Good morning. Thank you for joining us for this Cedar Woods Properties Limited's 26th Annual General Meeting. It's nice to see some, I won't say old faces, but old faces at a nice old faces joining us. My name is William Hames, and I am Chairman of Cedar Woods. As it is now 10:00 A.M. and a quorum is present, I formally declare the meeting open. I welcome the shareholders joining us here in Perth and also those participating on the online meeting platform. Today, I'll begin with a brief overview of our strategy for 2026 and our performance and our shareholder returns. I will then invite our Managing Director, Nathan Blackburne, to review the portfolio, our first quarter progress, make a comment on our market conditions and our acquisitions and our future outlook. After that, I will return to the formal business as set out in the notice of meeting. We will then take some general questions before closing of the meeting. The notice of the meeting and related documents have been made available to all shareholders. I propose that the notice be taken as read. The minutes of the previous annual general meeting have also been signed by myself, the Chair, and entered into the company's minute book. Before we begin, I will briefly explain how shareholders can ask questions and also vote. If you are attending in person and wish to ask a question, please raise your attendance card. When called, state your name, who you represent before asking your question. Online participants may submit a written question through the Q&A tab or follow the platform instructions to ask a verbal question. Please select the item of business that best relates to your question. Voting on each resolution will be conducted by poll. In-person attendees should use the voting card provided at registration. Online participants can cast their vote using the vote tab once the poll is declared open. We will then take questions on specific items during the formal business and general questions later in the meeting. Questions of a similar nature may be grouped. I would like to also acknowledge my fellow Directors and members of the executive team who are attending today. Here in person, Nathan Blackburne, Robert Brown, Deputy Chairman, Valerie Davies, an Independent Non-Executive Director, and also joining us by phone, Independent Non-Executive Directors Paul Say and Jane Muirsmith. Also here in person is Sarah Reilly, our Company Secretary and General Counsel, Leon Hanrahan, our Chief Financial Officer. I also welcome Pierre Dreyer, our Lead Audit Partner from Ernst & Young, who is also available to answer questions on the auditor's report. Moving to our strategy. Our strategy remains clear, to grow national project portfolio, which is diversified by geography, product type, and price point, so that it always appeals to a broad customer base and performs across a range of market conditions. That diversification is our key strength. We operate across four states, offer land, townhouses, apartments, commercial property, and we serve customers from a range of price points. The discipline with which we apply this strategy has supported the strong result that we are reporting today, and it gives us a very solid platform for future growth. FY 2026 was an excellent year for Cedar Woods, with a strong growth across all the key financial measures. Net profit after tax increased 36% to AUD 65.6 million, while revenue rose 8% to AUD 502.4 million. Earnings per share increased 33% to AUD 0.779, and the full-year dividends were increased 34% to AUD 0.39 per share. Operationally, we achieved a record net sales of 1,326 lots, homes, and offices. We completed 1,068 settlements at the close of year, with AUD 830 million in pre-sale contracts. We also contracted acquisitions which add 1,184 lots to our development pipeline, which supports earnings beyond the current year. The momentum in the business is reflected in a record profit, dividends, and also pre-sales, with more projects and lots in production than we have ever had before. Earnings per share in 2026. Excuse me. Earnings per share for 2026 was AUD 0.779. The fully franked dividend yield for the anticipated FY 2027 dividends is currently 7.2%. Over the three years to June 2026, the share price outperformed the benchmark indices as shown on the slide, notwithstanding the recent softening coinciding with an increase in interest rates. The board remains focused on disciplined growth, reliable earnings, and sustainable returns to shareholders. I will now hand over to Nathan, and he will walk us through some operational stuff. Thank you, William, and welcome everyone. I will provide an update on our portfolio and first quarter performance, discuss sales and market conditions, outline our acquisitions activity, and showcase Eglinton Village, before concluding with the outlook for the business. Cedar Woods now has 36 quality projects across W.A., Victoria, Queensland, and South Australia, with a pipeline of more than 9,600 lots, homes, or offices. The portfolio is diversified in terms of product type