ONEOK, Inc. (NYSE:OKE)
2012 Annual Meeting of Shareholders Conference Call
May 23, 2012 10:00 am ET
John W. Gibson – Chairman and Chief Executive Officer
Eric Grimshaw – Vice President, Associate General Counsel and Corporate Secretary
David J. Tippeconnic – Chief Executive Officer, Arrow-Magnolia International, Inc.
Julie H. Edwards – Former Chief Financial Officer, Frontier Oil Corporation Southern Union Company
Jim W. Mogg – Retired Chairman DCP Midstream GP, L.L.C.
John W. Gibson
I’m John Gibson, Chairman of the Board and Chief Executive Officer of ONEOK, Inc. It’s my pleasure today to welcome you to the ONEOK 2012 annual meeting of shareholders. In accordance with the notice of the meeting, I now call this meeting to order. It is our intention to conduct today’s meeting according to the agenda and the rules and procedures you received as you entered the room.
Please note that following adjournment of the meeting, there will be an opportunity for questions and answers. The polls will be opened for voting after all the proposals have been presented. A reminder that statements made during our annual meeting that might include ONEOK or ONEOK Partner expectations or predictions should be considered forward-looking statements and or covered by the Safe Harbor provisions of the Security Acts of 1933 and 1934.
Before proceeding to the business of the meeting, I want to introduce our Directors. Why I asked to remain standing until all introductions have been made and please hold your applause until all Directors have been introduced.
James Day, retired Chairman of the Board and former Chief Executive Officer and President Noble Corporation, Sugar Land, Texas; Julie Edwards, former Senior Vice President and Chief Financial Officer of Southern Union Company and former Chief Financial Officer Frontier Oil Corporation Houston, Texas; Bill Ford, President of Shawnee Milling Company, Shawnee Oklahoma; Bert Mackie, President of – I’m sorry Bert, you got a promotion, congratulations, Trustee Hamm Financial Group and Vice Chairman of Security National Bank Enid, Oklahoma; Steve Malcolm, retired Chairman of the Board, President and Chief Executive Officer of the Williams Companies, Tulsa, Oklahoma; Jim Mogg, retired Chairman of the Board of DCP Midstream GP, LLC, Hydro, Oklahoma; Pattye Moore, Chairman of the Board Red Robin Gourmet Burgers and owner Pattye L. Moore & Associates Oklahoma City; Gary Parker, President Moffitt, Parker & Company, Muskogee, Oklahoma; Eddie Rodriguez, President Strategic Communications Consulting Group, El Paso, Texas; Gerald Smith, Chairman, Chief Executive Officer and co-founder of Smith, Graham & Co., Investment Advisors L.P., Houston, Texas; and Dave Tippeconnic, Chief Executive Officer, Arrow-Magnolia International Incorporated, Dallas, Texas.
Now let’s give them a hand and congratulations (inaudible). At the table is, Eric Grimshaw, Vice President, Associate General Counsel and Corporate Secretary of ONEOK, who will serve as the Secretary for this meeting.
I hereby appoint Peggy Sime of Wells Fargo Shareholder Services, our stock transfer agent as Inspector for all votes held and ballots taken at this meeting. Mr. Grimshaw, we will now report on the mailing of the notice of this meeting and the presence of a quorum.
Thank you. Notice of this meeting accompanied by a proxy statement covering the matters to be acted upon at this meeting, proxy card and the company’s 2011 annual report were mailed on April 3, 2012 to each shareholder of record as of March 26, 2012.
A list of shareholders entitled to notice of and to vote at this meeting has been available for viewing here at the corporate headquarters for the past ten days and is available for viewing at this meeting. All documents concerning the call and notice of this meeting will be filed with the records of the corporation.
At the record date, 103,921,876 million shares of ONEOK common stock were issued and outstanding. The count of shares immediately prior to this meeting shows that 92,872,445 million shares of ONEOK common stock are represented at this meeting in person or by proxy representing 89% of the outstanding common stock of the corporation.
ONEOK’s bylaws provide or a quorum for a shareholder meeting consists of the presence in person or by proxy of a majority of the shares of common stock outstanding at the record date. Therefore Mr. Chairman, the quorum [is spread].
John W. Gibson
Thank you, Mr. Grimshaw. I hereby declare a quorum is present at this meeting on behalf of the Board of Directors of ONEOK I express my appreciation to all shareholders in attendance today and all shareholders who returned their proxies.
