Good morning, and welcome to BBGI's Half Year Results 2024 Presentation. Following the presentation, there will be a question and answer session, and if you wish to ask a question, please press star one on your telephone keypad to register for a question. I'd now like to hand the call over to your host today, Mr. Duncan Ball, the CEO. Please go ahead, sir. Thank you. Welcome, everyone. My name is Duncan Ball, and I'm the CEO of BBGI Global Infrastructure. I'm here with Michael Denny, our CFO. I will take you through the presentation. I'll try to do it fairly quickly 'cause I think many on the call are familiar with the background of the company, and we'll open it up for questioning at the end. I will begin on slide seven, which is just a quick reminder of our investment approach, which is centered on four key attributes: low risk, internally managed, globally diversified, and a strong approach to ESG. For the low-risk pillar, just a reminder that we are focused on availability-style, core infrastructure investments, which have contracted revenues coming from public sector counterparties. The result of this approach is that our cash flows are very stable, predictable, and we have high-quality inflation linkage. The second pillar is internally managed, so we are the only infrastructure investment company, equity investment company, with an in-house management team where there's no external manager. We think that that's a differentiating factor. It means that we're focused on delivering shareholder value and not just growing the AUM. 100% of our supervisory board, 100% of our management board, and 87% of our staff are shareholders, so we're very much aligned with the interests of the investors. The third pillar is our global diversification, so we're focused on double A and triple A-rated countries, which provide us with a stable, well-developed operating environment. And finally, we have a very strong approach to sustainability and ESG. It's integrated into our business model. Our portfolio delivers strong social impact and is an Article 8 firm under the EU Sustainable Finance Disclosure Regulations, and additionally, we've done a lot of work on climate due diligence, and there's a high degree of climate resilience within our portfolio. I'll turn to slide nine and just go through the financial highlights for the operating period. It was another period of predictable performance. During the period, we delivered a 2.4% NAV total return. Based on today's share price, we're offering an attractive dividend yield of 6.2%. We grew the dividend 6% last year. We've grown it 6% so far this year and expect to do so for the remainder of the year, with the expectation that we will grow it a further 2% in 2025. There's strong inflation linkage across the portfolio of 0.5%. It's high quality, and it's contracted. Our dividend is well covered at 1.47 times. Our annualized return since IPO on the NAV total return basis is 8.5%, and our ongoing charge is the lowest in the sector at 90 basis points. Turning to page 10, just a reminder of our operating model, which is based on three business principles: value-driven asset management, prudent financial management, and a selective acquisition strategy. With regards to value-driven asset management, our portfolio of 56 core infrastructure assets performed well during the period. We continue to maintain high levels of availability of 99.9%, and that means we have satisfied customers. There's no adverse events of lock-up or default, so our portfolio is performing very well. The second principle is prudent financial management. We've repaid our RCF, and we have no drawings outstanding. Our projects are typically financed on a fully amortizing basis. We have 55 of our 56 assets have no refinancing obligations. All our assets are financed on a non-recourse basis. The one asset that does have a refinancing obligation that comes due in fall of 2025, and we've already started that process, and there's no indication there's gonna be any issues there. So we're very comfortable with the prudent financial management throughout our portfolio. And then finally, the third operating principle is a selective acquisition strategy. We apply a disciplined approach to capital allocation and potential acquisitions. We've looked at a lot of opportunities during the period, but we've not bought anything, and we've remained very disciplined in our approach, and we'll touch on that later. I'll direct your attention to slide 11 now, which just focuses on the benefits of internal management. And what's meant by internal management, it means there's no external manager providing services to the fund. Myself, Michael, the rest of our team, we're all employed by BBGI directly. We have a very experienced team. The team is fully aligned with the interests of BBGI's shareholders. 100% of our board are shareholders. 