Sareum Holdings (LSE:SAR) — AGM Proceedings

0:01 Good morning, ladies and gentlemen, and welcome to the SAREUM HOLDINGS PLC Annual General Meeting. Throughout this meeting, investors will be and shareholders will be in listen only mode. Questions are encouraged and can be submitted at any time using the Q and A tab situated on the right hand corner of your screen. The company may not be in a position to answer every question it receives during the meeting itself. However, the company will review all questions submitted today and publish responses where it's appropriate to do so. These will be available via your Investor Meet company dashboard and will notify you by email when they are ready for your review. I'd also like to remind you that this presentation is being recorded. Before we begin, we would like to submit the following poll, and I'm sure the company will be most grateful for your participation. And I'd now like to hand over to Chairman, Stephen Parker. Good morning, sir.

0:47 Good morning, ladies and gentlemen, and welcome to the Annual General Meeting of SAREUM HOLDINGS PLC. I am Stephen Parker, Chairman of the Board. Quorum being two members is present, and therefore, we will now proceed with the business of the meeting. Because of the extraordinary times that we continue to live in, we are experimenting with opening a link through the investor meet company site in addition to welcoming some of you today in person. We will take questions from the floor in the usual manner of our annual general meetings and try to cover some or all of the questions posted via the IMC site. We will, I'm afraid, be unable to have the period after the formal business is concluded in the board speaks individually to to attendees. I will therefore read through the resolutions together with the votes received and then provide the opportunity to shareholders to post questions, which the directors will endeavor to answer during the meeting.

1:38 Any answers which we have been unable to provide immediately will be posted on the company's website within the next few days. I would now like to introduce the board. Tim Mitchell, chief executive officer, doctor John Reeder, chief scientific officer, our nonexec directors, Clive Birch and doctor Michael Owen. We're also joined by our finance manager, Chris Neil. I'd now like to start the formal proceedings of this annual general meeting. The notice of annual general meeting was posted to shareholders on the November 19. Accordingly, the requisite notice of the Annual General Meeting has been given. I propose, therefore, with your consent, the notice of Annual General Meeting should be taken as read.

2:27 Before proceeding with the formal business of the meeting, I will now read the statement, which was issued to the market this morning. The Board is pleased with the progress SAREUM has made in the past twelve months despite this being a challenging period for business during the ongoing impact of COVID-nineteen. SDC1801 continues to advance towards first clinical trials and we believe the company to be in a robust position financially following several share subscriptions by high net worth individuals during 2021. In addition, the Board is highly optimistic about the future of its alcolysin's asset, SAREUM HOLDINGS which expected to enter new clinical trials in 2022 under the guidance of Sierra Oncology, the license holder for this exciting candidate.

3:13 SDC-eighteen oh one is a selective dual tyrosine kinase inhibitor TYK2 and Janus kinase one inhibitor JAK1 discovered by SAREUM. We have been advancing SDC1801 through preclinical development and preparing for clinical trials to investigate its potential for treating autoimmune diseases such as psoriasis, lupus, inflammatory bowel diseases, rheumatoid arthritis as well as several severe respiratory symptoms of COVID-nineteen We are pleased to report that the final toxicology and safety studies required to file an exploratory clinical trial authorization, CTA, have been completed, and we expect to finalize reports in the first quarter of twenty twenty two. The data from these studies will be crucial to the progression of the CTA, which remains on track to submit in mid-twenty twenty two.

4:08 While data analysis is still in progress, we are confident that the studies have met their objectives of identifying any organs or tissues that might be susceptible to high dose toxicity and determining the appropriate first in human dose. Results received to date fully support our plan to submit the CTA for SDC1801. As we reported in the company's full year results in 10/25/2021, we have appointed consultants to advise on the design of these first clinical trials, which would investigate the safety of SDC1801 in healthy volunteers during which time the company will continue to assess the initial indications for further study. The synthesis of STC-eighteen oh one drug substance under GMP conditions intended for use in the planned Phase I clinical trial continues to progress to plan with delivery expected during the first half of twenty twenty two.

