I think with FY 18 Operational Highlights below, the price per...

I think with FY 18 Operational Highlights below, the price per share in the TO bid should've been higher and I think there will be a counter bid from other players sitting on the fence.

• New executive leadership team in place, with the skills and capability to leverage thestrength of our integrated platform

• Strong sales momentum which has continued into FY19 – 7.5% top line growth and4.9% like-for-like (LFL) sales growth

• Integrated sites delivering superior results

• 8.5% LFL sales growth

• 17 in-store vet clinics added: +15 Australia, +2 New Zealand

• 22% of retail stores now have an in-store clinic

• Strong and growing group loyalty program accounting for over 90% of retail sales

• Private label sales increased to over $115 M and private label food sales in Australiahave increased by 25%

• Lowered vet turnover and vacancy rates

• Online sales up 70% to over $20 M, driven by click & collect

Enjoy the ride