The first matter to be acted upon by our shareholders today is the annual election of the 12 directors to serve for a one-year term expiring at the company’s annual meeting of shareholders in 2013.
Mr. Tippeconnic were you as a Chair of the Corporate Governance Committee announce the names of the nominees for these directorships.
David J. Tippeconnic
Mr. Chairman, the nominees for the 12 directorships has set forth in the proxy statement for this meeting are James C. day, Julie H. Edwards, William L. Ford, John W. Gibson, Bert H. Mackie, Steven J. Malcolm, Jim W. Mogg, Pattye L. Moore, Gary D. Parker, Eduardo A. Rodriguez, Gerald B. Smith, and David J. Tippeconnic.
John W. Gibson
Thank you, Mr. Tippeconnic. You have heard the nominations and since there were no additional nominations received in the period of time allotted under our bylaws no other nominations maybe accepted.
The second matter to be acted on by the shareholders today is the ratification of the selection of PricewaterhouseCoopers LLP as the independent registered public accounting firm for ONEOK, Inc. for the 2012 fiscal year.
Mr. Edwards will you as Chairman of the Audit Committee present a motion to ratify the appointment of PricewaterhouseCoopers LLP.
Julie H. Edwards
Mr. Chairman, I move for shareholder approval of the following resolution, resolve that the selection of PricewaterhouseCoopers LLP as the independent registered public accounting firm for ONEOK, Inc. for the year ending December 31, 2012 be and hereby is ratified and approved by the shareholders of ONEOK, Inc.
John W. Gibson
Thank you, Ms. Edwards. The third matter to be acted on by shareholders today is the proposed increased of 150,000 shares of ONEOK, Inc. common stock for issuance under the ONEOK, Inc. employee stock award program. Mr. Mogg, will you as Chairman of the Executive Compensation Committee present a motion to approve the increase of 150,000 shares of ONEOK, Inc. common stock for issuance under the ONEOK, Inc. employee stock award program as set forth in the proxy statement for this meeting.
Jim W. Mogg
Mr. Chairman, I move for shareholder approval of the following resolution resolved that the shareholders hereby approve the increase of a 150,000 shares of ONEOK, Inc. common stock for issuance under the ONEOK, Inc. Employee Stock Award Program as disclosed in the company’s proxy statement for the 2012 Annual Meeting of shareholders.
John W. Gibson
Thank you, Mr. Mogg. The fourth matter to be acted on by shareholders today is proposed amendment and restatement of the ONEOK, Inc. Employee Stock Purchase Plan to increased the total number of shares of ONEOK, Inc. common stock available for issuance under the plan. Mr. Mogg, where you as Chairman of the Executive Compensation Committee present a motion to approve the amendment and restatement of the ONEOK, Inc. Employee Stock Purchase Plan to increase the total number of shares of ONEOK, Inc. common stock available for issuance under the plan a set forth in the proxy statement for this meeting.
Jim W. Mogg
Mr. Chairman, I move for shareholder approval of the following resolution resolved that the shareholders hereby approve the amendment and restatement of the ONEOK, Inc. Employee Stock Purchase Plan to increase the total number of shares of ONEOK, Inc. common stock available for issuance under the plan to 5,800,000 shares from 4,800,000 shares as disclosed in the Company’s proxy statement for the 2012 annual meeting of shareholders.
John W. Gibson
Thank you, Mr. Mogg. The fifth matter to be acted on by shareholders today is the proposed amendment to the ONEOK, Inc. amended and restated certificate of incorporation to increase the number of authorized shares of ONEOK, Inc. common stock in connection with the Company’s announced two for one stock split. Mr. Tippeconnic, will you as Chairman of the Corporate Governance Committee present a motion to approve the amendment to the ONEOK, Inc. amended and restated certificate of incorporation to increase the number of authorized shares of ONEOK, Inc. common stock in connection with the Company’s announced two for one stock split as set forth in the proxy statement for this meeting.
David J. Tippeconnic
Mr. Chairman, I move for a shareholder approval for the following resolution resolved that the shareholders hereby approve the amendment of the ONEOK Incorporated amended and restated certificate of incorporation to increase the number of authorized shares of ONEOK Incorporated common stock to 600 million shares from 300 million shares in connection with the Company’s announced two for one stock split as disclosed in the Company’s proxy statement for the 2012 annual meeting of shareholders.