5:00 We have also initiated the process to develop drug products for these trials as an oral capsule formulation rather than orally dosed solutions or suspensions as previously planned. This step will require additional time, but the Board believes it to be a good use of resources that will add value to the program by improving the quality of the data generated in the Phase one trial and remove the need to develop captures at a later stage. Importantly, this first clinical trial could also support the clinical development of SDC1801 as a potential treatment for severe respiratory symptoms of COVID-nineteen. As a reminder, during 2021, we completed a six month project funded in part by UK Government grants, demonstrating that SDC eighteen o one in infected lung cells and in vivo disease models reduces levels of key inflammatory agents known to play a role in serious and potentially life threatening hyperinflammatory response, the cytokine storm, that affects some COVID-nineteen patients.

6:03 We are now considering how we might make use of the UK government's agile clinical trial platform or other equivalent programs to provide additional funding and support for clinical trials with SDC-eight 81 for COVID-nineteen applications and potentially accelerate its development. It is evident that there is still a clear need for new therapies to treat severe respiratory inflammation arising from viral infections such as COVID-nineteen despite the success of vaccination programs and the availability of the first new mainly antiviral therapies. With TYK2 acknowledged as a key therapeutic target for severe COVID-nineteen in an article published in December 2020 in the leading scientific journal Nature, we believe that SDC1801 could have a role to play in this area in the future and we look forward to updating shareholders on further progress.

6:57 With regards to our second TYK2 JAK1 inhibitor candidate SDC1802, we continue to advance preclinical development of an oral formulation have designed and initiated translational studies to define the optimal cancer application prior to completing toxicology and manufacturing studies. Turning now to our out licensed assets, SAREUM HOLDINGS we have been highly encouraged by recent disclosures from Sierra Oncology, the license holder of its promising clinical stage checkpoint kinase inhibitor-one relating to its possible advancement. In August 2021, Sierra in licensed the BET inhibitor AZT5153, now known as SRA-five fifteen, from AstraZeneca and noted how it might combine SRA-five fifteen with SRA-seven thirty seven as a potential pipeline expansion opportunity.

7:52 Sierra has subsequently referred to its plans to initiate additional clinical studies in the first half of twenty twenty two with pipeline agents, including SRA-seven thirty seven in other hematologic and solid tumor indications. Specifically, reference was made to a potential role for SRA-seven thirty seven in combination studies with novel agents in solid tumors, including pancreatic cancer, where patients have become resistant to a class of drugs called PARP inhibitors. The dosing of the first patient with SRA-seven thirty seven in any clinical trial would trigger a $2,000,000 payment from Sierra under the amended $290,000,000 licensing deal on SRA-seven thirty seven between Sierra and CRT Pioneer Fund signed in November 2020.

8:40 Under the amended agreement, SAREUM is eligible to receive 27.5% share of this and any future milestone payments. SAREUM continues to believe that based on preclinical and early clinical data, SRA-seven thirty seven holds great promise for the treatment of cancer, particularly in combination settings and looks forward to Sierra providing further updates on its progress. Looking at the company's financial position, SAREUM ended the fiscal year to 06/30/2021 with a robust cash position having raised £2,370,000 before expenses from two subscriptions by high net worth by a high net worth individual in June 2021. A further £2,180,000 before expenses was raised in July and August 2021 with two further share subscriptions by new high net worth individuals plus an exercise of warrants bringing the total raise to approximately £4,600,000 to fund the further development of SDC eighteen oh one and SDC eighteen oh two.

9:42 SAREUM's cash position as of the 09/30/2021 was approximately £4,400,000 The company reported a loss after tax during the fiscal year ended 06/30/2021 of £1,500,000 reflecting the increased R and D expenditure required for preclinical development versus a loss of 990,000 in 2020. SAREUM continues to deploy its funds to advance SDC 18 o one and SDC 18 o two and build a robust data package and patent portfolio to ongoing partnering activities for these differentiated assets. For both TYK2 JAK1 both TYK2 JAK1 inhibitor programs, the directors will continue to review the potential higher value of a later stage licensing deal versus the requirement for any additional funding.

10:35 The Board and management continue to employ rigorous capital allocation in the development of internal assets and the overall business with a clear focus on generating value for shareholders. Finally, the board would like to take the opportunity to inform shareholders that it is considering undertaking a share consolidation in the New Year. The board is of the opinion that the high number of shares outstanding, now over 3,300,000,000, and the low absolute share price negatively affects investors' perception of the company and considers the share consolidation to be in the best interest of the company and its shareholders. The consolidation would reduce the number of shares outstanding and increase the relative price, which could be more attractive to a broader range of institutional investors and other members of the investing public.