and price points, giving us broad exposure to different customer segments, and helps the business perform through changing market cycles. Our largest product category remains residential land, complemented by townhouses, apartments, and commercial property at select projects. The geographic and product spread shown in the two charts on this slide help us hedge against market fluctuations. We have entered FY 2027 with record production levels and good delivery progress on the stages that are scheduled to settle this financial year. The company has achieved 311 settlements during the quarter, ahead of budget and tracking well towards the FY 2027 target of 1,100-1,200 settlements. As at 30 September, we have amassed pre-sales of AUD 763 million, which is the same result as this time last year, and providing strong earnings visibility for Cedar Woods. Over 90% of the forecast FY 2027 revenue is currently pre-sold. We are focused on further building the pre-sales required for FY 2028 and FY 2029, and at this early stage, we have already achieved more than AUD 300 million in pre-sales that we need for FY 2028. I should say that affordable and mid-priced land projects remain the strongest performers throughout our national portfolio. Inquiry and sales moderated in the fourth quarter of FY 2026, and those softer sales conditions have continued into FY 2027, as higher interest rates and affordability pressures have made our buyers more cautious. Sales were also lower due to fewer stages being released in the first quarter and lower marketing spend. Increased marketing activity and new stage releases are planned for Q2 to support sales activity in subsequent quarters, and there are some early signs that that is producing results. The balance sheet is strong, with low gearing and significant undrawn finance facilities available, positioning the company to take advantage of acquisition opportunities that arise typically in these softer market conditions. Looking more broadly, the property market nationally is experiencing weak conditions at present. This is due to rising interest rates, affordability pressures, as well as the taxation changes that were recently made, and all of these things are impacting buyer sentiment. We expect these weaker conditions to persist throughout FY 2027. The demand is still present, but prospective buyers are behaving more cautiously, and in particular, they are watching house price movements. Buyer confidence is expected to return when interest rates peak or begin to reduce. This will enable buyers, particularly first home buyers, to more confidently calculate their monthly mortgage repayments. Many of the indicators that we look at in forecasting the conditions for our sector remain supportive. The labor market is showing resilience, and for the most part, Australians are feeling secure in their jobs. The population is still growing, and whilst there is much discussion around the migration settings, the importance of immigration in providing much-needed skilled labor and economic growth provide us with some confidence that common sense will prevail. There remains a structural undersupply of housing. This is due to the long-term shortfall in housing completions relative to the underlying demand. The lack of skilled labor for the construction sector is a major factor holding back further supply being delivered. The supply shortfall exists across all price points, all product types, and all locations that Cedar Woods operates in, but particularly so for apartments, with very few apartment projects having got off the ground compared to long-term averages across the country. The number of completions has picked up slightly, as have the approvals numbers, but it is still well short of underlying demand. Cedar Woods has a pipeline of 36 projects and 9,600 dwellings to deliver into this undersupplied market. In early FY 2026, we accelerated our acquisition strategy to replenish and grow the portfolio. That strategy was executed effectively, with six sites acquired during the year. In July 2026, we also contracted and settled a further West Australian acquisition opportunity, extending our high-performing Bushmead estate. We are seeing an increased number of sites coming to market and on reasonable terms. This is partly due to the rise in distressed sites, so we are seeing it as a favorable time to restock the portfolio. We continue to assess further opportunities and currently have some additional sites that are under formal due diligence. We will remain disciplined, targeting projects that fit our strategy and return requirements. I will now briefly showcase Eglinton Village, a large-scale master plan community in Perth's northern corridor. Eglinton Village is a WA master plan community that comprises approximately 1,200 lots across 86 hectares, and this project was launched in February 2023. I wanted to put this slide in here to demonstrate our core skill set of turning farmland into a thriving master plan community that thousands of people will call home, and that will enable