Sorry, we might get started. For those people online, just to let you know where we are in Sydney, we've just had a fire alarm alert. We might just pause for a moment and see if there is a requirement to evacuate. Level 23. Level 23. We're not on Level 23? No, good. Excellent. By the sound of things, everything's okay. We'll keep you informed for those people online if anything changes. Good morning, shareholders and guests, and welcome to NobleOak's 2025 Annual General Meeting. My name is Sarah Brennan, and I'm the Chair of NobleOak. In my first year addressing you as Chair, I'm pleased to report that FY 2025 was another strong and successful year for NobleOak. The team continued to execute our strategy with discipline, delivering profitable growth and further strengthening our position as Australia's fastest-growing and most awarded direct life insurer, as well as a trusted strategic partner through our white-labeled advisor offerings. These outcomes were driven by our purpose to build and protect Australian wealth and with integrity. It's now just after 10:00 A.M. Sydney time, the nominated time for the meeting. I've been informed by the Company Secretary that a quorum is present, and I am pleased to declare the meeting open. I'd like to firstly introduce my fellow directors who are in attendance today: Anthony Brown, our CEO and Director; Stephen Harrison; Inese Kingsmill; Andrew Boldeman; and Andrew Gale, our non-executive directors. Also present today are Scott Pearson, our Chief Financial Officer; Amanda Underwood; and Tom May, our Company Secretaries. Imogen Connors, our audit partner from Deloitte, is also present today and is available to answer any questions on the financial statements later in the meeting. This meeting is also being made available online via Automic's online meeting platform. This platform enables shareholders and proxy holders to participate in the live webcast of the meeting, as well as to ask questions and submit votes. The business for today's meeting will begin with an address by myself, followed by our CEO, Anthony Brown. We will then conduct the formal business of the meeting with a live vote by poll. There'll be an opportunity to ask questions after each item of business, as well as a general Q&A before the voting closes. As this meeting is being conducted as a hybrid meeting, I'd like to welcome those shareholders that are joining us via Zoom and ask that you please submit any questions or comments via the Q&A function, which can be found at the bottom of your Zoom screen. Questions can be submitted at any time. To ask a question, press on the Q&A icon, and this will open a new screen. At the bottom of that screen, there is a section for you to type your question. Please start your question by typing your shareholder SRN or HIN, and this will allow the moderator to identify you as a shareholder. Kindly include the agenda item number to which your question relates, and once you've finished typing, please hit Enter on your keyboard to send. Please note that whilst you can submit questions from now on, I will not address them until the relevant time in the meeting. Please note that your question may be moderated or, if we receive multiple questions on one topic, amalgamated. Due to time constraints, we may run out of time to answer all your questions. However, we'll endeavor to get through as many as possible. All questions should be addressed to me as Chair, and I'll either deal with the question personally or I'll ask someone else on the management team or on the board to respond. We'll do our best to answer any relevant questions raised. For those of you in attendance physically, you'll also be given the opportunity to raise questions at the relevant time. We'll ask you that you please raise your hand. I ask that you do keep your questions brief and to the point so that as many shareholders as possible have a chance to ask a question. When we reach the formal business of the meeting, voting on all resolutions will be conducted by poll. Shareholders attending virtually and wishing to vote on the resolutions being put to the meeting can do so through Automic's Investor Portal. If you're not already logged into the Investor Portal, instructions on how to do this can be found in the Notice of Meeting. If you've already lodged a proxy vote, please note that you don't need to vote again through the online portal. Your votes will already be counted in the poll on each resolution as per your proxy instructions. If you have any problems voting or registering for your shareholding with Automic, please call the support number which is shown on the screen. Now, to allow shareholders time to log on, I now declare the poll open. Online voting is open, and it will remain open until I declare it closed at the end of formal business. Your votes must have been submitted prior to the portal being closed for them to count. Let me now turn to my address, and I'd like to begin by reflecting on what sets NobleOak apart. We are a leading challenger brand in the growing AUD 11 billion. Sorry, I'm just going to pause for a moment while the fire alarm... Okay. Now, Light currently investigating. Please stand by for further information. Thank you. Thank you. All right. Pleased to know for those online, the fire brigade is here, but it's not our floor. Let me continue. As I mentioned, we're a leading challenger brand in the growing AUD 11 billion individual life insurance market with a clear pathway to AUD 1 