Please be advised that today's conference is being recorded. I'll now like to turn the call over to Mr. Jeremy Nicoll, CEO of the company. Thank you. Please go ahead. Good morning, everybody. Thanks for taking the time this morning to join us to have a chat through the FY 2024 annual results. I'll talk a little bit through the strategy, and then I'll hand it over to Mark to talk through some of the financial stuff. And then we'll be opening it up for a Q&A session at the end. For the year, we recorded a NZD 139 million net profit after tax, which was up 69% on the prior period. The big contribution there was a NZD 165 million increase in the fair value of our investment properties. Underlying profit was down a touch from NZD 88 million to NZD 85 million. But operating EBITDA was up from NZD 84 million to NZD 95 million. Over the year, we increased our total assets by 12%, up to NZD 4.2 billion. Pleasingly, on the embedded value calculation, we increased that by 11%, up to NZD 1.3 billion. We captured a bunch of the embedded value through the operating cash flow, which was at NZD 144 million compared to last year at NZD 148 million, and our gearing ended the year at 33.9%. As a company, we have a target range of 35%-25% gearing, so we're reaching towards the upper end of our internal target. In terms of the net tangible assets per share, we increased it from NZD 1.90 up to NZD 2.05. Earnings per share came in at NZD 0.117 per share. So, in terms of the key results from FY 2024, the property market has been challenging, but it was very, very pleasing to see a record sales performance being delivered. In terms of sale gains, we got NZD 74 million from resales and NZD 28 million from new sales. So a record performance on that front, despite the economic environment. There was some deferrals of settlements towards the end of the year, so some of that cash flow will come through in FY 2025. We spent quite a lot of time focused on our capital structure and preserving headroom within our debt facilities. We also successfully repositioned our debt facility to split it out between core and development, which is now matching how we wanna see the business being run into the future. On a revenue basis, we increased our service packages by about 25%, and the weekly fees for new residents on average across the group was up 12%. Throughout FY 2024, we had a focus on reviewing our safe staffing ratios within our care centers and running a couple of pilots on how those ratios would work in practice. We've commenced the rollout of what we're calling workforce planning across all of our care communities. Workforce planning for us is about having the right number of people and the right mix of staff within our rosters, so that our teams can deliver what we call The Attitude of Living Well in our care centers, and also making sure workloads are sustainable. We've been focusing on getting the right size teams, as they will generally be higher performing, happier, and more focused and productive. Through that process, we will be achieving some savings from an operating cost perspective, and we expect to have the rollout completed across all of our care communities by the end of the first half. We've also been focused on maturing some critical operational areas with our business, particularly in the technology space, and it's very pleasing to see the steps forward that we've taken there. I'll talk a little bit about culture and capability a bit later on. And we've also looked very hard at our development program, and that's been repositioned. What you will have seen is a reduction in the spend in the second half on development CapEx, which was down to NZD 90 million from NZD 127 million in the first half. We also sold Strathallan, a village in Timaru, for NZD 30 million. We had it revalued for reporting purposes at the end of March 2024, and that valuation was NZD 30.1 million. So, achieving a 1% discount to the current market value. Now, that sale has settled at the end of April. As we move into FY 2025, we have commenced a value recognition program. So this program is underway to assess and execute a range of options to accelerate the recognition of the company's intrinsic value for shareholders. We have appointed two financial advisors to assist us with the various options. These options include engaging with other market participants on various capital partnerships, restructuring options, and strategic alternatives, together with some internal exploration of areas where we can make improvements, and we'll talk about those as we move through the deck. We've been underway with this program for some time, and we are taking a balanced approach to make sure that the interests of our shareholders, residents, and team members are at the forefront of this process. As and when we have further market updates, we will provide those through the announcement platform. So in terms of those strategic priorities for FY 25, we've talked about the value recognition program. We've identified around NZD 200 million of core debt reduction initiatives that we will be going after. Some of these have already happened. So for example, we've captured the cash from the sale of Strathallan, I've talked about. Some of them relate to capturing the cash flow from prior year deferred settlements, reducing our resale stock levels, resolving the outstanding business interruption claim from the weather event of January last year. We've got some surplus land that's not required for the villages that we are building. So good example there is at Warkworth, where we purchased a super lot. There is also some ability for us to gain resource consent on unconsented development land, and it effectively moves that debt from core across to development. So while that's not a cash