Domtar's CEO Hosts 2012 Annual Stockholders Meeting Conference (Transcript)

May. 2.12 | About: Domtar Corporation (UFS)

Domtar Corporation (NYSE:UFS)

2012 Annual Stockholders Meeting Conference Call

May 2, 2012 9:00 pm ET


Harold H. MacKay – Chairman

John D. Williams – President and Chief Executive Officer

Robert J. Steacy – Corporate Director

Paola Farnesi – Vice President and Treasurer

Brendan Murphy – Director, IT Security

Harold H. MacKay

Good morning. My name is Harold MacKay, I’m the non-Executive Chairman of Board of Directors of Domtar Corporation; and I’ll be acting as Chairman of the meeting. We’ll be conducting this meeting in both English and French, simultaneous translation is provided.

And should you wish to use the service, please ask the attendant at the entrance of the room for a receiving unit. In order to not to stray the flow of this meeting, I do ask that you turn off your cellphones, your BlackBerrys. If you haven’t done it yet, please reach in your pocket, and do that.

Paola Farnesi

I would like to welcome you to Domtar Annual Stock Meeting.

Harold H. MacKay

On behalf of Domtar, I’d also like to welcome all stockholders and the individuals who have decided to join this meeting by Internet.

The archived webcast of the meeting will be available in the next 24 hours or so on our website. I’ll now call this annual meeting, two others. First I’m going to introduce the persons who are sitting at the table beside me to my left, Mr. John Williams, our President and Chief Executive Officer; and to his left Razvan Theodoru, the Vice President of Corporate Law and Secretary of Domtar who will act as Secretary of the meeting.

I’d like to introduce to you our Board of Directors in attendance, who are sitting in front row. I’d ask that each Director stand as I call his or her name, and remain standing until I introduce all of them. Unfortunately, one of our Directors, Mr. Jack Bingleman, who is the retired President of Staples International couldn’t be here today because of a scheduling conflict.

So I’ll introduce your Directors too. Mr. Louis Gignac, Former President and CEO of Cambior Incorporated. Mr. Brian Levitt, Counsel at Osler Hoskin & Harcourt; Mr. Dave Maffucci, Former Senior Executive of Bowater, Mr. Henson Moore, Retired President and CEO of the American Forest & Paper Association; Mr. Mick Onustock, Retired Senior VP Pulp and White Paper Weyerhaeuser Company; Mr. Robert Steacy, Former Executive VP and Chief Financial Officer of Torstar Corporation; Ms. Pamela Strobel, Retired Executive Vice President and Chief Administrative Officer of Exelon Corporation and Mr. Denis Turcotte, formerly the President and CEO of Algoma Steel Inc.

And standing for the first time this year for election to your Board, Giannella Alvarez, the Group President of Barilla America, Inc. and you’ll notice, I told them to stay standing and they followed me perfectly, as you can see.

I want to say a special word about our Directors, Henson Moore and Mick Onustock, who will be retiring today in accordance with the Board’s retirement policy. Both Henson and Mick joined our Board in March of 2007 when new Domtar was formed. Both brought extensive experience in our business to the Board table.

Mick, who in prior life had been Senior Executive of Weyerhaeuser; and Henson, who have been the Chief Executive Officer of our industry association in United States. They’ve contributed greatly to the smooth business transition and integration, which followed the creation of new Domtar. They’ve been forthright in their guidance and collegial in their approach. They have in short been excellent Directors. We want to thank both of you on behalf of your colleagues on the Board, and this morning on behalf of all Domtar’s stockholders for all that you’ve done, and we certainly wish you well in the future.

I’d now like to turn the microphone over to Mr. Williams to introduce his Senior Management team.

John D. Williams

Thank you, Harold, and good morning, ladies and gentlemen. It’s with great pleasure that I’d like to introduce the members of our Senior Management, who are sitting here in the first row. I will ask that each Executive to stand when I call his or her name, and remain standing until all are introduced.

Maybe I have more control over this side of the room, but that on another issue; so Melissa Anderson, Daniel Buron, Mike Edward, [Mike Fager], Zygmunt Jablonski, Patrick Loulou, Dick Thomas, and Mark Ushpol, your management committee.

Harold H. MacKay

Thank you, John. Also present at the meeting are the Corporation’s independent registered public accounting firm, PricewaterhouseCoopers LLP, who are represented this morning by [Ms. Walter Hillman], [Martin Fully] and [Michael Punn].

