[Foreign language]. It's now gone 2:30 P.M. Time to open the annual meeting. Good afternoon. Welcome to those in the room and others joining us from online to the 36th Annual Shareholders Meeting of Marsden Maritime Holdings. Thank you for joining us today in our newly rejuvenated marina commercial area with some stunning views over the marina. And it is pretty hard to stay focused on the presentation today when you have that view outside. I'm Murray Jagger, Chairman of Marsden Maritime Holdings. And before we start the proceedings, I have a few matters to cover. Firstly, health and safety. For those who are in the room today, bathrooms are in the back corner of the fishing club. And if we have to exit the building for any reason, if we just go out this door here, into the car park and assemble there. There are three resolutions to be considered today, and a vote will be held on each one. All shareholders can vote on all resolutions. All resolutions are ordinary resolutions and require 50% approval. The results will be announced soon after the conclusion of the meeting. There will be an opportunity to ask questions during the resolutions as well as in the general business section towards the end of the meeting after voting has taken place. For those joining online, a guide to voting and asking questions was circulated in the notice of meeting, and if you're having any issues and need assistance with the online process, please contact Computershare on 094888777. I am pleased to confirm that we have a quorum of more than five shareholders present, and therefore I declare this meeting open. I'd like to welcome and introduce the directors and the team in attendance today. Firstly, our directors, Benoit Marcenac, Tony Gibson, Hamish Stevens, Jarrod Pitman, and John Sproat, and the leadership team, Chief Executive Rosie Mercer, Chief Financial Officer Vidura Galpoththage, Head of Operations and Property Carrie Williams, Head of Development Mark Forrester. We're also joined by our legal counsel, David Jones from Jones Young, and our auditor, Brent Penrose from Ernst & Young, who is online. The notice of meeting has been circulated to all shareholders and is taken as read. I can confirm that proxies have been received from 76 shareholders representing 33,987,282 votes. The company's share register is available for inspection with the share registry, Computershare Investor Services Limited. The registry of directors, shareholdings, and interests is also tabled on pages 40 and 41 of the annual report as required under the provisions of the Companies Act 1993. In accordance with normal practice, the minutes of the annual meeting held on the 14th of November 2023 were approved by the directors during the year as being a true and correct record of that meeting. I therefore do not propose to have those minutes read. If any shareholder would like to request to see the minutes, please email info@marsdenmaritime.co.nz. This is the agenda for today's meeting. I will begin with the financial overview, an update on our strategy, and a Northport update. Rosie will cover financial detail, an update on ecosystem activity, a people update, and an update on ESG. We will then move into the resolutions, meeting resolutions where we will open for a Q&A ahead of voting on each resolution, and finally, general business where we will open for Q&A. Our focus in the 2024 financial year has been on continuing to build on solid foundations we have set for the future and gaining momentum with the development of the business park. Our Chief Executive Rosie Mercer has built a capable team around her to execute the strategy, and we have initiated robust processes and systems that will enable us to deliver on the commitments set out in our Master Plan. The business has shown some real grit and resilience this year, delivering strong growth in underlying earnings and maintaining business continuity in the face of a challenging economic environment. The ongoing effects of Cyclone Gabrielle continue to be felt in the region, with Northport particularly impacted by the prolonged closure of State Highway 1 across the Brynderwyns. This closure was important for safeguarding against potential future road closures caused by major weather events. We recognize Northland's importance within New Zealand's supply chain, and we continue to advocate for infrastructure resilience in the region to ensure we can play a greater role in a more sustainable national supply chain. This year's result was reflective of the challenging economic conditions in New Zealand, a recessionary environment, higher interest rates, and higher insurance premiums, as well as the ongoing effects of Cyclone Gabrielle. As reported in our annual results announcement, net profit after tax, excluding revaluation of investment property and fair movement, was NZD 7.5 million down 9.1% from last year. Earnings from our joint venture interest in Northport were down 2.3% to NZD 7.9 million from NZD 8.1 million last year. Despite this, key drivers of long-term growth across the business have continued to deliver strongly, reflecting the resilience of our operations and the people within them. Marina revenue was up from NZD 2.8 million last year to NZD 3.3 million, reflecting a 14.8% increase. The marina has maintained high occupancy rates bolstered by new commercial clients, international visitors, and long-term stays. Revenue from the business park and marina operations has continued to grow year on year at NZD 12 million, up 6% from NZD 11.3 million last year. Lease revenue across our industrial and commercial properties was also up 7% to NZD 5.2 million due to a high level of renewal across existing tenants as well as attracting new tenants. 