the company to generate earnings from over many years. We purchased this site in 2021 for AUD 49.5 million. We then designed this 1,200-lot master plan community that it also included a school site and a neighborhood shopping center. We also made a key decision to invest in an electricity microgrid. The electricity generated is then stored in a community battery on site and then fed back to the homes, with solar panels on the roofs of at least 50% of the homes so far. We achieved our planning approvals fairly quickly and then launched the project in 2023. The project met with strong and sustained demand for three years, with around 255 lots having been settled so far, and approximately 160 lots forecast to settle this financial year. Average lot prices over this three years have increased from AUD 330,000 to AUD 437,000 now, being a 32% increase, and far outstripping the cost growth that we experienced over that period, and resulting in the strong margins that this project is now experiencing. Many projects across the portfolio have had a similar experience to this in terms of revenue growth outstripping cost growth. Sales levels at this project are currently subdued, but supply in the corridor is rapidly diminishing, with some major competitors selling their last lots or last stages now and in the short term. We expect this project to continue to be a strong contributor for the next eight to 10 years. The FY 2027 EBIT contribution from this project is expected to be around AUD 20 million. Needless to say, we are very pleased with the performance of this relatively recent acquisition. Looking ahead, the structural undersupply of housing remains a strong long-term foundation for the new housing sector. Near-term conditions are expected to remain softer while interest rates are elevated, but affordability by affordability and confidence-related considerations. We have pre-sales contracts of AUD 763 million as at 30 September 2026, and this includes more than AUD 380 million in pre-sales for FY 2028 and FY 2029 combined, providing good medium-term earnings visibility for Cedar Woods. We have a strong balance sheet, ample liquidity, and a development pipeline of more than 9,600 lots, dwellings, units, supported by the acquisitions that we've recently secured. Subject to market conditions, we are targeting FY 2027 NPAT growth of 15%, building further upon the 19% NPAT growth we did in 2025 and the 36% NPAT growth we did in 2026. Thank you, everyone. I will now hand back to William. Thank you, Nathan. All right. Financial statements and reports. The first item of business is to receive and to consider the financial report. The report and auditor's report for Cedar Woods and its controlled entities for the financial year that has ended on the 30th of June 2026. No resolution is required in relation to the financial statements and reports. I table those reports and invite questions or comments relating to them. Questions concerning the conduct of the audit and the auditor's report and the company's accounting policies or the auditor's independence may be directed to Pierre Dreyer of Ernst & Young. No written questions were received by the auditor. If you are asking a question in person, please raise your attendance card. When called, state your name, who you represent, and then your question. Online participants should submit their questions through the Q&A function or follow the platform instructions to ask a verbal question. All right. Are there any questions from the floor? No. Are there any questions online? Yes, we've received one question online from Mr. Stephen Mayne. Stephen asks, or says that last year's AGM, it was noted that AustralianSuper had sold its entire 10.5% stake in the company, and he understands that this may follow changes within AustralianSuper's Australian equities team, resulting in the sale of significant positions in smaller listed companies. Is that also the board's understanding, and shouldn't Australia's largest industry super fund be supporting well-performing Aussie companies like ours, particularly as we help address the nation's housing supply challenges? I'll take that question, Bill, if that's all right. Yes. AustralianSuper were a shareholder for Cedar Woods, of Cedar Woods, for over a decade. A good long-term shareholder, loyal to the business in many ways. They exited the stock in a very orderly and respectful way, not selling all of their shares at one point in time, and really providing an opportunity for the business to further diversify its register with multiple respected institutional shareholders. We are very respectful for the way in which AustralianSuper did that. Okay. Any more online questions? No more on- No more? item one. Okay. Where did I get up to? There are no further questions? Then I'll move on to the next item. All right. I've lost my page. 17, 18. Okay. Voting on each resolution will now be conducted by a poll. The proxy figures displayed for each resolution reflect the valid proxies received before the proxy deadline. As chair, I advise I