5% from NZD 28.1 million in FY 2023 to NZD 26.9 million, which was within our revised guidance and largely reflected Vital electing not to renew a low-margin contract that accounted for approximately 70% of that year-on-year revenue decline. The remainder of the change in revenue was largely from the fall in fiber circuit connections as businesses continued to actively manage their cost bases. Operating costs of NZD 20.5 million were down a further 6% on the prior year, with selling, general, and admin down 13.6% on the prior, reflecting tight operational cost control. Adjusted net profit after tax was NZD 0.3 million, down from the prior year of NZD 0.5 million, resulting from the flow-through impact of lower revenue. That said, adjusted free cash flow of NZD 4.1 million was at the top end of Vital's guidance and was assisted by careful management of capital expenditure. Adjusted earnings before interest, tax, depreciation, and amortization, also known as EBITDA, was NZD 6.4 million, flat on the prior year, with pressure on the fiber circuit numbers offsetting gains from ongoing improvements in channel strategy relationships and new connections. Moving to the next slide, operational performance. So momentum is building, and key initiatives and capital investments are being executed simultaneously across the wired and wireless businesses to position Vital and its quality fiber and radio assets more favorable for future growth. The Vital sales function was restructured during FY 2024 and is supporting an improved opportunity pipeline and new customers. These sales gains have been masked by an increase in relinquishments, especially in small to medium-sized business market, highlighting the tough economic conditions and increased cost consciousness, particularly in the Wellington market. Vital's channel partnering strategy and wholesale arrangements are producing sales and revenue results, and we continue to build relationships with larger sales prospects, which we expect to see reflected in additional enterprise new business. Key enterprise sales wins include a major Fonterra fleet contract for 500+ vehicles on our digital LMR network, Land Mobile Radio network. Extending LMR coverage into Meridian Energy dams, providing IP connectivity into Lodestone Solar Farms, and further new orders with Wellington Electricity. These new wins were complemented with extensions to existing contracts, notably Powerco, Victoria University, St John, and FENZ. Our operating and capital expenditure disciplines continued throughout FY 2024. Our strength in utilities. Vital has been steadily building a strong market position in the critical utility sector, with long-term partnerships in place with Powerco, Unison, and Wellington Electricity. This is a strength for Vital in both the wireless and fiber segments. That market position has continued to improve over the last six to twelve months through both re-signs of existing customers, such as Powerco, plus new business. With Lodestone Energy through Lexel, a system integrator, Meridian Energy through One New Zealand, and work with Horizon Energy, all providing evidence of Vital's growing influence in the utility sector. Our utility sales pipeline is also highly active, including advanced discussions on a long-term, 10+ year partnership with a large-scale national utility provider. We look forward to updating shareholders on the outcome of these discussions in the near future. Positive Net Promoter Score: The trends so pleasingly, Vital's customer Net Promoter Score continues to improve from + 22 in July 2023 to + 41 in July 2024. Employee Net Promoter Score, or our culture, has also continued to improve, going from a + 25 a year ago to a + 30 at the end of FY 2024. These results are a testament to the Vital strategy to significantly improve the customer experience. Looking ahead to FY 2025, we will continue to target incremental improvements to underlying financial performance in FY 2025. Q1 performance saw the following unaudited results: revenue of NZD 6.7 million and adjusted EBITDA of NZD 1.3 million. While we have a strong pipeline of opportunities, we continue to see challenges in conversion, given the prevailing economic conditions. We remain committed to delivering our turnaround strategy. FY 2025 guidance metrics. Considering the ongoing market conditions, we're providing the following FY 2025 metrics: revenue, NZD 26-27 million; adjusted EBITDA, NZD 5.8-6.2 million; adjusted profit after tax of break-even to NZD 0.2 million; and adjusted free cash in the mid- to high NZD 3 million. A return to revenue growth is critical to the financial success, and this remains the key focus of the board and the management team. Revenue for FY 2025 continues to challenge, with economic conditions continuing to delay pipeline conversion. Despite recent reductions in the Official Cash Rate and the end of the interest rate tightening cycle, we expect relatively tough economic conditions are likely to remain prevalent for much of the remainder of the financial year and are actively managing our cost base accordingly. In reflecting on where Vital has come from in recent years and current results, the current