Ann: Results of Meeting, page-12

l've been in the tour and activity industry for years. it's a tough, tough game. The acquisitions made were nuts - hot air ballooning has almost nothing in common with skydiving which has nothing in common with getting on a tour out to the Great Barrier Reef.

Just because all the businesses fall under the broader umbrella of 'experiences' means little. Each of those products appeals to a different market and needs to be promoted in a different way. The only major synergy that I can think of would be the customer service & order-taking operations, which can be (and often are) managed remotely.

The sky-diving business itself prints money. I'm surprised they chose to add businesses outside this space in Australia instead of making acquisitions overseas in the US/Europe.

it'll be interesting to see where the new management takes things but early signs are encouraging.