187% of our staff are shareholders. Our supervisory board has bought shares in this market, so they're very supportive of the strategy and the business. And we very much put our capital where our conviction is. We act like owners. We also manage our costs prudently, and the ongoing charge, as I say, is lowest in the sector at ninety basis points, and we wake up every morning focused on BBGI's business. We're not distracted by any other mandates or activities. This is what we do. Turning the page just to focus on the specialist nature of what we do, we're very much an infrastructure investment company. We have an ownership mindset with skin in the game. The average tenure or average industry experience of our typical team members is 20 years +. We have people located where our assets are, so we have a team spread out across 8 countries. 87% of our staff are shareholders. Below our small team, we have 2,000 people contracted at the various assets, so we're managing a business with 56 different assets. We're keeping those customers happy by having high asset availability levels, so 99.9%. We publish a net promoter score, which again, is an indication of client satisfaction, and that is, 56 is top quartile, so it's a very good net promoter score. Just for those that may not be familiar, it, it's not a... It's a scale of potentially -100 to +100, so it, it's not like a typical 0 to 100 scale, so 56 is a very good score, and what it means is happy clients mean positive outcomes for the portfolio. If I turn your attention to slide 13, it just highlights our disciplined approach to capital allocation. In recent periods, we've benefited from higher inflation, and we've earned more on the excess cash we have at the various portfolio companies, and we've invested that to ensure good amounts are earned on treasury deposits. So what have we done with that? Well, we've paid out a lot of those proceeds to investors by increasing our dividends. We increased our dividends 6% last year. We'll do it again by 6% this year. Where the future is less clear about where inflation is headed, we've been prudent, and we've said we will grow the dividend in twenty twenty-five by 2%. We've used excess cash flows coming out of the portfolio to pay off the RCF, so we're now in the enviable position where we don't have any debts or drawings, and we don't have any purchase obligations, so as we look to grow the portfolio, we will make measured decisions, and any opportunity will be compared against alternatives, such as buying back shares if we're trading at a discount, and we're focused on making sure the portfolio performs well and delivers the attributes we're seeking. So it's you know any allocation is gonna be made on those criteria. If you turn to slide 14, it just highlights our track record of providing consistent not only dividend growth but NAV per share growth. Over the last 12 years, the accumulated NAV and dividends have grown from 97p to 227p and have always shown a positive growth on a year-on-year basis. The total NAV return since IPO is 177% or 8.5% on an annualized basis, and we've been able to increase the dividend consistently. We've been recognized by the AIC as a next-generation dividend hero. The concept of dividend heroes is if you increased your dividends for 20 years. We haven't been around that long, but we've consistently increased dividends. Even during COVID, we were able to increase dividend when over 400 listed companies on the London Stock Exchange curtailed or reduced dividends. So we're very proud of our record of providing stable returns, growing the dividend, and growing the NAV. Slide 15 just gives a collage of some of the assets in our portfolio. So just as a quick reminder, we have 19 roads and bridges. We have a fully electric public transit line. We have 41 essential healthcare facilities. We have four police stations, 26 fire stations, four modern correctional facilities, 33 schools and colleges, three affordable housing facilities, two community centers, a hydroelectric facility, two public administration buildings. So it's a very diverse and portfolio, but a portfolio with strong social benefits. Our hospitals treat over four million patients a year with 2,400 beds. Our fire stations provide health first, fire protection for 800,000 people. Our roads include 2,800 single km lanes and provide reliable transportation and reduce travel times for 290 million vehicles a year, and our hydroelectric station supports clean energy to 80,000 homes. So it's a very, very diversified and a socially beneficial portfolio. If you turn to slide 16, it just demonstrates some of the core strengths of our portfolio. We're 100% invested in low-risk core infrastructure assets. These are all availability-style, meaning that if the asset is available, we get paid. 100% of our portfolio is operational, so we don't have any construction risk in the portfolio. We have had construction risk from time to time, and we're not one, not averse to doing that, but the portfolio, as it stands today, has no, no construction risk. We're in a, in a range of sectors as I, as I just described, but 54% is transportation, roads, also in healthcare, civic infrastructure, education, affordable housing, clean energy, and we're well diversified by country. Canada's our biggest exposure at 35%, but we're also in the U.K. at 33%, Continental Europe, 13%, the U.S. and Australia at 10% and 9% respectively. So a well-diversified portfolio. If you turn to slide 17, it just gives a snapshot of the top 10 projects within our portfolio. So these top 10 constitute 48%. The message here is the portfolio is well diversified, with no single significant concentration