billion of in-force premium. Our diversified strategy, direct distribution model, and ongoing investment in technology and product innovation continues to drive strong and profitable growth. Our unique culture and our genuine customer focus are reflected in our high team engagement and customer advocacy. All of this enables us to generate strong, growing cash flows, providing a platform for sustainable growth and shareholder returns. In financial year 2025, NobleOak grew its in-force premium by 20% to AUD 464 million. This exceeded our guidance and our increasing market share in both direct and in the advised business. Underlying NPAT increased by 22% to AUD 18.3 million. These results demonstrate the strength of our business and ability to outperform the market in both the direct and the strategic partner channels. During the year, we continued to invest in technology, AI, digital capability, and customer experience. We also maintained our status as Australia's most awarded direct life insurer for the sixth consecutive year, and we were particularly honored to be named ANZIIF's Life Insurance Company of the Year for the first time. These achievements reflect the quality of our products, our customer focus, and the dedication of our people. Now, a key strategic development in FY 2025 was the Board's decision to transition from a friendly society to a life company structure. This change will enable more cost-effective capital management, improved governance, and greater agility in product and pricing. It's a significant multi-year undertaking requiring a total investment of between AUD 3 million and AUD 4 million, but it will significantly reduce the cost associated with NobleOak's capital management, and it positions NobleOak strongly for future growth as we expand in both life insurance and the wealth markets. Let me now turn to the capital management framework. Importantly, NobleOak remains well capitalized with regulatory capital, multiple of 186% at the 30th of June 2025. This year, we released our capital management framework for the first time, guiding how the board allocates capital to drive accretive growth and maximize shareholder value. The board's capital decisions are guided by five principles: maintaining flexibility, balancing risk and return, prioritizing high ROI investments, aligning reinvestment with shareholder returns, and investing in customer experience to sustain competitive advantage. Our target capital range is anchored around the solvency ratio. We assess free cash flow and capital position, and then we apply allocation filters to evaluate deployment options. Capital above the buffer is either reinvested to accelerate growth organically or inorganically, or it is returned to shareholders via dividends or buybacks. Given current strategic initiatives, particularly the transition to the life company structure, the board determined that continuing to invest for growth remains the best use of capital in FY 2025 and therefore did not declare a dividend. Subject to ongoing strong performance, the board expects dividend payments could commence as soon as 2027. Now, as an APRA and ASIC-regulated listed entity, the NobleOak board takes our risk and governance responsibilities very seriously. Sorry, I am just going to pause again for the fire alarm. That's that fire brigade have now completed their investigation. The fire alarm is now all clear. You may now return to your regular activities. I repeat, it's all clear. You may now return to your regular activities. Thank you. I will continue. I'll come back. As I mentioned, risk and, as an APRA and ASIC-regulated listed entity, the NobleOak board takes our risk and governance responsibilities very seriously. We've continued to advance our robust risk management and governance framework, consistently refining our skills, processes, and culture to align with evolving needs of the business. This includes targeted investments in our teams and capabilities, along with initiatives designed to further strengthen our governance frameworks and procedures. Cybersecurity remains a critical priority for NobleOak, underpinning our commitment to protecting customer data, maintaining trust, and ensuring operational resilience. In FY 2025, we continued to strengthen our cybersecurity through investments in systems and governance, as well as mandatory cyber awareness programs, simulated phishing campaigns, and targeted awareness sessions. These initiatives help embed a strong security culture across the organization. On behalf of the board, I'd like to thank Anthony and the leadership team for their strong performance and dedication this year. I'd also like to acknowledge my fellow directors for their commitment and valued counsel, and in particular, Stephen Harrison, who served as Chair until the end of December and continues to serve shareholders as a non-executive director. Now, we do note that one of the proxy advisory firms has recommended against Stephen's re-election on the basis of his 14 years tenure as a director. Stephen and the board both acknowledge that the time for succession and board renewal is approaching. While we have not yet determined a date, Stephen has agreed to stay on while we conduct a search for an appropriate candidate to join the board, a process which is already underway and which we do not want to rush given the highly specialized nature of NobleOak and the life insurance industry. To this end, Stephen is seeking re-election at this year's AGM