strategy does remain on track, and the company is increasingly well-positioned for ongoing improvement. We'd like to thank Vital shareholders and customers for their ongoing support and acknowledge the entire Vital team for their hard work and strategic execution over the year. I'll now pass this back to John. Thank you. Might as well stay standing while I can see you. Okay, thanks, everybody. And look, we'll now take questions both online and from in the room. So why don't we start with the in-room questions first? We have a roving microphone, so if you have a question, could you please raise your hand and wait for the microphone to get to you so the folk who are online can also hear what you're asking? Do we have any questions here? Yes, we do. Thanks for the presentation. Have you factored in any revenue from the rollout of the Kordia Tait network or not? Afternoon, Roger. No, not specifically the Tait Kordia or what's now Tait Systems International. So we are, you know, we're engaging with actually NGCC around some quality assurance activities potentially. So nothing specific with the actual contract that's in play, but we're working closely with NGCC on maybe potentially, you know, picking up some business through that. But that's not in the numbers. Thank you. Yeah, hi. This question is probably directed more to John, and I know you can't say much about the Empire Technology bit that didn't proceed, but I recall reading that they were interested in taking control of Vital because they saw opportunities for growth and wanted to use the public listing to sort of engineer a growth strategy through Vital. And I just wondered, I know that's not gonna happen, but are you aware of the opportunities that they saw, and could you not presumably follow that course on your own? That's a bit of a complex question to unpack, but I'll have a go. Effectively, they approached us around an opportunity to invest in data centers. The majority shareholder, I think the sole shareholder of Empire, did own a data center in central Auckland, and was interested in doing something with us. They held some discussions with us in relation to it, and then subsequently lodged an intention to make an offer. And I think from the board's perspective, yeah, we could see that there might potentially have been an opportunity there. However, the detail around what they provided was lacking in a number of areas, had a number of issues. And the first one was it was only a partial takeover offer. They were only after 50.01%. So if all shareholders accepted, you would have only had 50%, roughly, of your shares would have been accepted. So you would have had a control, theoretically, a control premium only on half your shares. You would not have got that on the balance, and probably the opportunity for further control premium would have lost. So that was a complex part of it. Secondly, while we didn't conclude the work with the independent advisor around price, we didn't think at first blush it looked particularly compelling. Having said that, we obviously would have waited for the independent advisor to eventually provide us with a number or with a range before we attempted to further engage with Empire. Lastly, there was really no visibility on the post-control direction for Vital's existing assets. You know, and there wasn't any clear suggestion of what their expertise or their strategy was, other than: "We wanted to sell a data center into the company," so it wasn't. We didn't regard it as a complete and formed enough, well-formed enough approach to warrant due diligence, and so they then, for whatever reason, and I do not know why, for whatever reason, they have elected not to proceed with the offer. Probably can't say much more than that, Barry. Thank you. I was just wondering. Just hang on. Just hang on. There's a mic, a mic is coming to you if you spin around. I was just wondering, Jason, with all the good work that's been done, it's just that it doesn't reflect on the share price at all, does it? I know, I know you seem to get this question on a yearly basis. I guess, is there any chance of a dividend coming up with all this good work that's coming up? It just, even with this takeover bid and that, I would have thought there would have been some sort of share movement in that price and that, but there's hardly nothing, and it seems to. It did go up a little bit. But we, we'd envision this thing to, it doesn't seem to be moving at all with all the good work that you're going on about. Is this news not getting out to the public or something, you know? Do you want it or me? Uh. It's a bit of both. Okay. I'll start on the dividend question. So firstly, I can't answer it, and, like, sorry, I can't give you a timeframe around it. What I can say is, what are the preconditions to paying a dividend? And I'll make three comments around that. One is they are dependent on improved operating performance, and that is getting revenue growth back going. As we commented earlier in the presentation, we're effectively seeing two offsetting things at the moment.... You know, we've produced and generated a number of new customers and new names that we are now servicing, and some