Ann: Conference presentation, page-4

I don't know of any plans to move interstate 10511832. From the presentation it seems that they prefer the Victorian market currently - favourable planning regs, low market penetration etc. Whilst conditions are favourable, I welcome this concentrated approach, they get scale benefits from marketing and operations this way as well as benefiting from an in depth knowledge of the locality. If they do move interstate then as long as they follow the same disciplined approach, I'm sure they will continue to be successful.

I thought the INA/EGH announcement was interesting today. INA described it as a divestment of noncore and underporming assets due to their low occupancy rates. For EGH, it is solid progress on their growth strategy. I don't think their strategy would be to buy poor quality assets with low occupancy rates, so it seems one of them must be wrong.

Most of the time, the only winners with these high growth acquisition models are the bankers and lawyers imo. Anyone can buy a business and even if you pay a decent price, you then have to operate it well with no prior experience of that particular business. Integration is usually messy and expensive, and by the time things settle down and you know what is going on, you find that actually the company you bought it off was doing a pretty good job of running it in the first place, which is why they were able to get you to pay for it in the first place.