John W. Gibson
Thank you, Mr. Tippeconnic. Mr. Mogg, will you as Chairman of the Executive Compensation Committee present a motion to approve on an advisory basis a compensation pay to the named executive officers as set forth in a proxy statement for this meeting.
Jim W. Mogg
Mr. Chairman, I moved for shareholder approval of the following resolution. Resolve that the shareholders hereby approve on an advisory basis, the compensation pay to the named executive officers as disclose in the company’s proxy statement for the 2012 annual meeting of shareholders pursuant to Item 402 of Regulation S-K including the compensation discussion and analysis, compensation tables and narrative discussion.
John W. Gibson
Thank you, Mr. Mogg. This concludes the matters to be acted on by shareholders at today’s meeting. The polls are now open. I would like to point out that those of you who have previously return proxies have authorized the persons named in the proxy to vote your shares as instructed on all proposals coming before the meeting. And you do not need to vote by ballet. If any shareholder present has not submitted a proxy or wishes to revoke a previously voted proxy. Please raise your hand and you will be given a ballet.
Okay, since all those desiring to vote by a proxy or ballet have done so I declare the polls closed. The inspector of election will count votes.
Well the inspector is completing the tabulation of the votes. I would like to provide an update on the company’s performance.
Before we discuss our 2011 highlights and our accomplishments, I’d like to thank and recognize our employees for our continued success. They are the ones whose creativity, execution and hard work get things done for us or you our shareholders. The talent, commitment and dedication of our employees will distinguish us from our competitors and ultimately make us successful.
ONEOK’s 2011 performance was excellent. We improved our overall results and continue to execute our current growth projects at ONEOK Partners, which when completed between now and 2015 are expected to total $4.7 billion to $5.6 billion. In 2011, we increased our quarterly dividend in $0.04 increments on two separate occasions. In January of 2012, we increased the dividend $0.05 bringing the current quarterly dividend to $0.61 a share and in February of 2012, we announced that we intend to increase the dividend by another $0.05 per share on a pre-split basis in July of 2012 subject to ONEOK board approval.
The dividend has more than doubled since January of 2006 and we expect it to grow an additional 40% between 2012 and 2014 subject to board approval, primarily as a result of the incremental earnings that we are expected to generate from ONEOK Partners internal growth program. With these additional incremental earnings from the investments at ONEOK Partners, we expect ONEOK’s net income to grow an average of approximately 18% per year between 2012 and 2014 compared with 2012 earnings guidance.
This earning growth will be driven primarily by ONEOK Partners, which expects its earnings before interest taxes depreciation and amortization or EBITDA to increase approximately 20% annually between 2012 and 2014 when compared with our 2012 earnings guidance. Most importantly, projected dividend and net income growth at ONEOK is expected to be driven primarily by natural gas and natural gas liquids volume growth at ONEOK Partners, not by higher projected commodity prices or wider price differentials.
To illustrate that point, if 2013 and 2014 commodity prices, crude oil and natural gas and natural gas liquids remained at the levels assumed in our 2012 guidance, our 2012 to 2014 earnings growth projections at ONEOK and ONEOK Partners would be reduced by only 1 percentage point annually and ONEOK shareholders should continue to benefit from the incremental earnings generated by ONEOK Partners completion of its more than $5 billion internal growth program expected to be completed by 2015.
ONEOK’s investment in ONEOK Partners through its 100% general partner interest and 43.4% total ownership interest continues to benefit ONEOK and fulfill the partnerships role as ONEOK’s growth engine. In 2011, ONEOK received $333 million in total distributions ONEOK Partners compared with a $145 million in 2006, the first year ONEOK was a sole general partner. As ONEOK Partners grows, ONEOK grows. The partnerships current plans to invest an additional $4.7 billion to $5.6 billion for natural gas, natural gas liquids and crude oil infrastructure in and around our existing operating footprint should result in increased earnings and cash distributions paid to ONEOK. Since 2006, when ONEOK became its sole general partner, ONEOK Partners has increased its unit holder distributions by 59% raising it in 22 of the last 25 quarters.
The partnership expects to increase its distribution $0.025 per quarter in 2012 and then 15% to 20% annually in 2013 and 2014 subject to Board approval providing yet additional value to ONEOK and to our shareholders.
