Islay - are you saying G8's occupancy will have improved based...

Islay - are you saying G8's occupancy will have improved based on Goodstart's occupancy performance? From the 'Money' article, talking to Tim Searles who operates an independent childcare group: "his group specifically targets its expansion into areas where big corporate players like G8 dominate. This is because parents tend to prefer smaller operators to large corporates."

So the smaller operators continue to attract parents and children away from the big corporates, a big reason behind G8's average occupancy declining from 85% in 2014 to 70% in June this year. Also tellingly from the article: "A typical childcare centre will be unprofitable below 70% occupancy."

As Warren Buffett likes to say, “Turnarounds seldom turn.”