intend to vote all available undirected proxies in favor of each resolution. The results of the poll will be announced to the ASX as soon as they are available after the meeting. I now declare the poll open for resolutions one to four. For those attending and voting in person, please mark the for, against, or abstain for each resolution on your voting card, print your name, and place the completed card in the ballot box when voting closes. For proxy holders, please refer to the proxy votes summary attached to your card and mark how you wish to cast any open votes. Online participants should select the vote tab and mark for, against, or abstain for each resolution. You may change your selection while the poll remains open. Resolution one concerns the re-election of Valerie Davies, who retires by rotation and, being available, offers herself for re-election. Valerie is an independent non-executive Director and chair of the Remuneration and Nominations Committee. Further information on her experience, skills, contribution is set out in the explanatory memorandum. The board considers Valerie's independence, including her length of service, and is satisfied that she remains independent. The Directors, other than Ms. Davies, unanimously recommend that shareholders vote in favor of resolution one. Are there any questions or comments on this resolution? Questions from the floor? Any questions online, Sarah? Yes, we've got a question online from Stephen Mayne. Steven says, "Thank you for disclosing the proxy votes to the ASX early, along with the formal addresses." He notes the only two proxy protest votes were against the two Directors up for re-election today, Jane Muirsmith and Valerie Davies, who both received near identical 18.4% against votes. He asks, "Could you please explain what's going on? Did a proxy advisor recommend against, and if so, for what reasons? Or was it a particular major shareholder sending a message, and how will the company respond? I am happy to take that question. All resolutions received overwhelmingly favorable support. Two proxy advisor reports were received. One proxy advisor recommended that all resolutions be supported, and one proxy advisor suggested that two of the four resolutions be supported, those relating to remuneration and those relating to director re-election be voted against. As I said, the vast majority, an overwhelming number of proxy votes were for the resolutions. The reason the one proxy advisor suggested against the resolutions for the two directors was relating to their period of tenure and perceived independence. I can just say from witnessing boardroom meetings, the independence of thought that I see in those meetings from those directors is evident. As Chairman of your company, I can only reinforce that. I judge independence by the question and some quality of questioning that comes from all of my board members, and I personally consider we have a well-rounded, well-thinking, good contributing board of three independents and three non-independents. I think when we discuss this, we are kicking goals. Let us not rock the boat. We are getting the right answers, or we seem to be getting the right answers and guiding the company to successes. I totally support that both Valerie and Jane are independent thinkers. Okay. No other online questions. No other online? Thank you very much. Please record your vote for resolution number one. Resolution two concerns the re-election of Jane Muirsmith, who retires by rotation and, being eligible, offers herself for re-election. Jane is an Independent Non-Executive Director and Chair of the Audit and Risk Management Committee. Further information on her experience and skills and contribution are set out in the explanatory memorandum. The board has considered Jane's independence, including her length of service, and is satisfied that she remains independent. The directors, other than Mrs. Muirsmith, unanimously recommend that shareholders vote in favor of resolution two. Are there any questions or comments on this resolution from the floor? None. Any questions online? No online questions. Okay. Thank you very much. Please record your vote on resolution two. Sorry, Bill, we just had a late question. Oh, okay. popped up as I said that. We have got a question from Mr. Mayne again. He asks, "Is it better if director candidates speak to the resolution? Could Jane please comment on the independence debate?" If she would like. We have got Jane joining. Yes, Jane. online. Yeah, thanks for the question. I am happy to respond. I think, I mean, we have Bill and both Nathan have talked about this, but I think, I guess my perspective is that independence is much more than simply tenure. I am approaching nine years on the board, having also served with two Managing Directors at Cedar Woods. For all the other attributes that are considered to be independent, as outlined by the AICD and ASX, I think, yeah, I am confident that that clause around the determination of being independent is fully satisfied. Thank you. Thank you, Jane. Okay, any