Total return for ONEOK shareholders during the last one, three, five and ten year timeframes has significantly exceeded the S&P 500 and the S&P 500 utilities index. For example, in 2011, ONEOK earned a total shareholder return of 61% compared with returns of 20% for the S&P 500 utilities and 2% for the S&P 500 index and our future remains as bright as our past. The partnerships current growth program includes projects and as natural gas liquids and as natural gas gathering and processing business that are in various stages of construction.
Earlier this year, the partnership announced plans to build a 1,300 mile crude oil pipeline that will transport light suite crude oil from the Bakken Shale in the Williston Basin in North Dakota to Cushing Oklahoma. The Bakken Crude Express Pipeline represents the partnership’s entry into crude oil transportation business. As I mentioned earlier, ONEOK had an exceptionally strong performance in 2011 led by our ONEOK Partners’ segment which increased its volumes and benefited from our integrated mid-stream natural gas and natural gas liquids business.
Our natural gas distribution segment, again delivered solid results in 2011, reflecting successful rate and risk mitigation strategies combined with targeted capital investments that provide value to our customers and to our investors. Our energy services segment continues to operate in the most challenging natural gas marketing environment in a decade. While energy services 2011 results were disappointing, they have become an increasingly smaller percentage of ONEOK’s total operating income approximately 2% in 2011.
We continue as ONEOK to make progress to strengthen and improve our environmental safety and health performance which is a top priority in everything that we do. We are executing to achieve by 2013 specific environment safety and health performance goals that include improve our safety performance metrics by 50% when compared to 2009, achieving business segment ES&H performance in the top 25% of our peer companies.
And I should also mention that we are approaching or exceeding the top quartile ES&H performance currently in nearly all of our businesses adding an additional environmental compounded to our company wide ES&H management system establishing a behavior based safety program company wide; reviewing company resources such as water, electricity and fuel; developing initiatives to achieve annual environmental footprint reductions on a per unit basis; expanding companywide ES&H policies, procedures and training programs; establishing formal ES&H audit and risk assessment programs; and establishing an interdependent ES&H culture in which employees not only do their part as individuals, but also work together with fellow employees and contractors to strengthen and to sustain the Company’s ES&H initiatives.
By achieving these specific goals, we expect to build on the progress we have already made and we’ll continue to make future ES&H improvements a priority in our company. We want to be recognized as a leader in protecting the environment safety and the help of our employees, our contractors, our customers and the public. To reach that goal, we still have ways to go, however we are taking the necessary steps to move us to that pinnacle of achievement.
Our efforts did not go unnoticed in 2011. We received national and regional recognition reflecting the accomplishments and successes that we have enjoyed over these last several years. Earlier this month, ONEOK was again ranked based on 2011 revenues, the top Oklahoma based company on Fortune magazines list of the 500 largest corporations in America. Overall ranking moved to number 175 from 189 last year. We were also pleased to be ranked number 6 on the Fortunes 2011 list of the Top 20 biggest stock gainers in the Fortune 500.
In March, all three of ONEOK’s natural gas distribution companies received high rankings in a nationally recognized business customer service satisfaction survey. For the third consecutive year, Texas Gas Services ranked first in the south region follow closely by Oklahoma Natural Gas. Kansas Gas Service was ranked sixth in the Midwest region.
In April, ONEOK Partners received the following safety awards; Midwestern Gas Transmission and Guardian Pipeline received the American Gas Association Safety Achievement Award for the lowest days away, excuse me the lowest days away restricted or transferred. ONEOK Gas Transportation received the American Gas Association’s Safety Achievement Award for the lowest vehicle accident rate and Viking Gas Transmission received the Wisconsin Safety Council’s Corporate Safety Award and the Minnesota Safety Council Meritorious Achievement Award.
In August 2011, ONEOK was named one of Tulsa's best places to work by the Tulsa Business Journal Employees' Choice Program.
We’ve accomplished a lot in 2011 and we now would like to share with you a short video highlighting the year.
In North Dakota, a new natural gas processing plant is online and two more are under construction. Stacks of pipe await the construction of a new pipeline that will transport natural gas liquids from the Bakken Shale ultimately connecting with fractionation facilities in Kansas. In Kansas City, Kansas, the fleet of school buses that safely deliver students to their classrooms is running on clean economical compressed natural gas and there is darkness yields to the morning light on Galveston Island, Texas. A technician records natural gas customers meter readings without [ever leaving a struck] using sophisticated automated technology.
