Freehold Royalties Ltd. (FRU) Q1 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Please continue to stand by. The conference will begin momentarily. Once again, please continue to stand by. We thank you for your patience. This conference is being recorded. This conference is recorded. All participants, please stand by. Your meeting is ready to begin. Good morning, ladies and gentlemen. Welcome to the Q1 results conference, Carl. I would now like to turn the meeting over to Mr. David Spiker. Please go ahead. Good morning, everyone, and thank you for joining us today. On the call from Freehold are Rob King, our COO, Dave Hendry, our CFO, and Todd McBride, our manager of IR. Before we jump into our Q1 results, I just wanted to highlight some of the structural improvements that we've been working on at Freehold. First off, most of you would have seen our end of April news release highlighting that Freehold and Rife have mutually agreed to terminate the management agreement. This management agreement has been in place since Freehold's inception in 1996, and for a long time, it was mutually beneficial to all the companies involved. Today, Freehold is a much larger company with a broader North American mandate. We no longer have working interest assets that benefited from Rice expertise, and we've been very focused on building a royalty business through strategic acquisition work. With all this in the backdrop, it created the right opportunity to refine our business structure and terminate the management agreement. So effective May 1st, we have a fully dedicated team of executives and employees that are solely focused on freeholds. So this change has really simplified our governance and streamlined our decision-making process as we look to keep building our business with the continued emphasis on generating value for our shareholders. The leadership and...