11:21 A proposal regarding the terms of a share consolidation will be put to shareholders for approval as an extraordinary general meeting which should be convened early in 2022. So overall, we are looking forward with optimism to 2022, during which time we expect to report on continued progress both with our proprietary programs in particular, the advancement of SDC1801 into clinical trials and with our partnered asset, SAREUM HOLDINGS should Sierra advance its development. We would like to thank our shareholders, suppliers, contractors and other stakeholders continued support and look forward to providing further updates and progress as we move forward into 2022. Before we turn to the resolutions, I would like to say a few words about the procedure as this will necessarily differ from previous years in that only physical attendees are able to vote today.

12:19 Any shareholder listening through the ISE platform can only vote or can already have only voted through the submission of proxies, and I hope that you've already done so. I will propose each resolution in turn having briefly summarized its content. I will then read the results of the votes received. The directors will not answer questions relating to the individual rights of shareholders. Any shareholder wishes to raise such questions will communicate separately with myself or doctor Mitchell by email following the meeting. I shall move on to the formal business of the meeting and will now recite the resolutions. The full text of each of the resolutions is set out in the notice of annual general meeting, a copy of which is on the company's website. Resolutions one to six were proposed as ordinary resolutions, each requiring a simple majority of the votes cast to be in favor in order to be passed. Resolution seven was proposed as a special resolution requiring a majority of 75% of the votes cast to be in favor in order to be passed.

13:20 Each resolution received a total of 242,158,498 votes, which represents 7.18 of the total shares of company's the Proxy The results have been received as follows: in favor, 139,633,376 against 240,000 withheld 314,311.

14:08 I thus declared a resolution declared by the necessary majority. I proposed resolution two in the notice of annual general meeting as an ordinary resolution to receive and adopt the remuneration committee report for the year ended 06/30/2021. Proxy results have been received as follows. 139,046,887 against 724,500 withheld 416,300, and I declare the resolution carried by the necessary majority. Resolution three of the notice of annual general meeting is for the reelection of mister Clive Birch, who retires by rotation under section seventy six and seventy seven of the articles association and who being eligible offers himself a reelection as a director.

15:03 Votes have been received as follows. In favor, 138,886,944 against 825,424 withheld 475,319, and I declare the resolution carried by the necessary majority. Resolution four of the notice of final general meeting is for the re reelection of doctor Michael Owen, who retires by rotation under section seventy six and seventy seven of the articles of association and who, being eligible, offers himself a reelection as a director. Proxy vote's been received as follows. In favor, one hundred and thirty eight million eight hundred and eighty six thousand nine hundred and forty four against eight hundred and twenty five thousand four hundred and twenty four withheld 475,319, and I declare the resolution carried by the necessary majority.

16:04 Resolution five, notice of annual general meeting, is to confirm the appointment of Shipley's LLP as auditor of the company to hold office until the conclusion of the next AGM at which accounts at which accounts are laid before the company and to authorize the directors to fix its remuneration. Oxy votes have been received as follows. One in favor, 139,141,640 against 320,015, withheld 726,032. I declare the resolution carried by the necessary majority. I propose resolution six of the latest final general meeting as an ordinary resolution that the directors be, and they are and they are generally and unconditionally authorized for the purposes of section five five one of the company's act 2,006, the act, to exercise all the powers of the company to allot shares in the company and to block rights to subscribe of, for, or convert any security into shares in the capital of the company up to an aggregate nominal amount of £842,708,

17:18 provided that this authority is for a period expiring at the conclusion of the company's next annual general meeting, but the company may, before such expiry, make an offer or agreement which would would or might require shares to be allotted such rights to be granted after such expiry, and the directors may allot shares and grant such rights in pursuance of such offer or agreements, notwithstanding that the authority conferred by this resolution has expired. This authority is in substitution of all earlier authorities to the extent unused. Proxy votes have been received as follows: in favor, 134,116,471 against 1,414,362 withheld 4,656,854, and I declare the resolution carried by the necessary majority.