flow, it will reduce core debt. And as you will have seen, later in the announcement, we have suspended the dividend at this point while we go through the value recognition program. In terms of cost savings, we're aiming to save an initial NZD 10 million of annualized savings in the current financial year. I've already talked a bit about the workforce planning process. There's other, other benefits through support office, our procurement program, and also our bureau usage within the care centers that will also help us deliver that NZD 10 million of operational cost savings. In terms of revenue capture, some of the key things we are looking at there is adding a mechanism to our weekly fees. Obviously, this is for new residents coming into the village. That would include an uplift mechanism for that. Obviously, with high levels of inflation over the recent years, high levels of rate increases and insurance increases, fixed weekly fees for life within the village side of the business, doesn't work particularly well. So we will be looking at that as well as obviously resale pricing. We've got care suite conversion programs underway, and then a continual focus, as we did in the prior year, on occupancy, premium fees, and service packages. In terms of our development business, it's just about getting the balance right with the cash flows in this current point of the cycle. So just getting that balance right between what we're spending and what we're getting in. We have reduced the build rate for the current year to between 140 and 150 new units, with most of those well underway. We're also looking at our overall project cash returns as we move forward. In terms of what we did deliver in FY 2024 compared to the strategic priorities that we set out this time a year ago, we did deliver mostly villas. In fact, all villas in the second half of the financial year. We have completed Aria Bay, which is a milestone for us internally. We've also got the Queenstown Care and Apartment site ready to full completion, towards the end of the first half of this financial year, and then the Bethlehem Shores Care and Apartments building the following financial year. We have kept the gearing within the target band. However, as I said at the outset, we are approaching the higher end of our internal band. So we have also looked hard at our development process and aligned our debt facilities to match that. Within the core parts of our business, we have refreshed our rewards proposition, our values, and also increased that focus within the IT area. Now, I've talked a bit about care profitability, core profitability. Care occupancy is a key part of that, and that was at 94% at the end of the financial year. And I've talked about the other items on that. So at this point, I'll hand over to Mark to have a talk through some of the financial slides. Good morning, everybody. Revenue grew 11% for the year, with improved operating performance, with operating EBITDA increasing to NZD 95 million. Strong sales in the second half of the year pushed resale gains up to NZD 74 million. New sales gains were at NZD 28 million, and the interest expense increased to NZD 28 million, which reduced underlying profit to NZD 85 million. The operating revenue graph reflects strong growth in our retirement village business. With care revenue improving in late 2023, with improved occupancy and sector funding increases. Further fee capture mechanisms will capture further fee increases and the continued momentum. Operating costs increased to NZD 241 million. Employee costs are on increased care suite operations and support office investment. Rates, insurance, and food, as Jeremy mentioned, remain high, and further investment has been made in our advertising and brand. The operating EBITDA graph includes increased resale gains. Pleasingly, the per bed EBITDA is back to an annualized rate of NZD 15,500 for our standalone care villages. Further increases in fees will flow through in FY 2025. Pleasingly, strong second half in sales. The total resales of 414 units, total income of NZD 249 million, the margin was 31%. New sale units of 218 for a total value of NZD 178 million on average price of NZD 816,000 per unit. Continued strong demand for our retirement village product, with applications up nearly 20% for the year. The next slide shows maturing resale value within the resale margins continue to grow on our maturing villages. The ex- Arena villages margin for the year was 45% on average. Overall sales pricing increased 4.7% for the year based on CBRE valuation at 31 March 2023. The embedded value increased a further 11% after releasing the NZD 74 million of gains and NZD 36 million of cash DMF. The total embedded value now sits at NZD 1.26 billion, and that represents NZD 1.72 per share. There's still volatility in the cash flows in this challenging housing market. Funding has not kept up with cost inflation, and a high interest rate environment continues to challenge cash flows. Over the slide, there's further cash flow breakdown, which shows the improved sales receipts, which are offset by those higher interest costs. There is targeting of near-term fee increases and also the cost management efficiencies Jeremy outlined. FY 2024 saw 201 units delivered, and we are prioritizing the villa developments with phased capital-intensive projects at our premium sites of Queenstown Country Club and Bethlehem Shores. We have got a program of care suite conversions that are underway, should flow into FY 2025. Development capital expenditure, H2 saw a major reduction in that capital expenditure cash flows, and we are targeting the new sales to exceed FY 2025 development CapEx. Increased new unit sales for reduced stock levels, 213, with 32% of those now sold. Onto the balance