Before we turn to the formal business of the meeting, I want to say a few words to stockholders on behalf of your Board. This is an Anniversary year for Domtar Corporation. It’s five years since our formation, and it’s been an important journey with many accomplishments.

As we look to the future, it’s helpful to remember what we’ve been able to achieve to this point. At the outset, our leadership team completed an extremely successful integration of two businesses, domiciled in different countries and with very different business cultures. This was done very effectively, and we will have all the synergies that we first predicted, and then some. Regarding integration phase behind us, we turned our eyes to the future. And as a first important step, we engaged John Williams to lead the Company.

Since that time, Domtar has formally entrenched itself as a leading paper company in North America. The company has built impressively upon the sustainability focus of our predecessor companies. Of great importance, the company has delivered excellent returns and generated substantial free cash flow. We now have a very strong balance sheet. In the past year, we’ve built on the strength with important new business initiatives. And we have taken concrete steps to build on our commitment to return cash to our stockholders.

John will be talking about the specifics of those initiatives. From the Board’s point of view, I want to emphasize we view these accomplishment as having been necessary, but far from sufficient.

I want to assure you that your management team with the strong support of the Board will not rest on what has been done. Our eyes are turned in [squarely] to our future. We remain committed to ensuring sound, prudent financial management, and to executing on value of creating strategies.

Before turning to the formal proceedings, I would like to say a word about Domtar’s approach to capital allocation. Our commitment is firm and clear, and this is to return the majority of free cash flow to shareholders, absent any value creating acquisition opportunities. In light of our continued progress towards building a strong and sustainable business for many years to come, we announced this morning that the Board has approved yesterday, a 29% increase in our dividend, which should send a strong signal of confidence in the future prospects of our company.

I want to thank my colleagues on the Board for their hard work and significant input in 2011, and particularly for the wisdom they’ve provided as we develop and execute upon our business strategy. I also want to recognize our over 9000 employees. Everyday you bring to work the energy and values upon which we have built our successes, and which we have also ensured that we make positive contributions to the communities we serve. And of course, we are counting on you to continue that great work into the future.

We now turn to the formal proceedings of today’s meeting, which are governed by the laws of Delaware and our bylaws. The agenda of the meeting was included in the notice of annual meeting which was sent to stockholders with a proxy statement and our Annual Report on Form 10-K.

In order to conduct this meeting in the most efficient manner, I would ask that you please hold any questions which aren’t related to formal business until the question period, which is later in the meeting, and request your comments be limited to a maximum of three minutes, and that will ensure that everyone who wants to participate will in fact have a chance to do so.

We’ve also asked in the interest of efficiency that certain stockholders or proxy holders move in second to proposals on the agenda, and I’ll invite them to do so at the appropriate time.

The secretary has advised me that he is in possession of an affidavit of mailing, which states that the formal meeting materials were mailed on March 30, 2012 to stockholders of record on March 13 of this year. The affidavit will be filed with the minutes of the meeting.

The Board has appointed Computershare Trust Company to act as inspector of the election and they are represented here today by Ms. Iris Smith and Ms. Cathleen Welply. I received the certificate of the inspector in respect those shareholders who are present in person or represented by a proxy or given voting instructions. Those certificate evidences that at least one third of the votes of our total outstanding prominent and exchangeable shares, which are entitled to vote are represented at the meeting and consequently there is a quorum presented in accordance with our bylaws, the meeting is properly constituted and we can now turn to the formal business.

It might be helpful for me to provide you with a brief outline of that formal business before we move to it. The first item deals with the election of 10 members of our Board of Directors, and that election and consistent with our certificate incorporation will be determined by the majority of the votes cast with respect to nominee. The second item of business is the approval by a non-bidding advisory vote of the compensation paid by the corporation to its named executive officers. The third item of business is the approval of the amended and restated Domtar Corporation 2007 Omnibus Incentive Plan. The fourth item is the approval of the material terms of the performance goals under the Domtar Corporation Annual Incentive Plan. And the fifth and last item of business, proposals to ratification of the appointment of PricewaterhouseCoopers as Domtar’s independent public accounting firm for the 2012 fiscal year. The last four proposals require the approval of the majority of the voting power of the shares present in person or represented by a proxy at this meeting.