17 existing tenants renewed their leases for a further- term, and 12 new tenants signed leases in the new year. Bringing in two new hospitality tenants was a big milestone in the current climate, and it meant that we had a full occupancy of the marina commercial frontage. Northport recorded a 3% growth in underlying earnings before one-off tax adjustment arising from tax legislation changes. This was achieved despite a reduction in export and import volumes arising from key infrastructure outages within the region. Northport has elected to reduce its dividend in the current year ahead of the planned consented wharf extension. MMH was pleased to pay a fully imputed final dividend of NZD 0.0575 per share. This brought the total dividend distribution for the year to NZD 0.1175 per share, down NZD 0.0175 from last year. MMH plays a significant role in the Northland's economic development. Our 180 hectares of prime commercial property positions us to be one of the most significant drivers for the Northland economy and supply chain. Ongoing road closures have impacted port operations and have once again highlighted the need for investment in infrastructure resilience in the region. Roading will be the real catalyst for growth, and we're positioning ourselves to be ready for all of the development that happens out of Auckland. This year, we played a central role in the formation of the Northland Corporate Group, a group of large businesses in the region with a shared vision of fostering economic growth in Northland. As a group, we commissioned the New Zealand Institute of Economic Research to estimate the benefits of efficient and resilient state highway infrastructure in the region. The impact of NZIER's report is evident in the government's commitment to the expansion of a four-lane highway from Auckland to Whangarei. This has been a real success story of collaboration and ties to our strategy of transforming Northland's economy. The Rail Spur project is continuing to proceed with KiwiRail intending to complete reference design in early 2025 and then present it to government. We are working closely with Northport and KiwiRail on this. We will continue to advocate for rail and road improvements to maximize the value to MMH of its prime location and the role it plays in supporting the region's social and economic growth. This year, Channel Infrastructure unveiled its long-term vision for Marsden Point as an energy precinct, outlining how it could accommodate a range of energy projects that would boost the country's energy resilience and help support decarbonisation. It has been great to see all of the activity happening around the Marsden Point area and the opportunities for the business park that stem from this. Each year, I present this roadmap as a summary of what we've achieved and where we are focusing our efforts on. Our current strategic focus continues to be on funding delivery mechanisms and the planning for delivery of the master plan. This year, we engaged Corporate Value Associates to substantiate our master plan with a business plan for implementation. CVA's work will help us focus in on the key areas of growth for Northland, including the role of Northport and how we can best support its growth. We are working throughout that detailed business case with CVA, and it will be the thing that we lean on going forward in terms of identifying the funding that is required. Once we have that clarity from the business case around how much capital we need and where it needs to go, we will then look at exploring ways to bring in the funding. Northport plays an integral role in the upper North Island supply chain, and it's continuing to position itself to handle more freight and offer more diverse services. Northport was pleased to support the region's tourism efforts by welcoming its first season of cruise vessels this year, with more cruise ships booked in for the summer, this summer, and next. As noted, Northport has continued to feel the impact of weather-related challenges this year. The road closure across the Brynderwyns had a real effect on the port throughput, and it stepped back the container growth taking place. However, Northport was supportive in the closure to ensure the region's roading is more resilient in the future. There was a decline in the log export market this year, which we knew was coming and is expected to continue for some time. The decline has allowed the port to adapt towards different cargo options and more regularly container vessels are coming in now. This year, Northport completed the hearing for its resource consent application for the Eastern Container Terminal expansion. While the panel refused the application based on cultural and public access grounds, the team has appealed the decision and is working to mitigate those areas identified. This has been a huge effort by