more questions? No more online. No more. Okay. Thank you, Sarah. Resolution three, the adoption of the Remuneration Report for the year ended 30th of June 2026. The report explains the company's remuneration framework and the 2026 remuneration outcomes for directors and key management personnel. The vote is advisory only. The board will nevertheless take the outcome and any comments made today into account when reviewing our remuneration policies and practices. The directors unanimously recommend the shareholders vote in favor of resolution three. The voting prohibitions described in the notice apply. Again, I invite questions or comments on the Remuneration Report from the floor. Any online? None online. None online. Okay, thank you. Please record your vote for resolution three. Resolution four seeks the approval to grant FY 2027 LTI performance rights to the Managing Director, Nathan Blackburne. The award is subject to equally weighted relative TSR and EPS, earnings per share, growth hurdles measured over three years to the 30th of June 2029. The rights are granted at no cost and will vest only to the extent that the performance and the service conditions are satisfied. The directors, other than the MD, recommend that shareholders vote in favor of resolution four. The voting exclusions and prohibitions described in the notice apply, and the proxy votes received are shown on the slide. Are there any questions in regard to this resolution from the floor? Yes. Richard Hyland. Richard. John Hyland. This is probably your idiot question of the day, but for the sake of clarity, I will ask it anyway. Dealing with the TSR, the upper hurdle, you know, greater than 5% above index TSR. For the sake of clarity, does that mean if the index TSR is 10%, does the hurdle mean 15% or 10.5%? Valerie. Leon, that is a good question. Leon. Leon. Oh, sorry, can you ask it again? If the index TSR is 10% and the hurdle is 5% above the TSR, does that mean 15%? Yes Yes. Yes. Or 10.5%? Quite right, yes. Yeah. Yeah, no problems. Right. That was my interpretation, but I thought clarity is always No, it's a good question. Yes, if theirs was negative, ours is 5% above Yeah whatever the index. 5% above. Right. Okay, any other questions online? None online on the LTI resolution. Okay. Please record your vote on resolution four. That concludes the resolutions to be considered today. As the poll will be closing shortly, please ensure that you have recorded your vote on each resolution. Online votes should be submitted now, and completed voting cards should be placed in the ballot box. All right. Thank you. You can grab mine. While the final votes are being submitted and the registry personnel come around and collect all the voting cards, I will open the meeting for general questions about the company and its performance. Again, if you are attending in person, please raise your attendance card, ask the question, and those online participants may continue to use the Q&A function on the portal. Depending on the subject, I may ask another director or even management of our executive to respond. Right? I am now going to sit myself down, because I hopefully will get lots of questions. All right. Okay, anyone from the floor? You are too nice. Oh, there he is. Richard. Richard Hyland. Question for Nathan. Would you be able to provide some clarity looking forward on Sorry, Nathan. Let us try this. Is that on? Yeah. Yeah. Nathan, to give some vision to, I'm looking forward here, FY 2027, FY 2028, you know, we're going into a different environment to what we've been in. In terms of your development expenditure on your existing portfolio of lots, as distinct from acquisitions of new land, how much cash do you need to be setting aside for, say, the next two years to just develop the existing portfolio? Gives an idea of what sort of headway we've got if it's lean times for a couple of years. Yeah. Thanks for the question, Richard. I've made a comment in my speech today that there's elevated production levels. Elevated production levels means elevated spend. There's also elevated spend because things cost more than they used to. But we do extensive modeling in terms of our five-year outlook. Under existing projects case, minus any future acquisitions, how does our cash flow look? What is our profit outlook? And the finance facilities that we've got in hand show that we have ample capacity and even significant headroom there for us to deliver our existing projects. Even overlaying that with some acquisitions, there is still ample capacity to deliver our existing projects and acquire new ones within the existing finance facilities and not requiring any additional equity. Leon, if you've got- Yeah, in AUD dollar terms, we would like to spend over AUD 300 million on development spend this year. As you mentioned, if conditions are soft for an extended period, we will tailor our development spend and the rollout of new stages, new apartment buildings to match what the market will allow. Noting, we did AUD 500 million in revenue last year, so