Ann: HLO FY24 Investor Presentation, page-27

You need to understand the market better, there are some crossover and yes all travel businesses but the core of HLO / CTD and FLT are very different. CTD is predominantly corporate with some offshoots, FLT is predominantly retail with some corp from memory.

HLO is predominantly travel consolidation with also retail and wholesale businesses HLO doesn't have any direct involvement in corporate as they sold that to CTD I believe.

HLO despite having retail named stores also deals with independent and chain agencies not HLO branded unlike FLT who only deal largely with their own branded agencies (some change to that in recent years). I don't feel that HLO core is retail and their ability to deal with non branded travel agents makes them more versatile then FLT in my view plus HLO overall is very diversified with its investments and brands.

Then after that, HLO still sitting on all of those CTD shares.