Good morning, ladies and gentlemen. It is now just after 11:00 A.M., and it is a pleasure to welcome you to the Allied Farmers 2025 Annual Meeting. My name is Shelley Ruha, and I will Chair today's meeting. We are very pleased to welcome you online through our virtual meeting platform provided by our share register, MUFG. We are holding a virtual meeting which provides the opportunity for a larger number of shareholders from throughout the country to participate and engage with us on a cost-effective basis. You can vote and ask questions online. I'll provide you with further instructions as we progress through the meeting. If you encounter any issues, please refer to the virtual annual meeting online portal guide, or you can phone the helpline on 0800-200-220. I'll give you that number again: 0800-200-220. I would encourage you that we'll allow us time to answer these questions at the appropriate time of the meeting. With us today are my fellow Director, Philip Luscombe; our Managing Director, Richard Milsom; our Chief Financial Officer, Brian Lee; and our Company Secretary, Ross O'Neill. I'd also like to acknowledge the presence of our company auditor, Mark Nicholson, from BDO. I confirm that there is a quorum present, as we have at least five shareholders present in person or by proxy. Accordingly, I declare the meeting open. The notice of meeting and explanatory notes were dispatched to shareholders on the 20th of October, 2025, and I propose to take them as read. Immediately prior to the meeting, we had received valid proxies in respect of 7,727,571 shares, representing 26.83% of total issued shares. We also expect some shareholders to vote on the platform during the meeting. Where discretionary proxies have been provided to my fellow Directors and me, we intend to vote them in favor of the resolutions as set out in the notice of meeting. I also confirm that the minutes of the company's 2024 annual meeting are available on Allied Farmers' website. The 2025 financial statements are set out in the 2025 annual report that was sent to shareholders in August and is also available on our website. The meeting. I will provide a brief introduction, followed by a more detailed presentation from Richard Milsom. We will take questions from shareholders via the online platform after these addresses, and then we will move to the resolutions. We reported an audited net profit before tax of $4.1 million compared to the $7.3 million last year, and a net profit after tax attributable to shareholders of $2.9 million, down from $5.2 million in FY24. The lower result reflects the absence of the one-off $4.2 million gain recognized in FY24 from the sale and license back of the New Zealand Farmers Livestock interest and the Franklin Sales Yards. Excluding the one-off gain, our underlying profit after tax for FY25 of $3.84 million is well ahead of the adjusted FY24 result of $2.69 million. Earnings per share were 9.97 cents compared with 18.07 cents last year, and net tangible assets per share increased to 51 cents, up from 40 cents. During the year, the Board continued to review the allocation of capital across the rural sector to ensure long-term growth and effective use of our tax losses. Because of those available tax losses, we continue our policy of not. Including for best earnings and growth opportunities. Also, during the year, we announced the conditional sale of the New Zealand NZFL to Rural Livestock Limited for an enterprise value of NZD 10.988 million. Allied's share of the sales proceeds will be received entirely in cash. Shareholder approval for this major transaction will be sought at today's meeting, and completion is targeted for 1 December 2025. Richard will speak further on this in his presentation. In the notice of meeting, we have explained how Allied intends to apply the proceeds from the NZFL sale. I would like to expand on this and provide some further context. As shareholders will recall, in 2020, Allied acquired 50% of New Zealand Rural Land Management, the manager of NZX-listed New Zealand Rural Land Company Limited, for NZD 2.5 million. In 2023, Allied exercised its option to acquire the remaining 50% for a further $8.3 million, giving Allied full ownership of New Zealand Rural Land Management. This acquisition was transformative for Allied, delivering material and enduring strategic benefits. The strategic benefits of that acquisition are threefold. Firstly, diversification: diversified earnings from Allied's historic livestock trading investment, which provided the sole source of revenue at that time. Secondly, value creation and income growth. Within NZFL's growth since its IPO, the value of NZFL substantially and as has its contribution to Allied through distributions. Lastly, capability and alignment. It enabled Allied to attract a strong bench of talent across the Board, management, shareholder, and service partner levels. In his presentation today, Richard will provide further detail and supporting metrics on Allied's growth track record since the 2020 investment in NZRLM, which clearly illustrate the positive impact of these strategic benefits. These