Weak operator, not necessarily competitor. Two options, both...

Weak operator, not necessarily competitor. Two options, both effectively for sale before covid struck.

Air North and Cobham Australia.

Cobham would tie AQZ becoming a bit player for Qantas. It would be an explanation for Qantas buying 19% of AQZ last year.

I wouldwould prefer AQZ taking over Air North. It is not too big to swallow and we have recently set up a Darwin base that would be complementary. Maybe flog off the small plane routes to Rex or others. It would also give AQZ some experience with Embraer aircraft as a precursor to the day we need to start replacing Fokkers. I also consider it better to avoid Qantas and stay in the Virgin camp as there will probably be more wet lease opportunities there.