News: GEM G8 Education will undertake an early redemption of $70million 7.65% fixed interest..., page-7

I am referring to the “200m$ committed acquisitions” pipeline; if you check their latest AGM presentation (May 2017), on slide 7 it says that the 50m$ in earnings from new centres (corresponding to those 200m$ acquisitions at 4*EBIT) are “Off track”. No further detail. And now they are using 120m$ out of 195m$ just raised to buy back debt? How is that supposed to make sense, unless there is some material delay with the acquisition pipeline? You can argue it is prudent, fair enough, but it leaves me with more questions than answers as to what is really going on with their business.