I remember a lecturer of mine when I was at varsity as a youngster, saying to me he had a trick, that when he needed people in the audience attention, he'd get a big red handkerchief out and shake it, and immediately everyone would look at that handkerchief. But I haven't got one today, but I would like to extend a very sincere welcome to everyone today. It's a special series of meeting to us, so thanks very much for your attendance. Ladies and gentlemen, my name is Anthony Beverley, and I'm the Chair of Arvida Group Limited. Welcome today's meeting, whether you're attending here in person or virtually by way of Computershare's online meeting forum. Before I proceed, I would like to introduce my fellow independent directors, Michael Ambrose, if you raise your hand. Susan Paterson, Susan Peterson, and Paul Ridley-Smith. I'd also like to acknowledge the presence of our Chief Executive, Jeremy, you will know well, and our Chief Financial Officer, Mark Wells, and other members of the Arvida team here today. In addition, we have representatives from our legal advisors, Chapman Tripp, our financial advisors, Cameron Partners and Forsyth Barr, our auditors, Ernst & Young, and our statutory supervisor, Covenant. They are available to answer your questions today at the meeting, and Ernst & Young are on hand to oversee the voting process of the scheme. I would also like to thank Computershare staff who are here today to assist the meeting proceedings. Today's meeting is a hybrid meeting with shareholders, proxies, and guests able to attend the meeting either in person or online. For those of you who are attending the meeting virtually, if you would like to submit a question, the Q&A tab is always open, so please feel free to submit questions throughout the meeting, and your question will be addressed at the relevant time. Voting today will be conducted by way of a poll. For those online, if you are eligible to vote at this meeting, you'll be able to cast your vote under the Vote tab. Once voting is open, you will be able to cast a vote. You can change your vote up until I declare voting to be closed. Can all of those attending online just please check at this stage that you are logged on as a shareholder to the scheme meeting? This is important as it will allow you to vote on the scheme resolution as it arises. I will now open voting online. The meeting will also be recorded and uploaded to our website. For those in the room, if there is an emergency, please follow the emergency exit sign near the registration desk. Should you require assistance, please raise your hand. Before we start, I would like to run through the order of events for this afternoon. Two separate meetings are to be held today. We will start with a scheme meeting and then move to the annual meeting. The sole purpose of the scheme meeting is to consider and vote on the scheme of arrangement with Stonepeak Alps Bidco Limited or Stonepeak. First, I'll run through the background information on the scheme, how it came about, and the directors' recommendation. I will then open the floor to questions from shareholders. I'll then move to the formal part of the meeting and voting on the scheme resolution. On concluding the vote, I will call the scheme meeting to a close and open the annual meeting. Shareholders attending online will need, at that stage, to log out of the scheme meeting and into the annual meeting. Thank you, ladies and gentlemen. I can confirm that a quorum is present and declare that the scheme meeting is duly convened and open. As you know, Stonepeak is seeking to acquire 100% of the shares of Arvida by way of a scheme of arrangement. The scheme booklet, which contains a notice of meeting with explanatory notes and the independent advisors' report, has been circulated to shareholders, and I will take these as being read. The booklet provides an overview of how the scheme came about and the considerations the board had regard to in recommending the scheme to shareholders. The scheme is the culmination of a program the board embarked on to accelerate the recognition of the company's intrinsic value for shareholders. I would like to acknowledge the contribution and support of our financial advisors, Cameron Partners and Forsyth Barr. They jointly assisted us to complete a comprehensive review of opportunities we considered were realistically available to the company. Through this work, it became clear that a full offer for all Arvida shares was superior to the other options we had. This led to reopening discussions with Stonepeak. In making its decision to reopen discussions with Stonepeak, the board carefully considered developments that had occurred since it first received the unsolicited, non-binding, indicative offer in September 2023. These included key economic factors such as GDP performance, interest rates, and residential housing sales not improving at the rate that had been previously expected by the board, and the impact these factors had on the prospects of the business. The board believes that the scheme consideration of NZD 1.70 per share reflects a full value for Arvida, given the prospects for the business, the economic outlook, and the risks facing the business. It provides shareholders with an opportunity to accelerate the recognition of Arvida's intrinsic value while mitigating the risks and uncertainties that would otherwise be involved in executing Arvida's strategic plan over time. Within the