M.P. Evans Group (LSE:MPE) — Annual General Meeting

0:00 Special one this year as we celebrate one hundred and fifty years Good morning. History in this magnificent, iconic building in this wonderful Egyptian hall. I'm sure Matthew Pennyfather Evans, our founder, would have been very familiar with Mansion House, having worked in the city for a considerable number of years when he wasn't traveling extensively through Asia. I have pleasure in welcoming you to the meeting. A quorum of two members is required. I confirm that definitely more than this number is present. I'm pleased to inform you that the meeting today is being live streamed and recorded so that shareholders and other stakeholders who cannot be present can view it live or watch it on the company's website in due course.

0:56 I'm also pleased to confirm that I'm joined today by all the members of the Board who are available to answer questions and to meet with you later on, whether at the drinks or indeed at the lunch for those who are attending our lunch. I'd like just to make one or two comments on the board as there have been a number of changes this year, which had all been planned in terms of succession planning, but there were a number of changes. And perhaps might take those chronologically through the year starting in July of last year when we were delighted that Michael Sherwin at the end joined us. Michael, who has had considerable experience in recent years, in particular, as a Non Executive Director and has chaired a number of Audit Committee and REMCOs of a number of listed companies, and we're already benefiting from his experience. He's also a qualified chartered accountant, and we're gaining the benefit of his considerable knowledge and experience of listed companies.

2:12 So it's very good to have you aboard, Michael. Tanya then, one month after Tanya Ashton joined us in August. Tanya, who is a specialist in matters pertaining to ESG, environmental social governance issues, as well as many other areas and is Head of Sustainability at Walgreens Boots Alliance. So, has had considerable experience on that front and it's been brilliant to have your input onto the Board already since you joined.

2:48 Don't know whether Jock is with us. Jock Green Armitage, right Jock, do you want to stand up? Just Jock is there. Jock was not able to be at what was your final AGM formally last year, but we're delighted you've come this year. You retired from MPEvans, I think, in September of this year after I don't know how many years of being a friend in many different capacities to MPEvans, first as adviser when you were with Rothschild. And Rothschild, of course, advised MPEvans in a number of respects on takeovers, defense and general strategy.

3:35 And then subsequent to that, you were a director of a number of the MPEvans grouping companies, including Roe Evans, of course. I know my father had a massive respect for you and always enjoyed your company. And thank you for all that you've done and for being such a good friend to MPEvans for so many years. And of course, we continue to stay in touch with you. It's good to see you today. Then on February 1, Liwan Zhang, 60.

4:26 My father got on famously with Yuan's grandfather, Tan Sri Liloi Seng. And, of course, I've known his father, Dato Li Hau Hien and uncle, Dato Tan Sri Li Oi Hien. And it's good also to see Tan Sri's son, GROUP with us today. But Yuan, thank you for all your significant contribution already to the MPE Evans Board. Yuan has had considerable experience in plantations having managed amazing at such a tender age, but 220,000 hectares being just directly responsible for managing those areas of KLK in Indonesia, having run the chemicals division, marketing, so significant experience, which has already been brought to bear onto our Board. So thank you, Yuan.

5:20 We've recently announced some further changes. Sadly, after forty one years, Philip will be retiring. I'm going come back to Philip in one moment, but I'll move on to the next chain, which is that of Chandra here, Chandra, Chandra Securan, who joined us, I think, fifteen years or so ago as President, Director of PT Evans Indonesia. And what you have helped us to do in implementing our strategy of expansion and development and first class management in Indonesia has been absolutely brilliant. We are extraordinary for all you have done. Is not leaving the board, but he is moving from his function of executive to non executive a little bit in the way that Philip did when he moved from being Managing Director to being a non executive director. So, Chandr is going to be stepping into that role, but we're going to have to continue to make him work a little bit because he will be also advising the PT Evans Indonesian team, specifically Ravi.

