Ladies and gentlemen, welcome to the Annual General Meeting of the shareholders of Hulamin Limited. I am Thabo Leeuw, the Chairperson of the Board of Directors of Hulamin Limited. The AGM is being conducted in full electronic format in accordance with Section 63(2)(a) of the Companies Act of 2008, as amended, and the company's Memorandum of Incorporation. Accordingly, the proceedings of this meeting are being recorded and broadcast live via live webcast. With me, physically in attendance, is the entire Board of Directors of Hulamin, the company secretary, and the Interim Chief Financial Officer. Our external auditors, EY, and the transfer secretaries, Computershare and Sponsor are also in attendance via the webcast. The notice convening this Annual General Meeting, along with the 2023 integrated report, the 2023 annual financial statements, and the sustainability report were issued on the 25th of April 2024. Should any shareholder have questions on these documents and the resolutions tabled at this meeting, please send your messages now through the comments section of the virtual platform. I will endeavor to respond or direct the question to the appropriate person. We will try to group the questions according to the themes and respond to them collectively. I propose that the notice, which contains the details of the ordinary and special resolutions to be considered, be taken as read. Okay. In terms of the company's MOI, the quorum for an annual general meeting of shareholders is 25% of the voting rights entitled to be exercised in respect of at least one matter to be decided at the meeting and at least three voting members present at the meeting. Company secretary, please confirm whether we have a quorum. The meeting is duly quorate, Chair. Thank you. I, therefore, declare the meeting to be duly constituted for the ordinary and special resolutions to be considered. In terms of Clause 32 of the company's MOI, unless otherwise resolved, voting at this meeting shall proceed by way of a poll. Shareholders were encouraged to submit votes by proxy in advance of the AGM. I would like to thank the shareholders who have submitted their proxies, which have been duly received and recorded. Shareholders who wish to vote at this meeting may do so on their voting paper and email the voting papers to Computershare at proxy@computershare.co.za. I'll repeat that email address, which is proxy@computershare.co.za. In order to expedite the proceedings of this meeting, I propose that you complete the voting paper after each resolution is put to the meeting. The voting paper will be collated and counted after all the resolutions have been voted upon, whereupon I will then announce the results of all the resolutions put to the meeting. In terms of the presentation of annual financial statements, the company's audited annual financial statements for the year ended 31 December 2023 were distributed to shareholders and made accessible on the company's website since the 25th of April 2024. The audited annual financial statements incorporate the reports of the audit committee, the directors, and the external auditors. They are hereby presented at this meeting in accordance with the provisions of the Companies Act and are available for inspection. If there is no questions regarding the annual financial statements, I shall move on. Now, I move to the presentation of the Social, Ethics, and Transformation Committee report. As required in terms of Regulation 43(5)(c) of the Companies Regulations of 2011. The Social, Ethics, and Transformation Committee report for the financial year ending 31 December 2023 is presented to shareholders. The report was issued as part of the integrated report on the 25th of April 2024 and is accessible on the company's website, which is www.hulamin.co.za. If there are no questions regarding the report of the Social, Ethics, and Transformation Committee, I will move on. Can I just quickly inquire from the company secretary of the questions that have come through the web link, are there any questions relating to the Social, Ethics, and Transformation Committee report? There's no question relating to the Social, Ethics, and Sustainability report, Chair. We have just looked again, there's none that have come in recently on the platform. Thank you very much. We'll start dealing with the Ordinary Resolution Number 1, which deals with the re-election of non-executive directors. Ordinary Resolutions 1.1 to 1.3 relate to the re-election of non-executive directors of the company who retire by rotation in accordance with Paragraphs 33.11 of the company's MOI and who are eligible and available and have offered themselves for re-election. Ordinary Resolution Number 1.1. As this first resolution relates to me, I will ask one of my colleagues, Dr. Mehlomakulu, to read and propose the resolution. Thank you, Chairman. I propose Ordinary Resolution 1.1 that Mr. Thabo Leeuw be re-elected as an independent non-executive director of the company. Thank you, Dr. Mehlomakulu. I will continue with the remainder of the resolutions. I propose Ordinary Resolution 1.2, that Charles Boles be re-elected as an independent non-executive director of the company. Move on to Ordinary Resolution number 1.3. I propose Ordinary Resolution 1.3, that Jeff Watson be re-elected as a non-executive director of the company. I then proceed to Ordinary Resolution 2, which deals with the election of Audit Committee members. Ordinary Resolutions 2.1 to 2.3 relate to the re-election of members of the Audit Committee of the company who are eligible and available and have offered