strategic benefits have established the platform and repositioning that enable Allied to now confidently exit NZFL and redeploy the sale proceeds into investment opportunities that offer a stronger and more sustainable earnings profile than NZFL. However, if appropriate investment opportunities do not emerge, the Board will not rule out the possibility of returning capital to shareholders. That said, this would not be our preferred course, as the tax losses mean it is in shareholders' interest for Allied to invest in opportunities that generate taxable earnings. If shareholders approve the NZFL sale today, Allied will hold a significantly stronger cash position, which, when combined with the increased value of NZRLM, underlines the excellent work undertaken by the current Board and management team. Richard will discuss the performance of our operating business during his presentation. Thank you, Shelley. Welcome, everyone. It's nice to have so many here with us today. I've got a brief presentation to run everyone through, and we will have time for Q&A at the end. If we could get the slides for the presentation brought up, please. Thank you. I trust everyone can see those. If we start on page number seven, which talks broadly to the changing face of Allied Farmers with the sale of New Zealand Farmers Livestock. Allied Farmers has been and is primarily a rural investment company and a rural asset manager. Our goal is to deliver earnings per share growth by leveraging the core strengths and optimizing the use of our tax losses. As it stands today, we own 100% of New Zealand Rural Land Management. We're an Investment Manager with a focus on New Zealand's primary sector. NZRLM is obviously the contract manager for NZX-listed NZL. We have a conditional sale and purchase in relation to New Zealand Farmers Livestock, sale to Rural Livestock. If we move on to page eight. In terms of key events in FY25, delivered earnings per share of $0.0997, entered into a conditional agreement to sell all of our shares in New Zealand Farmers Livestock to Rural Livestock. 99.8% of shareholders voted in favor of making constitutional amendments designed to preserve the $178.1 million worth of tax losses. There was a special purpose vehicle, or SPV, created to acquire land, buildings, and the debt that came along with them in the Waikato for a further project, and the SPV ensures that there is no exposure for this to Allied Farmers. We advanced or lent $3 million and secured a working capital loan to a substantial dairy farming group in South Canterbury. In terms of key Allied company people, Shelley Ruha remains Chair, Philip Luscombe, Independent Director, and myself, as Managing Director. Ross O'Neill remains Legal Counsel and Company Secretary, and Stephen Reid has recently been appointed as CFO with the departure of Brian Lee. He starts from the 17th of November, 2025. If we move on to page nine, the investment summary for the year of our two biggest investment stakes. New Zealand Farmers Livestock delivered $4.5 million from its livestock services, and at an EBITDA level, down 42% from the year before. Its financial services EBITDA was up 18% to $0.35 million. In terms of New Zealand Rural Land Management's financial result, its EBITDA was largely in line with the previous year at $2.1 million. If we turn to the next page, being page 10, we thought it might be useful to touch on some high-level numbers. In terms of Allied's performance as an Investment Manager for some of the investments it's held recently, NZRLM, New Zealand Rural Land Management, its cost of acquisition over the two tranches was $10.8 million. Its current value sits around $25 million using the same model and metrics that it was originally valued on, which shows an approximate return to date of 131%. In terms of assets under management or the growth of assets that New Zealand Rural Land Management manages, there's been growth from $165 million to $445 million, which is growth of 169%. What we can see around our capital allocation track record is strategic exits at optimal timing. We think that the sale of NZFL, New Zealand Farmers Livestock, is selling at a buoyant time in the rural cycle, enabling us to capture that value. We do have reinvestment opportunity. We believe in some higher returning opportunities over the long term, but that remains to be fleshed out. As Shelley mentioned, not adverse to returning cash to shareholders should none of those options come to fruition. There has been consistent earnings per share growth delivery. If we have a look at slide 11, which demonstrates the Allied Farmers financial performance from 2015- 2025, what this shows is a consistent growth in earnings of 7% per annum and a 59% per annum net profit after tax growth per share in the 10 years spanning 2015- 2025. If we move to page 12, what that has looked like from a capital markets or share price return is growth of approximately 4% per annum over that same 10-year period. If we move two slides ahead to slide 14, this section talks about the sale of New Zealand Farmers Livestock. Why sell New Zealand Farmers Livestock? We believe