We are natural gas gathering and processing, natural gas pipelines and natural gas liquids. We are natural gas distributors serving more than 2 million customers in Kansas, Oklahoma and Texas we are an energy services company marketing natural gas and related services to local distribution companies, industrial customers and power generators.
And together we are ONEOK.
We do have a unique structure of ONEOK. It’s hard to find a look alike for us and by being unique, I think makes us a great investment. Certainly, we have a tremendous mix of assets. We have low risk, very steady solid rates return business combined with a very high growth and dynamic business in ONEOK partners that business is very well-positioned for growth. So investors can get a nice mix and I think that’s what makes us an attractive investment. Having that stability and that stable earnings and cash flow stream combined with a dynamic growth that we have at ONEOK partners I think makes it a tremendous investment for investors.
ONEOK continue to deliver excellent financial performance in 2011 and the company’s 43.4% ownership in ONEOK Partners, a publicly traded master limited partnership remains its growth engine increase distributions from ONEOK Partners plus strong cash flow from natural gas distribution creates financial flexibility and opportunities.
This free cash flow, this increased cash flow gives us a variety of options that we feel are valuable to our shareholders including increased dividends, share repurchases, increased investment in ONEOK Partners as well as acquisitions. As we look back in 2011 both ONEOK and ONEOK Partners renewed their credit facilities, they’re both now about $1.2 billion for term of five years, this gives us ample liquidity and financial flexibility as we go forward over the coming years. In addition, ONEOK Partners completed a $1.3 billion public offering of senior notes to help fund that growth program that they were enjoying last year.
In March 2012, ONEOK Partners completed a public offering of 8 million common units and a private placement with ONEOK of 8 million common units generating net proceeds of approximately $920 million, more than half of ONEOK Partners current $4.7 billion to $5.6 billion growth program will be invested here in the Bakken Shale play in North Dakota and Montana. It is here that the first of three natural gas processing plants Garden Creek was completed in late 2011 and construction is underway on the 500 plus mile long Bakken pipeline that will provide transportation for the areas rich production of natural gas liquids.
Producers are continuing to drill at an aggressive – extremely aggressive rate, production has increased five fold over the course of last five or six years, total production of the basis is in excess of 500,000 barrels per day expecting to go a million per day. Those producers produce a lot of natural gas, NGL rich natural gas that needs to be process, extracted and treated to get the market and ONEOK is blessed with the infrastructure necessary to handle the natural gas, as well as a natural gas liquids.
At the other end of the value chain ONEOK’s natural gas distribution business provides reliable cash flow especially with improved rate designs in Oklahoma and Texas that reduce regulatory lag and shift returns largely to fixed fees rather than volume based charges. And in 2012, we will file a rate case in Kansas that seek similar adjustments.
As gasoline prices rise, compressed natural gas increasingly is becoming the alternative vehicle fuel of choice. The conversion of a portion of the Kansas City, Kansas school district fleet of buses to CNG will save money and eliminate a 150,000 pounds of greenhouse gases annually. Our distribution system is poised to support the growth of this preferred environmentally friendly fuel and we’re deploying technology to become more efficient and better serve our customers.
Automated meter reading is reliable, helps reduce operating expenses and reduces the need for employees to be in customer’s yards. It was in the natural gas distribution segment that ONEOK introduced an initiative called becoming one more than just a slogan, it is a transformative philosophy, a journey that has now been adopted companywide.
The best way to describe becoming one is it’s a shared attitude and a belief and practice, it really drives our thinking in decision making here at ONEOK. Its core focus is centered around creating a long-term sustainable competitive advantage, which if you study companies of (inaudible) you realize that is the key to their success is understanding and executing on that competitive advantage. It’s driven by three principles; one in responsibility, one in value and one in the industry.
Being one in responsibility means an unwavering commitment to operating safely, reliably and protecting the environment that if we all share.
If you can’t make that your employees are safe, public is safe, then the rest of it really doesn’t make a whole lot of difference. So there is a tremendous amount of focus on this and kind of to put this in perspective, back in 2009, we set a goal to basically reduce our metrics as it relates to ES&H about 50% and I’m extremely proud to report on behalf of management and our employees that we are well on our way to meeting that goal.