With that background, we will turn to the first item on the agenda, which is the election of 10 members of our Board of Directors. I will now ask Ms. Paola Farnesi to make a motion in respect of this proposal.

Paola Farnesi

Mr. Chairman, I’m a stockholder of the corporation and I move for the election of the following Director nominees as stated in Item 1 of the proxy statement, Giannella Alvarez, Jack C. Bingleman, Louis P. Gignac, Brian M. Levitt, Harold H. MacKay, David G. Maffucci, Robert J. Steacy, Pamela B. Strobel, Denis Turcotte and John D. Williams.

Harold H. MacKay

Thank you. Is that seconder?

Unidentified Company Representative

Mr. Chairman, I second the motion.

Harold H. MacKay

Is there a discussion on this motion? Herein on, we move to the second item of business, which is the approval of the compensation paid by the Corporation to its Named Executive Officers. And I’ll now ask (inaudible) to make a motion for this approval.

Unidentified Company Representative

Mr. Chairman, I’m a stockholder of the corporation and I move the approval of the amendment of the a non-binding advisory vote, of the compensation paid to the Corporation to its Named Executive Officers as stated in Item 2 of the proxy statement.

Unidentified Company Representative

Mr. Chairman I second this motion.

Harold H. MacKay

Is there a discussion on this motion? As I noted earlier, the third item on the agenda is the approval of the amended and restated Domtar Corporation 2007 Omnibus Incentive Plan. And I’ll now ask Nick Willis to make a motion in respect of this approval.

Nick Willis

Mr. Chairman, I’m a stockholder of the corporation and I move the approval of the amended and restated Domtar Corporation 2007 Omnibus Incentive Plan as stated in Item 3 of the proxy statement.

Harold H. MacKay

Is there a second?

Unidentified Company Representative

Mr. Chairman, I second the motion.

Harold H. MacKay

Is there any discussion on this motion? The fourth item on the agenda is the approval of the material terms of the performance goals under the Domtar Corporation Annual Incentive Plan. And I’ll now ask (inaudible) to make a motion in respect of this matter.

Unidentified Company Representative

Mr. Chairman. I’m a stockholder of the corporation, and I move the approval of the material terms of the performance goals under the Domtar Corporation Annual Incentive Plan as stated in Item 4 of the proxy statement.

Unidentified Company Representative

(Inaudible) please.

Unidentified Company Representative

Mr. Chairman, I second the motion.

Harold H. MacKay

Is there any discussion on this item? The fifth and last item on the agenda is the ratification of the appointment of PricewaterhouseCoopers LLP as the Corporation’s independent public accounting firm for the 2012 fiscal year. And I’ll now ask the Chair of the Audit Committee, Robert Steacy to make a motion in this respect.

Robert J. Steacy

Mr. Chairman, I am shareholder of the corporation. I move for the ratification of the appointment of PricewaterhouseCoopers LLP as the Corporation’s independent public accounting firm for the 2012 fiscal year as stated in Item 5 of the proxy.

Harold H. MacKay

Thank you. Is there a seconder?

Unidentified Company Representative

Mr. Chairman, I second the motion.

Harold H. MacKay

Thank you. Is there a discussion on this item? We will now proceed to vote on these five items of business; and after the balloting is completed, we will have the report from Mr. John William, our President and CEO. Following that, we will resume the formal proceedings reported on the balloting of these five items, and in addition do to question period.

Most of you have written proxies authorizing the persons named on the proxy form to vote on your behalf. However, if you wish now to revoke that proxy and vote by ballot, please request a ballot from one of the computer share representatives in the room.

In addition, if you wish to vote and did not return your proxy card, please cast your votes on the ballot, which you received at the registration desk and hand it to one of the computer share representatives.

I now declare the polls open for the consideration of the items of business. Polls will remain open for five minutes and then the computer share representatives will collect the ballots for counting. So, well that’s going on. I now like to invite our President and Chief Executive Officer, John Williams to deliver his report to the stockholders. John?

John D. Williams

Thank you, Mr. Chairman and good morning everyone. (Inaudible)

Unidentified Company Representative

Good morning, distinguished guest, first of all I would like to welcome you to the Domtar annual meetings stockholders. It is with great pleasure that (inaudible) talking about what we accomplished in the past year.