in one asset or collection of assets. It's a well-diversified portfolio. If you turn to slide 18, this is new disclosure that we've thought was appropriate to report. What we're doing here is we're just differentiating that our portfolio is unchanged, but it's a reminder that 6% of our portfolio are non-concession assets. A typical public-private partnership is a concession asset with a finite term, and at the end those assets are handed back to the client. But we wanted to alert people that we have 6% of our portfolio that are non-concession assets. So these, while we have contracted revenue from governments, at the end of the term, we own these, so we have the potential to re-lease them and continue on in the future. So the weighted average remaining asset life of the portfolio is 22.8 years, and we've got an attractive mix of assets that are long-term in nature. With that, I'll just pause and turn it over to Michael Denny, our CFO, and he will walk you through the valuation slides. Thank you, Duncan. So I'll just start by saying that the valuation process and methodology applied remains unchanged since the IPO, where the management board, supported by the valuation team, develops the valuation using a discounted cash flow methodology. The resulting valuation is then reviewed by both our external valuation expert and also by the company's external auditors, PwC. So if we turn to slide 20. During the period, our NAV per share experienced a modest decline of 0.3%, moving from 147.8 pence to 147.4 pence per share. There were a few notable contributors to this movement. In April, we paid a second interim dividend for 2023 of 3.965 pence per share, which reduced the NAV per share by 4 pence. The NAV return itself contributed GBP 0.043 per share, and that was driven largely by the unwinding effect of the discount, portfolio performance, updated operating assumptions, and changes in our working capital. The discount rate remained unchanged at 7.3%, and there was a modest gain of GBP 0.003 per share from macroeconomic assumptions. And again, that was driven largely by changes or adjustments to our short- and long-term deposit rate assumptions. Foreign exchange acted as a headwind during the period, resulting in a GBP 0.01 per share reduction in the NAV, with all currencies, with the exception of the U.S. dollar, weakening against the pound over the reporting period. And as a result, the NAV per share closed at GBP 1.474, or at GBP 1.054 billion. If we turn to slide 21, out here we just outlined the evolution of the discount rates, going back to June 2007, along with the allocation between the risk-free rate and the risk premium. So for the June valuation, we have applied a weighted average discount rate of 7.3%, which remains unchanged from the rate used in the December valuation. And our approach to determining the appropriate discount rates continues to be based primarily on market-observed transactions, and during the period, we have observed sufficient levels of transactional evidence to support the discount rates being used. We have again complemented our market-based approach by applying a CAPM-type approach, where we use the government risk-free rate plus a risk premium to construct the discount rates. This CAPM approach is primarily used as a reasonability check to our market-based approach, particularly in periods where there would be limited or reduced transactional data available. So as can be seen on the chart, the weighted average risk-free rate increased from 3.6% in December 2023 to 4% in June 2024, and based on this risk-free rate, our weighted average discount rate, the resulting risk premium is 3.3%, which the management board continues to believe to be appropriate for a portfolio of low-risk availability style investments. With that, I'll hand it back to Duncan. Thanks, Michael. I'll turn your attention to slide 23, and it just highlights, provides a little bit of information about BBGI's role as a responsible investor in social infrastructure, so sustainability and ESG are fully integrated into our business model. We follow well-defined standards and frameworks. We participate in industry forums, and we're also evaluated by external ratings and recognitions, so UNPRI, ISS, and Sustainalytics have all rated the company very highly. We've just this morning published our standalone ESG sustainability report, and I draw your attention to visit our website and download that document if you want more information. It's quite comprehensive. It's 61 pages, and it's gonna do a lot more justice to all the work we do in ESG than what I could say here in the brief time. So please go to our website and look at that if you're interested in that. Turning to slide 25, just talking about the outlook for the market. There's a couple key takeaways from this slide. One is we're very much focused on making the portfolio better, not just bigger. The macro themes for infrastructure remain very positive. The infrastructure growth will be influenced by some key themes. So governments around the world are facing deficits and probably need the private sector to step up and help support infrastructure initiatives. So we see that as very positive. The demographics support infrastructure investment. People are aging. Healthcare is