as he reaches the end of his ordinary three-year term. Stephen's leadership helped shape the company that we are today, and we are grateful to continue benefiting from his experience and institutional knowledge. Board renewal remains a priority, and we continue to assess the board's capability in line with our board skills matrix. Finally, to our shareholders, thank you for your ongoing trust and support. NobleOak has a clear strategy, a strong balance sheet, and momentum to continue delivering sustainable value for shareholders. We're excited about the opportunities ahead as we enter 2026 with confidence. I'll now hand to Anthony to provide a more detailed on our performance and outlook. Thank you very much for your time. Thanks, Sarah. Good morning, everyone. Thanks for coming along. As Sarah mentioned, it has been a really strong year, performance-wise, for NobleOak, and we've also continued to invest in a lot of initiatives that we'll get benefit from in the medium to long term. Just looking at some of the financial highlights on the next slide, our in-force premium, which is really the value driver for the business, increased about 20%, which we are really happy about. It's a great growth rate for us, AUD 464 million. Pleasingly, the new business number that you'll see there, which is over AUD 64 million, was 17% of industry new business. We are growing at about 17% of new business, sorry, 12.8% of new business. Our in-force premium market share is 4%. We are growing at roughly three times our market share. Underlying profit pleasingly went up by 22%. It has been going up in alignment with our in-force premium. You will see it up there at AUD 18.3 million. That was helped by the acquisition of the RevTech business, which had the FiftyUp Club associated with it throughout the year as well. Our statutory profit is AUD 7.1 million after we adjust for the stamp duty provision that we had talked about previously, the RevTech acquisition that I just mentioned, and some other product development and innovation costs. The diversified revenue base was improved also with a movement into other wealth style products. We are piloting a product called WealthMax, and we are looking at other direct wealth adjacencies as well. Pleasingly, our partnership with NEOS was extended. We launched our Futura product that we had mentioned a few months ago. We only launched that six weeks ago. It has got some early traction, which is great. It's another white-labelled advice product with our NEOS partners. We are looking to also launch a product with a leading health fund early next year. We are making really good progress to that AUD 1 billion in-force premium target that we have. In fact, as we approach the end of the year, we're approaching the AUD 500 million mark. When we look at the embedded value on the next slide, this is something that a lot of investors had asked for. We are really pleased that we can show the embedded value at this point. We do intend to show it each year now. The last time we calculated our embedded value was in December 2020, and that was just before the IPO. Embedded value is effectively the present value of cash flows generated from our in-force premium. It gives you a de facto value of our book of business that we currently have. It does not assign any value to future business. It is a conservative way of looking at the value of a business. You can see that over that four-year period, our EV increased from AUD 104 million to AUD 197.6 million. When you look at EV per share, that is AUD 2.16, which is significantly higher, obviously, than what our share price is at the moment. We are really pleased with the increase in the EV. It does show a 9% CAGR in EV. It includes franking credits, and it is using an 8.5% discount rate, which is a similar rate to what we used at the IPO. We can compare like with like. In the direct channel, our in-force premiums grew by about 9% to just under AUD 100 million. We are really pleased that our insurance margin increased quite significantly by 31.2%. That drove a 52% increase in NPAT on the direct portfolio. The strategic partner channel also grew really strongly. The premiums were up 23% to AUD 364.4 million. We maintained low lapse rates, and we achieved a 5% NPAT growth in our strategic partner channel as well. As Sarah mentioned, we advanced our digital and data transformation, embedding AI and automating claims across the business. We continue to invest in medium and long-term benefit across the business. Our team, which is really the driver of the business, is very engaged. We had a 95% participation rate in our engagement survey. We always get very high engagement scores. We are really proud of the performance of a relatively small team. When we look at the 2026 priorities, there are sort of five key priorities for us for 2026. We purchased the RevTech FiftyUp Club almost a year ago now. We are embedding that. We want to continue to embed that and make sure we leverage from that acquisition. It has been a successful acquisition for us. It is not huge, but it does add to our profitability. I mentioned the Futura product, which is the new white-labelled NEOS product. We are supporting that now, and we are hoping to see some good traction over the next 12 months on Futura. The third one is the white-labelled health fund product that we will be launching early next year. It is a leading top five Australian health fund. We are designing and developing a product using their