themselves for re-election. Starting with Ordinary Resolution 2.1, I propose Ordinary Resolution 2.1 that Dr. Mehlomakulu be re-elected as a member of the Audit Committee. Ordinary Resolution number 2.2, I propose that Naran Maharajh be re-elected as a member of the Audit Committee. I propose Ordinary Resolution 2.3, that Charles Boles be re-elected as a member of the Audit Committee, subject to being elected as a director in terms of Resolution 1.2. I proceed to deal with Ordinary Resolution Number 3, which is about the election of Social, Ethics, and Sustainability Committee members. Ordinary resolution 3.1 to 3.4 relate to the re-election of members of the Social, Ethics, and Sustainability Committee of the company who are eligible and are available and have offered themselves for re-election. Dealing first with 3.1, I propose the resolution that Vusi Khumalo be re-elected as a member of the Social, Ethics, and Sustainability Committee. I propose that Peter-Paul Ngwenya be re-elected as a member of the Social, Ethics, and Sustainability Committee. I then also propose under Resolution 3.3 that Ayanda Mngadi be re-elected as a member of the Social, Ethics, and Sustainability Committee. Lastly, under 3.4, I propose that Dr. Mehlomakulu be re-elected as a member of the Social, Ethics, and Sustainability Committee. We get to deal with Ordinary Resolution Number 4, which relates to the appointment of external auditors. I propose the reappointment of Ernst & Young Incorporated as an independent auditor of the company for the ensuing year, and until the conclusion of the next AGM. The designated auditor being Mr. Farouk Ebrahim. We deal with Ordinary Resolution Number 5, which is about the approval of the Remuneration Policy. To consider, and if deemed appropriate, to endorse through a non-binding ordinary vote, the company's Remuneration Policy as set out in the remuneration report contained on pages 56-61 of the integrated annual report. I propose Ordinary Resolution 5, the approval of the Remuneration Policy. Comes the remuneration implementation report under Ordinary Resolution 6. To consider, and if deemed appropriate, to endorse through a non-binding advisory vote, the company's remuneration implementation report as set out on pages 62-66 of the integrated report. I propose Ordinary Resolution 6, which is about the approval of the implementation report. Proceeding to Ordinary Resolution 7, approval of authorization to sign documents. This is to consider, and if deemed appropriate, to endorse the authorization to sign documents to give effect to resolutions. I propose Ordinary Resolution 7, approval of authorization to sign documents to give effect to the resolutions. I'll now move away from ordinary resolutions and proceed to deal with the special resolutions. Special Resolution Number 1, which is the approval of non-executive directors' remuneration. To consider, and if deemed appropriate, grant the company authority to remunerate its non-executive directors for their services as directors and/or pay any fees related thereto on the basis outlined in the notice of AGM, and for the said authority to be valid with immediate effect until the next AGM in 2025. I therefore propose Special Resolution Number 1, the approval of non-executive director remuneration. We deal with Special Resolution Number 2, which deals with the approval of financial assistance to subsidiaries and any other related and interrelated entities. This is to consider, and if deemed appropriate, to authorize the company to provide financial assistance to the subsidiaries and other related and interrelated entities as contemplated in Section 45 of the Companies Act, and on terms contemplated in Special Resolution 2 contained in the notice of AGM. I then propose Special Resolution Number 2, that is the approval of financial assistance. Move on to Special Resolution Number 3, the approval of the general authority to repurchase the company's shares. Which is to consider, and if deemed appropriate, to pass this special resolution to authorize the directors to approve and implement the acquisition by the company or by any other subsidiary of the company in terms of Section 48(2)(b) of the Companies Act of ordinary shares issued by the company by way of a general authority, which shall only be valid until the company's next Annual General Meeting or 15 months from the date of the passing of this special resolution, whichever period is the shorter, and subject to the Companies Act, the MOI, and the JSE Listings Requirements. I propose Special Resolution Number 3, which is approval of the general authority to repurchase the company's shares. As all the voting of the resolutions put before the meeting is complete, I will pause to allow the scrutineers' Computershare to collect and count all the votes. While the scrutineers count the votes, does any shareholder or shareholder representative have a question on these documents and the resolutions tabled? You are kindly reminded to please send your messages through the comment section of the virtual platform. Again, I will endeavor to respond or direct the questions to the appropriate persons. I think what I will do before we go on the web link, we've already received a question or two via email. Let me ask my company secretary to read those questions. What we should do is deal with them one by one. Read the first question, and then I can direct who should be responding to that question. Once that response has been provided, then move on to the next question. Thank you, Mr. Chair. Okay. The first question received via email