Ann: Chairman's Address to Shareholders, page-36

The market has basically voted no confidence on the idea of buying more centres using the proceeds from the NZ sale. I still don't see how there is any better option than selling the company's assets and winding it all up. Management are looking pretty silly now. They've announced the sale of the NZ business, at what looks like a low-ball price on, I'm guessing, the theory that if they cut the NZ business loose the market should re-price the company's shares based on the remaining, higher quality, Australian business. Unfortunately, no one except management is particularly interested in them trying to compete against two well funded interlopers. If I was a shareholder, I'd vote no on the deal. Sell everything or sell nothing. Don't give management the chance to spray shareholder cash around.