important. Primary care is important. A lot of the areas where we're active are benefiting from a demographic tailwind. A lot of the infrastructure we use on a day-to-day basis is deteriorating or decaying, so that's another theme is replacing existing infrastructure. There will be new infrastructure investments coming out of decarbonization and digitization as well, so the energy transmission. So we're very optimistic that there's lots of opportunities for us to grow and deploy capital on into attractive investments in the coming future. We're very much a specialist infrastructure investing investor focusing on a specific niche. We focus on markets that we know well and areas that we understand, and we're very confident that there will be opportunities for us to deploy capital. But as always, we will, you know, our DNA is the same. We're very much low risk. We're focused on dividends and distributions. We're defensive, play, and, so we're looking at a lot of opportunities and we'll be opportunistic but very disciplined. And with that, I'll turn to the last slide and just conclude. I think, BBGI is an investment company that aims to deliver attractive long-term income that's uncorrelated to the broader markets. We've got a strong track record of increasing dividends and NAV for over a decade. We focus on low-risk assets that are immune to the business cycle. During COVID, four hundred plus companies, on the London Stock Exchange cut or, suspended dividends. You know, so we've demonstrated to the market that we can operate, successfully, irrespective of the business climate. We're specialist investors. We're owners as well as managers, and we bring that mentality of ownership to the table every day. You know, we're focused on responsible investing, and we will try to continue to operate the portfolio in a manner that keeps our clients happy and continue to look for new opportunities and manage the portfolio in a constructive manner to deliver the returns that our investors have come to expect. No one's ever called us sexy, but I hope that people consider us dependable, and we look to deliver more of that in the future. I'll thank you there and turn it over to the moderator to open it up for any questions that people may have. Thank you very much, Mr. Ball. Ladies and gentlemen, once again, as a reminder, if you have any audio questions, please press star one on your telephone keypad and also ensure your mute function is not activated in order to let your signal reach our equipment. So that is star one for any audio questions. Our first question is today will be coming from Charles Murphy, colleague from Singer Capital Markets. Please go ahead. Your line is open. Thank you. Good morning. I've got a couple of questions. Can you talk about the transaction volumes you're seeing in the wider market? Do you think they've normalized, and are they closing, and how fast are they closing? Do you want to do that one, and I'll come back on a couple more? Yeah. So thank you for the question, Charles. We, we've seen transaction volumes return to more traditional levels. There was a period of time when interest rates were backing up, and I would say in that period, people weren't clear of the direction of travel, and as you would expect, volumes, I wouldn't say they ground to a halt, but they certainly diminished. And because I think people were looking for direction of travel and some certainty as to which way interest rates are going. And we've. It's a much different market right now. We're seeing lots of activity, and we're seeing willing sellers and willing buyers. On page 58 and 59, what we've tried to do is outline some of the market-observed transactions, and I think we've listed about 45 or 50 that. This is all publicly available information that is available from companies' websites or Inframation, which is an infrastructure service that we use. So you can see the volume of transactions there, and where it's been from public companies. We've tried to put valuation comments in, so you can see some are in excess of public values, slight premium to valuation. So we're very, very comfortable that there's enough market-observed transactions to support valuations. The joke used to be, there was a period of time when NAV stood for not actual value, and people weren't sure. We're pretty comfortable that the NAV that we're publishing is sensible and reflective of market conditions. Mm-hmm. Right. Couple follow-up questions. What's the sort of... Are you generating much in the way of free cash flow at the moment, and do you see yourself making incremental investments to deploy that? Historically, you drew down the RCF and then actually paid it off just through portfolio cash flow. Yes. So you can see it through the dividend cover. The dividend is well covered, so that implies that there's excess cash flow that is available. Our first priority was to, when we benefited from higher cash flows due to inflation and higher deposit rates, we passed that back to our investors, repaid it to our investors through higher dividends. And then we said we would, the next focus was to pay down the RCF. We've now paid down the RCF, and we're now sitting with GBP 20 million cash on the balance sheet. Obviously, it's not beneficial to have cash