scheme booklet is an independent advisor's report prepared by Grant Samuel. Grant Samuel assessed the value of Arvida shares to be within the range of NZD 1.63-NZD 1.94 per share. This includes a premium for 100% control. It is worth noting that the closing price for Arvida shares on the last trading day prior to announcing the scheme was NZD 1.03 per share. The volume weighted average price over the 180 days prior to the announcement was also NZD 1.03 per share. Since late 2021, our share price has steadily declined, along with most in the sector. Our share price underperformance was a key consideration for directors. The reason for the directors' recommendation are set out in the scheme booklet. We have also taken into account the independent advisor's report, which assesses the scheme consideration of NZD 1.70 per share to be within the value range for Arvida shares. If the scheme is not implemented and no superior proposal emerges, the price at which Arvida shares trade will very likely be less than the scheme consideration of NZD 1.70 per share. At this time, the directors have not received, and do not expect to receive, any other offer to purchase Arvida shares. The directors' recommendation is that shareholders vote in favor of the scheme. All of the directors have voted all of the Arvida shares held or controlled by them in favor of this scheme, and the directors' interests are set out in the scheme booklet. The Scheme Implementation Agreement, entered into on the twentieth of July two thousand twenty-four, provides that if the scheme is approved by shareholders and all other conditions are satisfied within the expected timeframe, then shareholders who hold shares on the record date will be entitled to receive NZD 1.70 per share. Prior to today's meeting, we have obtained from our statutory supervisor all consents required of them, and initial orders from the court have been granted to conduct this meeting. The Takeovers Panel has also provided us with a letter that intends to issue a final no objection statement. The outstanding approvals are shareholder approval, which will be sought at today's meeting, receipt of the Takeovers Panel no objection statement, approval under the Overseas Investment Act, and if shareholder approval is obtained, the final orders of the High Court. Stonepeak advises that its application under the Overseas Investment Act is progressing well and is at an advanced stage in the approval process. The timeframe currently anticipates a record date of 5:00 P.M. on the twenty-third of October, if these approvals are obtained prior to the seventeenth of October, the date currently scheduled for the final court hearing. This would see the scheme implemented on the thirteenth of November, and you would be paid at that time. Any change to the timeframe, because there are a few moving parts. Any change to the timeframe will be announced to the NZX and notified to you. So this is a single-purpose meeting for shareholders to consider and vote on this scheme. For shareholders to approve the scheme, it is necessary that two voting thresholds be met. These are that 75% or more of the votes cast by both interest classes must be voted in favor of the resolutions, and more than 50% of the total number of shares on issue must be voted in favor of the resolution. Voting on the scheme resolution has been open to shareholders since the twenty-ninth of August. I have been advised by Computershare that as at twenty-fourth of September, which obviously is yesterday, proxies have been received in respect of five hundred and one million, nine hundred and eighty-seven thousand, two hundred and fifty-eight shares. With seven hundred and thirty million, nine hundred and eighty-five, one hundred and four shares currently on issue, this represents proxies for approximately 69% of all Arvida shares. You'll see that a voting update is now provided on the screen. As you can see, voting has been overwhelmingly in support of the scheme resolution. 67% of total votes, 67% of total shares have voted in favor of the scheme. Proxies received in respect of each interest class exceed the 75% requirement. Based on this update, sufficient proxies have been cast to meet the voting thresholds and approve the scheme resolution. For clarity, my fellow directors and I intend to vote all discretionary proxies we have received in favor of the resolution, as set out in the notice of meeting, unless otherwise instructed. So before I open the meeting for discussion on the scheme, I'd like to remind you that only shareholders, proxy holders, and shareholder company representatives have a right to speak. In addressing the meeting with questions, would you please state your name and advise whether you are a shareholder, a proxy holder, or a shareholder company representative? For our online shareholders, if you'd like to ask a question, click the Q&A tab at the top of your screen. Questions may be modified or amalgamated if we receive multiple questions on one topic. Any questions not answered in time will receive an email response after the meeting. Do I have any questions about the scheme from the floor, please? Sir? Sir. I'll just, w e'll bring you a microphone just so that everyone can hear, if that's okay. Hi, my name is Xiaoyu Chen, and I'm the sole shareholder. My name is Xiaoyu Chen. I'm the sole shareholder. My question is that after the scheme goes ahead, will we have the opportunity to invest in