6:37 Ravi, are you Ravi, who is Chandra's successor as President and Director of P. T. Evans, and he's been mentored by the best. No pressure on you, Ravi, but no, we look forward to your And the final part of the recent announcement was that Luke Shaw, our CFO, will be joining the Board as an Executive continuing his title CFO, but as an Executive Director of the Board with effect from August 1. So we very much welcome your imminent appointment to the Board, Luke.

7:24 But I would now just to like to for a moment and speak about who also happens to be my brother-in-law as I'm not remotely biased. But in all seriousness, what you have done for MPE Evans over forty one years has been extraordinary. I think I mean, just in terms of your various titles, I think you joined as Finance Director to John Lawrie, who was the then as Finance Controller to the then Finance Director, John Lawrie. He went on to become Finance Director, then Managing Director of Roe Evans, then Chairman of Roe Evans. And then when we amalgamated all the companies into MPE Evans Group PLC, Managing Director of MPEvans.

8:15 And then you made that shift from executive to non executive. And when you joined, I think, I know the group is very different, comprised eight separate listed companies, all of which own shares in each other.

8:32 And you helped to bring about the change, the huge change of amalgamating all those companies and putting together our new strategy of selling the Malaysian estates, cashing in as it were, as sad as it was to lose them, but on that huge underlying asset value investing hugely in Indonesian

8:58 palm sector in response to sustainable way. So thank you, Philip, for all you have done for us. So, and I think you might probably want to say a couple of words. So, I'll hand over to Philip for a moment. Right. I think we need that. Oh, yes. Sorry. Yes. If it's possible to destroy the technology, will. Is it working? Oh. Right. Well, thank you, Peter, for very very kind words. Now, working closely with your father-in-law and brother-in-law is not necessarily a recipe for success.

9:46 But I'd like to say that we got on well, very well over the over the many many years that we've worked together. And I I would like to thank him and and of course, Hadsley who is sadly no longer with us for, you know, everything we did together. And I pay tribute to both of them and, you know, thank them both, albeit just for putting up with me for forty one years. But, I'm working with MPEvans. It's been a privilege and a pleasure. I've I've worked now. I'd like to thank everybody I've worked with in in UK, Indonesia, Malaysia, Australia and to a lesser extent, Thailand and occasionally in in The States as well.

10:47 But I'd like to say thank you to all those who supported and helped me through those in my various different roles over that period. Now that we've concentrated our operations in Indonesia, we're largely concentrated our operations in Indonesia. It's a particular pleasure to that we've got with us today, our Indonesian management team, who I've got to know very well indeed over the years. Who are here to celebrate 100 birthday. And I have to say actually, when we were in in darkest Borneo recently, the teacher of the school on the estate put us all right and said actually, it's a sesquip centenary.

11:39 So I looked that up and it's right. It is a 150 years. I felt rather embarrassed by that one but there we are.

11:48 Now, team has been led as Peter has already said in an exemplary fashion by main board and president and director of our Indonesian operations Chandra Sekaran who has done a wonderful job. I mean, we simply could not have done without him and his team. Of course, we mustn't forget the now 11,500 plus workers we we have in the in the group as well. Quite some change when I joined.

12:31 I mean, the Chandra and his team are absolutely at the core of our operations and they do a fine job. As I step down, I feel very confident that the holding company board is in good hands with our new members and the other members who've been around for longer. I'm sorry, lost my place. But I'm very confident that they will lead the company into a very exciting future and will continue further success of the group.

13:22 My wife, my children and I are shareholders in the company and have every intention of of continuing so. Next year, it will be slightly different and I should be on the other side of the table. But I shall attempt not to be too much of a nuisance to them. But finally, I'd like to say thank you to you as shareholders both corporate and individual. Some shareholders have been with us for years and years and years which wonderful. But I'd just like to say thank you for your support and encouragement over the years. Thank you very much and I'll hand back to the chairman.

14:19 Thank you very much, Philip.