that was cash returned to the business last year. We're targeting to do a number close to 10% above that, which we've 90% pre-sold. In the context of the visibility of that cash flow coming back, we'll finish the year again with quite a low gearing number, fairly similar to where we finished the prior year. Plenty capacity there to develop our existing portfolio, and as Nathan talked to earlier, plenty capacity there to take advantage of softer conditions for acquisitions if we see fit to do so. Still on or off? Oh, yeah. A supplemental question. I am looking around, a lot of gray hairs in the room. You probably cannot recall the last real recession in Australia, but what is Cedar Woods' experience with fall-overs for pre-sales? Do you have a feel for it at all? I guess what you are expecting if times go, we have a couple of years of lean years of those pre-sales, is there a percentage that you have in mind that you figure might not settle? Nathan can answer that. We discuss this regularly. Firstly, before getting onto the specific question on fall-overs, looking back over the past 80 years, every downturn in the housing cycle has been followed by a very sharp upturn in the housing cycle in terms of sales prices and volumes. That recovery, that uptick, more than overcompensates for any lost price. We are confident that, and we know that this is a cyclical business, and that a downturn will be followed by an upturn. What gives us even more confidence around that is the housing shortfall that exists across the country, across product types, and across price points. On fall-overs, we are used to fall-overs as a business. For as long as we have existed, a portion of the sales that we make do not proceed to settlement. We are used to navigating that. We craft our earnings guidance with a certain fallover rate in mind. Because of the housing shortfall, fall-overs have been at record lows for a couple of years now. That fallover rate has elevated, probably moderately, in the last six months. The levels of those fall-overs right now sit generally in line with the 10-year average fallover rate that Cedar Woods has experienced. Nothing extraordinary. The other thing I would say is that the vast majority of our pre-sales are unconditional contracts, and the vast majority have a deposit. The other analysis we have done is looking at what proportion of those pre-sales are in the money versus out of the money. Almost unanimously, they are in the money, or the vast majority are in the money. Finally, I would say that if you think of what a typical buyer of a Cedar Woods product has experienced in the last couple of years, they have had to fight very hard to secure a block of land, an apartment, a townhouse in a very competitive setting, missing out weekend after weekend or release after release. They have fought hard to secure that block, they have paid a deposit, they have appointed a builder, paid a deposit to the builder, and that gives us quite a lot of confidence that the vast majority of our pre-sales will proceed to settlement. If I can add a few things, right. I have a saying that, and because I am tired of people being negative, right. I say to people, "If you look at the negative hard enough, I guarantee you will find one," right. But if you have the courage to look for the positive, there is half a chance you might find something extraordinary, right. That is what Cedar Woods is always doing, looking for the little thing that is extraordinary, right. You heard Nathan Blackburne talk about Eglinton. Eglinton was an extremely competitive corridor, right. What did we do. We thought about it, and we made it different. We put solar panels on about 50% of the houses, and the net result, we could offer, and we store it in a community battery. Now, most of the people that buy there couldn't afford solar panels and definitely couldn't afford a battery, but they get that as an option. What we are doing is harnessing energy so you don't have to go out into the farmland paddocks and use more paddocks. We're actually farming it right where it gets used, so you don't even have to pay transmission. So it's environmentally highly sustainable. What's more, it offers those people cheap power. That set us apart from all the competitors. That's the reason why it's trading so well. But it's also environmentally sensible, right? So it's looking for the little differences that make us different, and that's why those people don't want to fall-over, right? And that's what we've got to try and do all the time, right? The other thing is, if you look at where we're sitting, I can't predict what's going to happen in next week, right? But I got a fair idea. More importantly, if you look at our numbers, we've got at least 12 months for the world to sort itself out, right? And that's what we're watching. There's lots of conversations that go on around our board table and our strategic planning sessions, and this is where all that independent thought comes in from the board and also the executive to try and find what's the