is the same question we've received on the voting platform. It's from shareholder, Mr. Volker Schutte. I will read it. Chair, the two first questions are interrelated. I will try to group them together. The first question relates really to the composition of the board, Chair. I'll read it verbatim. "Hulamin has four executive board members. The CEO and CFO are both chartered accountants, and the other two are industrial psychologists. I also could not find it with any of the four, any technical tertiary education experience or international business exposure in their past career. This is a problem taking into account that Hulamin is an engineering company doing 50% of its sales in export markets." The second question is also related, Chair, to composition. "Hulamin has, in addition, eight non-executive board members, of which one is a woman and seven are men. Old men, if I may say. The average age of these non-exec is 63.5 years. We have within these eight members, one chemical engineer, PhD, one Bachelor of Science in Agriculture, but no other member with a technical tertiary education. Three members are CAs, and the others have a BCom or BSc. Two members of the non-executive board have some commercial experience gained in the international aluminum industry. Both of them are 70 years and older, their active years in the industry are 8 and even more than 10 years ago. Only one director represents a shareholder on the board for the IDC, which holds 30% of the share capital. Clearly, shareholders' interests are underrepresented." If I may also include the third one, Chair. I see it's also related to a question of composition. "We all agree that Hulamin is a manufacturing company producing highly sophisticated technical products. To have a total board of 12 people consisting of five CAs, five other members with some financial literacy, four persons with some commercial exposure in the past, two industrial psychologists, one chemical engineer, but no other educated and trained engineer is worrisome. Therefore, this board cannot be seen as a competent board besides the general high age of its members. I personally see this composition of the board as one main reason of the consistent underperformance of our company." I'll stop there, Chair. I'm gonna start, and then my colleagues, if anyone wishes to add what I would have said, please raise your hand. Where I'd like to start in response to the above questions is really to indicate to shareholders that in December 2023, we embarked on a board evaluation process. Admittedly, this is an exercise that hadn't been undertaken in a fair bit of time. We nonetheless took the step to undertake a thorough process, and we appointed the Institute of Directors in South Africa to assist us in this board evaluation process. We have had a board meeting earlier today whereat we received the report from IoDSA. The report contains a number of recommendations. As a board, we reflected on the recommendations that had been outlined and forwarded to us by the IoDSA. We do not believe that as a board, we hold a different view, and we are definitely not opposed to the recommendations that have been put forward by the IoDSA. What we are planning to do as an immediate step is to convert those recommendations into an action plan. We are having our next board meeting in August, whereat we will be endorsing the action plans, and those action plans will actually get to filter down through to the various board committees. I think the crucial part about this evaluation process is that it also covers topics such as the mix of experience and expertise of the board. It is an important point to make because the question that gets raised or the common theme in the three questions that our company secretary has read deals with the composition of the board, et cetera. I think it is fair to respond by saying that it is definitely a matter that is with the board. That is what I will say. Let me look around the room to establish if any one of my colleagues wishes to add anything to the explanation I have just outlined. Mr. Peter-Paul Ngwenya. I just want to correct the notion that there's only one shareholder representative on the board. In fact, there are two. Thank you, Peter-Paul. You are one such shareholder representative on the board. Might I just add that this is a listed company. The notion of all the shareholder representatives sitting around the boardroom table is one that is not commonplace. I'm saying that politely. It is one that is not commonplace in the listed landscape. Okay. Let's move on to the next question. Chair, we'll move on to the next question. I'll just read the other question relating to composition. Just to close out the loop, I think you have addressed it. When will the board of directors be reduced and changed to a competent, engaged, and younger board where shareholders are also more broadly represented, ending the many years of underperformance in Eclet? I think, Chair, it's one of the questions you touched on in respect of the composition of the board. I will then go to the questions also coming from shareholder, Mr. Volker Schutte, in relation to the remuneration of the board. I'll read the second question or second category of question verbatim. "The non-exec members of this board earned in total close to ZAR 5 million last year. The executive board members earned in 2023 a total of ZAR 18 million. In total, the board received in 2023 more than ZAR 23 million, whereby the income of two members of the executive board was not stated at all for whatever reason. The income for the total board