ARV in future? So, does it mean that it will just be delisted, and then, what will be our opportunity to invest in this area? Yep, Yep. So, if the scheme proceeds, and that's subject to shareholder vote and the outstanding consents that are yet to be received, if it proceeds, if those consent conditions are satisfied, then the Arvida shares will be delisted and then transferred to Stonepeak, and there will be no opportunity for investors to remain invested in Arvida. So if the scheme is approved and proceeds, all shareholders, irrespective of how you voted, will be, their shares will be purchased by Stonepeak. Thereafter, Stonepeak will hold and own and hold its investment in Arvida as part of its broader portfolio, depending on which fund that entity, Arvida ends up in. So the answer in short is no. If it's approved and proceeds, then you will receive NZD 1.70 for each share you own and have no further involvement in Arvida. Yep, t hanks for the question. Grant Diggle, representing the Shareholders Association. For the association, these are always a sad day, especially a company that's been as well-governed as Arvida has been. We regard days like this as a death in the family, and a meeting like this is the reading of the last rites. We also... However, we are supporting the scheme because we believe it's in the best interest of shareholders. We would point out with the delisting, that there'll be around about a hundred and twenty-five New Zealand trading shares on the NZX. On a population basis, compared to the ASX, we would have around four hundred and fifty listed companies, which rather represents the sad state of the capital markets in New Zealand. Thank you. Yep. Now, look, your point's well made, Grant. It's an outcome of the scheme, but it's a challenge for the broader economy and, and indeed, the NZX, obviously, isn't it? So are there questions from the floor regarding the scheme itself? Briar, Mark, have we got any questions from shareholders online regarding the scheme? No, we don't. Okay. All right. Well, look, thank you for your questions. We will now consider the formal resolution for the scheme meeting. The resolution for consideration today can only be voted on by shareholders, either in person or by proxy or postal vote, and proxy holders and shareholder company representatives who are present. Voting will be conducted by way of a poll. For those in the room today, Computershare will collect your yellow voting papers after voting on the resolution. To vote online, you are able to cast your vote under the Vote tab. As voting has opened, votes can be submitted at any time. You can change your vote up until the time I declare voting to be closed. If you have already voted by proxy but wish to change your vote today, you can submit a new vote. This will take precedence over your previous proxy vote. You have the ability to change your vote up until the time voting is closed. If you have any difficulties, please contact Computershare staff for assistance on 09- 488 -8700. I will now read the resolution. That the scheme, the terms of which are described in the scheme booklet, be approved. Is there any discussion required on this resolution? Okay, look, if there are no further questions or discussions, can you please tick either the for or against box to indicate the way you wish to vote on this resolution? That completes voting on the scheme resolution. I will close the voting online very shortly. I'll just give you a few moments to tidy that up. Okay, ladies and gentlemen, voting is now closed. Voting papers will be collected in the boxes being circulated by Computershare. The votes collected at this meeting will be added to the proxies already received, and the results will be compiled by the registrar and scrutinized by Ernst & Young. The results, once available, will be provided to the NZX and published on the Arvida website. Ladies and gentlemen, that brings to a close the scheme meeting itself. While voting papers are being collected, for those online, if you want to attend the annual meeting, please log out of the scheme meeting and log into the annual meeting now. We'll take a short break to allow that to happen. To open the annual meeting. Some formalities to begin with. Welcome to those who have just joined us. My name is Anthony Beverley, and I'm the Chair of our Arvida Group Limited. This is a hybrid meeting. For those of you attending the meeting virtually, if you would like to submit a question, the Q&A tab is always open, so please feel free to submit questions throughout the meeting. Your questions will be addressed at the relevant time. Voting today will be conducted by way of a poll on all items of business. If you are eligible to vote at this meeting, you'll be able to cast your vote under the Vote tab. Once the voting is opened, the resolutions will allow votes to be submitted. You can change your vote up until the time voting is declared to be closed. I'll now open online voting for all resolutions and will let you know before I move to close voting. Our annual report for the year ending thirty-first of March, twenty twenty-four, has been circulated to shareholders. This contains our audited financial statements, and copies of the annual report are available online from the investor section of our website and from the NZX. The notice of meeting has been sent to shareholders and other persons entitled to receive it. Before Jeremy provides us with an