sheet. The balance sheet saw investment property increase NZD 395 million on the developments and fair value gains of NZD 165 million. Total assets now sit at NZD 4.2 billion, with that flowing through to NTA of NZD 2.05 per share. Finally, on the debt funding, second half increase was NZD 27 million for a total debt of NZD 780 million, with the gearing now sitting at 33.9%. The bank facility restructure is now complete with the split of core and development facilities, and the year-end headroom was further increased by that sale of Strathallan. I'll now pass back to Jeremy to continue. So as I talked about at the start, we have had a focus on our three-year people strategy, to become an employer of choice in the sector. Arvida's always had a very strong culture, and as we've grown, we've seen the need to, revitalize and embed that culture for the long term. So we have been working through a program of looking at our purpose and values, and what we've seen through this process is that we've had retention increase, up to 79%. Our engagement that we measure through the Peakon system is up to 7.7, and we've also seen turnover down to 26%. The nurse turnover is still high at 38%, but it is down. What we do see through our work is that, turnover generally happens with people in the first year of their employment. If we can get them through the first year, we have a very good tenure from there. What we are seeing is that aged care, in particular, can be used as a transient, employment opportunity for people coming into the country and then potentially moving either to Australia or into the public system. In terms of our net promoter scores, again, we achieved excellent results from our annual survey of residents, with independent residents sitting at +42, and care residents at +46. So great results, overall, and it really does reflect the wonderful work that the team does on the ground every day. In terms of our structure, you will have seen today that we announced that Ian from Kiwi Property is gonna come across and join us next month as our new general manager, development. And we're also looking to appoint a general manager, operations, which is combining our current COO role and our vacant GM services role. In terms of sustainability, we were heavily involved in the process for the development of the climate change scenarios for the health and construction sectors. So we put a huge amount of work into this space this year. What we've seen with our emissions is, Scope 1 are down 3% from using less gas, which obviously comes with a CapEx investment. Our Scope 2 emissions were down 31%, but that was really due to a change in the emissions factor. We've secured funding for a first sector-wide food waste reduction project in New Zealand, and the development team have been progressing with measuring and reducing the construction waste, looking at what the emissions are per type of unit that we're building. We've also seen them introduce sustainability measures at the outset of a recent remediation project, which not only diverted a lot of waste from the landfill, but also saved money on the overall construction cost. In terms of the outlook, obviously, we are in a volatile economic environment. Hopefully, that will be reducing once interest rates fall, and then... Oh, sorry, inflation falls, and then interest rates may moderate after that. But there's a possibility that this economic cycle might be longer than we think. Workforce shortages are largely limited to experienced nurses in some regional areas. So, obviously, with the unemployment rate increasing, there is more workforce availability. Property market is still relatively liquid, and as we've talked about over the years with you, we're not too concerned about where property, residential property prices go up or down. What we need is a nice, liquid property market. And obviously, over the last 12 months, it's been a relatively challenging market for our potential residents to be able to sell their own home. The government's come out recently with another aged care announcement, with a select committee inquiry. That goes alongside Health New Zealand's current review of service standards and funding models. We will be due to hear about the review of the funding rate for the period from 1 July, over the next few weeks. As I talked about at the start, the board has decided to pause the dividend payments and policy, pending the outcome of the value recognition program. We are actively considering amending the dividend policy to use a different metric than underlying profit, and we will come back to you with our interim results, to give you an update on where we're at with dividend policy and go from there. I'll just give you a quick overview of some of the developments, and then we'll go to Q&A time. As you can see on page 30, we've got a lot going on in the greenfield space now, and we'll talk about some of the big projects as we go through. Aria Bay was a site that we bought in 2015. We've now completely redeveloped that site, so it's a fantastic milestone for our team to complete the deliveries on that site. At Bethlehem Shores in Tauranga, we delivered the final 20 villas in the, what we call Stage 5. Great name. That's been a wonderful product for us. Great demand in that area, and we've been able to lift villas in that final stage by around NZD 200,000 per unit. We have started, and the big picture there is the care and apartments building. What you can see there is cross-laminated timber being erected, and the building, the wing on the left-hand side of the photo has now got a roof on, and work's going on, on the internals of that building. So those wings are effectively the apartment wings, and in the forefront of the photo is where the care center will be. At