14:22 As you are probably aware, the company released a trading update this morning covering the first five months of 2023. Copies are available on each table, should you wish to review them. My colleague, Matthew, our Chief Executive will now make a presentation. A short one. Yes. Thank you, Peter, and good morning, everyone. So just a few brief words from me, I'm really covering three things. A couple of words about the results for 2022 itself,

15:04 a few thoughts about our continuing progress as we think about what it means for us to be a responsible producer of sustainable palm oil. And then thirdly, looking to the future and looking towards how we continue on our growth pathway and we continue to execute our growth strategy. So if you could turn to the first slide, and hopefully everybody can see the screens around the room. So the first slide really focuses on the long term trend of growth that we've enjoyed looking first of all at our crop, and you can see very clearly from the graph how we've enjoyed that long term increase in the crop that the group has processed.

15:51 2022 is the year that's highlighted with the red

15:55 box around it, and so you can see how far we've come in recent years. In 2022, we processed just over 1,500,000 tons of crop, and very importantly, we had five group mills running throughout the year processing that crop. And in 2022, we increased the amount of crop we processed by double digits once again, so an 11% increase in the crop that we processed. And we show on the graph how we expect that crop that we're processing to continue increasing in years to come.

16:41 If we move to the next slide, the other chart to share with you reflecting the success of our endeavors, how we've continued to increase returns for shareholders. And again, this very much looks at the long term, so this chart actually reflects the last thirty years of returns for shareholders, and how it's been an only increasing story of returns for shareholders. And particularly in recent years, you can see the acceleration of those returns for shareholders. If we focus just on the last three of those years, '21 and 2022,

17:30 the dividends have increased from 22p in 2020, 35p in 2021 and then 42.5p in 2022. So we've been able to increase returns for shareholders, reflecting the increasing maturity of the group's estates.

17:55 So, moving on now and turning to the next slide. The next slide thinks about reflecting a measure of how we've continued to focus on being a responsible producer of sustainable palm oil. Now, course, extends to many, many areas, whether we think about how we plant, how we manage our areas, how we work with the local community, how we work with our employees, but thinking about a very simple and a very specific measure of responsibility.

18:34 This chart shows us the way in which we've increased our output of certified sustainable palm oil. So, in 2021, we produced just over 170,000 tons of certified sustainable CPO. That increased in 2022 to over 220,000 tons. And in 2022, that reflected almost two thirds of our output. Again, that's a reflection of the fact that we've been able to increase our own milling capacity and increase the amount of certification within those mills.

19:18 The second chart, if we move to the next slide, when we think about showing the evidence of our focus on responsibility, goes the other way, it shows a reduction, and it shows a reduction in our carbon footprint, and again, one to 22. We've started to focus very clearly on measuring our CO2 emissions using the guidelines of what's called the TCFD, that's the Task Force for Climate Related Financial Disclosures. So, we set 2021 as our baseline year. We measured our overall CO2 emissions, which are approximately 2,700,000 tonnes, but we saw a reduction in 2022 of over 10% simply because, again, we focus on processing our own crop in our own mills, and that makes a significant difference to CO2 emissions because

20:21 we are able to put our own crop through our efficient mills. We'll come on in a moment to talk about growth and therefore how we expect to continue reducing that figure. So if we turn to the third section, and that's thinking about growth,

20:41 two key things to highlight, not in relation to 2022, but things that have happened thus far in 2023. The first of which is we opened Mill Number 6. So, we opened our mill in our South Sumatra project called Mussi Rallas. So now, we are processing all of our own crop in Mussi Rallas. We have six operational mills,

21:08 We're extremely close to being able to say that we process all of our own crop in our own milling facilities, which is a fantastic result for the group. There is one place where we don't yet process our own crop in our own mill. And if we turn to the next slide, the one place where we don't process our own crop in our own mill is our project at Simpang Kiri. And our project at Simpang Kiri just got bigger, so we bought 2,000 more hectares at Simpang Kiri at the start of this year, and we're starting to see the economies of scale come together at Simpang Curie, meaning that we are considering the prospect of building a mill there as well. And if we build a mill at Simpang Curie, then we would be able to say, we process all of our crop in crude mills, which would be a fantastic milestone for the group. But it was great to be able to acquire those additional hectares at Sin Pancure, so 2,000 more hectares acquired at Sin Pancure in 2023.