18:17 Given the passing of resolution six, I propose resolution seven in the notice of annual general meeting as a special resolution that the directors be and they are empowered in accordance with sections five seven o of the act to allot equity securities as defined in section five six sixty of the act, wholly for cash pursuant to your authority conferred by the previous resolution as if section five six one of the act did not apply to any such allotment, provided that this power shall be limited to the allotment of equity securities, a, in connection with an offer of such securities by way of rights, open offer, or preemptive offer to holders of ordinary shares in proportion as nearly as may be practical to their respective holdings of such shares, but subject to such exclusions or other arrangements as the directors may deem necessary or expedient in relation to fractional entitlements or any legal or practical problems under the laws of any territory or the requirements of any regulatory body or stock exchange.

19:19 And b, otherwise in pursuant to subparagraph a above, up to an aggregate nominal amount of £842,708 and shall expire on the conclusion of the next Annual General Meeting of the company after the passing of this resolution, save that the company may, before such expiry, make an offer or agreement would or might require equity securities to be allotted after such expiry, and the doctors directors may allot equity securities of any such offer or agreement notwithstanding that the power conferred by this resolution has expired. Proxy votes have been received as follows: in favor, 138,495,068 against 1,326,587 withheld 366,032.

20:17 I therefore declare the resolution carried by the necessary majority. Ladies and gentlemen, that concludes all of today's formal business. On behalf of the board, I would again like to thank you for your attendance and through I m IMC and declare the formal business of the annual general meeting closed. In closing, may I thank you, all of you, for your ongoing support during this extraordinary extraordinary year and express the hope that next year's annual general meeting will be held under more traditional circumstances. The board will now be happy to to try to answer questions from the IMC platform, and I will hand over to Tim Mitchell to lead that section of the the meeting. Thank you very much, Steven. So we've had a number of questions submitted past the meeting, which I'll take first.

21:05 Although I see I see some questions submitted this morning, and, actually, I think we'll cover the most of those as I go through the pre prepared ones. So some of the questions are very related to each other, so it's all on the same topic, and I have grouped those together. So if I can start from the top, and, obviously, feel free to ask further questions as I go through these pre prepared ones. So we have a question regarding SBC 18 o one. So are we looking to out license to one company, or is is it it possible to out license to multiple companies each targeting different areas? So an answer to that, generally pharmaceutical partners require license for all indications of products, and and we see this as the best way to maximize the value of an asset in any out licensing deal.

21:54 Moving on then, there's a question about deadlines and news flow. So in answer to that then, so drug development is a risky and challenging undertaking. There are many experiments and and stages that need to be completed to ensure that a compound is safe and available and have appropriate dose and formulation for clinical trials. The duration of each step of this process is only a best estimate, but research isn't always predictable, and unforeseen problems can arise, which delay delay progress for any drug development company, COVID nineteen being one of them. We've completed the toxicology studies for SDC eighteen o one and expect the final report in q one next year. And in the meantime, we're completing the trial design work and and work needed to produce drug capsule format. If all this is positive and on time, then we'd expect to submit our CTA in mid twenty twenty two, which we believe would be a significant milestone for the company.

22:53 There's a question about rights issues and shared consolidation now that Hill Hunter on board, and and this overlaps also with a a question submitted this morning then.

23:06 So so the question actually, if I read it out in full then, so will there be a rights issue or consolidation of shares now that Peel Hunt are on board?

23:16 So like all companies, we do not we don't comment on whether rights issues or share facing has been considered. However, as is normal for any responsible biotech company, we continually assess the financing requirements to deliver milestones in our portfolio and the options available to us to fulfill these. Regarding share consolidation, as Steven mentioned during the the AGM statement, this is something that the board is considering given the high number of shares outstanding, that's over 3,000,000,000 now, and the low absolute share price. Consolidation would reduce the number of shares outstanding and increase the relative price, which could be more attractive to a broad range of a broader range of institutional investors and other members of the investment public. Regarding Peel Hunt, their appointment as co broker gives us the opportunity to gain specialist life science and analyst coverage as well as an additional route to access institutional investors.

24:13 There's a question about the road map beyond our two development compounds, SDC 18 o one and SDC 18 o two. So would it be accurate that beyond any licensing deals for these two candidates, SAREUM would merge with another entity to continue work in the skill platform? Platform. So our strategy is to advance SDC eighteen oh one and SDC eighteen oh two to a stage where we can secure licensing agreements with well capitalized partners to take their development forwards towards marketing patients. This could generate income for us to seek new opportunities either from our skilled platform or from external sources where we can use our experience to expand our pipeline. The board's strategy would not rule out the possibility of a trade set or merger of the company, and the board, mindful of its fiduciary duties, would evaluate any approaches at the appropriate time seeking to ensure shareholder value is maximized.