sitting on the balance sheet long term, so we will, we'll monitor that and be very prudent in how we deploy it. If we trade at a large discount, maybe share buybacks are on the table. If we see an accretive investment, then that could be a consideration, but we're very much focused on continuing to develop the portfolio in a manner that's most sustainable for the investors, so we will take a disciplined approach to capital allocation. We looked at over 50 transactions in the period, and we haven't pulled the trigger, so that shows we're disciplined, and but, and equally so, we're seeing some opportunities that may be interesting, but they have to be accretive, considering where our share price is trading. Yeah. On the cash held in the concessions balance sheets, are you able to lock in the higher rates in that, or are they just... or have you got to keep with variable rates there? It depends. Some cash. You know, typically, this isn't cash that we can freely distribute. It's all our assets are financed on a non-recourse basis, and so they're financed on a project finance basis. So it's not uncommon to have a debt service reserve account and major maintenance reserve account, et cetera. So typically, something like a debt service reserve account, you might be able to put on six-month deposit. Some other things might be shorter. So we can't go out and buy long-duration bonds with that. But we can. We have an active treasury management process, and we're using cash pooling to get the highest rates possible. So that's an area where we've been focused on, but it's typically short duration, and, you know, less than a year. So a final question, and then I'll let someone else get an edge in questioning. You've got a couple of assets in hand-back, and I know that the liabilities aren't yours, but what would you say the tone of the discussion is like, and how clear are the contract terms? Yeah. So we're very comfortable with our exposure on hand-back. And there's a couple of mitigants there. One is we don't have a lot coming due in the next five years. We have less than 1% of our portfolio subject to hand-back in the next five years. It's 11% in the next ten years. In the next five years, we'll hand back three projects. One project is in 2026, and we've already started that, and it's going very smoothly. There's another one in 2028 and another one in 2028. So they're very, there's not a lot coming down the pipe. We have good relationships with our clients, and that means that the hand-backs are much less onerous than you might expect. and that's why we're publishing our Net Promoter Score and the high availability rate. If you have happy clients, then they're... and on the social infrastructure, like the schools and the hospitals, those are typically passed down to the operators, the subcontractors. So we don't have that. Where we do have it is on, typically on the road assets, and the hand-back standards on roads are much less onerous. You can imagine, it's typically repaving just before hand-back, which is already in the budgets, so we're not too worried about that. And then with respect to one of the things we started publishing now is the non-concession assets. So 6% of our portfolio are these LIFT assets, and those are in the U.K., and those are not subject to hand back. So I think our exposure on hand back is much less severe than some others that have had acute care hospitals in the U.K., where there's some different situations at play that might make hand back more of a concern for others, but we're not too worried about it. Thank you, sir. Ladies and gentlemen, once again, if you have any questions or follow-up questions, do press star one at this time. Our next question today will be coming from Ian Scoular, calling from Stifel. Please go ahead. ... Good morning. I've got two questions, if I may. Firstly, I mean, obviously, there, there's a big increase in the average life, I think, from 18 years to 22 years, just to reflect the reclassification of these LIFT projects. What actual duration are you assuming on these projects? And then the second one is just on the cash flow shown on page, on slide 35. Why is there such a big fall after 2024? And presumably, the impact of that is going to reduce dividend cover, I guess, to somewhere between sort of 1.1 x to 1.2 x, rather than the 1.4 you're expecting for this year. So let me do the. Thanks for your question, Ian. I'll do the concession question first, and then I may come back to you because I've walked through the. But in terms of the concessions, what we've done is we wanted to differentiate the fact that, and it sort of ties into Charles' question earlier about hand-back. I think a lot of people, particularly the people who have investments in other vehicles that are wondering what happens at the end of the concessions. What we wanted to do, these are. We've not done anything on the valuation, so the valuation is unchanged, the approach on valuation is the same. But what we wanted to do is we wanted to alert investors to the fact that when particularly on the LIFT assets, at the end, we have the asset, and it's a built-for-purpose asset that it's typically primary healthcare for GPs and medical uses, that we will own those buildings, and there's an expectation that