22:19 So you can see both in terms of extra milling capacity, capacity, extra hectare how we're moving forward from 2022 into 2023. So, that's enough for me. I will pass back to Peter at this point. Thank you. Thank you very much, Matthew. Now, my colleagues and I should be pleased to deal with any general questions or particular points on the reports and financial statements, shareholders would like to raise. So please raise your hand and perhaps wait until the microphone reaches you before speaking. Some questions have already been raised by the investor meet client platform.

23:11 And to the extent that these are not covered by the responses to questions raised in this meeting, we shall aim to post replies to these queries on the IMC platform as soon as possible. So I'm very much going to share the answering of questions amongst my colleagues. But the floor is open now. If anybody would like to raise a question, please now do so.

23:43 Scott Wallace, shareholder from Hong Kong. And thank you Peter for being such a wonderful chairman. And I must ask a question for such a wonderfully traditional firm. But how do we see the impact of AI changing the business in the future? I'll definitely hand over to Matthew on that one, I think. Over to you, Matthew. Thank you, Peter. It's a very interesting question. And as happened, I was discussing exactly that point with some shareholders before the meeting started. And I'm sure there will be some ways in which AI provides opportunities to the business.

24:35 It will be interesting to explore those as we move forward and as we get to learn more about it. It is of course extremely new, and the applications will become clearer in time, but I'm sure there may be some opportunities to think about smart ways of working when it comes to field management, when it comes to fertilizer application, when it comes to other potential examples of running estates in a smart and efficient way, but it's difficult to say more than that at this time.

25:12 Yes. Please, yes. Thank you. Yeah, thank you. I'd just like to ask a question in relation to Matthew Coulson's presentation. You showed the declining carbon footprint. Now, you've not offset that against the plantation's absorption of CO2, I don't think. Is that So, what we've done so far and thank you for asking You that see, because a plantation a typical plantation tree, as you probably know, absorbs about as much CO2 as the original rainforest that was there, which people forget about, far more than any temperate crop as you're aware. Thank you. And I should have mentioned as part of that part of the presentation that one thing we will be doing a little bit later this year is publishing a separate standalone sustainability report.

26:16 So that will be due out a little bit later in 2023. That is exactly one of the things we are researching at the moment. So what we've done up to now is we've followed exactly the guidelines within TCFD for how to measure and report on CO2 emissions. Interestingly, the guidelines within TCFD don't allow for exactly that absorption point you talk about. So, we are researching that separately to make sure we can gain a full understanding of that to look at how much natural offset there is within our planted hectolage. So, thank you.

27:04 Yes, Nick. Thank you, Derek. Can I ask what percentage of your sales are to China? And are you intending to try and increase that? Because I imagine that's quite a large market. Yes, why not? The immediate answer to your question is none. You're absolutely right to raise the point about the Chinese market, but if I can explain the way in which we operate is that we make all of our sales locally to refiners.

27:50 So, our operations stop effectively when we sell our production at Millgate for onward refining. So, we don't export, effectively we don't export anything. You're absolutely right nonetheless to raise the point about global markets and the opportunity for there to be more palm oil consumed in China, that potentially has the knock on effect for us of therefore higher demand and higher pricing that we might achieve for our output when we sell it for local refining. It's probably fair to say that probably a lot of our oil will end up being consumed in Europe because there's a very high demand for certified palm oil in Europe, much less so in China.

28:42 So I think little will actually end up going there. Yes, Martin. First of all, I apologize, Mr Chairman, for being late. And I'm going to ask a question, but it may well have been answered already. But I have quite a few investment clients and some have shares in MPEmmons, but many don't and when I say it's a good company, etcetera, they say, oh, no. The orangutans, they're damaging them. And, and I explained that the orangutans, I hope I'm right, are a different part of Indonesia. But I wonder, miss Chairman, if you could produce me, if no one else, an a memoir with one or two pages, punching nonsense to keep going on about the orangutans, they're not affected.