in 2022 and in 2021 was ZAR 24 million, and in 2020 was ZAR 25.6 million, and in 2019 was ZAR 24.7 million. Based on the above figures, the total board of Hulamin earned in the 5 years from 2019 to 2023 more than ZAR 120 million. Whereas in the same period of time, the shareholders who are providing the required capital and are accepting all commercial risks received zero dividend. Hulamin generated in these 5 years in total no profit after tax. The total is a loss of ZAR 48 million for those 5 years. The receiver of revenue went basically empty-handed, and the number of employees dropped by 10%. We see here only losers besides the board of directors. Does this make sense, I ask?" I'll also touch on the other one, which is also related to remuneration. "All 12 directors are holding, according to your own analysis, shareholding just over 300,000 shares, which is less than 0.1%. Clearly, the whole board has no skin at all in this game of Hulamin, which does not build any trust. As Charles Boles recently stated in the press, this must be seen as a sign that this board does not see value in the Hulamin shares. Embarrassing, to say the least." Okay. Shall we pause there? I'll pause there, Chair. Can I ask, Chairman of the Remuneration Committee to address these questions raised? Thabo? Thanks, Chair. Good afternoon, Mr. Schutte. I hope you're well. You've raised a number of issues there, and inclusively you've made a number of statements that are factually incorrect, which does make it a little bit more tricky to respond to. I'll try and take it from the top. You said there's four executive directors, which is not correct. You said for some reason, two of them are not disclosed. I've no idea what you're referring to. But be that as it may, there seems to be, and I don't mean this disrespectfully, contradictions in what you're asking. On the one hand, you say there's no international experience. Then you raise the concern about the cost. Part of the reason that the cost for the non-execs is higher is because we have international directors. You know, to say reduce the cost, but to have international directors, those two go together. You've raised the issue of the fees. The average compensation paid to the non-execs is about ZAR 570,000 -ZAR 580,000, and that compares to, according to PricewaterhouseCoopers, a median for the top 200 of ZAR 805,000. It's being paid well below the typical non-executive compensation for a JSE-listed company. The assertion that these extraordinarily high fees are being paid is just, I don't think is supported by the facts. You're comparing compensation to profitability over 5 years. You have raised this issue about profits before. What we've tried to clarify on several occasions is that the profits were distorted by impairment charges. Essentially, that is property, plant, and equipment bought a long time ago outside this period that you referred to that was no longer earning an economic return. Those decisions were made long before the current executive management even joined the company. Those impairments distort the profitability and are a function of historic decisions made, you know, long before our time. They were decisions made a long time ago, and those distort the profitability. It seems, you know, to make your case, each year you extend the period, and that's why it's getting longer and longer from 2019 to 2024. Just to be clear, we had significant impairments that are not reflective of the ongoing trading profitability of the business and are an IFRS accounting charge. You then make the comment that there was nothing paid to SARS and they're losers. Well, that's just not correct because the impairment charges are not deductible. On a positive note, as a listed company, it is a democracy, so you know, shareholders will get their chance collectively to vote. The history of voting has suggested that the majority of shareholders understand that the board is seeking to take the company onto a different trajectory. H istorically, the performance has not been where we would have wanted, and the support for the directors would suggest that the vast body of shareholders do support them. You know, each shareholder will vote their shares as they consider appropriate. You know, we take your point about the skills levels. We do think that the business has put in place many good aspects to change the trajectory of the business. I think if you reflect many of the issues you raised when, you know, I met you some years ago and we've talked over time, have been addressed. It has been, in the 5-year window that you referred to, a very challenging period for business manufacturing in particular. You know, we are in a difficult context as a manufacturer. We think the business, relatively, its performance is improving. We think many of the right things have been put in place to improve that performance. It would seem that investors support that. Over the last year, the share price is up 28%. Hopefully, that suggests that the vast majority or the consensus is that the outlook is improving, and we're making the right decisions, and we will endeavor to do that going forward. I'm trying to think if there was anything else. Anything else that wasn't addressed? No. I think you've covered. I hope. Share, shareholding. Independent directors. Yeah, in terms of shareholding by non-execs, yeah, the quantum is. You refer to an article that I was asked for some commentary by a journalist in a very different context. You've, you know, you're suggesting that my comment related to Hulamin, which it certainly doesn't. In terms of