Ann: Response to letter to Ardent shareholders, page-4

Sounds a bit short sighted to try to put the company in play when as K Capital said "“For a relatively high fixed cost business, the failure to recover anywhere near financial year 2016 attendance levels is a major problem.”

There may be value in seeing if there's interest, but I'd imagine any potential strategic buyers would not be valuing the theme park at a 2016 level attendence. It's better to re-invest in the asset and see it turnaround THEN try to sound out interest.

In 2016, Dreamworld was wildly underinvested with no significant new rides in the past 5 years or so, yet attendance levels were still high due to their reputation as a premier theme parks. Turning around a reputation takes a long time. However, there are definitely green shoots coming with their Steel Taipan and Sky Voyager seen as great rides and Dreamworld benefiting from Movieworld's insane wait times.

I think the current management's plan is a good one and re-investing into the business is the most important thing right now. It would be a shame to stop the re-investments and continue to cede market share.