Lansdowne Park, we completed a further 18 villas. At Queenstown, we are getting very excited about the upcoming delivery of the care and apartment building, which is in the forefront of the big picture. We will have 62 Care Suites and 29 high-value apartments. We do run a care center which is attached to the public hospital, which we took over as a bit of a favor to the Southern DHB a few years ago. Those people will transfer into the new care center, and the DHB is, well, whatever they're called now, will be looking to redevelop the public hospital once we've moved the residents out. At Te Puna Waiora, at the end of March, we opened our new clubhouse, which is in the larger picture. Construction there continues to go well, it's a beautiful product. At Waimea Plains, we are now moving on to the care suite center. Most of the villas are now done, and we'll be looking to start the care suite center in the next 12 months. And in Te Awamutu, you can see some pictures there of the villas that we've developed. Demand there has been amazing, lots of interest, great sales. So very, very happy with that program. As we talked about earlier, we are targeting around 145 new units this year. We will be looking to supplement that with some care suite conversions, which obviously are subject to bed-set availability. We've also been active in the greenfield space. Our Lincoln site is now rezoned and consented, so the consent came through two weeks ago. At Waikanae Beach, the master planning is getting closer, and the trades there are getting more competitive than they have been. At Warkworth, which is the picture on the right, we have now lodged the rezoning and plan change application, and there's obviously that was the super lot, and we do have around 40 hectares of surplus land that we can sell and use to repay debt. In terms of our master plan, ideal scenario, it's around the 200 villas and 40 Care Suites. At this point, I will pause. There is a lot of information that we've provided in the appendices of the presentation for you to read at your leisure, and at this point, we'll just open it up for Q&A. Thank you. As a reminder, to ask a question, you need to press star one one on your telephone. Please stand by while we compile the Q&A roster. Our first question comes from the line of Arie Dekker from Jarden. Please go ahead. Oh, good morning. Yeah, just firstly, on the value initiatives. I recognize there's nothing binding and you'll be somewhat limited in what you can give color on, but can you just sort of describe what you're alluding to with regards to the comment, engagement on various capital partnerships with other market participants, and then also, you know, maybe what restructuring options might look like as well? Yep. Okay. So the board's appointed a couple of advisors to assist with the assessment of the available external options for the company. The options that we've talked about are capital partnership that could be on a group of villages where Arvida sells a majority position but retains management rights. There was a deal announced overnight in Australia. I think it was Invesco and Stockland on something similar. There are opportunities to restructure the business, which could include increasing the portfolio by way of merger, splitting out an OpCo/PropCo structure, or there could be a full sale of the company. I mean, all options are on the table with the strategic. I'm sorry, with this value recognition program. Okay. No, thanks for that. Then just moving to the NZD 200 million of initiatives on core debt, and you gave some really good color on what that all incorporates. Just in terms of timeframes, you know, what sort of timeframe should we be sort of thinking about for the NZD 200 million of initiatives? Yeah. So there's a group of them that will be completed, within the, within the 12 months, which will be the majority of it. Some of them may take a little bit longer than that. We've, we've got, some pretty firm internal targets on those dates, but we're hoping that we can get through the vast majority of those initiatives this year. I went through the list of the seven, seven key items, that, go into that core debt reduction plan. And so those seven items, when you add them all up, it gets to NZD 200 million. The plan for us is to be able to reduce that core debt. Obviously, with core debt, there are things that will increase core debt over the period, you know, but we've, we've already captured, the proceeds from the sale of, of Strathallan. We've announced that today that we're suspending the dividend, so that, again, will save further money. In terms of core debt, in particular, that obviously relates only to resale settlements that were deferred from the prior year. Of that, we've already captured just over NZD 10 million. We've got the business interruption claim that we're in discussions with our insurers about. Obviously, that was a key drag on our cash flow in FY 2024. Obviously, we were recognizing the income and our provision for the business interruption claim, but the cash flow was somewhat limited. We are looking at reducing our resale stock levels. We've talked about the surplus land recycling. That will take a little bit of time as we are going through the plan change process at Warkworth. We're hoping that we will have an outcome of that plan change by the close of the calendar year. And then the resource consenting of unconsented development land will be an ongoing process. Obviously, I talked about the fact we've got Lincoln recently, so that will be the first cab off the rank there. No, that's really helpful, Jeremy. Thank you. And then just the last one from me. The OpEx savings of NZD 10, I mean, would it be right to characterize that as, being dominated by savings at the village