shares, you know, the- We don't have a qualifying. There's no requirement for executive directors to own shares. The incentive schemes are tied into return on equity. So there is an alignment. We think the incentive schemes that have been put in place do create the necessary short and long-term incentives to align shareholders with the performance of the business. I hope I've managed to address your question sufficiently. Thanks very much. Through you, Chair. While Charles Boles- the chair of Remco, is on the floor. If I may also just read one more question relating to a shareholder matter. The question comes from Mehluli Mncube from ESG Insight SA, and it reads: "Remuneration Policy and implementation. The matrix and weight, the weighting used in the Remuneration Policy are not aligned with shareholders. Particularly, financial performance targets were not met, yet executives were awarded STI awards. They did not share the pain with shareholders who did not receive any dividend." End comment. Should I read it again? It seems to state, to allude that the metrics and weighting used in the Remuneration Policy are not aligned with shareholders, with those of shareholders. Particularly financial performance targets were not met, yet executives were awarded STI awards. They did not share the pain with shareholders who did not receive any dividend. Shares- I'm not sure. STI. I'm not sure I'm following the question, 'cause STI would be a short-term incentive. Short-term incentive. Mm-hmm. Shares are not. I suspect, and I'm surmising, so if I don't answer the question correctly, please, you know, you know, come through again. Mm-hmm. For executives, I would say to you that for senior executives, there are a matrix of matters on which their performance is assessed, and financial performance is the biggest factor. We did have for an executive director a different matrix of performance measures for the CEO. That was due to a fairly unusual circumstance. We had a replacement of management, and we had to bring in an interim CEO, and there were a number of urgent issues that we felt needed to be delivered in the business, and incentives were put in place to deal with those. You know, you wouldn't bring an interim CEO in for a limited period, and then set long-term financial targets. For the interim CEO, targets were set, and it was assessed relative to that performance. We felt the issues that were identified for him to perform on were some of the key issues facing the business at the time. Yeah, the incentive reflected the evaluation against those criteria. I managed to answer the question. Okay. Thank you, Mr. Boles. There's a question that company secretary will read. Okay. This Chair, this second question in respect to the composition of the board comes from again Mehluli Mncube from ESG Insight SA. Noting, Chair, that you have already dealt with the issue of board composition, I will read it just in case you'd like to expand on anything else. Board independence, including you, Chair. You have a number of directors that have been listed as independent, yet are not independent. What is Nomco doing to address this anomaly, especially addressing the gender diversity on the board? I would say, shareholders, I would say that on an annual basis, in the months leading to the hosting of an annual general meeting, shareholders meeting, we undertake an exercise where we test the independence of all the independent non-executive directors. Based on that test that we undertake, we remain of the view that notwithstanding the longer tenure of many, of some of our directors, all our independent directors still exercise their minds independently when dealing with the affairs of this business. As I've already indicated, in my opening remarks when we opened questions and answer session, we are in the process of bringing on board two additional new and independent non-executive directors. It is a matter, the question of whether we have sufficient independent board members around the table is a matter that periodically and continuously we get to exercise our minds around. Even with the existing board members today, we still are of the view that they are independent in addressing the affairs of the company. Okay. Chair, the three remaining questions relate to the operations of the company. I'll read the first one, then I'll go on, then I'll pause for your response, Chair. Again, it comes from Mehluli Mncube from ESG Insight SA. Transnet Logistics. The company has highlighted the losses attributed by Transnet logistic challenges. What recourse against Transnet can Hulamin invoke besides just the current engagements and talks? Surely, there should be financial penalties that can be clawed back from Transnet for these continued shortcoming, as the company cannot build its own rail network. I'll pause there, Chair. I'm gonna ask our CEO, Mr. Mark Gounder, to have a stab at that, at that question. I suspect our interim CEO until the end of November might want to add a comment or two. But let me let you start. Thank you, Chair. Thank you for the question. Very similar to other companies in South Africa that export their product. Unfortunately, we are unable to claw back anything from Transnet. What we do is engage and proactiveness via different channels and our network to be able to support Transnet. We've definitely seen an improvement in the past recent months in the efficiencies, and we will continue to support the program to improve the efficiencies of Transnet as a whole, Chair. Thank you. Do you wanna make a comment about our ability to claw back any losses