John D. Williams

100 employees working in North America, Europe and Asia. Let me start by welcoming you to the 2012 annual meeting of stockholders. This is indeed an impressive setting and it’s a privilege for me to address you within the confines of this important Montréal institution. Telling the Domtar story to investors, customers and suppliers is always a pleasure for me. And it's particularly rewarding in the context of reporting on our performance in 2011, another record earnings year.

Despite industry and global economic headwinds, we continue to create value for our shareholders, employees, customers, suppliers, NGL partners and host communities. It goes on, and I would say, I’m proud of the work our people accomplishment in 2011 and I would not be able to stand here before you with such a positive earnings report without the hard work of a great number of our people. They are the fiber of Domtar something I’ll touch on in more detail in a few minutes.

But first let me briefly go over our 2011 financial results. I’m pleased to relay that our performance demonstrates that we are showing the agility required to succeed in the wood fiber industry. We reported solid earnings in 2011 and operationally we maintained our volumes in paper by developing our specialty grades and through some incremental export volume. This compares favorably to the 3.4% demand decline in the uncoated free sheet market in North America in 2011.

In 2011, Domtar generated over $1.1 billion of EBITDA and $740 million of free cash flow. Our solid performance was on par with our record in 2010. And it allowed us to pursue a more aggressive capital allocation policy delivering on our commitment to return a majority of free cash to our shareholders.

Through a combination of stock buybacks and dividends, a total of $543 million or 73% of our free cash free flow in 2011 was returned to our shareholders. In total, we repurchased in 2011 approximately 14% of our share account. Our valuation relative to our peers is highly attractive and we believe returning capital to shareholders by re-investing in our stock is an excellent use of free cash flow.

Our intent is to continue on the same path in 2012, as evidenced by the second increase in our authorization to repurchase upto $1 billion of shares we announced in December 2011. We also recognized the benefits of higher dividends for our shareholders, and we announced this morning, a 29% increase to our quarterly dividend to $0.45 per share, further proof of our confidence in the future prospects of Domtar and our commitment to return a majority of free cash flow to our investors.

And finally, Standard and Poor’s added us to the S&P 400 MidCap Index in 2011, making Domtar an attractive investment to a broader range of investors. This is something we proudly point to as external proof of our solid financial management and our future prospects.

So going into 2012, we have a healthy balance sheet with a capacity to make sensible investments. And our teams continue to execute and keep the focus on the three C’s of our strategic roadmap, focusing on customers, costs, and cash while moving forward on our growth plan.

I now want to touch on some 2011 performance highlights and speak to you in some detail about our longer term journey of transformation from traditional pulp and paper maker to fiber innovator.

I want to underline the even if I will speaking in bold terms about Domtar’s growth path. This journey will be an evolution not a revolution. And I cannot stress enough the extent to which this story of transformation anchored in long-term sustainability and profitability will be employee driven. We initiated this process by undertaking a corporate vision, mission and values discussion that created a new common language for Domtar’s future. The power of this exercise was the simplicity and the clarity of the end result.

We inspire to be global leaders in fiber innovation to build a better and sustainable world, and we’ll do this by relying on three core values, agility, caring and innovation.

These values have long defined who we are and they will help us achieve our vision to be a global leader in innovating fiber products and services. And our expertise in history as pulp and paper markers is the very bedrock of our vision to be global leaders in fiber innovation.

On that note, 2011 was the year we moved into the adult incontinence market. In August 2011, we acquired Attends Healthcare Inc. of Greenville, North Carolina, a manufacturer of adult incontinence care products sold under the Attends brands. And then in early 2012, we completed the acquisitions of Attends Europe to consolidate our ownership of the brand on both sides of the Atlantic. This deal brought back together two businesses that had once been operating under the same umbrella.

Domtar’s measured entry into the consumer products market is driven by our objective to bring growth to offset the secular demand decline of 2% to 4% per year in our commodity paper business. The ageing populations of North America and Europe are projected to strive strong demand for incontinence care products. So we see this as a golden opportunity to take our existing expertise and connect it to an end-product that is fueled by demographics that will drive demand growth for many years to come. Adult incontinence is an $8 billion global market growing about 5% to 6% per year.