brand, integrated into their platform, and they will be cross-selling that to their members and the wider market. Another really important growth channel for us. I mentioned the investment in technology, including AI, and we see a lot of opportunity to further embed AI. We're already using AI. We've been using it for over six years in our quality assurance programs. We see many ways that we can automate across the business and leverage AI. As we grow, our cost base won't grow at the same rate as our revenue. The fifth one is we'll continue to invest in direct wealth adjacencies. At the moment, as I mentioned, we have WealthMax, which is a hybrid advice model that you can buy directly, but we will look at other direct wealth innovations as well. It's a really exciting 12 months. We're already, obviously, five months into that period, but it's an exciting year for us. The outlook for us is positive. The market demand is increasing for life insurance. There's a pent-up demand across life insurance after many years of it being very low growth. It's lovely to see that starting to unlock. We do know that the trend of customers is certainly becoming more digital-savvy, more direct. We're definitely seeing that in our own portfolio. A lot more people are going, using our online product as we grow. We see real opportunity. We did mention at the end of the year a guidance of over 15% in-force premium growth, which is what we're targeting in this financial year. We also mentioned an increase of over 10% NPAT for the financial year as well. We're just reaffirming that guidance at this point. That's sort of the main things I wanted to cover off. I mean, I do want to thank the team because it is a relatively lean team. We are the smallest life insurer in the Australian market. We did win the ANZIIF Life Company of the Year award, competing with all the big players. It is a small team, really batting above the average. We are very proud of what they do each day. Thank you very much. Massive thanks to the board as well. It is also a relatively small board. When you are an APRA-regulated, ASIC-regulated, and listed company, clearly, it is not the easiest role in the world. Massive thank you to the board. Also a huge thanks to shareholders. We thank you for continuing to support us. We really are happy that we keep growing the business. Of course, it is not reflected in the share price at this point. We believe that that will change. We really thank you all for supporting us over the period as we continue our compelling path to the AUD 1 billion in-force premium. Thank you very much. I think it is back to you, Sarah. Thank you. Thanks, Anthony. I think to Anthony's point about the size of the team and the work that they get through is absolutely phenomenal. I always sort of think of the little train that could. It's certainly reflective, as Anthony said, when you're an APRA, ASIC, ASX-listed entity, it's an intense workload and one that the team more than steps up to every day. Very, very proud of them. Before we start the formal business of the meeting, may I remind you that if you have any questions on my address or on Anthony's address or of the auditor in relation to the financial report, if you're online, please raise that through the Q&A function, which you can find at the bottom of the screen. We will also open it up at the end of the formal proceedings to the people in attendance as well. We will take questions from the floor at that time. I now move to the formal part of the formal business of the meeting as set out in the notice of meeting. The notice of annual general meeting was made available to all registered members by the ASX platform, and it was also dispatched either electronically or in hard copy on the 16th of October, 2025. It is to be taken as read. Voting on all resolutions will be conducted by poll. For the purposes of the poll, I appoint an officer of Automic, the company share registry, who has examined and prepared summaries of the proxy forms received to act as returning officer and to conduct the poll. Shareholders in attendance virtually that have already submitted a vote by proxy should note that your votes will already be counted toward the poll. You don't need to lodge another vote unless you wish to change your proxy instruction. Shareholders in attendance virtually that have not submitted a vote by proxy and wish to vote on the resolutions being put to the meeting today can do so by registering your shareholding with Automic. Instructions on how to register your holding were provided in the notice of meeting. As mentioned earlier, online voting is now open, and it will remain open until the poll is declared closed. Your votes must have been submitted prior to the poll being closed for them to count. Those shareholders in attendance that are entitled to vote on the poll are all shareholders, representatives, and attorneys of shareholders, and proxy holders who hold one of these yellow voting cards. This is mine. I have voted already, but I haven't submitted it yet. You'll have that. If you're attending in any more than one of those capacities, you'll have been issued with as many voting cards as you have separate capacities. If anyone believes that they're entitled to vote on the poll in any capacity and does not have a yellow voting card in respect thereof, please raise your hand now, and a member of our share registry team will assist you. Do you know? Cool. Thank you. At the appropriate time, I will ask