those buildings will continue to be in demand and will be available, different from a concession where you hand back the keys and you're done, and your entitlement to earn any cash flows in the future are different. So what we've assumed in terms of calculating the weighted average remaining life is that we've assumed that those would have, you know, you'd value those like real estate, where it's perpetual asset that has the ability to continue to earn income well into the future, and it doesn't have a finite concession. So that's why the... But we haven't changed anything delivering the valuation assumption. And then your second question related to cash flow, and I didn't catch all of it. You were concerned about a drop in cash flow, and I wasn't sure if you just walk me through that again, please, Ian. Yeah, well, I'm looking at the slide. I think it's page 35. There's quite a sharp reduction in cash flows after 2024. Looks as though it's down about 20% by 2025, and that continues certainly through to 2028. Why is there that sharp fall? And presumably, it means we're going to be looking at dividend cover of sort of somewhere between about 1.1 x and 1.2x, and from the 1.3 to 1.4, you're projecting for 2024. Yeah, I can take that one. The 2024 figure that you're looking at is a representation of the cash generated at the portfolio level, and it's available for distribution. So that figure, we have a spike in 2024 because of one of our projects has generated an exceptional distribution or an exceptional payout in 2024. So that's available, but it—we do not expect that that cash will be distributed in 2024 because it's earning competitive interest rates in Canada. And those funds that you're looking at in 2024 will be distributed over the course of the remainder of the following three years. I think what's important to point out is that the dividend cover that we're projecting for 2024 does not include that spike that you see in the 2024 year. That will be distributed to the fund over the consecutive next three years. Okay, thanks for clarifying that. So what you may have seen, too, Ian, is historically we've when we reported at mid-year, we often had slightly higher dividend cover at mid-year, and then it was more stable at year-end. You know, I think last year- Yeah ... we were at 1.7 at mid-year and then ended up the year at sort of 1.4. What we've tried to do this year is we've tried to smooth that and have more consistent. A lot of it is the cash might hit the accounts on June thirtieth, and then we scramble to get it back to the entity, to the parent company. And so this is a more balanced approach, where what we're saying is the cover at mid-year is 1.47 x, and we're saying at year-end it'll be 1.35-1.4. And as you look forward over the next several years, we're confident that the dividend cover will remain robust. We're not giving guidance on it, but you know, I think you can infer that we will continue to manage it with adequate cover. There's nothing that concerns us in the near term. Okay, thank you. ... Thank you. What's your question, Mr. Scoular? We appear not to have any further audio questions at this time. I turn the call over to Danielle, who will take questions that have been submitted using webcast. Thank you. Thank you. Thanks. Our first set of questions come from James Wallace at Winterflood Securities. Firstly, how much would interest rates need to fall for BBGI to start accounting for this in a lower discount rate? I guess the answer there is that we use a comparable transaction approach to valuation. That's the cornerstone of our valuation. We use a Capital Asset Pricing Model to sense check that valuation, and in periods when there have been, over the last 12 or 13 years, there have been periods where we've put greater reliance on the Capital Asset Pricing Model, only when there weren't sufficient market transactions. So I alluded to earlier in the call, when interest rates started to move up quickly, there was a dislocation in the market and buyers and sellers weren't transacting, and we knew the market had changed, so we put greater emphasis on the Capital Asset Pricing Model. But in the current market, there are certainly lots of observed transactions, and we would. You know, if we start seeing changes in observed transactions, then we will adjust our discount rate accordingly. And, you know, when we saw transactions start to back up and were done at higher rates, we increased our discount rate. It's not mathematical, it's not any direct relationship. It's gonna be based on market-observed transactions. So I can't really answer your question, James, except to say that once we start to see changes in the market that are well observed and evidenced by transactions, whether that's an increase or decrease in cap rates or discount rates rather, we'll adjust accordingly. But so far, we haven't really seen much in the way of changes in discount rates, and so I think that interest rates would have to settle down a little bit before that's considered, and we would only consider it after we saw transactions to justify it. Thanks, Duncan. James's next questions are: How are you thinking about the GBP 20 million net cash position? Comfortable with that growing cash position, or do you expect to deploy