that we may have suffered? Uh- That our contractual arrangements allow for that clawback? Unfortunately, Chair, just like other companies, there's no clawback clauses with regards to Transnet as such. Okay. Thank you. Okay. All that I would add, I think there was the mention of rail. Really, we're not affected by anything with Transnet via rail. Mm-hmm. Not exposed. Okay. Thank you. Chair, I will break these questions in two parts. Also, operational questions coming from Mr. Volker Schutte, in terms of being directed specifically to the CEO. They read as follows. "Mark, may I ask you the following questions? A, the extrusion plant division is running this year so far again at a loss. Since 2018, the extrusion division made a total loss of ZAR 218 million, whereby it made only 1 year of profit in 2021, when the Olifantsfontein plant was sold. For some years now, I have stressed to have this part of the business closed as it is not viable as a business unit. When, finally, will this division be closed?" I will pause there, or would you prefer that I read all three of them? Maybe let's read all three of them. Okay. Second part. "For 2023, the board set itself some priorities it wanted to address. One was the sale of the container business, which has given Hulamin, in the last few years, many problems, and even required the restatement of its audited financial statements in 2019 due to previously not stated losses of more than ZAR 32 million. Hulamin offered it for sale last year at ZAR 50 million-ZAR 60 million, but was not able to sell this division in 2023. Even with the board making it a particular priority, can you inform us when this division will now be sold or disposed of?" That is the end of question two. Now we move on to question three. "For many years, Hulamin has stated that it wants to reduce its product mix and focus on a smaller range of products. In previous years, that program was called Cans and Cars. In October 2023, you published a list of simplified product mix you want to achieve in the next few years, but in the next few years to become more profitable. The list still shows 10 basic product groups, whereby the can body and can end products will cover 50% of the production volume, growing up to 60% of it in the near future. Besides the hot rolled, the re-rolled strips that Hulamin had exported to one customer in the U.S. for years without making any profit, which is now in 2024, finally discontinued, and the one other product that has now been discontinued for the local market. I failed to see yet any focus or true simplification. The basic idea expressed by Hulamin for years has my full support, but I cannot see, so far, serious efforts to implement this exercise. What will be achieved in this respect by the end of 2024?" End of question three. Moving on to subset question four. "The Carbon Border Adjustment Mechanism-" Let's deal with question. The three? Three. Right. Okay. It's extrusions, it's containers, and it's product mix. With our extrusion business, just like all our operations, we continue to analyze exactly why where the performance from previous years are. We've for this year, our focus is going to be on the business to drive improving operational performance. We've made inroads in that way by upskilling our staff, looking at the technical support that we need in order to run a stable plant itself with regards to the extrusion business. More especially, we've managed to stabilize the metal supply with the new onshore billet supply, which should make a big difference to the business as a whole. We continue to drive the business to generate profits and create value ultimately for the Hulamin Group. That's where we are with the extrusion businesses currently. With regards to the containers business, Mr. Volker is 100% correct. We have gone to the market with regards to looking at options for that business under new ownership with regards to what can it do in a different stable. Because the unique market that the containers business actually operates in, which is vastly different to where our raw products and our extrusion business plays in. We're currently in between that process, and that's where we are with the state of containers, Chair. With regards to the simplification, that's still a key part of our business objectives going into the future. Even when I presented the Investor Day towards the latter part of last year, our focus was very clearly articulated with regards to where we intend to take the business from a product stream and a simplification. Our simplification strategy is not only on products. It's about we've got a diverse product range. We have made inroads with regards to simplifying that mix, but our more drive is to smooth the metal flow supply through our business in order to improve profitability, lower costs, and improve working capital. In that stream, we've definitely made inroads and with continuous improvement being part of our DNA, we will continue making inroads into our simplification strategy. Mr. Schutte is correct. The can stream is our core product going into the future. It used to be Cans and Cars. It's definitely cans now. Our target, just like exactly how expressed in the investor presentation last year. Over the next 5 years, our focus is to invest in a market-driven capital spend of well over ZAR 400 million to spread out over the next 2 years. The idea is for can stream to be 60% of our total production over the next 5 years, with our production growing from current to around about 211,000, which is close on to a 16% improvement. Thanks, Chair. Okay. Thank