Ann: TNK 2016 AGM Presentation-TNK.AX, page-3

Mathew Edwards has a habit of under promising and over delivering.

The reconfiguration and centre improvement plans, although not complete, appear to have been successful. In the eyes of parents, these improvements would have justified the fee increases over the past twelve months, but I doubt that parents will accept such price hikes every year.

"Possible" is the word ME uses when talking about future growth. The last two purchases had occupancy levels of 95%, so there is limited growth from occupancy. Improvements and reconfiguration will be the focus for future growth, with fee increases being brought into line with competitors.