of those are very good customers that will be good, long-duration customers. On the other hand, particularly in the fiber space, particularly in Wellington, we're seeing a lot of fiber circuit cancellations or relinquishments, as we call them. That, I think, just reflects the economic pressure that the, particularly this region is under, mainly from central government cuts, probably also a bit of impact from local government as well. So one, that's the first part is improved operating performance. The second thing is I also think we would want to reduce debt levels somewhat. Obviously, debt levels being where they are in a high interest rate environment has been quite painful for us. Now interest rates are coming down, and I think probably from early next year we start to see the benefit of that. We have quarterly resets on our rate charges from our financiers. And lastly, we do have solid cash flows. You know, we had good cash flow last year, but we have regular CapEx as well, particularly around our network. So, given the solid cash flows, the two preconditions are slightly better operating performance, get the debt down a little bit, so we've got that interest cost being lower, and then we'll be in a position to do it. But at the moment, the good work we're doing on the new customer side is getting clawed back by the pressure we're seeing largely from economic conditions in the fiber market. I can add a little bit more. I share every shareholder's frustration. I think if I try to find some positives out of it, I think the stability we've created in the last two years, you know, we do generate some free cash flow. You know, we've got a strategy in play, and I think we've actually come through the last two years. We've benchmarked earnings and stayed straight pretty well in the marketplace, right? You know, you look at Spark and that. They're really struggling. So we probably hit a bit of a perfect storm. We've set a strategy. We've done pretty well. We've been stable. You know, it was with the similar debt levels that we had two years ago. We were paying, say, NZD 600,000 in interest costs. I mean, this last year, we paid NZD 1.4 million. NZD 800,000 there's, you know, NZD 40 million shares, there's NZD 0.50 a share just because of interest rates. So we've kind of geared ourselves up, I think, to that we've got through the tough, tough, tough times. We're seeing, you know, these classic green shoots, but we are. You know, I think our space and the transition and the shift from emergency into the critical, the utility, is huge, right? So back in 2018, our annualized revenue in that space was about NZD 500,000. Our annualized revenue in that space this year is getting close to NZD 2.5 million. And, you know, I've touched on there's some more good stuff coming. That's a continued growth area for us. Look, our commoditized stuff like fiber's been a challenge. Everyone takes costs out, and that, that's coming. But we've got a confident strategy there, and we're really building up with some great Wellington customers like, you know, Weta or 880 Productions, a few things like that, Vic University. There's shoots there. We've got great relationships with the channel partners, you know, the Sparks, the Cellos and that like, and that's reflected in NPS. So we've set up those sort of indicators, and I think we're doing everything right. And I'm as fru- I'm probably more frustrated than you, and the board but see it when I'm in the board meeting. It's like, you know, we're doing everything we sort of can. We think we're doing it right. We're getting positive sentiment out of it, but it's just not quite coming through yet. So with New Zealand on the up, you know, and our setup, we're on the way, I hope. You know, that's, it's more than hope. I mean, we're giving it a right crack. Mm. If we don't have any further questions here... Oh, sorry, Barry. Thank you. Look, thank you, John, and your board, and the management team. However, I'll make one or two comments. I've been here a while. This is a business, not a big business. And what I have not heard today, or in recent times, anything that gives me great inspiration? What is, you know, this? We got to get it right, get the metrics in place, get this done. But beyond that, what is the inspiration? What does Vital aspire to be in one year, in two years, and in three years from now? This is a mighty little company that has a ginormous future under the right leadership. It's got the shareholder base, very loyal shareholders. The other thing is, it's about revenue, and you've hit on that absolutely spot on. What are we doing beyond platitudes to say we're growing revenue? We're going to grow revenue by... Look, in businesses that I've been in, we'll put a target on that. We're gonna, "This is what we aspire to do." And everybody is focused, and the sales team, on meeting those numbers. We haven't heard what that aspiration is beyond, "Well, we're going to try our hardest, but there's all these economic factors." Look, every business has economic headwinds, even in good times. It's just what you've got to overcome. And, you know, I urge the board, and the management team to dig in and play hard