that you mark your vote for the resolution on the yellow voting card. If you're a shareholder and wish to cast all your votes for a resolution, please place a mark in either the for, against, or abstain box next to the resolution. If you wish to split your votes, please write the number or the proportion of votes that you wish to cast in the corresponding for, against, and abstain boxes. Please note that the sum of the split votes must not exceed your total holdings. If you're a proxy holder, a summary of the votes to which you're entitled has been attached to the voting card. If the summary of votes includes discretionary votes, these are yours to cast at your discretion. If you wish to cast the discretionary votes, please place a mark in the corresponding for, against, or abstain boxes. If your summary of votes does not have any discretionary votes, you do not need to mark your voting card and will simply need to hand it to the returning officer at the end of the resolutions. After all the resolutions have been read and voted upon, please place it in one of the ballot boxes that will be circulating throughout the room. Are there any questions on the voting process? Thank you. Let me move now to the formal business. We have proxies have been inspected, and all those validly lodged have been accepted. Proxies have been received representing 32,299,735 shares, or 34.75% of the issued capital of the company. Please note that all undirected proxies or open votes that have been nominated to the chair of the meeting as their proxy will be cast in favor of each resolution in the notice of meeting, subject to voting exclusions as contained in the notice of meeting. The first item of business is to receive the company's financial report, director's report, and the auditor's report for the company and its controlled entities for the year ended 30 June 2025. The financial reports are now laid before the meeting. Please note that there is no requirement for shareholders to approve the annual financial reports. The company's Chief Financial Officer, Mr. Scott Pearson, and the company's auditor for the 2025 financial year, Ms. Imogen Connors of Deloitte, are present to take relevant questions on the financial statements, the conduct of the audit, and the preparation and content of the independent audit report. Are there any questions or comments on the financial report or the reports of the directors and auditors? No? Okay. There being no questions, we'll now proceed to the resolution items as set out in the notice of meeting. Item two is to consider, and if thought fit, pass the following resolution as an ordinary resolution: that the remuneration report for the year ended 30 June 2025 be adopted. If you wish to discuss this resolution, please submit your question via the Q&A or raise your hand. There being no questions, the proxies received in relation to this resolution are on the screen. I now put the motion. Shareholders can vote via the online portal. However, you're reminded not to click on the next button until we've finished discussing and you've selected your votes for all of the resolutions. We'll move now to item three. That is to consider, and if thought fit, pass the following resolution as an ordinary resolution: that Inese Kingsmill, being eligible and offering themselves for re-election, is re-elected as a director. If you wish to discuss this resolution, please submit your question via the Q&A or raise your hand. Do you have a question, Stephen? No. Thank you. There being no questions, the proxies received in relation to this resolution are on the screen. I now put the motion. Shareholders can vote using the online portal, but again, remember not to click the next button until we're finished. That will move us to item four, which is to consider, and if thought fit, pass the following resolution as an ordinary resolution: that Stephen Harrison, being eligible and offering themselves for re-election, is re-elected as a director. If you wish to discuss this resolution, please submit your question via the Q&A or raise your hand. There being no questions, I will note the proxies received in relation to this resolution are on the screen. I now put the motion. Again, shareholders can vote via the online portal, or if you're in the room, by marking your yellow card. I now move to item five, which is to consider, and if thought fit, pass the following resolution as an ordinary resolution: that approval be given for the grant of 343,156 performance rights to the CEO of NobleOak, Anthony Brown, under the FY 2026 Long-Term Incentive Plan. If you wish to discuss this resolution, please submit your question via the Q&A or raise your hand. Sorry. Could I maybe just pass you a microphone if that's okay? Thank you. If you could state your name, that would be lovely. Thank you. My name is Michael Cooper. Thank you, Michael. I see the incentive payment for Mr. Brown is based on growth of 8%, but there's no mention of the share price at all, which I think should be another condition for approval of such a plan. Yes. No, it's a very good question. Thank you for your question. On the LTI plan, there are two components upon which the executives are assessed. One of those is on performance of the business, which is earnings per share. To your point, the second is on total shareholder return. That is also on the performance of the actual share price, which is designed very much to align the incentive scheme with shareholders as well. It