the Northport team spanning many years. The consent is an essential step towards a dedicated container terminal at the port, bolstering volume through the port and continuing to grow the upper North Island supply chain. We have continued to be represented in the Marine and Coastal Area Act, or MACA, hearings for the Inner Whangarei Harbour, and MMH more specifically has made a submission on MACA amendment bill. The focus for Northport and MMH has been on continuing to be able to do business into the future. The outlook for the business is strong, as is the outlook for the development of the business park. With a clear strategy that positions MMH at the heart of regional growth and a management structure that supports the strategy, the company is well positioned to take advantage of the opportunities that lie ahead as New Zealand recovers from the recession. The next five years will be a key period of growth as we look to take forward the key projects identified in the comprehensive business case for the business park. We will continue to engage with government on future-proofing infrastructure in the region. Key priorities for the year ahead include working with government on a solution for the dry dock, as well as supporting KiwiRail with the Rail Spur to Northport through MMH's landholding. I'll now hand over to Rosie, who will take you through the next few slides. Thank you, Murray. Good evening. Good afternoon, everyone. Thank you for joining us today. I can't actually see over this. As noted by Murray, we're pleased to achieve strong revenue growth in the key areas of the business. The parent company's earnings before interest and tax increased 9% to a record NZD 1.8 million due to the solid property holdings profit growth, which was up 4%, and exceptional marine and commercial segment profit growth, which was up 23%. Earnings from our joint venture interest in Northport Limited were down 2.3%, partly due to the one-off tax legislation changes. Looking at this in more detail, the breakdown of revenue by operating segment showcases the very strong growth in the revenue for the property holdings and the marine and commercial operations during the period. This growth has offset the reducing port revenue and resulted in the increased overall revenue in the year. While we've achieved strong revenue growth, expenses have also followed suit. Finance expenses have increased by NZD 200,000 this year over the last year due to the high interest rates. You'll also see there that increases in key expenses of insurance, rates, and interest costs have all contributed to the reducing net profit for the year. MMH's net profit after tax was NZD 4.5 million. The graph here shows the significant impact of the revaluation of investment property on the impact and illustrates how this has fluctuated over the years. The business park is a core enabler of the MMH delivering on our purpose. This year, we're pleased to increase the business park revenue, achieve important milestones, and maintain momentum in the business park despite the current headwinds that are facing the commercial property sector. We completed the major renovations for the marina frontage commercial building, which has included earthquake strengthening and the rejuvenation works. We welcomed the Marsden Cove Fishing Club, 36 Degrees Brokers, and La Trend Homewares into their new units as part of this project. Further to these new tenants, we've recently secured two new hospitality tenants for the two remaining units. This takes our marina frontage commercial building to 100% occupancy, with the fit-outs for the final units expected to be completed early in the new year. We want to acknowledge the work of NAI Harcourts, their team, in helping us secure these new tenants here to add to our hospitality offerings. As Murray mentioned, this year we've completed work to substantiate our master plan, including a roadmap and business plan for developing the business park. This has enabled us to identify operational targets and the partnerships that will add most value to the business. We're very pleased that we've had Corporate Value Associates supporting this work, bringing their experience and knowledge, particularly around supply chain in particular. In addition to the development of the business plan, we've completed the master planning for Block B and detailed design for what is called Kitewhari Stage II. We plan to bring Kitewhari Stage II development to the market early in the new year. While we've worked to build a strong team at MMH, we also recognize the importance of bringing in specialists to support us when required. We're really excited to have recently engaged Colliers to provide specialist commercial property advisory support to help us in developing the business park. Their track record with similar sites is strong, and we're very pleased to be in their capable hands working alongside us. The marina and boatyard operations have continued to deliver strong growth in revenue and was up 14.8%, going from NZD 2.8 million last financial year to NZD 3.3 million this financial year. The marina and boatyard have maintained high occupancy rates buoyed by new commercial clients, international visitors, and longer-term stays. We kicked off a number of projects to improve and