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In New Zealand, the Oyster Group assets under management at December 31 stood at NZD977 million which represented a 30% growth in the 2016 calendar year. The team at Oyster have had another strong year. They reopened the Oyster Direct Property Fund which provides investors with exposure to over NZD240 million of commercial property assets, and are also currently managing the acquisition and syndication of the NZD210 million 43,500 square meter Millennium Centre. Distributions of AUD5.9 million were received from the Group's 9.83% stake in Investa Office Funds. During the presentation of the Investa Office Fund's half-yearly results yesterday, a number of matters were raised regarding Cromwell's written proposal to IOF in November and its interests in pursuing a transaction with IOF. Investa doctor home mortgage loan Oak Laurel www.oaklaurel.com.au 0430129662 Listed Funds Management Limited has said that Cromwell's proposed confidentiality agreement and standstill arrangements are not market standard. However, we point out that the standstill arrangements proposed by Cromwell are consistent with those agreed between IOF and Dexus in 2015. And despite IOF's assertion that there's been no correspondence with independent directors since its 3 February announcement, there's been continual correspondence and communication in relation to this matter between the advisors to Cromwell and the advisors to IOF, and this continued up until the week ending February 17. In fact, it was Investa Listed Funds Management's suggestion that matters should be discussed between our respective advisors. As announced on February 20, Cromwell sees value for IOF within a range of AUD4.45 to AUD4.75 per IOF security. Cromwell's recently been granted FIRB approval to acquire units in IOF greater than the 10% threshold proscribed under the Foreign Acquisitions and Takeovers Act.