Thank you for standing by, and welcome to the Precinct Properties update conference call. All participants are in a listen-only mode. There will be a presentation followed by a question and answer session. If you wish to ask a question, you will need to press the star key, followed by the number one on your telephone keypad. I would now like to hand the conference over to Mr. Craig Stobo, Chairman. Please go ahead. Thank you, Bernadette. Good morning, everybody, and welcome to the briefing for the announcement we have made this morning regarding the internalization of Precinct Properties. I'm Craig Stobo, and I'm the Chairman of Precinct, and it is a great pleasure to be here with you this morning. In attendance with me is Scott Pritchard, Precinct's CEO, George Crawford, Precinct's Deputy CEO, Richard Hilder, our CFO, and Dan Frewen, Head of Analytics. If I just turn to the slides that you have in front of you, page two of the presentation sets out the key details of the transaction. We're delighted to announce that we have reached agreement with the shareholders of the management company, AHML, to terminate the management services agreement and internalize our management functions. We have agreed to pay AHML a termination payment of NZD 215 million in total, NZD 10 million of development fees we will no longer have to be paying to the external manager. We expect that the termination payment will be tax-deductible and a binding ruling will be sought from IRD to confirm this. On this basis, the net cost to Precinct is expected to be NZD 145 million. Most importantly, we have retained all staff from Precinct, including Scott, George, and Richard, who are with me now. We're pleased to advise that on a pro forma basis, the internalization will result in NZD 14.6 million in total annual savings and lead to an increase in our FFO per share on a pro forma basis or 6% given we are debt funding the transaction. The accretion based on our weighted average cost of capital remains a healthy 3.3%. Now, turning to page three of the presentation. Importantly, as we announce this transaction today, it is worth reflecting on the significant role that AHML has played in providing management services to Precinct during its 24-year history. AMP sponsored the listing of AMP NZ Office Trust back in 1997 with a small Wellington-focused office portfolio. The business has been through a number of transformational moments, including the corporatization in 2010, our refreshed strategy and name change in 2012, the completion of Commercial Bay in 2020, and this internalization is a further major milestone, the internalization of our management. AHML's role has been significant, and the successful completion of Precinct's NZD 1.5 billion development pipeline is evidence of this. The transformation of Precinct is highlighted very well on page four, that sets out the change in composition of the Precinct business over the past 10 years, and importantly, the positive change in Precinct's FFO and dividends over the previous six years. This track record of cumulative growth in our year-on-year FFO and dividends is something that we are very proud of, and we are now more confident than ever to continue this trajectory into the future. The quality of the Precinct portfolio has changed dramatically in the last 10 years with the development of NZD 1.5 billion of premium quality real estate in Auckland and Wellington, funded in part through the sale of close to NZD 800 million of secondary grade assets. Turning to page five. In September last year, the independent directors of Precinct became aware of a portfolio review being undertaken by AMP, the 50% owner of Precinct manager, and we established a subcommittee of the board to assess the impact. As a committee of independent directors, we agreed that the most optimal outcome for Precinct would be to internalize Precinct management by way of agreement directly with AHML. We were aware at the time that the shareholders of AHML had the unconstrained right to sell those management rights to a third party, and we were concerned to ensure that an internalization proposal could compete with those options in terms of the speed and risk of execution. We therefore determined that to remain competitive, we would seek, and were subsequently provided with, a waiver from the NZX of the requirement to hold a shareholder vote on the transaction. This was on the basis that although the transaction is with a related party, it was managed and negotiated by the independent directors on an arm's length basis and without the involvement of any related parties of the manager. This waiver ensured that we would proceed with negotiating and agreeing terms to internalize management on behalf of, and acting in the best interests of shareholders not related to the manager. In taking this approach, we have sourced specialist advice from PwC Corporate Finance, KPMG, and Chapman Tripp, which informed our negotiations, our pricing, and our due diligence. Importantly, our independent advisers, PwC, have advised us that based on the terms agreed, the present value of the benefits of termination are estimated to significantly exceed the after-tax cost. The independent directors have therefore formed the view that internalization is in the best interests of, and fair and reasonable to, Precinct and shareholders not related to the JV manager, AHML. Turning to page six. This slide sets out the key terms of the transaction, including the gross internalization cost to be paid of NZD 215 million. The fees on current development projects which will not