update on business progress over the 2024 financial year, I would like to briefly comment on governance matters. We will then move to consider the resolutions for the meeting. Earlier this year, we announced that we were underway with a value recognition program. This had three key limbs: accelerating recognition of the company's intrinsic value for our shareholders, restoring business confidence, and balancing our cash flows, growth cash flows. While recognizing the property market and operating conditions remain very challenging, the board and senior management placed considerable focus on exploring opportunities for business improvement. The continued decline and underperformance of our share price was a key consideration for the board. We considered it materially undervalued, the intrinsic value of the business. It is worth remembering that the last couple of years have been far from a normal operating environment for many New Zealand companies. There have been some very significant challenges to navigate: COVID, economic and property market volatility, government policy, just to name a few. The severe and concurrent nature of these events has been quite extraordinary, and modification to our strategy has been required. Recent priorities have necessarily had a greater focus on resident well-being at the short-term cost to shareholder returns. However, the rebalancing of priorities became imperative as the operating environment began to stabilize. Our financial advisors, Cameron Partners and Forsyth Barr, supported us in assessing options that we considered were realistically available to the company to accelerate value recognition for shareholders. This was a comprehensive process that yielded the scheme as the best option for shareholders. Alongside this exercise, the team carried out a detailed internal exploration of areas where the existing business, capital structure, operating costs, and overall performance could be improved to increase the profitability and the resilience of the company. This work identified initial annualized operating cost efficiency savings of NZD 10 million, together with core debt reduction initiatives of NZD 200 million. We have progressed much of the cost-saving initiatives. The core debt reduction plan is going to take longer to complete in the current economic and property market situation. The outlook for the property market remains subdued. With inflation and interest rates set to decline, a recovery in the property market should follow. The board has set strategy with a view that it will take some time for a firm recovery to materialize, and certainly is required before a lift in development activity levels can be positively endorsed. The investment market continues to seek confirmation and confidence as to the sustainability of the sector in terms of capital structure and capacity, and the ability of the model to recycle capital from developments. Previously, we have indicated to the market that an indicative target of 10%-15% of capital would remain invested in our greenfield development projects on completion. As we have evolved and development competencies have matured, the learnings from our past development activity have been captured. This has resulted in improvements to master planning of developments through standardization of typologies and refinements to our unit mix. We also now have a much better understanding of market appetite and greater confidence in the pricing that can be achieved. The growth side of our business is now well-positioned to self-fund over time. Our development and construction projects can achieve positive cash margins and a full capital recycling upon completion of a project. However, prior to lifting our capital expenditure and build rate, we will need to see some evidence of improvement in the property market and in construction conditions. On ESG matters, we have continued to increase our focus and work in the broader sustainability area. We are committing significant effort and resource to ensuring our business and operations consider environmental risks and opportunities. Demand for environmental performance is steadily increasing across our shareholder groups, our stakeholder groups, including our residents and team. Our climate-related disclosure report and our Scope 1 emissions inventory report are both available for our investor sections of our website. At the last annual meeting, we indicated an intention to accelerate board succession in the following year. Initial steps were taken, with potential new director candidates identified and interviewed. However, this process and appointment was paused pending the outcome of the value recognition program and Stonepeak discussions. The board refresh program will be accelerated should the scheme not complete. I would like to acknowledge the contributions of the board through this last period. A very significant commitment has been required from all directors in considering and formalizing the Stonepeak proposal, as well as progressing the wider value recognition program. This is recognized and very much appreciated. I will now pass to Jeremy for an update on the business. Jeremy? Make that a little bit bigger. Afternoon, everybody. Thank you for coming along. It's great to see a number of familiar faces in the room, who have been with us since the get-go of Arvida, some 10 years ago. My first day at Arvida 10 years ago, we worked in a little office in