29:30 Could you do that? No, there are no. Thank you for the question. And again, actually, I think Matthew is particularly well placed because you've been doing a lot of work on the sustainability side. And actually, it's possible Tania might like to add a comment or two, would you like in the first instance to? Very happy to. Of course. Obviously, you raise a point that is often mentioned and we recognize that and understand it entirely. Again, I've used this as an opportunity for a trailer and advert for the upcoming sustainability report where I hope that at least in the executive summary of that report we will be able to provide some clear explanation of what we believe it means to be

30:23 a responsible producer of certified sustainable palm oil. And I hope that's extremely helpful in explaining a message and being extremely clear about the fact that it is possible both to have habitat for orangutans and other species whilst at the same time producing palm oil. Yes. Bit by bit, we're trying to get the message across. I think it's significant that even the great Sir David Attenborough has said this is not straightforward, that there is very much a place for sustainable palm oil. In fact, sustainable palm oil is to be encouraged because as we all know, the productivity, the yield from palm oil is some 10 times that of other crops. So you need a much smaller area of land to grow it. And if it's grown sustainably, you're actually growing a vegetable oil crop very responsibly.

31:26 But it is difficult. It's like waging and treacle sometimes. Some people have a very fixed mindset about it and it's very difficult to do anything about that. Thank you. Any other questions? Yes, Martin. Glad you were able to make it in the end. All right. Thank you. Right. Yes. Good day, Mr. Chairman. Davies, long standing shareholder, I think. Not as long as you, but you say here that you have independent valuation of all the properties every year.

32:12 What was the recent property you bought? Was that the consideration in line with the other valuations roughly? I'm per hectare or whatever. Sorry. In line with sorry. You said you you you say you have independent valuations of all the properties every year. Yes. And I'm asking the recent property you bought Yep. Was the consideration in line with the roughly in line with the other valuations. You haven't overpaid them. That's what I'm getting at. I'm sorry. I see. Yes. Again, Matthew, would you like I'm very happy to respond. You're right to highlight the fact that there is a valuation of the group's properties in the annual report.

33:05 The price paid for our recent acquisition was significantly lower than the value of our existing properties and for good reason. I think we highlighted the fact when we announced the acquisition, there was a proportion of the area that will require replanting. And so, needs to be an allowance made for the cost of replanting those areas. And in addition, inevitably, there is some work required to bring those properties up to a similar standard to the extremely high quality and fantastic level of all of the properties that are currently managed by the group, and as a result of which we paid a lower value per hectare for buying the properties than we value the existing properties in the annual report.

34:01 I haven't heard much about El Nino or El Nino recently, but I heard it yesterday from the BBC in line with their sort of scare us all tactics. I don't know which way it is, but they say it's going to be strong this year. Is that going to affect the properties? Because they say it does sometimes. Do you want to comment, Chandra, on the talk of El Nino, whether that's likely to have an impact on the group's operations? El Nino, well, usually it's being monitored by Pacific waters, Pacific Ocean temperatures. And right now, there is a definite increase in the temperatures.

34:49 Well, you know, of course, will impact production. It will definitely impact production, but not in the near future. In near future, it may impact maybe in eighteen months to twenty four months, but surely there will be an impact. But the good thing about palm oil is when crop is down, prices go up. So, there's a takeaway here. I think it's worth the point also that even with an El Nino year, it very rarely affects all our properties. We're quite well diversified. We have significant sized properties with significant economies of scale, but spread across wide areas.

35:37 And therefore, are different climatic factors, which tend to impact on them in different years. It's very rare that it all comes together even in an El Nino year to make a significant impact on the group as a whole. Gentlemen well perhaps the nearer one and then Thank you. I noticed on the page 11 of the report, you say that there isn't a lot of palm oil used in Europe. You don't actually list UK. It's mostly Africa and Indonesia, India.