is very important that we have both of those aspects included. It was interesting, I actually asked Scott to go back. We had a look at the incentives that were pre-listing, which were all based on purely business performance. There was not that link to shareholder return compared to what has been paid subsequent to listing. We've never actually paid out the full amount at this stage, which actually absolutely aligns to the shareholder. We hope on behalf of the executives and the shareholders to be able to pay out that full amount because that would mean that that alignment was, again, where we would like it to be. Thank you. Thank you for your question. Thank you. Is there any further questions? No? Thank you. There being no further questions, the proxies in relation to this resolution are on the screen and I'll now put the motion. Again, shareholders can vote via the online portal or by completing your yellow card. That actually concludes the resolutions to be voted on today. As noted, we're conducting a poll on all resolutions, and I note that the poll is open. Can all shareholders voting online please now ensure that they've submitted their vote. I'll allow another minute before the poll is closed. If you have any questions in relation to the submission of online votes, please send them through the Q&A function. Tom or Amanda, do we have any questions? No? Thank you. For those shareholders attending physically, I now invite the staff of Automic to collect your voting cards. Should do mine. Thank you. Thank you very much. I will just check that all persons that intend to vote have submitted their cards. Oh, sorry, we've got a gentleman here. Thank you, Scott. There being no further questions regarding the submission of online votes, I will now declare the poll closed. The staff of Automic will now process the poll, and the results will be made available via the ASX platform and on our website shortly after the close of the meeting. Now we can turn to any general questions from the floor and via the Q&A function. I invite if you have a question, please just put your hand up, and we will bring you a microphone, and we can address any questions that you have. Yep. Thank you. How come the share trades so thinly and seems with very small volumes, and I think it's possibly being rigged by one or two players? It's a very lack of liquidity and depth. What's the reason for that? Do you want to talk to him? Yeah, it's good. You've been talking a lot. No, no, it's a good question, Michael. It's obviously very close to our hearts. I mean, there's a few reasons. We have a very good supportive shareholder base of large institutions, and there isn't much trading, exactly as you say. It's not that easy to access our stock. When large parcels go, it's often off-market because there isn't that much around. We have seen, as the interest rates went up, a lot of the smaller micro-caps like NobleOak had far less trading. As the interest rates started to go down, we have seen a number of those start to recover. Hasn't quite happened at NobleOak. We believe if we just focus on keeping the business results growing as they are now, and we can continue to hit targets, we can continue to communicate better to the market, which we've started to with EV and revealing a bit more of our strategy. We actively engage a bit more with the market, which we are planning to do next year as well. We feel like that will unlock further opportunity. We have had new investors come in over the last six months, a few quite significant investors that have been looking at us for quite a while. We also feel if we can attract more of those and they start to build up their share as well in NobleOak, that will start to accelerate some of the trading as well. It's a really good question. We're all 100% aligned. Possibly no one is more aligned personally than me. I really want the share price to go up, but we're focusing on what we can control. I think we're doing a good job of that. I'm really pleased with how the business is performing. We just want to keep that going. Eventually, we feel it just has to, our feeling is it has to start to recover over a period. Sorry, I can't be more definitive. Thanks for the question, Michael. My name is Alan Carter. You talked about the value, Anthony, increasing and more companies buying into the company in the last 12 months. Can you give me an example of a company that bought in, and did they buy in bulk, or how did they buy or how did they buy in? Can I answer? I can answer. Yeah. Yeah. Maybe if I refer, I do not know who to pick now. I have got a couple I could pick from. Some who have joined the register this year, so EC Paul has joined the register. Regal has joined the register, and Australian Ethical just recently, actually, have joined the register. That is an example of three. Some of those have bought on market. Some of them have bought off market. It has sort of been a combination. They are three, I think, to Anthony's point, of the interest in the stock, seeing some of the names like that come onto the register. I know UniSuper, but I think UniSuper was already on the register. There has been a little bit of movement in UniSuper during the period. Quite a mix of different types of shareholders, which is great as well. To Anthony's point, we're hoping that does stimulate, to Michael's question, some of that liquidity aspect as well. Yeah. We do empathize. Andrew and I were acquiring shares this year. We feel that's important