Parnell. I worked at a camping table. We didn't have any computers or phones. We didn't have any business assets. We had a potential deal sitting on the table, and today, our business is the fourth largest retirement village and aged care provider in the country. We've got a wonderful team of about 3,000 people that look after our residents incredibly well every day. I'm very proud of those people, and we've just been discussing the sale of the company for around NZ$2 billion. So for those shareholders that have been with us since the start, our foundation team, thank you for your support. I really appreciate it. Never say never, you might see us back one day. I'll have to bring my tie out again. Thank you to my board for your governance and direction. It's been a pretty challenging last three years or so. Trading at NZ$0.88 back in July was pretty uncomfortable for all of us. Thank you to my team who are here today, and our advisors as well. So it does seem a bit weird to give you a bit of an update on what happened in FY 2024, but I will. We delivered a profit of NZD 139 million and an underlying profit of NZD 85 million. Our underlying profit was down 2%, 3%, largely due to the increase in interest costs. A highlight for the year was our sales performance. Notwithstanding a very soft property market, we delivered a record sales result, reporting over NZD 100 million worth of gains on sales for the first time ever. There was a 13% lift in the gross value of sales to NZD 427 million, and an 11% increase in the number of units settled. The resale pricing continues to be positive into this financial year. It was also good to see some recovery in our business operations, with a 14% lift in operating EBITDA, an improvement in care occupancy to 93%. But continued disruption at Health New Zealand has hampered improvement in care occupancy over the first half of the current financial year. In addition, government underfunding of care continues to be a challenge for the whole sector. We have some players in the sector deferring care development activity until there's more certainty on policy in care. The trend will remain, with more closures likely, until we have a clear pathway forward. The 3% funding increase this year was, again, woefully insufficient, and it does not go to meeting the increased costs of the business, to do its normal activities. Something thus must change to ensure the sector survives in the long term and is able to deliver the quality of care expected as we all age. The Australian government recently announced a significant overhaul of their aged care funding model, with a view to ensuring its sustainability over the long term. They are certainly leading the way, and our government should be taking note. As Anthony highlighted, we are making progress with our cost-out strategies to improve cash flow and address profit performance, and a component of this has been looking at our workforce planning across our care communities. The resident satisfaction survey last year was again excellent, with a Net Promoter Score of plus forty-two from our independent residents and plus forty-six from our residents living in care. The key themes for both audiences were relatively aligned. Our staff engagement score moved from seven and a half out of ten to seven point seven out of ten during the year. At this point, we're in the middle distribution for the global healthcare industry, and we have been completing meaningful work and goal setting to rank highest amongst our teams. We are partway through implementing a three-year people strategy. The focus of this year is on the next set of priority areas that were identified as either impacting significantly on our people experience or being critical foundations for sustainable business success. Our ambition is to establish a culture that makes Arvida the workplace of choice in the sector, and improvements that we've seen in key metrics such as turnover, retention, and engagement all point to good progress to date. In terms of our financial position, total assets increased to NZD 4.2 billion at year-end, a significant increase from NZD 340 million we had at IPO. While gearing increased, from 31% last year to be 34% at the end of the year, it is still within our targeted band and remained the lowest of our listed peers. A total of 201 new units were delivered by our development team. This year, we will deliver between 140 and 150 new units. The reduced development program reflects the reprioritization of our development program to preserve funding headroom. This includes phasing our more intensive developments and focusing on villa delivery. The majority of this year's development program is at Queenstown Country Club. Last week, we opened the new care center there, with 32 residents transferring in, and a further 10 care suites sold. A sales campaign is also underway for the apartment wing, which is expected to open later this year. If you happen to be in Queenstown, it's worth a visit. The village looks stunning, and we're now entering the final stages of development on the site, with another apartment wing and stage of villas planned. The outlook for the economy remains weak. Despite the recent reduction in the OCR, the easing cycle will take some time to work through and will also take some time to impact the volume of sales in the residential housing market. While workforce shortages have moderated, the cost to deliver aged care services