level over head office and also being, you know, dominated by, I guess, expensed, rather than anything sort of capitalized? And then just sort of follow on to that also with regards to the indexing of weekly fees. Is that sort of what you have in mind, indexing it? And when would you be looking to implement that? Yep. So the indexing one is correct. We will be looking at an appropriate uplift mechanism, whether that's to super rates or CPI or whatever. And we're looking to have that in place by the end of September for, obviously, for new residents. We can't go backwards with existing residents. Okay. In terms of your question around OpEx savings, a lot of it is within our workforce. There's about 5% of that NZD 10 million that would be related to capitalizable costs. Great. Thank you. Thank you for the questions. One moment for the next questions. Our next question comes from the line of Nick Mar from Macquarie. Please go ahead. Morning, guys. Just on the Care Suite conversions, how are you guys planning to treat that from a sale margin perspective? Okay, so Care Suite conversions in the sale margin perspective. So we will take the price that we sell it for, and we will deduct the amount of money that we spend on the upgrade of that unit. So there's no incoming value for holding value of the unit? No, 'cause that's reflected in the care weekly fee amount, effectively. Okay, no, that's fine. And then, at Waimea, you sort of talked about a redesign of the care building. Yeah. What are the changes you're making there? So at Waimea, we originally planned a multi-story care center with, I think it was about 60 Care Suites in it. We costed it. We had a, a feasibility and a budget, and when we costed it up, the cost to construct it were too far in excess of what we were willing to spend. So we are in the midst of a program to review the size of that building. So we will reduce the number of Care Suites, and it will be a single-level building rather than a two-story building. No, that's great. That's all for me. Thank you. Cheers, Nick. Thank you for the questions. One moment for the next questions. Our next question comes from the line of Aaron Ibbotson from Forsyth Barr. Please go ahead. Thank you, good morning, everyone, and good to hear some interesting initiatives. I've got two main questions. So firstly, I was just wondering, so your developments or certainly your deliveries sort of slightly trended down and you're now guiding to lower deliveries next year versus or this year versus last year reported. But if I look in your balance sheet, you know, you know, investment property under construction and development land is going up quite meaningfully. Mm-hmm. I was just wondering if you could, A, help us understand a little bit exactly what's in the investment property under construction. You know, what proportion is capitalized versus just, costs as they go, as they happen, and also how you see that develop over the next 12 months. Yeah. So we do have some costs in there in relation to the deliveries for this year and for next year. So we've got probably the largest bits at the moment would be the Queenstown care and apartments building, followed by the Bethlehem Shores care and apartments building. So those are sort of two-year build programs, and they'll be recycled out. We do go through a process of making sure that we're comfortable with the carrying values of our work in progress on an annual basis with our team here, our auditors and our board. Obviously, it's a hot topic of discussion at the moment, and we're yeah, and there's also some civils there on greenfield projects which go across multi years. But yeah, we're comfortable with the level of the holding. But, if I'm more specific, so if I look outside of capitalized interest, you know, to what degree do you have capitalized offsite costs, in, in your- Well- you know So in terms of development, or if we employ someone as a development manager, or if we've got employees doing the construction itself, we capitalize their direct employment cost only. We don't capitalize their travel or ancillaries or anything like that. So it's really just their wages and, obviously, the capitalized interest. There's no allocation from a head office or something like that, broader allocation? No, no, no, no. We need it. Thank you. Secondly, just, you know, you've given some really good granularity on this reduction of core debt initiatives. If I heard you right, you also mentioned that you expected the new sales cash flow to be above CapEx or at least above development CapEx this year. Yeah. I appreciate there might be some overlap there, but I wondered if there's any chance you can, you know, give us an indication what you expect overall net debt to do, 'cause as you pointed out, there's a bit of a drag on core debt from the ongoing- Yeah ... operations, et cetera. So is it fair to say that you assume reported net debt without splitting it into buckets to be down, for- Yes ... the next 12 months? Yes. Yes. Otherwise, I won't be here on the next results call. I will leave it, And then final unrelated question from me, and maybe this is obvious to everyone else, but on slide eight, you talk about whole project cash flow being positive versus a new sales covering CapEx, excluding capitalized interest. So what exactly do you mean by whole project cash flow? Okay. So a good example is the Lincoln site. I think we were talked probably a couple of years ago with a group of people that are on this call around, what amount of cash do we expect to leave into a whole project, a whole greenfield project from scratch? And we're probably talking to you around that sort of NZD 10-ish million mark. So with Lincoln, our feasibility is cash flow positive across the entirety of the project. So