into assets or share buybacks over the next 6 to 12 months? Yeah. I think what we would say there is please give us some patience. We've managed the portfolio conservatively, so we weren't caught out when interest rates backed up and the market changed, and we had modest drawings on our RCF, and we were able to pay it back. We did a modest share buyback to satisfy staff obligations in May, so we've gone back and bought shares. We want to be able to pay the upcoming dividend. Obviously, we want to have cover for future dividends, but holding cash long term is not the highest and best use. So we will look to either invest it in new projects, or, if our shares are, on sale at a discount to what we think is fair value, we're very, very comfortable to consider a share buyback. But we don't want to, you know, we don't want to give a specific direction today because there's some things that we're looking at, and if they work out, then, we may have an attractive use of cash. If they don't, we're equally comfortable buying our shares because our shares are, effectively an investment in our portfolio, and we know the portfolio well, and we're very comfortable with it. So, you know, please understand that our goal is not to have a bunch of cash sitting on the balance sheet that's not productive. So we will look to do the right thing at the appropriate time. Finally, from James: What are you expecting in terms of the prospect of new public-private partnership, like deals from Labour government? Yeah, so there was some encouraging news there. I think the themes are the same, that governments have deficits, and they're gonna look to the private sector to help them deliver infrastructure. It's fairly early days for the new government in the U.K., but there's been discussions about them bringing back. I don't think they'll bring it back as PPP. They've been very clear, but the Lower Thames Crossing is as an example, where they're looking at slightly different models, but trying to bring the... That was a canceled PFI transaction, and they've gone on record in saying that they're starting to look at that. They've committed to establishing a National Infrastructure Service Transformation Authority to look at the chronic underinvestment in U.K. infrastructure. And as I say, the Lower Thames Crossing, an HM Treasury spokesperson said that the government's committed to private investment and restoring growth, and that's one that maybe is earmarked to have a slightly different model, but one that involves private capital. So I think it's positive, but again, our business isn't dependent on PPP whether Labour goes ahead or not, we're seeing lots of opportunities in the geographies where we're active. And there's no shortage of transactions we could consider. You know, we're just gonna be disciplined, and we don't-- we're not all about getting bigger just to get bigger. We're looking to make incremental investments that are gonna benefit the portfolio. So, you know, we're positively encouraged by the sentiment, but it's not a core part of our strategy. Our strategy remains that we can continue to grow in a disciplined manner, sort of irrespective of what any specific government's policies are. Our next question on the webcast comes from Matthew Hose at Jefferies. Thanks, Duncan. Would you be able to provide an update on the SNC-Lavalin pipeline and the timing of the next asset within the pipeline to commence operations? Yeah. So, thanks for the question, Matt. Unfortunately, can't really tell you too much. What I can say is that a lot of those assets that are caught under that pipeline agreement were assets that were impacted by COVID. So, you know, some of them were light rail transit projects that were being developed, and as you can appreciate, if you're underground in a tunneling environment, COVID meant that people couldn't go down into the tunnels as... And so either construction slowed or was delayed significantly. So a lot of the assets that we thought would be through construction and stabilized into operation have been delayed. So, we're optimistic that these assets may come to us at some point, but there's nothing that's imminent in the near term. You know, as I say, it's, these are options, not obligations, so we don't have any pressing need. It's not like we're holding our excess cash in anticipation of some of those transactions. It's very much we'll continue to monitor the situation. If it's offered to us, we'll evaluate it in the same manner we evaluate any other opportunities. There's no obligation, but it does give us some comfort that there's probably some interesting transactions that will come to us at some point in the future, but it's hard to say when. Thanks. Our next set of questions comes from Marcus Jaffe at Peel Hunt. Morning, guys. Could you provide an update on what you see as the hurdles for a new acquisition to be considered? Are there any regions or sectors that you could see BBGI being active in over the next twelve months? Yeah. So we're... Thanks for the question, Marcus. It's a good one. We're, as I've said earlier in the call, it's all about portfolio construction, and we want to have long-term cash flows that are coming from core infrastructure assets that provide inflation correlation, that you