Ann: AQZ Half Year Results Presentation, page-7

You are taking a "cup half empty" view of optimum number of aircraft.

Alliance went out on a limb when the resources sector was not so healthy and bought up a large number of Fokker aircraft. The share price has risen since as the purchase has turned out to be very shrewd with all those aircraft now being of great value to the company.

Current management and staff throughout the airline are doing a great job of getting these assets to earn money. It will take a while to build up enough business to have the aircraft fully utilised. That would have a down side in bringing forward the need for aircraft replacement. In the meantime, we have some quite profitable years to look forward to.

Steady growth is assured. Big growth requires something ambitious, something management appears capable of.