that it actually realizes or provides the cash and strong value for shareholders. It enables further focus on our core rural asset management business. We think we're capturing value at an appealing part in the agricultural sale cycle in terms of optimal timing. Rural Livestock Limited is a more natural owner than Allied, being that they've already got a livestock business, can realize synergies, and makes it a competitive bidder, and the most competitive bidder for the livestock operation. Fifthly, it provides Allied with cash for new growth opportunities. If we move on to the next slide, in terms of the value created by the disaggregation or selling New Zealand Farmers Livestock. In various parts rather than as one whole business, you'll remember in the financial year 2024, we sold the Franklin Sales Yards for $5.9 million, which was $4 million back to Allied. In November 2025, providing all the conditions are met, the core business of New Zealand Farmers Livestock will be sold for $10.99 million to Rural Livestock. Allied share of that is $7.45 million. On top of that, we'll also wind down the lending book, which has a value of $1.2 million overall, or approximately $0.8 million to Allied. Which makes total proceeds just over approximately $12 million back to Allied Farmers. We believe that this disaggregation or selling the componentary parts individually realized an optimal value for the total business. If we move on to slide 16, an overview of the whole transaction is that. AFRL, which is a wholly owned subsidiary of Allied Farmers, will sell all of its shares in New Zealand Farmers Livestock to Rural Livestock. The value we'll receive in November for the core business is approximately $7.45 million against the total enterprise value for that core business of just under $11 million. The other shareholders, being Stockman Holdings and Agent Co, are also selling their shares. Expected completion date is the 1st of December 2025. Approval is needed by ordinary resolution, which is a simple majority, which is required under the NZX ruling. The Board unanimously recommends the proposal. There are conditions that need to be met for the sale to become unconditional and go through, which are shareholder, Board, and third-party approvals, Rural Livestock due diligence in their financing, lease and contractor assignments, and that Rural Livestock issue a minimum amount of shares to their agents and managers. The next slide. There was an independent appraisal report done by Simmons Corporate Finance. It was required under the NZX-listing rules. The conclusion is that the transaction is fair to shareholders. All vendors are selling on identical terms, and it's market-aligned and fair value. The next slide talks about the impact on Allied Farmers. Quite simply, Allied will no longer drive profit from New Zealand Farmers Livestock operations. It'll continue its ownership of other subsidiaries. On a pro forma basis, the FY25 profit before tax that's retained would be approximately $0.75 million, and cash reserves are expected to rise to $14 million. Positions Allied well for its next phase of growth. If we move on to slide 20, so two slides ahead. In terms of application of transaction proceeds or what are we going to do with the money, we're still considering the best use of proceeds because there are a number of different options. Potential uses include distribution to shareholders, supported growth of New Zealand Rural Land Management, continuing to look for opportunities that will utilize tax losses and turn those into cash, and exploring complementary investments. We'll always look at potential targets through a disciplined capital allocation model with strict return hurdles. If we flick through to slide 22, which is two slides ahead, this summarizes the FY25 result, which we've broadly been over, 41% growth in underlying operations and growth in net tangible assets per share of 28%. If we move two slides forward, we're then into resolutions, which I believe are after the next round of questions. If we could bring up the. Covering slide for the presentation. We can then take questions via the MUFG's online platform. If I could ask if we've received any questions online so far. Yeah, hi. It's Ross O'Neill, Company Secretary here. There's some questions being asked online. There's probably three questions which are quite similar. If you'll indulge a little consolidation here. Essentially, the question is the sale of the assets and what Allied is intending to do with the assets post the sale, sorry, with the cash post the sale. How is it going to utilize tax losses in terms of that strategy? I can answer that. That's what we were touching on in the slide that talked about use of transaction proceeds. We'll continue to. Look for opportunities to support the already strong growth of New Zealand Rural Land Management, and we believe that there will be opportunities to do that. Alongside that, there is the ability to use the cash and potentially other mechanisms to bring businesses with cash earnings and obviously high tax obligations into the Allied Group and utilize tax