as directors of the company. It did take us a little while because of that liquidity. Coming into the share as a shareholder, we empathize with the position from the acquisition perspective as well. Yeah, thank you. Yeah, Michael? Yes? If someone like UniSuper comes on the share register, I mean, that's surely an opportunity for you to break into some industry funds like that and get their business. Is anything being done in that regard to lock in, especially shareholders? It seems like that would be a good opportunity. Yeah, no, it's a really good point. I think, as Anthony said, or as Anthony touched on, one of the things this year, and particularly going into next year, is probably a slightly more active IR program with some of our shareholders and potential shareholders, and also with some of the analysts who are covering the stock as well. That definitely has been a focus for this year and will continue into next year. In addition to, as again, Anthony touched on, exposing some different metrics like EV was a really important step and opening up the strategy a little bit more to ensure that those potential shareholders have that visibility of the reason to buy in. Yeah, very much an active program and something that, as a board, we're very focused on and supportive of the work that the management team is doing. Alan. Alan. Yeah. Thank you, Alan. Will we get advance notice of those share allocations? Like when they become a, when they go to market, will shareholders get an opportunity to buy, or will they go to institutions? I'm not quite sure how to answer you. I'm happy. Yeah, if you'd like to answer that question. Yeah, thanks. Thanks, Alan. Good to see you again. Yeah, there's no plans to access any more capital at the moment. We're quite well capitalized as we go forward. As Sarah mentioned, we are transitioning to a life company, and that will unlock a lot more flexibility and efficiency in how we manage our capital. It will be a positive net net to our profit, which is obviously positive for the share price. We want to maintain our capital over that period. We don't plan to raise any. We don't plan to invest significantly in any sort of M&A type of transaction over that period. Each year, we'll kind of assess how we go. No problem. Thanks, Anthony. Sorry, I misinterpreted your question. Thank you. Yeah, no plans to raise. Thank you. Tom, sorry, we have a question online. I'll just ask Tom to perhaps read out that question. Thank you, Chair. It's from Foti Pourgoutzidis. I'm sorry about my pronunciation. I noticed the mention of dividends potentially in 2027. Does the board have a preference for buybacks or dividends? Please give some reasoning for the preference. Thank you very much for the question online. We appreciate it. The board, we regularly consider, I guess, a range of different capital management options as part of the discussions that we have. As we have sort of talked about, we have determined that the best use of shareholder capital at the moment is to reinvest in organic growth. Given the strong cash and capital generation capability of the business, we actually think that ultimately we can probably do both once the business has reached sufficient scale. I think from a buyback perspective and dividends, we are not expressing a preference. As I said, we consider the different options that are available. I would sort of add that from a practical perspective, and this sort of comes to the question, I think, from Alan and Michael earlier, from a practical perspective, there are stock liquidity constraints. That means that it would be difficult to purchase sufficient stock to make a meaningful difference in a buyback at this point in time. As I said, we do consider, oh, sorry, we do consider all options from a capital management perspective. Thank you, Tom. Oh, sorry, one more question online. Thank you. One more question, please. Once the transition of company type is complete, does this change the capital requirements of NOL? Does it free up additional capital? If so, how much? Do you want to get Scott transferred or do you want to answer? Oh, Michael. Scott, would you like to I was just saying, I feel like I've been standing here all the time. Scott's our CFO. If we can pass Scott a microphone, I think it would be great for the shareholders to hear from Scott on this. Thanks for those online and those here. The answer to that question is that the company structure will change the efficiency of the way we manage capital as opposed to that it will reduce our capital requirements. Today, to maintain our capital position, it's costing us money to actually have mitigants in place to manage that. Those mitigants will fall away. Therefore, it'll be more efficient. It'll be less, more cost-effective management of the capital going forward as opposed to the requirement for less capital. Thanks, Scott. Excellent. Thank you. If there's no further questions, and thank you for those questions, by the way. It's fantastic to have questions from the floor and to have questions online. We very much appreciate it. With there being no further questions, I'll end the formal part of today's meeting. I'd like to thank you very much for attending and for the questions. We're very grateful for our shareholders' support, and we're confident that if we remain focused on executing the fundamentals and delivering results, our performance will speak for itself. Thank you very much. I declare the meeting closed. Thank you.