future-proof the marina customer experience, including the rollout of our TallyWeb system for cloud-based access to shoreside power and ancillary services, as well as our pile replacement project. Providing a high-quality service to our customers and community remains a top priority at the marina and boatyard. We're continuing to invest for the future in replenishing our core assets to ensure the facilities remain competitive and sustainable. As Murray mentioned, the port has further diversified towards different cargo options to balance the decline in the log export market this year. The introduction of cruise vessels was a notable addition to the port offering this year. Northport also saw an increase in coastal container trade with a weekly service provided by Pacifica and direct access into Port of Tauranga for international exports. The handling of larger international container ships eased off during the period due to the impact of weather-related events, but it will be a focus for the company again going forward. Northport continues to invest in the site and in its capability, including the development of an additional hard stand and light towers and replacing old forklifts with new reach stackers. The MMH management team has been working closely with Northport in the development of our business plan for the business park to maximize the opportunity to align the growth of the business park with the types of activities that contribute towards creating volume through Northport. In doing that, we've looked at the export growth opportunities coming out of Northland, as well as the wealth of opportunity from North Auckland import markets, with a view to capturing both of these markets through Northport. Operationally, this is what we're focusing on achieving through the development of the business park. Taking advantage of these opportunities and developing and executing a strategy that continues to hero the port will continue to be a key to MMH's success. Having the right team in place to execute our strategy continues to be a focus, and we've continued to invest in upskilling our workforce. We've made three key senior promotions this year, appointing Vidura Galpoththage as Chief Financial Officer, Carrie Williams as Head of Operations and Property, and Mark Forrester as Head of Development. Vidura, Carrie, and Mark have all proven themselves and have demonstrated a shared commitment to driving Northland's growth. I'd like to thank them for the exemplary way they're running their respective teams. We're cultivating a strong and collaborative team culture at MMH, and I'm looking forward to continuing to build momentum together. So over the year, we've continued to deepen our relationship with the Te Taiao Environmental Unit of Patuharakeke, as we've jointly delivered and continued to deliver on our cultural landscape strategy. We've also been creating capacity-building opportunities for them by engaging their services on a consulting basis to deliver our stormwater quality testing. We've supported local community events, including the Marsden Cove Marina Markets and the Fishing Club's Fishy Fridays, which are a great example of our tenants and the community partnering together to create these social events. So we're proud to have completed our first climate-related disclosure this year, although while it was a compliance requirement, it is also a critical milestone to enhance the accountability and has improved our understanding of the long-term opportunities that MMH has to offer. As part of this, we've established a suite of metrics and targets which will guide us towards achieving some of our long-term goals. These are available to view in our climate-related disclosure, which can be found on our website under the annual report. Collaborating with our neighbors that have complementary strengths was identified as a key opportunity to increase resilience and deliver meaningful change. A great example of this was the work to set up the Northland Corporate Group, which Murray spoke about earlier, and I'd like to acknowledge all of Murray's hard work and efforts in bringing that group to fruition. On that note, and on behalf of the team, I'd like to extend a very big thank you to Murray for his outstanding leadership over his nine years on the board. Murray has played a pivotal role in shaping the future of MMH, and it's easy to see the impact that he has had, particularly ensuring the company has a strong strategy and the foundations for growth in place. He's not only been a steady hand at the helm, but also a true steward of our values. His own personal values are aligned with those of the business, and I know that this has made his leadership all that much richer. Thank you, Murray, for your time and energy that you have poured into the business. The impact of your leadership at MMH will resonate for years to come. I'd also like to take this opportunity to thank Hamish Stevens from the board and the Audit and Risk Committee Chair. His input to the MMH and Northport boards and his leadership of the Audit and Risk Committee have been hugely valuable. On behalf of the MMH team, a sincere thank you to both Hamish and Murray for your many years of service to the business, and that's a good time for me to hand over to Murray. Thank