Shane Gillaroy

We can then put a young farmer onto that farm.

The exiting farmer that's going out and the average age of farming now is in the 60s.

And so they need a good equity exit as well, but they don't have any hope of retiring.

um and sorry they can leave some of the uh shears in the in the fund and they can pass that down to their kids um and then the yarn farmer who comes on um using at the end technology uplift putting some solar on and so restoring some um they're putting some of the pasta back into into um degenerative farming and things like that um allows us to get that productivity uplift

And if we're getting a 20% to 30% productivity uplift, that goes straight down to the borrowing line, which means we can pay the investors back quicker.

The young farmer can pay in equity a hell of a lot faster.

And so it's kind of adopting what has worked well in the tech industry, where for decades the tech industry has been all about share equity.

We're now bringing that to the next generation of federal farming companies as well.

Yeah, that's the other big generational shift that we're seeing at the moment where

this younger generation of farmers that are coming through, the concept of owning the farm or owning the land that the farm sits on is actually really important.

So if you look at the current landowning, they're very, very aware.

They want to hold onto that land.

Whereas for most of the younger guys coming through at the moment, they want to share in the farming business.

They don't actually really care so much about the underlying land asset.

because they see that the returns that are able to drive this from the farming business, the land that returns are actually relatively marginal at the moment.

And so over time, they'll be able to buy that land because the farm business will be increasing in such a fast way and the underlying land that's in warrant.

And particularly as some of these whole refunded stocks sell down over two per eight, that's when the land will start to transit.

So we, yeah, almost 100 years.

So we are technically New Zealand's oldest dating agency.

The balls, the bar caps, the spill chair and your VXR, they're still really part of the rural ethos of New Zealand and we just see them back at you to come here and do them.