losses in that way. We'll continue to investigate both of those with keen interest. Obviously, should we not find anything that we believe to be a very accretive and high use of capital, we'd happily look at returning the money to shareholders, of which there are a lot of major shareholders, including myself, that are keenly interested in this. Okay. The next question is for Shelley. Directors and managers are well rewarded. There is no reward for shareholders, and it's highly unlikely that the share price will rise. Interest payments on farming loans are unlikely to increase. That's the full question, Ross? It's the full question, yeah. Okay, thank you. Thank you for the question. Yeah, I understand that there are probably many shareholders who feel similarly and would like to ask a similar question. I'm sure the person who's asked this question represents a number of our long-standing and indeed loyal shareholders. The way that we think about things as a board of this company is we think about ourselves as custodians and looking after the interests of the company itself and your interests. We believe, given the tax loss position of this company, and also not just tax losses, but also the opportunities in front of us to grow the value of this business, we believe that the best thing that we can do as your Directors and as your management team is to invest wisely in those opportunities and grow the value of the business. That will lead to cash flow from the business, and we do believe that that will be reflected in the share price of this company. I think Richard's presentation did outline in a little bit more detail potentially than what we've provided in the past, just how much value creation has been achieved by Allied purchasing the New Zealand Rural Land Management business and what we've actually been able to do with that business. Equally, we've been long-term owners of NZFL, and we've taken the opportunity at a point in the cycle to divest that business, but also within this industry for nationwide consolidation. Really, a one-off opportunity to create a nationwide business out of two regional businesses, which is, we think, the right thing to do for rural New Zealand. A win-win. I'm hoping that I know you'll be disappointed that we're not providing distributions at this point in time. I hope that does answer your question. If indeed we are unable to reinvest that cash flow into more productive assets for this business, we will consider a return of that capital to shareholders at a future point in time. Okay. The next question I think I can probably answer as I speak is, is there not a conflict of interest with Richard being a Director of both New Zealand Rural Land Company and Allied Farmers? Richard is not a Director of New Zealand Rural Land Company. That has a separate board. I do not know whether you want to expand on that at all, but probably answers itself. No, I think you have answered that question. It is black and white. This is a question in regards to Richard's incentives. Because the short and long-term incentive payments to Richard are through issuing new shares in Allied, this further dilutes the current shareholders' equity. Please, could you clarify the basis for how Richard earns these incentives? There is no real disclosure of the criteria. As an independent and as an Independent Director, it is important you disclose this. Furthermore, it would be more equitable to pay—I think he's trying to say, furthermore, it would be more equitable to not pay any incentives. I'm not quite sure I follow that. It doesn't quite read that well. I think you get the gist of the question. Yes, I believe I do. I'll pick it up in the manner I think it's being asked. Firstly, the question about whether or not it's appropriate to incentivize the Managing Director of a company with shares in addition to cash, we believe it is. We believe that issuing shares to our Managing Director provides an appropriate incentive and an alignment with shareholders. In terms of Richard's, the criteria for this, the board does retain all things. Discretion. There are also specific KPIs that relate to the underlying performance of the business. That Richard needs to meet and to be eligible to receive those long-term incentive payments and share-based payments. Yeah, I mean, certainly the long-term incentives, the criteria are clearly set out in the annual report. Next question, Shelley. The Allied share price is unlikely to rise unless you reward shareholders. Please tell us how you're going to get the share price up. I can probably answer that. Richard, you start, and I may summarize once you've made some comments. My view is that ultimately, over time, the share price and company's performance are like gravity, and they will move towards one another. The better we can perform as a company, the more likely the share price is to increase. I think that we've demonstrated some quite attractive numbers in the last five years, and I believe that'll continue. Yeah. Nothing to add on that, Shelley? No, I mean, I think for shareholders, there's all sorts of reasons why individuals choose to