you, Rosie. Thank you, and we will now move on to meeting resolutions. All resolutions are ordinary resolutions and are required to be passed by a simple majority of votes. Only shareholders, proxy holders, or corporate representatives of shareholders may vote on today's resolutions. Voting will be done by way of a poll for each of the resolutions. No seconding of resolutions is required. Hamish Stevens retires by rotation and is not seeking re-election. I'd like to thank Hamish for his contribution over the last six years. His fiduciary duty and custodianship of the company, particularly in the area of audit and risk, has been outstanding. The nominations for resolutions one, two, and three have been received from Northland Regional Council. The auditor's report was published on pages 74 - 77 of the annual report and is unqualified. I have assumed that this has been read by shareholders, and I therefore do not propose to have it read at the meeting. As the auditors are appointed by the Office of the Auditor General, we do not need to vote on this item. This is dealt with under Section 19 of the Port Companies Act, which advises that the auditor office is our auditor. Resolution one, as an ordinary resolution, that Anthony Gibson be elected as a director of the company. Anthony Gibson is being nominated for a term of one year by Northland Regional Council to re-establish a desirable rotation of directors. I'd now like Tony to come forward and just say a few words. Thank you, Murray, and good afternoon, everybody. My name's Tony Gibson, and I'm pleased to be able to put my name forward to be re-elected as a board member of MMH. My current role includes being CEO and managing director of VINZ and chairman of Jevic in Japan, both of which are automotive inspection companies and subsidiaries of the Optimus Group in Japan, which is listed on the Japanese or the Tokyo Stock Exchange. My previous role before that was 10 years as CEO in the Ports of Auckland. I have 30 years' experience in shipping, logistics, and technology, and I've worked in various senior roles in Africa, Europe, and Asia. Upon returning to New Zealand, I was appointed managing director of P&O Nedlloyd, and after the takeover by Maersk, I've served as managing director of Maersk for three years. I was also a director for 14 years of EROAD, a technology company listed on the New Zealand and Australian stock exchanges. I joined the board of MMH in 2018, and if re-elected, I will work hard to continue the development of MMH and transforming Northland's economy. Thank you very much. Thank you, Tony. We'll now open for any questions regarding this resolution. Are there any questions in the room or online? Vidura. Sorry, there's a question online. Regarding that resolution from, t hanks, f rom Grant Diggle, the NZ Shareholders Association Proxy. If the current decision in the court against Tony Gibson is upheld on any appeal, will the board still retain confidence in his ability to continue as a director, and if so, why? So to answer that one, the board has full confidence in Tony's capability, both prior to this nomination and after it. So the board has full support. I can't answer the court process because if it does go to appeal, then we just need to let that run through and see the resolution of that. So I can't answer that one. But Tony has our full support as a board, and at the end of the day, that's what's important for MMH and shareholders. Are there any further questions? Thank you. It's actually a question about all three of these. If all three of these are approved, what proportion of the board will be nominees of the Whangarei District or Regional Council? Generally, what's happened in the past, it doesn't preclude any shareholder from making any nominations to the board of directors of MMH. But historically, all of the nominations or the majority of nominations that, since I've been here, have all come through NRC process. NRC has a requirement under the Local Government Act to ensure they have a process for their strategic assets, which they do, and that's where the nominations come from. I think that probably your question is more aligned to, are the directors independent? And that's determined at the first meeting where independence is qualified. So the current board is all independent directors, and that's the process. So these are the nominations that come from the shareholders, which just happened to be the major shareholder making the nominations. I hope that answers it. Does that sort of answer it? Sorry. Yeah. I think the question you're telling me is that all of the [NRC company nominations regarding shareholders]. All the current directors, correct. Correct. And all of the current directors are independent, which means that they don't represent NRC. They're just nominated by them. Correct. Anything further? All right. We'll now open. Please cast your votes for those that haven't. And I'll just do a little pause while Computershare gather up any voting on that resolution. All right, good. Okay. Now, resolution two. As an ordinary resolution, that Christine Pears be elected as director of the company. I would like to invite Christine up to say a few words before we vote on that resolution. Thank you, Murray, and good afternoon, everyone. You will have