know provide a high degree of visibility and security of the cash flows. So there's no one project that delivers typically on all those attributes. It's always a trade-off. But so when we look at an asset, we look at, say, what does it do and how does it help us on our portfolio construction? We don't wanna be overly concentrated in one area or one sector, one geography. We want to manage those attributes on a portfolio basis. So something that might look like a great opportunity may have positive cash flows, but might not offer much in the way of inflation linkage, we might not consider that. But one of the I think in this environment, we very much look at what the look-forward discount rate is, and when we're trading at a discount to NAV, our published NAV, an immediate use of capital is to buy back our shares. So that's always an alternative. So whenever we're looking at a new opportunity or option, an alternative use of capital is share buybacks and, because, as I say, we're very comfortable with our portfolio, and if we can buy our shares inexpensively at a look-forward discount rate. So anything that we would consider has to be competitive on a number of metrics: risk, return, quality of cash flows, et cetera, et cetera. I think in answer to your second part of the question, you know, are there any sectors? I think what we're looking for is very much the same. Part of the reason we broke out the LIFT assets in more detail was just to give people some comfort. I mean, those are assets we've had since day one, and we're very comfortable with those types of assets. There's other assets that are very much like PPPs that have different names, depending on the region. You know, PFI was the nomenclature in the U.K., but there's mutual investment models, there's other models where you're effectively getting highly contracted cash flows long term. And those are the types of transactions we're looking at. So you're not gonna see us deviate materially from what we do, but we're you know, we're we have done some transactions over the years that are slightly different models from just a PFI-type model. But and so it's don't expect any major deviations from us. It's gonna be more of the same, but it's gonna be on a very disciplined and controlled basis, and there's no burning imperative to buy assets. We'll buy assets if they make sense and are value accretive. ... And following on from that, also from Marcus: Can you see BBGI increasing its allocation to non-concession assets over time? Yeah, like I think you will see us do things that, on a portfolio construction basis. So for instance, new PPPs, it's typically hard to get inflation linkage. So you might see us looking at something that has a lot of the attributes of a concession, but it might be slightly different, and it might give us better inflation linkage. So it's a series of trade-offs, but you're not gonna. I think at its core, we're not. This isn't in a land rush where we're trying to desperately grow AUM, and we wanna chase a sector that has a lot of growth. This is really about portfolio construction, and there's. It's very hard to get the perfect asset that delivers all the attributes. So you might get something that has very good initial yields but short duration. So, you know, you have to figure out. You might have something that has very good long-term yields but might not have attractive yields. And, you know, for instance, if we were to do a new PPP construction, you wouldn't get any yield during the construction phase, but you would get long duration of cash flows. So it's all looking at things and really focusing on portfolio construction, and I think we've got a long history of being disciplined in our allocation, and I think that will continue. What appears to be our final question from the webcast comes from Connor Finn at Barclays: Has there been any adjustment to prior provisions for the Canadian tax legislation? No. When we reported the December 2023 numbers, we confirmed at that date that we were aware that the EIFEL legislation was soon to be enacted, and we had taken the final provision. So from our perspective, we have now fully provisioned for EIFEL and don't expect any additional provisions. I think the legislation was passed at the end of June or June 21, 2021, I think, in Canada, but we'd already taken the full hit for that in our December valuation. Thank you. We do just have one last question that has come through from Shayan Ratnasingam at Gravis: Any views on the dual listing of CK Infrastructure on the London Stock Exchange? Could the listed infra funds be a target? Thanks for the question. I think it's probably early days. We follow that story with interest, but I don't think it really is gonna impact our business too much. Thank you. That, those are all the questions from the webcast. So, Duncan, I'll hand back to you for any closing remarks. So, thank you for your time today, and we appreciate the support and the interest. And, as mentioned, if anyone wants to download the ESG report, it's on our website, and there's the glossy of our mid-year results also on our website. And if anyone has a question, feel free to fire an email to Michael or myself or Dilip, and we'd be happy to get back to you. But thank you for your time today.