is in excess of its funding rates. Now well underway with the two thousand and twenty-five financial year, we are firmly focused on delivering to our stated strategy and achieving the goals we have set for the business. The future delivery of care for an aging population is a familiar challenge being repeated across communities. We want to be at the forefront of positive change, and by doing so, provide the best level of care for our residents. What we have achieved at Arvida over these last ten years is a reflection on the commitment of our people, their attitude, and drive to engage in a positive way, and has led to much improved outcomes for our residents and the community. I'm very proud of what we have accomplished to date, and look forward to building on our momentum, most likely in the private market. Thank you. Thank you, Jeremy. Ladies and gentlemen, that concludes our overview of the company's activities for the two thousand and twenty-four financial year. But before we move to the formal business of the day, we'd be happy to answer any questions on the company's performance generally, or on the financial statements and auditors' report, which you can find on pages 81 to 83 of the two thousand and twenty-four annual report. I ask you that you limit your questions at this time to the company's activities. You will have an opportunity to ask questions relating to the formal business when we get to it. I would like to remind you, please, that only the shareholders, proxy holders, or shareholder company representatives have a right to speak at this time. Do I have any questions on company activity and performance from the floor? Briar, any questions on company activity and performance from those attending online? No questions. Okay, moving on. As there are no questions, we will now consider the formal resolutions for the meeting. The resolutions for consideration today are all ordinary resolutions and may only be voted on by shareholders, either in person or by proxy, and proxy holders and shareholder company representatives present. Voting will be conducted by way of a poll. In terms of Resolution one and two, Susan Paterson and Susan Peterson have abstained from any consideration by the board on their re-election and will abstain from voting their shares and any discretionary proxies that they hold on Resolutions one and two, respectively. In all other circumstances, undirected proxies held by the chair will be voted in the affirmative. The board has determined that both Susan Paterson and Susan Peterson will be independent directors for the purposes of the NZX listing rules, if re-elected. The board unanimously supports their re-election. To vote online, you're able to cast your vote under the Vote tab. You can change your vote up until the time I declare voting to be closed. If you have already voted by proxy, but wish to change your vote today, you can submit a new vote. This will take precedence over your previous proxy vote, and you have the ability to change your vote up until the time voting is declared to be closed. If you have any difficulties, please contact Computershare for assistance. The number is 09 488 8700. So moving to the resolutions to be considered. Resolution one, in accordance with the company's constitution and the NZX listing rules, Susan Paterson will retire at this meeting. However, Susan offers herself for re-election. Susan has over twenty-five years as a professional director, having served on a number of private and public boards. She has a deep understanding of the health sector, with many years spent as a clinician as well as a practice owner. She also brings wide property and building materials experience, alongside years of governance and technology. In two thousand and fifteen, Susan was appointed an Officer of the New Zealand Order of Merit for her services to corporate governance. She currently chairs Steel & Tube Holdings, EROAD Limited, Theta Systems Limited. Susan was first appointed as a director to Arvida's board on the 7th of May, two thousand and fifteen. She is a member of the Audit and Risk, and People and Remuneration Committee. I will now read the resolution: That Susan Paterson be re-elected as a director of Arvida. Is there any discussion from shareholders on this resolution? Can you please tick the box on your voting card to indicate the way you wish to vote on this resolution? Moving to Resolution Two. In accordance with the company's constitution and the NZX listing rules, Susan Peterson will retire at this meeting. However, Susan offers herself for re-election. As an experienced business leader, Susan has a particular interest in helping companies to drive growth through technology, innovation, and organizational culture. She currently chairs Vista Group Limited, and is a director of Xero Limited, Mercury New Zealand Limited, and Craigs Investment Partners. Susan was first appointed as a director to Arvida on the first of November, two thousand and twenty. She is a member of the People and Remuneration Committee, and I would note, actually, that Susan is very active on company ESG and sustainability matters, and in fact, she is our working committee on that, which is a big role, actually. I will now read the resolution: That Susan Peterson be re-elected as a director of Arvida. Is there any discussion from shareholders on this resolution? Can you please tick the box on your voting card to indicate the way you wish to