Ann: Update - Consolidation/Split - VOR, page-74

Yeah they have flagged 20% organic growth, couple that with targeted m&a and there is your answer as to how they grow faster than 10% pa. Like vets (NVL), dental practices (PSQ), childcare centres (GEM) etc and all other industries that have gone through consolidation phases that is what is happening here. BGH is doing the same thing with CyberCx and listed comp TNT is also attempting a roll up strategy so there is potential for future corporate action there as well.

I’m happy for VOR to continue growing at 20% pa organically in a growing market and with accretive m&a supplementing that the SP will grind higher. The market loves a good roll up (until it doesn’t). Not a super exciting business but relatively cheap with decent growth and near term catalysts (future m&a, divestment of TSI stake, board renewal) all look to be positive.