read the brief bio that is in the notice of meeting that gives an outline of my executive and governance career. What it doesn't outline is that all of those companies have been involved in creating world-class infrastructure and services for either a sector or for their clients within various regions throughout New Zealand. The exciting thing about the nomination for Marsden Maritime is it's very clear that there's a strategy in place to do exactly that same thing here for Northland. And I'd like to thank Northland Regional Council for their nomination. And if shareholders approve that, I look forward to working with the board and with the executive on bringing that strategy to life. Thank you. Thank you, Christine. Are there any questions regarding the nomination? All right. Please cast your vote. All right. Resolution three. As an ordinary resolution, that Gwyneth Macleod be elected as a director of the company. I would like to invite Gwyneth to come up and say a few words before we vote on this resolution. Thank you, Murray, and good afternoon, everyone. I'm Gwyneth Macleod, and as you will have read, I'm a nominee for director of the company. I've had a very long career right across the infrastructure sector and also in management consulting, strategy consulting. I'm really excited to be able to bring these skills to Marsden Maritime. I'm very impressed with what I see. I love the direction of the company and the way in which it's so focused on bringing value, not just to its shareholders, but to its regions. And I'd love to be in a position to be able to support that. So I thank you to Northland Regional Council for your nomination. And if elected, this is something I'm really looking forward to being part of. Thank you. Thank you, Gwyneth. Is there any questions? Nothing online? Nope. Very good. Now, I asked you to cast your vote on this resolution. Okay. So for those in the room, staff from our share registry, our Computershare, will gather the votes from the room. For those of you online, I'll close the voting system shortly. Please ensure that you have cast your vote on all resolutions, and I'll now pause and allow you time to finalize your vote. All done. Brilliant. Thank you. Thank you for voting. Voting is now closed. The results of the votes will be released later in the day. Thank you. We'll now move on to general business and take any questions. We'll address questions in the room first, and then we'll move to questions online. Please raise your hand if you're in the room and have any questions. Are there any questions in general business? Oh, lots. Start here. How much rail spur are we getting? How far away is that approximately? Do you guys have any idea? What we know is that KiwiRail have acquired all of the land required, and they're working their way through the business case to present to government. Now, how long that will be until it started, the geotech's being done flat out. So it's just waiting for ministerial approval now. And then we'll get an announcement at some point when they're if it meets their requirements in terms of funding. So it's as close. I've been standing here for a few years talking about the rail spur. It's as close as it's ever been. So when we see the spade in the ground, we'll know. Jacob, as you are, the water's been upgraded quite substantially, I think, in late November, the last 12 months. So yeah, I've seen the geotech there. I just wondered how. Yep. Well, they're getting closer. So that's all I can say. Now, there's another question in the middle here. Just a logistics problem. Car parking's at a severe premium here, being a regular visitor here. What provision are you making, and when will it happen for additional car parks? So we are exhausted the area that we deal with. Rosie's probably best to talk to this one. I'm assuming you're talking about the boating parking out the side here or just out here. Oh, that's us. Do you want to talk to that? It's pretty hard for us to do much about it because that's the maximum land area we have in terms of that area. The issue is we can only develop this area we're in now. So we don't have land around this building that we can do a lot more development to. So we've got the car parking that we have here and out behind the marina office. The rest of the development will take place on our land holding, which is just up the road a little bit, and there'll be ample car parking for that development as it takes place. So don't expect if you look at the land behind us, that's district council-owned land, reserve land. So we won't be developing any of that. So this is what we have to work with. Yeah. Hi, Murray. Stupid one, really. I know people don't have a crystal ball anywhere, but any idea when we might see some sort of increase in the share pricing? Because I've lost 40% over the last two years. Yeah. I know it's a tough one. I know it's a bit of an elephant, but just getting it out there that yeah. Yep. And we are doing our very best in terms of the strategy we have in place and identifying the work we're doing with CVA to develop the right way to push harder and faster. So that'll be what drives share price. As more tenancies come into the business park, that will drive part of it. The issue we really have is just the liquidity of the