vote on this resolution? Resolution Three: Auditor's Remuneration. This resolution is sought to authorize the directors to fix the remuneration of the auditor, and please refer to the explanatory note in the notice of meeting. I will now read the resolution: That the board be authorized to fix the auditor's remuneration. Is there any discussion from shareholders on this resolution? Can you please tick the box on your voting card to indicate the way you wish to vote on this resolution? So ladies and gentlemen, that completes voting on the resolutions. I will now close the voting line very shortly. Voting papers will now be collected by Computershare in the boxes being circulated. Proxies have been received in respect of three hundred and thirty-five million, two hundred and twenty-nine thousand, five hundred and twenty-one shares, as at twenty-fourth of September, two thousand and twenty-four, which is yesterday, of course, and is shown on the screen. The votes collected at this meeting will be added to the proxies already received, and the results will be compiled by the registrar. Final results will be provided to the NZX and published on the Arvida website as soon as possible. So ladies and gentlemen, voting online is now closed, and before I close the formal meeting, I'd like to open the floor to any other business that shareholders would like to raise. In closing, I'll come back to that after the questions, actually. So, do shareholders have any matters of general business they would like to raise? Sir, just wait for the mic, if you'd be so kind. Hello. Thank you for the good jobs, and despite the tough time, the company has been quite profitable. May I ask, before October twenty-third, has the company considered a type of dividends to shareholder? And between then, that time? Look, it's a very fair question. I can answer it fairly quickly, actually. You will recall that the board elected to suspend dividends when we were going through our value recognition program. Principally in recognition that the markets were looking pretty tough, and we were doing a lot of work to better understand our cash flows, and particularly our cash flow position, particularly around our development program and pipeline. And we were concerned to make sure that we preserved, and we were really conservative about capital we were allocating to projects and the capital we had in reserve, given the market was so uncertain and unclear where it was going. So essentially, we decided at that time, to suspend dividends, to see where it all got to. Alongside that, of course, we engaged with Stonepeak, and part of the outcome of the negotiations with Stonepeak, once we'd reached a price, was that the company would make no further dividend distributions until such time it was clear whether the scheme would proceed or not. So essentially, the money was built into the price that would go to shareholders should the scheme proceed. So that's a long-winded way to say we, we entered into an arrangement whereby we would not provide dividend distribution to shareholders, other than in circumstances where if we did, they would come off the price. So it would be a circular outcome to both Stonepeak and our shareholders. So long story cut short, we had the discretion to provide a dividend, but should we do so, it would come off the price. And circumstances have been such that the board has not taken a decision to distribute any dividends in the interim and has kept the NZD 1.70 intact. Other matters of general business? Sir. Sir. Roy Towers. Sorry. Has there been any internal disruption with the operations of the company? How are the staff reacting at this stage? Look, it's a very good question, isn't it? Jeremy, probably you're best placed to give the closer view on that. Yeah, look, it's always disruptive when you have a change in ownership, and our teams have taken it very, very well. We have a lot of people that work in care centers on the ground, in gardens, and maintenance, and construction. It's just BAU in effect. We still need to look after our residents in the best way possible. For our team in sort of the support office, you know, ten years down the track, having a change is not a bad thing. I won't have to wake up every day and think about where's the share price going today, so that's one thing I'm personally happy about. But no, the team are happy, committed, and keen to carry on with our business. Thanks, Jeremy. Ian, you had a question. Yeah. Just if I could make a note that... Look, I do acknowledge and appreciate that a lot of shareholders have traveled and made a big effort to get here. I understand Ian, who's about to address us, has traveled up to the meeting today and will be immediately departing for a meeting back in town tomorrow. So, Ian, just recognize your effort there and appreciate your support. Thank you, Mr. Chairman, and as I'm anticipating, this will possibly be the last Arvida AGM that we'll have the opportunity to attend. I think it's appropriate that we sort of walk back in time a bit. I remember very clearly, I'm one of the... Ian Hirst, one of the foundation members. We had property that entered into the IPO in twenty fourteen, and at a time when Michael Ambrose and Geoff McPhail put together a lot of the assets that had been put together in syndicates in and around the Christchurch area that formed the IPO and formed Arvida, as we've seen it for the last ten years. It's been a