where... is this land sales you're talking about? Or, you know, what, what cash is coming in that's not new sales? No, no. What I'm saying is, for a new project, and we've been doing the feasibility on Lincoln, which is a site in Canterbury. Previously, we would have probably said to you that we would tip in maybe 10-ish million dollars on a project like that. The feasibility for that project is showing a positive total net project cash flow. Okay. Sorry, I don't mean to be complicated here, but just on your slide 8, on your strategic priorities, you said that the gross value from new sales is greater than development CapEx, excluding capitalized interest- Mm-hmm ... but positive whole project cash returns, so- Yeah. So just- Talk about what whole project cash returns is. Maybe we just pick it up offline if you're not, you're not getting what I'm saying. Okay, sure. Let's do that. Thank you for the questions. Next questions comes on the line of Stephen Ridgewell from Craigs IP. Please go ahead. Yeah, good morning. Just wondering if we could get a little bit more color on the kind of quantum of savings you'd be targeting, you know, from your rostering in that second half, and Jeremy? So yeah, we're looking to capture the savings in totality by the end of September. So there may be around NZD 3 million-NZD 4 million of that NZD 10 million captured in the second half of the year. Good. Thank you. And then, I guess when we add the repricing on a weekly fee initiative, which you talked to, are you expecting kind of the operating margins, you know, of the business to kind of increase in FY 2025, or are these savings you're alluding to gonna be, you know, eaten up by cost pressures elsewhere? So, you know, obviously we're seeing rising rates and insurance and that kind of thing. Yeah, look, it's very good question, Stephen. So, what we've got to do is what we can do, to, pull back on, on our operational costs where we can. There are some things like council rates, that are difficult to argue with. Insurance, again, in this market, it, it can be challenging, so there is gonna be some cost increases through those lines. We've also seen nurse wage rates increase, you know, despite, Te Whatu Ora sort of funding us this time a year ago to get us to pay parity for public system nurses. That didn't last long with, with, Te Whatu Ora having a couple of rate increases since then. So there will be there is continual, cost pressure, on upwards trend on those key three items. Okay. Thanks, Jeremy. And then, just at a high level, I mean, can you, can you give a rough steer as to what, OpEx growth will be in FY 25? I mean, should we expect it to be a bit lower than it was in FY 24. Was it 14%? Yeah. Yeah, definitely. Yep. So it will be a bit of a mixed year as well. We've obviously got the Strathallan sale that will come out as well, and there's a little bit of a breakdown of some of those core items, key items within the Strathallan underlying profit, within the pack. We'll also have Queenstown coming online later in the year as well. Yeah. Okay, thanks. Apologies, there's a bit of background noise there. We've got multiple calls on in the office at the moment. Just one last one from me. So to provide full color on trading year to date for the new sales with the 22 sold, I guess, sorry, you know, how does that kind of compare to this time last year? And then, you know, do you see any change in... Like, can you give us a sense of change in pricing, both for the front book and perhaps the resale book? I mean, where are you seeing kind of prices trend, you know, perhaps where they were this time last year, please? Yep. So last year, we had a very slow start to the year in terms, particularly on the new sale front. So, we're nicely ahead of where we were last year. Yeah, over the year ahead, you know, we'll be happy if we increase unit pricing by sort of 3%-4% on our existing book. As that will be a good outcome in this environment. Obviously, we were 4.7% up on valuations last year. I don't think we'll hit 4.7 this year, but hopefully in that sort of 3%-4% range. Thanks, Jeremy. Just to clarify, I mean, is that 3%-4% kind of after any change in incentives? 'Cause we have noticed there are more incentives coming out, you know, cash backs and that kind of thing coming into the market. Is that something Arvida is doing, or is that 3%-4% like for like? 3%-4% like for like, based off the independent valuations. Perfect. Thanks very much. That's all from me. Thank you. Thank you for the questions. As a reminder, to ask question, please press star one one. Our next question comes from the line of Shane Solly from Harbour Asset. Please go ahead. Yeah, good morning, guys, and thanks for the presentation. Very useful. Quick one from me. Just the value recognition program you're running, what's the sort of timing? You know, when, when does the board think that that process review will be complete or at an end? It's a great question, Shane. Obviously, one of our next milestones is we have an annual meeting in August. It will be a top topic of discussion at that meeting. Depending on which way we progress, it will impact on timeframes as well. So unable to sort of answer the, when will it come to an end, question at this point in time. Okay. Thanks, guys. Appreciate the time. No worries, Shane. Thank you. There are no more questions on the line. I'd like to hand the call back to management for closing. Thanks, everyone, for coming along and joining the call today. If you do have any questions, please feel free to get hold of myself, Mark, over the coming days. Have a great day, everyone. Appreciate it. It's pretty busy out there today. Thank you. This concludes today's conference call. Thank you for participating. You may now disconnect your lines.