New products were also a big part of our 2011 story, notably, the expansion of our EarthChoice line of paper products to include specialty and book papers. EarthChoice is the largest, most comprehensive line of environmentally and socially responsible papers in North America, selling nearly 1 million tons of FSC certified paper in the past year. We are extremely proud of the sustainability leadership position this gives us in the market.

Another highlight, and one that I’m very proud off, is on the innovation front. With the inauguration of the world’s first NanoCrystalline Cellulose demonstration facility at our Windsor, Quebec mill. Within a few years the CelluForce R&D joint venture with FD innovations could result in new and exciting industrial applications that would lead us far from traditional pulp and paper.

Also in the R&D front, we announced a major investment at our Plymouth, North Carolina mill that will allow us to extract malignant from the black liquor currently burnt in our recovery boilers. Again in a few years, we could look at a whole range of industrial applications that would allow us to extract greater value from the byproducts of our pulp and paper manufacturing and of the wood fiber we consume. Notably by selling what is currently burnt in our boilers.

We completed in the first quarter of 2012, the last leg of projects we had ongoing at our four Canadian pulp and paper mills under the Canadian Pulp and Paper Green Transformation Program. As a result, Domtar will have invested over $143 million in multiple projects in our mills to improve energy efficiency and environmental performance.

Another major milestone was the signing of a labor agreement at our largest Canadian mill and ratification in the United States with the United Steelworkers of a four year master agreement covering 3000 employees in nine mills. With this ratification, some of our mills will have labor agreements in place through 2018.

New geographies were another chapter of our 2011 story. In particular, our ramp up of operations are converting at distribution facility in the Chinese city of Guangzhou. Guangzhou is in the southern mainland province of Wandong home to a large concentration of commercial printers, who will be our key customers.

We are currently in start-up mode, we have a management team and a sales and marketing team in place as well as administrative staff to get the operation up and running by mid-year and build a strong customer base. We expect to be fully operational before the end of 2012, at which point the facility is expected to employ 55 people.

Our effort to develop new businesses in new markets and geographies allowed our volumes to remain steady in 2011. Our recent announcement of a long-term contract with a specialty paper maker, Appleton Papers is a casing point. Domtar will be providing uncoated freesheet base paper to Appleton for their production of specialty coated papers over the next 15 years; a deal that represents more than $3 billion in sales over the life of the contract.

This I think is a perfect example of Domtar continuing to adjust its production capacity to meet its customers’ demand by redirecting approximately 250,000 tons of high volume communication paper capacity towards specialty paper, the trend is more in line with the economy and GDP.

On the engagement front, we added more paper grades in 2011 to the award-wining Domtar Paper Trail, an online environmental impact calculator that provides unmatched transparency for customers looking to make informed purchasing decision. This tool is recognized as the industry’s most transparent resource calculator and it provides data on five categories from energy usage to greenhouse gas emissions. The power of this tool is that I – it builds upon what I believe is one of the greatest strengths of fiber based products, the transparency of its supply chain.

We tell the story of our products from the forest to the mill; we tell the stories about the landowners and the communities we touch. And frankly what makes it unique, it’s not that it is just about telling the good new story; it also addresses the areas where we need to improve.

Our award-wining Paper Because market campaign, some of the videos you saw earlier, continue to spread the message of responsible paper use and also received considerable reorganization. The fact that the digital transfer of information leads to productivity gains is a reality, but we embrace it. But we believe there will always be an important place for paper in our business and in our personal lives and as society becomes more digitized and fast pace, some of the intrinsic value of paper becomes even more heightened.

We were delighted this year that so many channel partners in the retail, commercial printing and graphic design sectors came onboard to carry the Paper Because message. Paper Because also received top honors for promotional campaign of the year at the 2011 Pulp and Paper International Awards in Brussels. And recently, our retro Paper Because print ad for Newsweek Mad Men themed was voted readers favorite in the magazines online poll.

Now just with our ramping up, I want to play you a fiber of Domtar video that we believe captures the history of this company and the foundation for its future. So following this little video, I will just come back with some final comments. So could we dim the lights please, and just run the video?

[Video Playback]

Thank you very much. So from this top history, I hope you all captured not only some of the essence of our legacy, but also the aspiration we have to further build on the fiber of our people, to position this great company as a global leader in fiber innovation.

I’ll sum up by quickly going over Domtar’s three unwavering business priorities. Number one is to grow and find ways to become less vulnerable to the secular decline of the uncoated freesheet business in North America.