And our commitment to responsibility extends to the communities where we live in work. Our employees give up themselves. In 2011, they volunteered 9,000 hours to organizations that help to improve the quality of life. We invest in our communities in education, health and human services and the arts. We are many things. We operate in many places. Our employees come from many different backgrounds, but with the singular focus clarity of vision and unity of purpose, we know where we are going and together we are ONEOK.
As the video depicts, we had an exciting end by many measures successful year with many more opportunities to come. We will continue to make improvements to ensure that our company remains profitable and viable and we believe that ONEOK is well prepared and well positioned to continue our profitable growth.
One final announcement, I would encourage you to tour our Powered by ONE exhibit which is parked outside the building. This 53 foot double-expandable tractor-trailer will travel throughout our operating areas to share information with key stake holders about our company, how we operate, our commitment to the environmental safety and health, initiatives and other industry related facts, all our interactive displays and exhibits that are all powered by compressed natural gas.
We thank all of you for your investment and your continued support in our great company. Mr. Grimshaw, will you please report on the results of voting.
Mr. Chairman, we have been informed by the Inspector of Election that each of the nominees for the 12 directorships has received in excess of 92% of the votes cast in favor of their election. That proposal number two to ratify the selection of PricewaterhouseCoopers LLP as the independent registered public accounting firm for ONEOK, Inc. for the year ended December 31, 2012 has received in excess of 99% of the votes cast in favor of the proposal.
The proposal number three to approve an increase of 150,000 shares of ONEOK, Inc. common stock for issuance out of the ONEOK, Inc. employee stock award program as set forth in the proxy statement for this meeting has received in excess of 66% of the votes cast in favor of the proposal.
The proposal number four to approve the amendment and restatement of the ONEOK, Inc. employee stock purchase plan to increase the total number of shares of ONEOK, Inc. common stock available for issuance under the plan to 5,800,000 shares from 4,800,000 shares as set forth in the proxy statement for this meeting has received in excess of 89% of the votes cast in favor of the proposal.
The proposal number five to approve the amendment to the ONEOK, Inc. amended and restated certificate of incorporation to increase the number of authorized shares of ONEOK, Inc. common stock to 600 million shares from 300 million shares in connection with the Company’s announced two for one stock split as set forth in the proxy statement for this meeting has received votes in favor of the proposal in excess of 82% of the shares entitled to vote on the proposal. And the proposal number six to approve on an advisory basis the compensation paid to named executive officers as set forth in the proxy statement for this meeting has received an excess of 94% of the votes cast in favor of proposal.
John W. Gibson
Thank you, Mr. Grimshaw. Since each of the nominees for director has received a majority of the votes cast in favor of their election, each of the nominees has been elected a Director of the company to serve until the company’s annual meeting in 2013.
Since the proposal to ratify the selection of PricewaterhouseCoopers as our independent registered public accounting firm for the year ended December 31, 2012, the proposal to approve an increase of 150,000 shares of ONEOK, Inc. common stock for issuance under the ONEOK, Inc. employee stock award program, the proposal to approve the amendment and the restatement of the ONEOK, Inc. employee stock purchase plan to increase the total number of shares of ONEOK, Inc. common stock available for issuance under the plan to 5,800,000 shares from 4,800,000 million shares and the advisory vote to approve executive compensation have each received a majority of the votes cast in their favor, these proposals are approved by our shareholders.
Since the proposal to approve the amendment to the ONEOK, Inc. amended and restated certificate of incorporation to increase the number of authorized shares of ONEOK, Inc. common stock to 600 million shares from 300 million shares in connection with the company’s announced two-for-one stock split has received a vote of the majority of the outstanding shares entitled to vote in favor of the proposal. This proposal is approved by our shareholders.
Since our shareholders have now approved the additional shares of authorized common stock which was in a condition to our previously announced two-for-one stock split, the stock split will now be completed. The stock split will consists of a distribution to shareholders of one share of ONEOK common stock for each share held as of May 24, 2012 the record day for the split. Additional shares will be distributed on or about June 1.
Because no one has submitted any additional business for this meeting pursuant to our bylaws, there is no other business to come before this meeting. I wanted to again – yes ma’am. Well, why don’t we wait until we get to the questions and answers? I once again express my appreciation to the shareholders who attended this meeting and to those who submitted their proxy dates prior to the meeting and I declare the annual meeting of shareholders adjourned.
[No Q&A session for this event]