25:04 I have a question about the licensing deal on s r a seven three seven with Sierra. So we're aware of the license payment detail with SAREUM HOLDINGS PLC, can you provide what the royalty value in percentages for seven three seven? So along with the milestone payments, this was announced in September 16 when the deal was struck. So high single to low double digit royalties are payable on SRA737 sorry, s r a seven three seven sales, of which SAREUM would receive 25% of that? $27.09. Sorry. 27.5. Yes.

25:44 There's a number of questions about our plans for COVID trials. So in answer to those, noted in our results statement in October 2021 and the AGM statement today, we're considering how we might make use of the UK government's agile clinical trial platform or other equivalent programs to provide provide funding and support for phase one trials with SDC eighteen oh one for COVID nineteen applications and potentially fast track its development. The timing and design of these clinical trials will be determined following consultations with experts in the field. As a reminder, the first Phase one trials with SDCA-eighteen oh one would be in healthy volunteers, and depending on its design, we'd expect that this trial will be applicable to our development plans targeting both autoimmune diseases and the hyperinflammatory response in COVID-nineteen patients.

26:37 We need to complete this study to demonstrate SDCA-eighteen-one is the safe and healthy volunteers before we can progress the studies in patients. We will continue to explore opportunities within the agile platform and others in parallel so that following our studies on appropriate patient populations, could commence as soon as possible after.

26:59 There's a question about the capsule formulation. So are we facing similar challenges of solubility with capsule formulation for 18 o one? And is this the reason for repeated delays after the CTA? And was the decision solely SAREUM's or was it influenced by any other partners?

27:18 So our decision to develop a fixed dose capsule formulation rather than oral dose solutions or suspensions as previously planned has been influenced by the outcomes of ongoing preclinical studies in formulation and manufacturing work to repair SDC eighteen oh one for clinical trials. These data, along with the additional funding we received during the year, give us an opportunity to look at ways to add value to our programs earlier in the development process, including development of a capsule formulation. While this has extended the development time in the near term, we expect this to enhance the program in the longer term. There's a question on our burn rate and yes. So so from your current burn rate, would you get eighteen o one ready for phase one and and eighteen o two through through toxicology?

28:07 Does this mean a partner deal would have to land by midyear twenty twenty two or the fur excuse me, a further funding would have to be raised by then?

28:18 So as noted in our final results statements and the AGM statement today, we expect the new funds raised over the June August period over 4,500,000 to allow us to execute our near term strategy of advancing s p eighteen o one into clinical trials completing the preclinical work on s p c eighteen o two. We require additional funding to advance these programs further, and we're exploring all options including partnering and financings. As previously stated, we have no plans to take our compounds all the way to market. We would seek to out license them at the appropriate stage to a well capitalized company with capabilities needed to advance these programs effectively, which in turn would generate value for shareholders.

29:00 We have a forward looking question here. Can you briefly outline what 2022 will hold for SAREUM investors, and do you see 2022 as a pivotal year? So, yes, we do see 2022 as an important year for SAREUM. Subject to successful progress and CTA approval, we're expecting to initiate our first clinical trials on s p c eighteen o one in 2022, and this would be a key milestone for the company. We're also optimistic about the prospects for s r a seven thirty seven based on the encouraging statements from SAREUM HOLDINGS earlier in the year about possible new trials with the compound. As a reminder, if a new trial with SRA737 is started, SAREUM pay up 2,000,000 milestone to the SAREUM HOLDINGS PLC partnership, for which SAREUM would be eligible to receive 27 and a half percent of that. It it equates to naught 550,000.

29:53 SAREUM would also be eligible to receive 27 and a half percent of future milestones should clinical development with SRA seven thirty seven advance successfully. We also expect to progress our preclinical work on SDC eighteen o two, advancing advancing it towards its first in man studies. There's a question about patents and our patent status. So the intellectual property of a biotech company, so its patents and proprietary know how, is a core asset and central to its potential to generate value. Any patents that may have been filed by SAREUM but not yet published by the company are confidential. The patents that have been published, including those that have been granted, are listed on our website in our patents and publications page.