game. The business that this company lost hasn't evaporated, hasn't gone into the ether. It's still there, so we need to go and pick it up, add some innovation to it, re-present it to the customers, and have them come on board.... It's easy for a shareholder to look at these numbers and say, "Five million more revenue equals a dividend of X, Y, or Z." It's easy. What we need to hear from you guys is the enthusiasm that you're actually going to get out there and do it, not say, "Well, you know, we've got some numbers there," but we caveat it with this, with that, and this factor and that factor, and empty shops in Wellington or whatever. It's not a perfect world, but we can. We've got a company here that can be extremely dynamic. What a word that hasn't come through in the last two or three years, to me, is something called innovation. This is a small, nimble company. It is more than capable of innovating new products around its existing asset set that could inspire new customers, and not only that, be valuable even offshore in terms of licensing. I throw that, I guess, challenge down to you. As individuals, if you don't think you are the people to take that next step, build that next future, give us a 10% target, give us something, then maybe, you know, we've done very well to this point in the last couple of years, but it's a different skill set going forward from now. I'm not going to carry on talking, but I think, inspiration, innovation, and let's say, just sheer shoulder to the burden, focus the management team, focus the people on exactly what they need to do. We want 5% more. We want 10% more. Let's measure it. Go, what are we doing? Have put an innovation team, two or three people together, say, "There you go. What can you add to what we've got that is innovative and creates a better margin in the product?" People will always want to talk to each other across an airwave. It's just human nature, or connect on fiber. It's what we do as a company to, let's say, make that a more compelling reason for them, and regardless of the economic times, they see value in it, and they can't resist the opportunity. Thank you very much. Thank you, Barry. Thank you for your comments. Do we have any questions? Sorry, Barry, was there actually a question in there that you... I, I appreciate your comments, and I'm happy to have a more detailed discussion with you. Was there anything you specifically wanted me to comment on? What's our inspiration to go on with? Okay. The inspiration I describe it, I'd actually use another line. What you don't see is the perspiration that's going in, and it is difficult out there. We have, in fact, most of the board meeting this morning was devoted precisely to what you're talking about, which is going through the sales pipeline, the sales targets, the opportunities, assessing where they sit today versus where they sat, you know, a year ago or a few months ago. The pipeline we've got is 50% up on where it was this time last year. That has been built, and it is being built, but unfortunately, until we get something, we really don't have anything to tell you about it, so the perspiration is happening. The effort is going in. What we haven't yet got is traction and actual delivery. Part of that is sales cycles have got longer, and I appreciate your comment about innovation, but at the moment, and part of our market, by the way, has actually gone. Some of those small businesses have just canceled their fiber circuits. It's not like they're using someone else. A number of our fiber circuit relinquishments, probably quite a few of them, they haven't moved somewhere. They are folk just canceling their fiber circuits because they no longer need them. Either they've gone out of business, or their business has shrunk, or they're rationalizing several other circuits into a single circuit that they might have. So it, I appreciate your comment, and I actually value that. I think and you've got a very fair point. I would say it's not quite as easy as that when you're sitting in the driver's seat. That's my only comment. The innovation one is an interesting one. I'll let Jason comment on that. Yeah, not innovation specifically, but well, there's certainly stuff in our pipeline which is leveraging the assets we have, but it's not the same solution. It's not just a commoditized product or a dark fiber or an access circuit, right? You know, I actually got our head of... You get to meet, you know, Jeff. There is our head of sales and customer success, and he's got some fantastic ideas, and I think I alluded to the likes of the 880, the Weta's. The stuff where we provide a niche in the business that the other bigger boys don't, and there's a lot going on in there, and there's a lot of that in the pipeline, and there's a lot of how do we fill the networks or the small data centers that we have with colo services and so forth, so it's set up, but again, I come back to the frustration, and see, it's in the pipeline, but it wasn't in the pipeline last year, and I think you know, there's a lot of energy going into it, there's a lot of passion, I mean, I think everyone in this organization knows I'm deeply committed to this