shares, and there's just not a lot of them out there. There's two major shareholders that have a block. So it's really hard to drive that. But you'll see as the business park and the environment that we're working with grows, the more the port expands, the more the shipyard comes, the more the tenants come and use us, and the more Auckland grows towards us, that should drive return. And so what we're seeing is, yes, you can say it's been a decline, but it's been a pretty tough year. Yeah. Yes. So to go to that, is there a disconnect between the ambitions of the board in terms of the style of development that you aspire to and the ability of tenants in the Northland region to afford the tenancies? And that's why we've seen a lack of progress on the facilities and, as a result, a decline in share price over the last two or three years. What review has there been of the strategic direction and [compatibility between Northland market and the buildings]? Yeah. So I suppose we did have a review of our strategy and worked out whether it's still the strategy we should be pursuing. And the outcome of that review was, absolutely, it is. So I think we just need to be mindful that MMH is Northland Port Corporation. We are the port company. And so at the heart of our business is driving growth through Northport and protecting land for future growth in Northport. So we have probably a greater horizon focus than most commercial developments. And so we're quite specific around what we focus on and what we drive in this. We haven't got an open door where we let every single development in that wants to come here. We're specific around what are the developments that meet our ecosystems. And that's really important to us. And so we've just got to be patient. I don't think we are out of sync. I think we are long-term focused developers focusing on driving the port aspirations and growth and not being everything to everyone. So I think it's just a time thing. We've just got to and once we get momentum, it's about momentum and getting it moving. That's what'll drive it. Just one here, and then I'll come back. Oh, hello. I'm just delighted to be here. The marina's lovely, and the scenery around is just spectacular. I haven't had a good look around, so I don't know how much area you've got. But I heard someone asking about a car park. Well, maybe it was for the boats. Well, you need parking for boats, of course, because that's the whole point of it. But what I'd like to say is I'd hate to see everything covered in concrete and that we should just try and have as much greenery and plants and things around because it's such a spectacular surrounding. You wouldn't want everything here to be just concrete and clay. So that's what I wanted to say. Yep. Thank you for that. Because I think it's a shame the way everything's covered up in concrete all the time. I remember coming out to Marsden Point, and there used to be a lovely old villa with a huge big phoenix palm right by the water where the wharf was. Now, I presume that's all went. That was about 20 years ago. I discovered it. They're all gone. But it's lovely to just preserve the environment at the same time as going ahead with what you've got to do. Yep. Thank you. And that's the point of the master plan, to actually have a planned approach which incorporates everything you're talking about and developing at the same time. Actually, one over here, and then we'll come back here. Just about the expanding the port a bout the Fonterra. I read that Fonterra is bringing product through the port, through the Northport now, and then coastal tank it down to Tauranga? A container vessel, yes. Yeah. So is that working out okay? Yes. It's in a trial phase at the moment, so you will be very much aware that Fonterra used rail heavily from Kauri, Maungaturoto, through to Hamilton, and then rail across to Tauranga, and with the Brynderwyns closed and the rail out, it created a significant amount of delay in getting product from A to B, so the team at Northport have done a fantastic job in getting Fonterra to do a trial, and that's going really well, and so taking freight down the coast by coastal freighter is a very efficient way to do it. It's pruned a couple of days out of the delivery from point A to point B, but it's also removing trucks off the roads and creating more efficiency around it. [When will the trial finish?] I can't answer that. You would have to talk to the port business development manager, but there's no reason why it should finish if it's going well and everyone gets value out of it. But yeah, look, we're keen to see as much freight as we can go down the coast. It decongests our road and decarbonizes things. I'd just like to ask if there's any advantage to Marsden with Fletcher's moving in with their tire operation next door? I think if they get the blend right, we should have better roads, shouldn't we? Which has been part of the problem. Is there any advantage to Marsden and them moving in? To MMH or Marsden Point? To MMH. I think if you get any development here, it's an advantage to all of us, and you get the synergistic effects that go with it. So if you get Fletcher Building's basing here importing bitumen, then the businesses that also support that will also base here. So any development, that's