now be paid are NZD 10 million, and the application to the IRD for tax deductibility of the internalization costs, resulting in a net cost to Precinct of NZD 145 million. Pleasingly, we have secured all staff who are employed by AHML, and they have all signed employment contracts to join the Precinct team from one April, and this includes our longstanding executives, Scott, George, and Richard. Importantly, as we transition through this phase, the board of Precinct will remain unchanged. Mohammed Al Nuaimi will remain as a director representing our largest shareholder, ADIA, who will retain their 17.3% stake in Precinct. Rob Campbell and Chris Judd, both previously appointed by shareholders of the manager, will now become non-executive directors. Due to the transition from an externally managed company to an internally managed entity, the board felt it beneficial to retain the services of both Chris and Rob as we transition through this current phase. Importantly, the board remains focused on succession planning and rotation of our board of directors. Finally, settlement for the internalization will occur this Wednesday, 31 March, meaning that Precinct will commence as an internally managed entity from one April. Turning to page seven and focusing on the benefits of internalization. As a consequence of the internalization on a pro forma basis, we expect annual savings in all fees after deducting the cost of internalized management of NZD 14.6 million. The basis of this calculation is set out in detail in the appendix to the presentation. Our management expense ratio will reduce significantly from 74 basis points to around 30 basis points. We have put in place new bank facilities to fund the internalization payment, and on this debt-funded basis, we anticipate the AFFO accretion to be 6% per annum on a pro forma basis per share. This pro forma basis assumes the completion of Bowen Campus stage two and One Queen Street, the disposal of the remaining interest in the ANZ Centre, and that we sell one of our assets valued at around NZD 85 million-NZD 95 million. Therefore, the full benefit of the accretion is expected to materialize in the 2023-2024 years. In addition to the financial benefits, there remains significant qualitative benefits, including the retention of our management team, improved alignment of interest between staff, directors and shareholders, and perhaps most significantly, the removal of potential uncertainty in the event that the shareholding of the management company changed. Now turning to page eight. Precinct will fund the internalization by way of a new five-year, NZD 250 million bank facility. This facility will increase Precinct's total bank facilities to NZD 860 million out of total debt of NZD 1.45 billion. Importantly, as we have developed our capital plans for the next stage of Precinct's evolution, we have factored in the commitments we currently have, the commitments that we're very likely to have, and the asset sales which are now either committed or planned. This includes the likely timing for commitment to One Queen Street within the next three months as we advance our design and advance our tender process. On this basis, after accounting for those changes, we expect our committed gearing to settle at around 36%, a level where we remain very comfortable. Finally, to slide nine. Today is a great day for the Precinct business as we announce a significant initiative to internalize and at the same time retain our market-leading management team and also benefit from a stable and experienced board of directors with a stable, clear strategy. The benefits of the internalization are significant. We will save NZD 14.6 million per annum, we will increase our AFFO percentage, and we continue to grow year-on-year as we've been doing so since 2015, and we'll also simplify and benefit from greater alignment between our management team, our board, and our shareholders. I'd like to thank you all for joining the call, and I'm more than happy to take any questions from the audience. Thank you. Thank you. Your first question comes from Jeremy Kincade of UBS. Please go ahead. Good morning, team. First question from me is just whether or not there are any conditions relating to the agreements. In particular, we're obviously still waiting for a note from the IRD, saying that we can deduct the payment for this for tax purposes. Just wondering if the agreement is contingent on that and any other things. No, there's no contingencies. We have taken advice from KPMG around that tax deductibility. They're very confident of that outcome, but there are no conditions to the cancellation of the management contract. Thank you. Just one more. Obviously, we've got a pro forma idea of the savings to be expected, could you just give us an idea of how much EBIT the management business made last year or over the last couple of years? That's information we don't have at Precinct. It's AHML information, so I can't provide that to you. Okay, all right. Thank you very much. Thank you. Once again, if you wish to ask a question, please press star one on your telephone and wait for your name to be announced. There are no further questions at this time. I'll now hand back to Mr. Stobo for closing remarks. Thank you very much for your attendance. We intend to hold follow-up meetings with those who wish to do so. Appreciate your time and look forward to your feedback. On behalf of Precinct, thank you for attending. Thank you very much, Bernadette. That does conclude our conference for today. Thank you for participating. You may now disconnect.