business, and probably is the most deeply frustrated, but there's a lot of energy. There is stuff there, Barry, and I share your thoughts, and it's great feedback. I mean, it's brilliant. Thank you very much. But going back to what, Hey, hey. Barry said. Sorry, just. Get the mic. Get the mic again. Just so they can hear online. Yeah.. Thanks for that. Mm. Yeah, it's not meant as criticism. I think we've, t his is a small company. We need to all get our shoulder behind it. As Roger just said, none of what you're saying about your aspirational even near-term targets is reflected in the numbers that are presented to shareholders. I don't know. That's a challenge that you might need to consider. How do you communicate with not a lot of shareholders in a NZX environment, but shareholders can see this company is progressing on their behalf? And again, that's good. I think if we go back two, three, or four years ago, we probably didn't communicate at all, and to you know out to the marketplace. We've picked that up a little bit. We've had some challenges this year with Empire and so forth, but look, we're working on an investor relations plan and getting more formal comms out there, and you know clarity of pipeline, clarity of sort of half-year quarterly results. You know, I'm really excited. I think we've got a really good announcement coming out in the next couple of weeks. I'm calling it. I'm that confident. I'm confident. And you'll certainly be hearing about it. But you're right. And again, that's it, and I think that's been part of our maturity curve, you know, in the last two to three years. We came from a, yeah, unfortunately, a bit of a low base again. You know, we've had to stabilize, we had to reconnect with our customers. We're demonstrating that, you know. We need to, you know, probably connect a bit more with our shareholders and articulate some of the messages. We need to probably show how much we're perspiring in the work we're doing. I think John and my natural nature is actually to not communicate too much positivity until it's actually real as opposed to get on the real bullish side of things. Rod just smiling, he knows me too well. But, you know, it is, it's. We're giving it a good we're giving it a crack. We've got stuff. I mean, we're proud. I mean, we're putting IP connectivity into the Lodestone solar farms. Well, their new farms. We won. We've won that. That's fantastic. We've won that through an integrator called Lexel. That's a demonstration of our channel partner working. Fantastic. We have gone and leveraged our LMR national network by securing Meridian, their dams down south, by extending that, and we've done that through One NZ. One you know, Meridian is the enterprise customer for One NZ. We've tacked on our product there. We're proud of that. We are now, this year, we have now won the Meridian wind farms, so we're taking that. So there's a you know, and again, it's that utility sort of space, and it's just that something that's a bit more creativity, and it probably yeah, and, and you're 100% right. We're probably not communicating that effectively or articulating that effectively enough to the marketplace. So, yeah. Do we have any questions online? Yep, we do. From Peter Truman: Does Vital have access to sufficient capital to progress its planned turnaround strategy, take into account any required debt facility reductions? For the plans we currently have, yes, we believe we do have sufficient capital, although as I've noted, we are carrying a sizable debt burden, and certainly in the short term, I would expect to see free cash flow going to reducing those debt levels. From Gary Brunsdon: What was the outcome of the independent review of Vital following the Empire approach? Did that include a value assessment, and are there any other parties interested? I get couple of comments around that. Empire didn't lodge a formal takeover, and at the point at which they advised that they would not be doing so, the process with all the independent advisors stopped, because obviously we didn't want to incur additional costs. Under the Takeovers Code rules, costs that are reasonably incurred in defending a takeover are for the account of the acquirer or potential acquirer. So we will be looking, and we are looking, to do the cost recovery from Empire for what was spent on a reasonable basis during that window. However, when Empire closed that window by stating that they would not be proceeding with a bid, those advisors basically all down tools, because any cost that was incurred from that point would have been for our account. So no, we did not get a formal and final report from an independent advisor or from our commercial advisors. From Peter Truman: What are the directors' expectations for net profit after tax for Vital in the medium term? Clearly, the FY 2024 NPAT and forecast FY 2025 NPAT does not produce any meaningful return on the shareholders' funds invested. Firstly, I completely agree that the returns are insufficient given the asset base. And I can't, and in fact, apologies, but I won't answer the question around medium-term profitability. We will have to do that via, you know, our formal budgeting process, working