you, CEO. Continue with the last question from Mr. Schutte. The Carbon Border Adjustment Mechanism, CBAM. Charge will be introduced in October this year in Europe and will be fully implemented by January 2026. We know that the EU is taking around 25% of all of Hulamin's production. You also know that with Hulamin's direct and indirect carbon-intensive resources of energy, specifically coal and gas, Hulamin stands to lose a very big and important market as this tax will add an additional 10%-20% on your current cost. If you do not change within the next 18 months, a great part of your basic supply of raw materials and energy resources, what are your short-term plans to avoid losing this important market? CEO. Firstly, we've started the process of reporting currently. We've had plans with regards to preparation for the reduction of our carbon footprint for a while. We have targets set about what mechanism to achieve for various reduction in not only carbon footprint, but water and gas altogether. We currently are on track with our mitigation plans with regards to reducing our carbon footprint from initiating IPPs with regards to wheeling, which we currently in the process, to solar-powered capital investments. Over and above that, also, improvement in our gas utilizations itself. Further, that's with regards to our carbon footprint within the plant. With regards to raw materials, we work very closely with South32, and have been working for quite a while now to actually look at mechanism of how their plans and their strategy is to reduce their carbon footprint. They have made considerable improvement with regards to an improvement down the line. Over and above that, we are looking at other mechanisms of access to green aluminum as a whole, and we'll continue to pursue various opportunities to further reduce our carbon footprint and the impact of CBAM down into the future. Thank you, Chair. Thank you. Continuing, Chair, with the questions again directed to the CEO. All the strategic capital equipment investment for the years 2024-2027 seem to be going into the directly and indirectly into the can body and can end volume production. Are you not neglecting the other 50%-40% of your product mix, such as plate production, which you want to grow by 30% in volume in the next 3 years? The next one. The total scrap utilization of Hulamin has been stated at around 15% in recent times. Hulamin realizes that increasing this percentage is a major key to increase profitability. Substantial investments of around ZAR 300 million in the scrap utilization of used beverage cans was done nearly 10 years ago, showing so far no positive return at all. The current 6,000 tons of UBC scrap utilization is less than 6% of current can scrap production. What has gone wrong here with this investment, and when will the scrap utilization really be improved? Competitors such as Novelis or AMAG are running well over 60% scrap rates in current years and there are projects now and a group of aluminum rolling mills in Europe are working towards 100% scrap utilization at a time where Hulamin is not even able to use 20% in total. What is done to increase this rate in the short term? What investments are planned for and when? The last question. In 2018, Hulamin produced 228,000 tons rolled products. In 2021, a total of 208,000 tons, and in 2022, a total of 199,000. Now in 2023, this is only 169,138 tons. In 2024, you are planning to do 183,000, which I doubt Hulamin will be able to achieve. At current rate, you will come out of this year at 160,000-170,000 tons at best. Your delivery times for the export market is currently around 4 months. How will you be able to generate any profits from production in 2024 on such low volumes and long lead times? Okay. Let me tackle. Thank you again, Mr. Schutte, for this question. I'll explain it again, following our last session, and I don't mind doing that for the wider forum. The first thing is, if you look at the plate sales that we're looking to grow into the future, our plate plant right now is under capacity, and really that pull is actually coming from the market, thereby using our plant to the full capacity by the end of the plan period, really speaking. Over and above, you'll see as a given, we are spending about between ZAR 250 million-ZAR 300 million on properly maintaining our plant going into the future. By properly maintaining plant and continuous improvement being part of our DNA, we are able to maximize the capacity on the plate plant itself. To go on to your scrap utilization percentage, I agree with you 100% that increasing scrap utilization not only adds value to improve profitability, but adds huge value to sustainability as a whole and the footprint of Hulamin as a whole. In our capital spend and our strategic capital spend, our plan is throughout the 5 years to spend capital. We have spent a small amount of capital improving our cleaning mechanisms for our UBC plant. That itself will yield our capacity increasing from what you saw last year, the 6,000 tons, and it rises over into the plan. We've seen green shoots already in during H1 currently of increased scrap utilization of UBCs in particular. With our capital spend that we're looking to do after we complete our market-driven CapEx wide project, we intend to move the needle for UBCs from 15,000 tons to 28,000 tons. By that time, our scrap utilization for can body will be above 70% by the end of the plan period. There's also continuous focus on all our products to be able to increase our scrap utilization on our can end and our other products, and we pursue