30:48 There's a question on the toxicology excuse me, toxicology results for SDC eighteen o one. So as noted in today's AGM statement, we completed the final toxis toxicology and safety studies required to file an exploratory clinical trials application for SDC eighteen o one. We expect to receive the finalized reports of these studies in the first quarter of twenty twenty two. The data from these studies will be crucial to the progression of our CTA for SDC eighteen o one. While the data analysis is still in progress, we're confident that the studies have met the objectives of identifying any organs or tissues that might be susceptible to high dose toxicity and determining the appropriate first in human dose.

31:33 These results received to date fully support our plan to submit the CTA for SDC1801, and we remain on track to submit during mid twenty twenty two. There's a question about the high net worth investors. So can we identify them? Have they sold any of their shares? Are we seeking further high net worth individuals? So we cannot disclose details on any investors holdings unless they're above 3% for their company directors or their close associates. As noted in our final results in October, we expect the new funds raised over the June to August period of 4,500,000 to allow us to execute on on our near term strategy of advancing s c eighteen o one into clinical trials and completing the preclinical work on s p c eighteen o two.

32:27 We'll require additional funding to advance these programs further, and we're exploring all options, including partnering and financing. And then finally, from the pre submitted questions, there's some questions about Peel Hunt recently appointed as co broker. So Peel Hunt is an experienced broker and has significant experience working with emerging life science companies such as SAREUM. Appointing Peel Hunt as co broker gives us the opportunity to gain specialist life science analyst coverage as well well as as an additional route to institutional investors. There's a particular question about James Steele, who is our representative at Peel Hunt. So James Steele has over ten years of experience revising mid and small cap health care companies on a wide range of corporate matters, including financing and mergers and acquisitions, and is highly qualified to advise the company.

33:22 So that concludes the pre submitted questions. I see a few questions on the platform here. So there's a there's a question about shared consolidation, which I've covered. There's a question from Paul D. Can you confirm that our skill platform was the building block for our TYK2 compounds, and does that now provide proof that we have something commercial with regards skill to enable this to enable to use this further to generate different kinase inhibitors. The short answer is yes. John, do you want to embellish that any further? No. No. Short answer is yes, and and it does have the potential to find inhibitors against different Chinese targets.

34:07 Yeah. So thank you for that. Moving on then. So I'm I'm I'm reading and speaking at the same time. So the so there's a further question on patents, which I which I hope I've already answered. So the the the published patents are are all listed on our website. And and I think it will if you follow the links, then then the the latest update on the on the various patent websites from those. Okay. I there's number of questions which which I believe we've already answered.

35:04 So if I if I move through those. Yes. If you're okay. So so question for Steven then. Why the recent open market share purchase? You'll remember that in recent times, there was a a significant and extended attrition on the share price, which I considered meant that the shares were significantly undervalued, and I felt the opportunity having got the necessary permissions from both from the company, our brokers, and Nomad to to make an investment into my pension fund.

36:05 Happily, I call it right. There's there's a question about funding in the CTA. So does the CTA CTA needs a level of funds available before we make the application? Do we need to be fully funded through the whole trial before we apply for the trial? I don't believe we do, though. Not with the application. Not to apply. No. No. There's a question on who is actually writing or producing the toxicology report, John. The well, the toxicology report is generated by the toxicologist at CROM who carry out the work, and then it's incorporated into what is called an investigator's brochure, which goes to the people who will run the clinical trial. And that's being prepared by ourselves and the consultants who are advising us on the clinical trial design.

37:19 Thank you, John. So I there are a number of questions posted, which I think we will give a written answer to if that's okay. They they they require a little bit more thought than than we we can think of the hoot here, but we will submit our answers to everything that we are available to answer. So I think if there are no further questions, I will conclude the meeting. That's great. That's great. Thank you very much indeed, Tim, and to the board of SAREUM for broadcasting their AGM to the investors online. And of course, thank you to all the investors also and attendees who have submitted questions. And as Tim said, we'll make these all available for the company for their review. And we'll notify you by email when they are also available for your review. Ladies and gentlemen, thank you very much indeed for your time today. Could I please ask you not to close this session as we'll now automatically redirect you for the opportunity to provide your feedback in order the board can better understand your views and expectations?

38:14 This will only take a few moments to complete, but I'm sure will be greatly valued by the company. On behalf of the Board of SAREUM HOLDINGS PLC, we'd like to thank you for attending today's Annual General Meeting online, and that now concludes today's session. Good morning to you all.