through what our opportunity sets are, and we typically do run on an annual cycle. And one more from Ian Douglas: What is the competition for Vital's business? What new competitors are emerging, and what's the impact of Starlink? Good old Starlink. Starlink certainly had an impact on some of our business, but it's more the, what I'd call our more residential lack of SLA, cheaper solutions. It's a fantastic consumer solution with a bit of business stuff in there. So, you know, that had some impact in past years, but we're still confident with our wireless broadband solutions and microwave and managed service wrap that we put around it, that that's our focus in the marketplace. Competitors, threats, yep, there's differing ones across our different businesses. Obviously, in the fiber space, the natural ones when we wholesale fiber and so forth is, you know, your Chorus down here. Up in Auckland, it's Vector and Chorus. Look, we're competing against those guys by we've productized ourselves, we're competitive in the market, and we are all over them from a service delivery point of view in that space. I think with Vector in Auckland, we're working closely with Vector. We're actually trying to work together. They have a bigger presence in Auckland, we have a bigger presence in Wellington. We're working on virtual network expansion where Vector and Vital actually get together to leverage both our networks to be stronger together. So that's how we. And that. And in the radio space, there's different ways. So if we look at the, you know, it's no surprise, there's the public safety network that's slowly being built. You know, that's, there's a threat there with our emergency services and FENZ and so forth. But look, we stay close with NGCC at the moment and in other spaces there. I think in the commercial world, yes, the radio dealers and so forth have been a competitive threat with their own networks. But again, we're seeing traction of success there through the wholesale radio dealer network that we're doing there with the likes of Dove, where, you know, they effectively don't operate networks anymore. They wholesale off our networks. They own the end customer. You know, we're working close with the likes of Newlands in Canterbury, another dealer who's not a network provider, but they procure services off our network. So what we're doing there, you know, the LMR space like that really is. If you look at LTE or cellular, which has come into the market, obviously, yes, LMR is about market share, and there's been multiple dealers out there and ourselves, and it's been a little bit like that for a few years. But we've broken that down, and effectively, where we're going is to make Vital the national network provider of choice as a network operator, and they leverage, and they're losing economies of scale and operating their own networks, so they're procuring off us and selling through. So what we're doing is reducing competitive threats through that and working closer together. So hopefully that answers a bit of the question. Is it no more? All right, thank you. Moving on to slide thirteen for resolutions. Before I address the resolutions, please note that as stated in the voting proxy form, all voting at today's meeting will be by way of a poll. Shareholders attending in person, please mark your voting card by ticking for, against, or abstain beside the resolution, and then hand your voting card back to Link, with whom you registered on entry. Shareholders on the virtual meeting platform will be able to cast their vote using the electronic voting card received when online registration was validated. Please refer to your virtual meeting portal guide or call the helpline on 0800 200 220. Once you've made your voting selections, please click Submit Vote on the bottom of the online card to lodge your vote. Voting will remain open until five minutes after the conclusion of the meeting. The results of the vote will be via a market announcement on NZX.com, and that should be later today. There is only one resolution, and that is that relates to auditors' remuneration, and this relates to the board being authorized to fix the fees and expenses of the company's auditor for the FY 2025 financial year. The board unanimously recommends that shareholders vote in favor of this resolution. Are there any questions from the floor or online about the resolution? Appears not. Okay, in that case, I move as an ordinary resolution that the board be authorized to determine the auditor's fees and expenses for the 2025 financial year. Again, please vote online or with your voting card and then lastly, we have just general business. If there are any questions, given that the formal business of the meeting is now concluded, we can take questions on any items of general business or online, from the floor or online, that shareholders may wish to raise that haven't already been covered. Last chance? Okay, nothing online. No. Okay. Thank you. There is no further business for discussion. That concludes Vital's FY 2024 Annual Meeting, and I declare the meeting closed. Thank you for your attendance, and please join us for some refreshments now. Thank you very much.