36:24 So, does the palm oil that we use in The UK come from? Well, I don't think that's quite correct. Because I think Europe consumes something like 8% or 9% of the world's palm oil, which is exported. It's actually quite a significant consumer and most something like 99% of the palm oil that comes into Europe is certified sustainable, which is why most of our palm oil is likely to go into Europe. It is certainly mostly consumed in the area where it's grown, just as rapeseed is consumed in Europe and soya in The Americas.

37:15 So a significant amount is consumed by Indonesia I mean, produces something like 60% of the world's palm oil and Indonesia consumes about one third of that, about 20%. The other 40% is exported significantly within Asia itself, but also to other countries. But Europe is not an insignificant consumer of Indonesian palm oil and Malaysian palm oil, who are the two biggest producers between accounting for something like 85% of all the world's palm oil production. Sent to India and Indonesia and China, is that sustainable palm oil or is it not?

38:07 It's not certified sustainable. Rather sadly in a way so far, I think only 20% of all the palm oil production worldwide is certified sustainable. I put the emphasis on the word certified because that gives a slightly depressing view of the way in which and mills are managed, that they're not managed to a high sustainable standard. But actually, that's not the case. It's just that the if you like, the hoops that you have to go through in some of the smaller companies and into the smallholders are not willing to go through those hoops. They're strict tight order checks by the officers from the Roundtable on sustainable palm oil.

38:52 But many, many companies do actually comply with the standards, but they just don't formally put themselves through that certification process. You very much. Peter sorry, Anthony Cooper. First of all, yes, thank you for all your excellent chairing and your colleagues. And I think we are all very happy to be shareholders in MPEvans. A very brief question. In your statement that you have issued today, you highlight the reduction in the palm oil price this year, which I think we all know about. Will that have a significant effect on the valuation of the land that you've also put into the annual report, which I think was the land was valued as of 12/31/2022.

39:47 We're now six months on. Will there be a very significant reduction in the value of the land as a result? The value doesn't take into account very short term price fluctuations. It's more a long term trend. It's more of a moving average and it will barely impact I believe on the valuation because they look at long term trend. Don't Luke, do you want to add anything to that? Thank you, Peter. Yes, if in the accounts we do actually state the assumption around the long term price that's in the model. And to Peter's point, the short term fluctuations are not really impacting that long term view. Clearly, if it were to continue for a number of years declining, then, yes, you would obviously reassess that long term average.

40:40 But the recent movements that you, that we refer to in the trading statement certainly wouldn't have a material impact on that long term price, which is driving the valuation that we put in the report. Are there any other questions? Well, thank you very much for having asked those interesting questions. It's always good to have feedback. And thank you again for all your support. And we're looking forward to seeing many of you for the lunch that will come a bit later. And we will both say a little more at the lunch.

41:32 Let me just stand. So I shall now proceed with the formal part of the meeting. As the notice of meeting has been in the hands of members for the statutory period, may I take it as read? Thank you. The independent orders report to the members of MPEvans GROUP PLC is set out on pages 60 to 65 in the annual report and accounts. The report is on the group financial statements, including the parent company financial statements. May I take it as read? Thank you. Voting today will be conducted on a show of hands. May I remind you that shareholders who are present here in person or by corporate representative are entitled to vote to one vote on a show of hands.

42:25 A proxy who is present and has been duly appointed by a shareholder entitled to vote also has one vote on a show of hands. Please do not raise your hand if you're not a shareholder or a formally appointed representative or proxy. Resolutions one to 10 are proposed as ordinary resolutions and require a simple majority to be passed. Resolution 11 is proposed as a special resolution, which requires a majority of 75 to pass. We have received proxies in respect of 25,972,968 shares. Copies of a schedule detailing the proxy voting instructions for, against or withheld received in relation to each resolution have been distributed on your tables.

43:17 A vote withheld is not a vote in law and is not counted in the calculation of the proportion of the votes for and against. With that in mind, of the votes cast, not less than 98% are in favor of all resolutions, with further details in the analysis on your tables. The report and financial statements have been sent or made available by digital means to all members, and I hope they provide shareholders with a clear explanation of the group's strategy, its activities and its profit and financial position as at the 12/31/2022. I now propose as Resolution one that the report of the directors and the audited financial statements for the year ended 12/31/2022, now laid before the meeting be received.

