Ann: Full Year Results - Investor Presentation, page-145

"...had BOL not been forced, due to solvency issues, to sell off a large part of its fleet, and subsequently relocated the rest of it to the eastern states, it might have been able to put its WA-based fleet to use, instead of seeing new crane capacity enter a market which is ordinarily a very valuable one for heavy equipment rental companies."

And further with the comparisons against good operators, such as MND (or for that matter LYL). Whilst in the depths of the downturn most industry players were busy offloading assets in order to stay afloat, the likes of MND and LYL were lazily holding onto their most costly and prized assets (their people).

So now that everyone is scrambling to hire engineers when they are most in demand, MND and LYL are merely augmenting their most valued employees, most of whom they still retain.

That's zagging while others are zigging.