Thank you! It is always helpful to hear from the more...

Thank you! It is always helpful to hear from the more experienced investors on this forum.

The debt headroom isn't described as a change in the announcement, and checking the H1 report, the numbers seem to be in line. GXL's standalone clinic acquisitions have been slowing just based on the last reports - they were focussing on increasing in-store clinics.

This seems to be the right move to me. I was always attracted to this on the integrated one-stop model, and I don't think my investment justification has changed in that regard.

I guess this shows people investing in a company often have different expectations - so some people have been severely disappointed by this update.

Wintervet (or anyone else), do you understand the underlying EBITDA changes - particularly the $4 million relating to software and $1.8 million to 'other items' (of which $600k per year seems to be a regular but rest a one off)?