various options to improve on scrap utilization. Chair, if I move on to- Mr. Schutte new or later question was. We produced two, eight planning to. Do you mind, company secretary, just reading out the second part of the question for me? In respect of the total scrap. No, no, the last part of the question in- In 2018, Hulamin produced 228,000 tons rolled products. In 2021, a total of 208,000 tons, and in 2022, a total of 199,000 tons. Now, in 2023, this was only 169,138 tons. In 2024, you are planning to do 183,000, which I doubt Hulamin will achieve. At current rate, you will come out of this at 160,000-170,000 tons at best. Your delivery times for the export market is currently around 4 months. How will you be able to generate any profits from production in 2024 on such low volumes and on long lead times? Thanks again, Mr. Schutte, and thanks, company secretary. Firstly, I thought we covered it when we did the investor presentation, but I'll repeat. The volumes of Hulamin over the past years is misleading with the amount of hot band we have done, and the 2028 number that you talk about, if I look at the data that was provided, in that year, we produced and sold well over 30,000 hot band into the U.S. market. In our simplification strategy that we've been embedding over the last 2 years, it's clear that based on current pricing, hot band is not a profitable project, and our number one strategy is, or priority, is to focus on high margin items. Even though our volumes are lower than prior years, our profitability per product has increased. That's a key focus area that we've maintained. By applying the simplification strategy, we've also managed to maintain our cost base for the relevant products to improve our profitability. With regards to forecast going into this year, unfortunately, I'm not in a position to share any of those forecasts right now. Mr. Volker, you did take me to task about where you did say that there's no way that Hulamin can make a profit in our last engagement in H1. Right now, obviously, we're working hard to create value, and we believe the strategy we're on, our path, will continue to deliver value for Hulamin as a whole. Thank you very much, CEO. Thanks, colleagues, for dealing with those questions. I believe we have addressed all the questions that shareholders raised. There are two statements that have been made through the web link platform. I will share those statements with my colleagues, but I do not believe we need to delve any further with those two. I, at this point in time, would like company secretary to read the results of our poll. Through you, Chair. Thank you, Chair. All resolutions, Chair, have passed. I will read them just for as a matter of completeness. Resolution 1.1 passed with 94.1% relating to the re-election of TP Leeuw as an independent non-executive director. Ordinary Resolution 1.2, the re-election of Mr. Charles Boles as an independent non-executive director passed with 98.12%. Ordinary Resolution 3, the re-election of Mr. Watson passed with 94.1%. Ordinary Resolution 2.1 relating to the re-appointment of the members of the Audit Committee, Dr. Mehlomakulu, passed with the voting of 98.04%. Ordinary Resolution 2.2, the election of Mr. Maharajh as a member of the Audit Committee passed with 99.93%. Ordinary Resolution 2.3, the election of Mr. Charles Boles as a member of the Audit Committee passed with 98.12%. Moving on to the votes relating to the Social, Ethics, and Sustainability Committee. Ordinary Resolution 3.1 passed with 99.85% for Mr. Khumalo in respect of being a member of the Social, Ethics, and Sustainability. Ordinary Resolution 3.2, the election of Mr. Ngwenya as a member of the Social, Ethics, and Sustainability Committee passed at 98%. Resolution 3.4, the election of Dr. Mehlomakulu as a member of the Social, Ethics, and Sustainability passed at 99.93%. The election of the external auditors, Ernst & Young Inc., as the auditor of the company, passed at 99.93%. The non-binding advisory vote in relation to the Remuneration Policy has passed at 90.63%. Resolution 6, the non-binding advisory vote relating to the remuneration implementation passed at 90.63%. Resolution Number 7, authorization to sign documents to give effect to the resolution passed at 99.93%. Moving on to the three special resolutions. Special Resolution Number 1, to approve the remuneration payable to non-executive directors passed at 98.02%. To approve the granting of financial assistance to subsidiaries and other related interrelated entities passed at 99.93%. Resolution- Special Resolution Number 3, the approval of the general authority to repurchase the company's shares passed at 96.52%. I pause there, Chair. Thank you very much, company secretary. The voting results will be made available on our website and issued on SENS. When do we expect this to happen? Chair, if we're able to meet the deadline, we will try to endeavor to issue them this afternoon prior to close of business. If not, we have until Monday to issue them on SENS. Wonderful. Thank you very much. I am moving towards closure, but before we get to closure, I would like to announce a change on the board. After 7 years since his appointment, Mr. Bob Larson will be stepping down as a director of Hulamin immediately following this AGM. On behalf of the board and the company, I'd like to thank Bob for his valuable insights and contribution and his dedication to Hulamin. We wish him all the best in his future endeavors. Colleagues, I now wish to- We've dealt with all of the business of this meeting, and I wish to declare this meeting closed.