why we've got good relationships with all our neighbors, and we support each other in terms of encouraging business growth and development because we all benefit from it. Yep. I'm a shareholder of Channel Infrastructure and also the marina. I've got a question about your fast track development for the container facility. How much of the refinery land is going to be taken off in that development? None. None at all? None. That was a simple answer, wasn't it? Any further questions in the room? I'll try. I think the boat park is a council issue because that's council land, isn't it, in the boat ramp? That's why I asked the question around, was it the boats you're talking about? So just to clarify for people that don't know, when Hoppers built the marina, which the company purchased off Hoppers, there was a requirement to maintain a boat ramp, public boat ramp, and car parking. And so the car parking we have out behind us is council. So that's got to be supplied for the boat ramp. So the parking that this question was specific about was the commercial area parking, which is us. And you will have noticed over the last three or four years, it has developed and become more efficient in terms of the layout. But what we're hearing here loud and clear is that can we make it even more efficient and make more parking? So that's something that we can leave with management to look at in the future. I've got a query that you might be too focused on the big directed venture that we are going to must have done because some of these units here, they were empty for two years plus. And I know there was local interest to get in there. Just in the short- term, give me a call next week, and I'll move out. But there was no. You missed out on that revenue. And I only know that because I was one of them. Yeah. [Wanted purely eateries and that sort of thing. That's not turned out to be the case.] Yeah. And it's a little bit more complex than that with businesses we were working with at the time. And also, there was some storm damage and liquefaction problems, which we rectified. So you are correct in the length of time, and that was hugely frustrating for the company. But t here's a whole lot of complicating factors, but I could tell you right now that we've got tenancies right through the whole building now, and we've fully rented, so it's a very good place to be. Yeah. We feel your pain. [I'd like to be one, though.] Yep. Any further? Any online questions? Okay. And just a final thank you. As many of you will know, this meeting marks my retirement as a director and chair of Marsden Maritime Holdings. I'm proud of the work we've achieved during my time, and I leave the business in good heart. Those that know me know that my focus as a chair is to understand where you're going as a business, how to get there, and take the people with you. During my time at MMH, we identified a strong purpose, vision, and set of values, which are now reflected in our strategy and our plans for the business park. From the board's perspective, the most important thing you can do is appoint a CEO, and we've done that well. Rosie has built a strong capability around her, and the team culture she has developed is extraordinary. I've been fortunate to work with some great people, and I've seen some great governance in my nine years at MMH. With Benoit Marcenac taking the helm as the new chair, the company is in capable hands and under his leadership, and I wish him all the very best for his new endeavor. I would also like to extend a warm welcome to the two new directors that will be elected to the board today. The government's commitment to road and rail improvements to support growth and enhance connectivity is bringing great opportunities for MMH and Northland. The company also has significant influence in the region reflected in the Northland Corporate Group outcome. It was truly an excellent result to see the government take forward the four-laning highway on that way. I would encourage the company to continue to do more around intentional shareholder engagement, and I would urge the New Zealand Shareholders' Association to keep advocating on behalf of minority shareholders because they are the silent voice. [Foreign language]. The business is all about people, and I'd like to recognize the people in the business who support our tenants within our ecosystems and our ecosystem tenants who are helping us support a more prosperous Northland economy. Finally, I'd like to thank the board for the support they have given me, and I'd also like to thank you, the shareholders, for allowing me the privilege of governing your company. It has been the highlight of my governance career, and I've enjoyed the ride and will continue to watch with interest. That concludes the business of the meeting. I therefore declare that the meeting is closed and invite those of you in the room to join the directors and the team for afternoon tea. Thank you all for attending the meeting today and for your ongoing support. MMH looks forward to updating you on progress from the first six months of the year in February 2025. Benoit and the other directors will be available to talk to you throughout the year, as always. Please do not hesitate to get in touch. [Foreign language], and safe travels. Thank you.