Number two is to reduce volatility by increasing the visibility and predictability of our earnings. And number three, is to create value over time by using our capital wisely. So to conclude, what I want to leave you with is the conviction that Domtar rests on a very solid footing. We continue to look for acquisition and investment opportunities that make both financial and strategic success. We are building a business tailored for enduring success.

[Foreign Language]

Paola Farnesi

Finally, I would like to thank our employees, our shareholders and our clients for their support and I wish you all a year full of success. I would like to find your continuing support that we’re going to see.

Harold H. MacKay

Thank you very much John. I’m pleased to report that all proposals have been approved by the stockholders, the voting results, preliminary voting results is tabulated by the Inspector of Election, are as follows; proposal number one, each of the Board nominees has received votes in favor of the election from over 87% of shares represented at the meeting; proposal number two, 98% of the total shares voted in favor; proposal number three, 94% of the total shares voted positively; proposal number four, 96% of the total shares voted in favor; and proposal number five, 99% of the total shares voted in favor.

The final figures will be filed with the regulatory agencies as required by the regulations.

We’ll now proceed to the question period in which I would invite any stockholder or a proxy holder to ask a question. If you want to ask a question, please go the microphone, state your name, and whether you are a stockholder or a proxy holder. If you hold a proxy, please also state the name of the stockholder you represent. As I mentioned at the beginning of the meeting, I’d like you to be brief in your questions, so that all who wish to do so can participate.

Questions should be addressed to myself or to the President, and Chief Executive Officer. So we go to the question period.

Question-and-Answer Session

Unidentified Analyst

Good morning, I’m (inaudible) Domtar stockholder. Today, dividend increased, gave the stock an approximate 2% dividend yield, are you determined to payout? Thank you.

John D. Williams

Yes, thank you for the question. I mean, I think our commitment is pretty clear to return the majority of our free cash to shareholders. I have to say, we have a preference for share buybacks, we understand also in a low interest rate environment that certainly a dividend is appreciated by everybody in terms of our share ownership.

And we think this is a pretty strong commitment. This is a 29% increase in the dividend, last year we increased it by 40%. So over the 2 years, the dividend increase is about 80%, and certainly we also think in terms of share buyback with the valuation of our stock, it’s still very attractive way to give shareholders extra money back, so to speak. So we continue to be very committed to it.

Harold H. MacKay

Thank you, gentleman. Any questions?

Unidentified Analyst

A question over here. Good morning. John you spoke briefly about the paper mill upbringing operation in China. When do you expect that become operational, and do you think it represents an export opportunity for the North American mills?

John D. Williams

Well, just to remind everybody it’s a paper converting business, as you say. So we hope to be up and running by July. I am sure we will be up and running by July. It’s not a major mover on the dial in terms of our earnings profile. It’s really a way of finding our way and understanding how to do business in China. It may well be – there’s a small explore opportunity of our own paper grades into that geography, we have actually just moved a few hundred tons there to see how it goes. So July, and then really a full tilt by end of December of this year.

Harold H. MacKay

Another question, microphone on the left.

Unidentified Analyst

Good morning. John, my name is Kim Rogerson, I’m the stockholder of the Corporation. With regards to the NanoCrystalline Cellulose project CelluForce, what is the potential market size and the applications for this innovative product? Thank you.

John D. Williams

I think it’s bit too early to tell what the market size is, but if we look at potential applications, this is actually a material that’s ten times as strong as steel. So we see a lot of opportunities in material substitution over time. We have a pipeline of research and development relationships, about 20 major accounts, so who knows where it will take us over the next two to three years, but we do see opportunity, large opportunity there for product development over time.

Harold H. MacKay

Anything else from any stockholder? Hearing nothing then, ladies and gentlemen this concludes our Annual Stockholders Meeting. I want to thank all of our shareholders for their continuing support, and I would especially like to thank our shareholders who joined us today at the meeting or who have listened via the webcast. And I’ll now invite Brendan Murphy to move the adjournment of the meeting.

Brendan Murphy

Mr. Chairman, I’m a stockholders and I move that the meeting be adjourned.

John D. Williams


Unidentified Company Representative

Mr. Chairman, I second this motion.

Harold H. MacKay

Thank you. I now declare the Annual Meeting adjourned. Thank you very much.

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