Ann: General Meeting of Shareholders, page-61

Rattlehead, I think your comments are spot on. You seem to be the only other contributor to this thread that is not intent on spreading disinformation about the current management.

It's important to understand that all of Mayfield's underperforming centres were acquired by the Riversdale appointed board. There have been ten underperforming centres in total, six of which were part of the Mayfield IPO in 2016. The other two major issues that have negatively impacted on Mayfield's performance, specifically the misappropriation of funds by the former CEO and the illegal billing practices, also occurred under the watch of the Riversdale appointed board.

What are Riversdale offering now? A new board lacking relevant experience and an unknown CEO (potentially a family member) to conduct a review. It would seem their strategy is to strip out costs to improve short term profitability. This approach, however, would leave them without a growth platform so you will have to consider how the market will react. Note that in the four years following the IPO and prior to their Genius acquisition, the Riversdale appointed board was only able to acquire on average just over two centres per year.

As for the current Mayfield management, it is disappointing to see that they haven't made any significant personal share purchases, however, there could be other factors explaining that (as is the case with directors of many publicly listed companies). I think the substantial increase in operating costs is by far the biggest cause for concern, however, if you believe management's EBITDA guidance, the cost picture should improve over the coming year. In addition, the current management have established a central services function that can support significant growth in the number of centres.

So I think your decision really comes down to a choice between short-term profit maximisation versus longer term growth, and which strategy you think is likely to maximise shareholder value.