wonderful journey. The first five years, it was a lot more roses than has been the situation for the last five years, and there are circumstances that have been alluded to by the Chair today and by Jeremy. But But amongst it all, what we have had is a board and a leadership team that have created an extraordinarily good company and an extraordinarily good industry, and have governed the business from a shareholder's perspective at an outstanding level. And I'd like to thank you, Mr. Chair, your board, Jeremy, and your exec team. Congratulate you on what you've delivered, and congratulate you all on the value recognition program that had the wisdom to consider the challenges that were sitting out in the marketplace from a shareholder's perspective, and giving us the opportunity to actually make a vote on that today. From Stonepeak Bidco, I would like to congratulate them on acquiring a wonderful accumulation of assets within the New Zealand aged care environment. They've got an extremely well-experienced executive team to take them forward. They've got a wonderfully supportive management team and a great group of residents to be caring for. Just as one of the shareholders amongst many that have enjoyed this journey, we'd just like to pay our respects to the board and to the Chair and to the leadership team, Jeremy. I'd also like to, just in concluding, I understand Bill McDonald has been associated on the way through with conversations. Bill's contribution cannot be underestimated in what we have achieved here today. Yeah. So just like to thank you all with acclamation. Well, thank you very much, Ian. Appreciate that. Yeah, there's no doubt, Ian, that when you're trading at $1.05 and someone comes and knocks on the door at $1.70, it really tests your mettle. And we went through an incredibly thorough process last year, both internally and with some very experienced advisors, to understand the nature of that. But it was highly conditional, and it was indicative, but it was still an approach by a credible party, and it really tests your mettle. And it's fair to say there was a variety of reactions to the fact that the board turned that bid down. It was very clear and good reason why we did that, but then circumstances did change, and without getting into the detail and the history of it, we went through a very similar process and concluded actually, that $1.70 was really, really compelling in the circumstances that we found ourselves in, at a time when we were trading down to $0.88. You're quite right, the first five years was a bit of a dream called HPI, and that went sideways for a while. It'll come back, no doubt. You know, the great thing is we do have a really good team, but it has been a really difficult environment. Everyone's great mates when you're making plenty of money. When it hits the wall and things get tough and you're trading at 50% of NTA, and someone comes at you a bid that you think in your heart of hearts, actually, that's too opportunistic in those circumstances, but then you go back and have another look in terms of the value recognition program we had to go through. So look, I think it was a thorough process. It was really tricky at times, but I think at the end of the day, shareholders have voted with their feet, and we're delighted as a board to be able to revisit the opportunity and to deliver it up for shareholders to consider. And we think it's a great outcome for all. And we agree. We really congratulate Stonepeak and wish them the very best. They take our team with them, which is fantastic. And should it proceed, it's looking pretty good at the moment, but let's not jinx it. Should it proceed, it will close the book on a pretty big, serious era for the company. And hopefully, it's a win-win. I know that's a bit cute, but it's a win-win for all. So Ian, thanks very much for your comments. Are there any other matters of general business from the floor? Look, thanks very much for that, ladies and gentlemen. So in closing, I would like to acknowledge all shareholders and your support for Arvida over the last 10 years since we listed on the stock exchange back then. Our 10th anniversary actually will be celebrated in December. It's been a fascinating journey with some unique challenges navigated, including rapid expansion, as we talked about, a global pandemic, and a rollercoaster housing market. Through this, and with your support, the team has managed to build a successful New Zealand company as a top four participant, as Jeremy mentioned, in the retirement and care sector, with a strong outlook for the future. I would like to thank those who have attended here today, and I would also like to particularly thank our executive team and the three thousand plus team members of Arvida. They continue to deliver outstanding care and retirement living options to our almost seven thousand residents. I'll also extend my sincere thanks to my fellow directors, who have experienced both buoyant and troubled times, but have always given their 100% commitment to the task. I would like to make special mention of Michael Ambrose, who you will recall, along with some of his colleagues and mates, is responsible for Arvida coming into existence. To advisors Chapman Tripp, Cameron Partners, and Forsyth Barr, and to our auditor, Ernst & Young, thank you very much. I'd now like to draw this meeting to a close and invite you to join us for a refreshment. Thank you, ladies and gentlemen.