invest in companies. Receiving dividends is one of those reasons. Also value creation. That ultimately is reflected in the underlying share price as another one of those reasons. We have stated our intention not to pay dividends in this company because of the nature of the tax losses that we hold and our belief that over time, we will create more value for you as shareholders by reinvesting cash into cash-generating businesses and assets. I mean, I guess the summary is that it's our belief that that will be reflected in the share price over time. Okay. I think the next question, Shelley, is probably related to the lack of liquidity in our share price, in our share valuations. The question is. Why aren't the incentives for the CEO based on the share price? Yeah, that's a fair question. It is something that we have indeed discussed as a Board around what is the appropriate way to reward management for their efforts. Because there are so many factors outside the direct control of management, market movement, and the share market and the share price, we've determined that ultimately, we believe that measuring the value creation in the business that will be reflected over time in the share price is a more appropriate way to do this. Next one, I think it's for you, Richard. What areas of acquisition are we looking at, and are we already, are there already some under the radar? Are you on the radar rather than under the radar, Richard? Yeah. Yes, we are looking at opportunities. They tend to be rural-adjacent or rural investment because that's what we see a lot of. They're both growth opportunity type investments for NZRLM, and they're also Allied-specific growth opportunities. The things we're looking at at the moment are in reasonably early stage, but we'll continue to investigate them, we'll figure and report back should there be any material movement. Okay. I think that will do it for now, Shelley. I think all of the questions that are here have been answered. I'll have another quick look through them and read out any others at the end after the formal resolutions. Yes, thanks, Ross. And look, to our shareholders online. If we've misconstrued a question or haven't quite answered it in its fullness to your satisfaction, you've now got some opportunity to pop through another question, and we will address those at the end of the formal part of this meeting. Before we do move to the formal part of this meeting, I would just like to formally convey to our outgoing CFO, Brian Lee, the thanks of the Board for his work, his tireless work for this company for many, many, many years. Brian has operated as a CFO not just for Allied, but for NZFL. With the sale of NZFL, Brian is leaving the Allied business as a CFO and hence Stephen's recruitment as his replacement there. Brian, you'll be very difficult to replace, and we thank you. Now, moving on to the formal business of the meeting. Today, we will put four resolutions to the meeting. As I mentioned, shareholders will be able to cast their vote using electronic registration as validated. To vote within the online voting platform, you will need to follow four steps. Number one, click Get Voting Card and enter your shareholder or proxy number. Step two, mark your voting card by clicking For, Against, or Abstain, and then click Submit Vote on the bottom of your card. Voting will remain open until five minutes after the conclusion of the meeting. The resolutions are ordinary resolutions and therefore must be approved by a simple majority of the votes cast by shareholders entitled to vote in voting on the resolution. We will now show the proxies received for the resolutions. Okay, moving to resolution number one, Auditor's Remuneration. The resolution reads that the Directors be authorized to fix the fees and expenses of the company's auditor, BDO Auckland, for the ensuing year. Ross, have we received any questions online regarding this resolution? No, no questions, Shelley. Thank you. Please now cast your vote for, against, or abstain on resolution one. Resolution two concerns my re-election as a Director. The resolution reads that Shelley Ruha, who will retire at the meeting by rotation according to the company's constitution and is eligible for re-election, be re-elected as a Director of the company. Given that this resolution relates to my re-election, I'll invite Philip Luscombe to take the chair for this item and answer any questions. Thank you, Shelley. Ross, have we received any questions online regarding this resolution? No questions. Thanks. Okay. In that case, please now cast your vote for, against, or abstain on resolution two. Okay, moving on to resolution three. I'll resume Chair. The re-election of Philip Luscombe as a Director. The resolution reads that Philip Luscombe, who will retire at the meeting by rotation in accordance with the company's constitution and is eligible for re-election, be re-elected as a Director of the company. Have we received any questions online regarding this resolution? No questions, Shelley. Okay, thank you. Please now vote for, against, or abstain on resolution three, the appointment of Philip