44:13 I put the resolution to the meeting. Those in favor? Those against? I declare the resolution carried. I now propose as Resolution two that the Director's Remuneration Report has set out in the annual report in order to financial statements for the year ended 12/31/2022, now laid before the meeting be received. I put the resolution to the meeting. Those in favor? Those against? I declare the resolution carried. I have pleasure in proposing as Resolution three that Mr. Michael Sherwin be elected a Director of the company. I put the resolution to the meeting. Those in favor?

45:04 Those against? I declare the resolution carried. I also have pleasure in proposing this resolution for that Ms. Tanya Ashton be elected a Director of the company. I put the resolution to the meeting. Those in favor, those against, I declare the resolution carried. I also have much pleasure in proposing as Resolution six at Mr. Philip Fletcher, Director retiring in accordance with the company's articles of association. I'm so sorry, I've jumped. Have much pleasure, apologies, in proposing as Resolution five that Mr. Li Yuan Zhang be elected a Director of the company. In I put the resolution to the meeting. Those in favor?

45:55 Those against, I declare the resolution carried. I now have pleasure in proposing proposing as Resolution Resolution six that Mr. Philip Fletcher, a Director retiring in accordance with the company's articles, be reelected Director, albeit through to the end of July. I put the resolution to the meeting. Those in favor? Those against? I declare the resolution carried. I have pleasure also in proposing as Resolution seven that Mr. Bruce Tozer, a Director retiring in accordance with company's articles, be reelected as Director of the company. I put the resolution to the meeting. Those in favor? Those against?

46:40 I also declare that resolution carried. I have pleasure in proposing as Resolution eight that Mr. Matthew Coulson, a Director, also retiring in accordance with the company's articles, be reelected a Director of the company. I put the resolution to the meeting. Those in favor? Those against? I declare the resolution carried. I now propose as Resolution nine that a final dividend of 30p per share be declared payable on or after the 06/15/2023 in respect of the year ended 12/31/2022 to all holders of shares on the register of members of the company at the close of business on the 04/28/2023.

47:31 I put the resolution to the meeting. Those in favor, those against, I declare that resolution carried. I now propose as Resolution 10 that BDO LLP, chartered accountants and registered auditors, be appointed auditors of the company to hold off from the conclusion of the meeting until the conclusion of the next general meeting at which financial statements are laid before the company in accordance with Section 4,371, Companies Act 2,006, at a fee to be determined by the directors. I put the resolution to the meeting. Those in favor? Those against? I declare the resolution carried.

48:18 I now move on to the special business of the meeting and propose as a special resolution, the resolution as set out in the notice of meeting number 11. The resolution gives authority for the company to purchase up to 10% of its own shares during the coming year as and when the directors consider it appropriate. I put the resolution to the meeting. Those in favor, those against, I declare the resolution carried. Now, before concluding business of the meeting, it's always been customary for a vote of thanks to be proposed by a shareholder to our staff and workforces throughout the world, who continue to play such a vital role as has already been referred to by Philip, and I will be saying more about that later.

49:12 And indeed, we're delighted that some of the more senior members of our Indonesian and Malaysian team are here with us. But we'd be delighted if a shareholder would be willing to propose that. Chris Moore, thank you very much. That's much appreciated. So, on that note, I have great pleasure in inviting you all to join us initially for some drinks and light refreshments next door back in the salon, I think it's called, where coffee was being served earlier. And if you could all leave this room and make your way to the salon as quickly as you can without running, then the Mansion House team can prepare all the tables for the lunch that will follow, And we'll call you back into lunch, those who are attending, and we hope it's most of you, in just over an hour's time. But enjoy the drinks in the meantime, and we will look forward to chatting with you. Thank you very much.

50:39 Thank you very much for attending the MPEvans Group PLC AGM.