Ann: NDIS Apartments roll out in WA, page-26

Respect your view and analysis methodology but I see it a little different. I think the market for these products is a growing market in the disability and luxury sectors. The former a high growth sector, and the latter is well established and a matter of conversion. If the expectation is $1000/day then they may as well shut up shop now. I think your revenue/outgoings ratio is off the mark. They will need to have a few low margins initially to cement in the market(and perhaps some loss leaders) but the margin would be much greater than 20% for future contracts. You may be right and I may be wrong and vice versa, as I said the next 6 months will underpin the sustainability of this company. I will be one of the first to jump if I don't see any improvement after 6 months.

Thanks for your engaging analysis.