Luscombe. Okay, moving to resolution four. Resolution four seeks shareholder approval for the sale of the company's shareholding in New Zealand Farmers Livestock Limited. That resolution reads that the sale of all of the shares in N Z Farmers Livestock Limited held by the company's wholly owned subsidiary, Allied Farmers Rural Limited, for approximately. $7.45 million, subject to certain pre-completion adjustments, under a sale and purchase agreement dated 27th of August, 2025, between, amongst others, the company Allied Farmers Rural Limited and Rural Livestock Limited. As described in more detail in the explanatory notes, be ratified, confirmed, and approved for all purposes, including for the purposes of rules 5.1.1a and 5.2.1 of the NZX listing rules. Ross, have we received any questions online regarding this resolution? Yes, I guess there's one question that probably could be answered here. It's someone who missed the first part of the meeting. I think you've already answered it, but maybe you could just summarize it again quickly. Will the sale mean that instead of a dividend, is a capital return to shareholders, i.e., not a dividend, feasible? The answer to that question is yes, it is feasible. If the Board are unable to find investments that we believe would benefit shareholders more than a return of capital to shareholders, the Board would, in time, be willing to consider that. Any other questions, Ross? No, there's no other questions on the sale. Okay, thank you. Please now vote for, against, or abstain on resolution four. That concludes the formal part of the meeting. Please ensure you have submitted your votes. The results of the poll will be announced on the NZX website after the meeting. We now move to other business and further shareholder questions. We will invite final questions from shareholders, whether relating to today's presentations, the annual report, or the management of the company. If we're unable to answer your questions during the meeting, we will follow up with you afterwards. Ross, have we received any further questions online? There's actually a question that's come up for you, Philip. Which came in after your resolution. The question for you, Philip, is what can you do to reward long-term investors as no dividend or capital return is likely? Okay. I think, obviously, I'm one of our very loyal farmers out there, and I'd just like to say that I really, really appreciate the loyalty that the farmers and all the people we've dealt with and the friends have given the company over the years. There's a sense of time for change in terms of moving forward. I can only repeat what Richard and Shelley have already said, that we will carefully consider all options and we've outlined those for. I think you'll just have to be a little bit patient to see how we go in the interim period, and we'll come back to you on how we reward you. We have clearly created a lot of value in the past. We clearly intend to keep going, creating value for you as shareholders. Ultimately, I believe shareholders will be rewarded. Shelley, you may want to add anything further to that just to round it off. I would like to say, Shelley, I think this is a good time just to thank those farmers and people who have been loyal to us as we continue to grow the assets in the company, which hasn't been matched by a dividend, but yes, we've certainly grown the company value. Yeah, look, I am repeating what's already been said, but potentially maybe in a different way. I think the investment by Allied into New Zealand Rural Land Management was a watershed decision for the Board of the company at that time. The Board and the management team that you have before you have, I think, built on that decision and created value over that timeframe till now in this business. I hope that you feel a sense of confidence in the people that you have entrusted your company with, that we have your interests at heart, and that it is our intention to grow the value of this business and benefit all of our shareholders, both those who have been with us for many, many decades and also shareholders who have recently joined our register. Ross, do we have any further questions? Yeah, there's two questions which are essentially the same for you, Shelley. Are we considering physical or face-to-face annual meetings in the future? Yeah, good question. I'm glad someone's asked it, actually, because it gives me an opportunity to provide explanation around our decision for online. We get fairly low attendance at face-to-face meetings because obviously our shareholders are spread throughout the country, and indeed we have offshore shareholders as well. We have to choose a location, which then makes it difficult for others who aren't in that location. Also, there is a cost of running a dual online and present AGSM. We've decided that it doesn't warrant the cost at this point in time. However, it is a conversation that is ongoing and will be something that we consider as we think about next year's ASM. If we can find a cost-effective way of doing both, that is what we would endeavour to do. There's a follow-up question