differences? How can we differentiate ourself? What makes us different, right? And it is diversification of product, sales point, all those sorts of things, right? So, the market is interesting, but believe me, there are some golden opportunities sitting there. We just got to find them. All right, any other questions from the floor? Yep. Hello, Ralph Dommett. I just wanted to know, because of the softening of the market, how does that affect your market prices for your land and units and so forth? Is Cedar Woods having to sort of lower their average price or anything like that? Yep. Good question. One more question. Yeah. Is the Eglinton solar system communal, so everyone puts into the- It is voluntary. Yeah. When you elect to buy a block of land there, at any point in time, you can voluntarily agree. If you voluntarily agree, then solar panels are put on your roof at no cost to you, and you get plugged into the battery. You get a subsidy against your power charges. The solar panels go all into a communal battery, is that right? Yes. That's correct. Yep. Then you draw from that. And then the community, whoever's joined That's great. drag from the battery. Marvelous. Yeah. The first question, sorry. It's the first power grid, microgrid Yeah, micro, yeah. residential- Awesome in Australia. See? We can kick a goal. Yeah. It's brilliant. All right, the first question is Thanks for your questions. On prices, yes, as you would expect, in buoyant conditions, prices go up. In weaker conditions, prices often come down. As we sit today, the vast majority of our stages projects have seen prices stable, not increasing or decreasing. In some West Australian projects, there has been a moderate decrease in prices to meet the market, and in order to continue to get the sales volumes that we desire. Correct, yes. Yes, still, firstly, we do not make a guidance statement without having underlying confidence in our ability to deliver it. We forecast a range of market conditions and scenarios when making guidance, and as we sit here today, I am very confident in our ability to deliver on our earnings guidance. Any more questions from the floor? Keep thinking. Any from online? Yes. Got a last question from Stephen Mayne. He says at last year's AGM, he asked us to go all in and use the excellent Computershare online AGM platform that includes webcasting and online voting. He is pleased to see we have done this this year, and asks us to keep up the excellent AGM practice. He asks, "Will the AGM webcast be made available on our website, and would we consider including shareholder headcount data in the poll results to further enhance transparency as practice?" I will answer this one, if that is okay. Yeah. Mm-hmm. Anyone can add comments, but thanks, Stephen, for the positive feedback. A webcast recording does go on our website following the meeting, usually a couple of days after, and stays on the website for the year until the next AGM. We will consider including headcount information in our poll results announcement, but I can say on a proxy results headcount basis, over 75% of shareholders who voted by proxy voted in favor of each resolution, which is positive. Yeah. Thank you, Sarah. Currently no further online questions. No further questions. No one's thought about anything else? I have. Oh, good. Good on you. David Payne. I am curious how you still can make the profits but have access to resources to do all the work, because there is a shortage, I thought, of workers. How do you manage that without impacting cost, paying more? Yeah, it is a good question. There is a significant shortage of skilled labor to support the construction sector in particular. Cedar Woods is fortunate to have a meaningful size portfolio in each of the market that we operate in. Our strong balance sheet and reputation as a business means that we find it relatively easy to attract builders to working with us. Those builders have generally been around for a long time and have a fairly stable and loyal workforce that come with them. Costs are rising as wages rise, but we, generally speaking, don't have an issue in securing the builders we need to deliver our projects. The one exception to that is apartment projects in some locations where there is just not enough labor, and therefore just not enough builders for that product type in certain places. But in summary, we have got the relationships, the partnerships that we need to deliver our projects and give us the confidence that we need to make an earnings guidance statement. Any more? Nothing further online. Okay. Okay, so there is no further questions. I now declare the poll closed. The results will be announced into the ASX as soon as they are available after the meeting. I thank all of you shareholders for your participation and continued support. I also want to thank the Cedar Woods team for their contribution during the year. It has been an interesting year, and it is going to be an interesting new year, right? I now declare the meeting closed. Now we can get the real questions over coffee.