for you, Richard. What does our CEO, I think he means Managing Director, have in New Zealand Rural Land Company given he is not a Director? I'm not sure I definitely understand the question, but obviously the Managing Director of the management company, being New Zealand Rural Land Management, and how many shares do I own? No, no, no, no, no. The question is, what role do you perform for New Zealand Rural Land Company? CEO? Given that you are not a Director of New Zealand Rural Land Company. CEO would be the closest thing. Yeah. I mean, I guess you're the CEO, the Manager, and that's the role you or the Managing Director or the Manager. I might just jump in and answer that question, Ross. The structure of the relationship between New Zealand Rural Land Company and New Zealand Rural Land Management is that the management company, which Allied owns, is the manager for New Zealand Rural Land. The role that Richard plays is to run the Manager for that company. Richard will attend Board meetings for New Zealand Rural Land Limited or parts of those board meetings as they deem appropriate to enable him to carry out his duties as the Manager and to be accountable to that Board as the Manager. There is a contract that exists between our two companies that clearly sets out the expectations of that company for us as the Manager and the things that we need to do to enable that business to achieve its goals and objectives. Richard, do you want to add anything further to that? I think you've captured it well. There's no other questions, Shelley. No other questions? Thank you. Okay, I'll hold the phone. Hang on. There is another question here. Even given the close relationship between New Zealand Rural Land Management and Allied, in terms of risk, does the board perceive that with this sale, that Allied is putting all its eggs into one basket with only one customer? I think they mean investment. Then New Zealand Rural Land Management relationships can come and go. This may have already been answered. Sorry, somebody who's coming a little bit later, I don't think it has actually been answered. I can talk to this. We do have the loan investment. We do have the property investment. We actually manage money for more than just New Zealand Rural Land Company. We obviously manage money for Brock Partners as well, and we wouldn't be adverse to more of that. It's a reasonably big, diversified income stream, which we think will continue to diversify further, and we're reasonably confident in the safety and diversity of that earnings stream, as well as the others that we have currently, and the fact that we're looking at others. That's it. There's a follow-up question, which probably is for you, Shelley. Is there not a conflict of interest with Richard being involved in both companies? I'm assuming he's meaning Allied and New Zealand Rural Land Company, but I'll let you have a go at that. Yeah, yeah. Allied owns the Manager for New Zealand Rural Land. Our job as the Manager is to facilitate the performance of that business, to grow that business, to the benefit of the shareholders of that business. We receive contractually based management fees for doing that. The interests of the Manager and the listed entity are entirely aligned. The structure of having a listed property vehicle that is owned or that is managed externally is very common. In fact, it is the usual way that companies of this type are created. There is no conflict. There is a complete alignment of interest. Okay. The next question has actually come via email to me, but I think it is because somebody who is on the Sharesy platform could not log in. I wanted to raise whether the board has considered a capital raise, as given the quantum of losses Allied needs quite a substantial business to generate revenue to use losses. Given continuity, I assume there may be issues for capital raises in that underwriting could be problematic as presumably primarily existing shareholders need to be the investors. This is this loss continuity question around a capital raise. Yeah. We don't have one planned at present, but we'd always look at anything if there was a very compelling reason to do it. Okay. Just let me get back into the platform. Another question here. Instead of dividends, is it possible Allied can distribute New Zealand Rural Land Company shares to Allied shareholders as we hold almost 4 million shares in New Zealand Rural Land Company? It would still be considered a dividend. Yeah. And they're still coming. Okay. The next one is not actually a question. It's just a comment. So I won't read it out. That's it until another five seconds ago, guys. Probably. But at this stage, that's it. Thank you. Look, we do like questions. We want you as our shareholders to be engaged in our business and indeed your business. And so thank you to those people who have asked questions. I hope that we've answered them to your satisfaction. There is always an opportunity to communicate with the company. We do welcome it. As there are no further questions, I will now declare the meeting closed and thank you all for your participation. Thank you all.