I would suggest that it is possibly a bit of profit taking. For...

I would suggest that it is possibly a bit of profit taking. For mine this share is absolutely a long term hold as they still have $10.8 million remaining from there $25 million capital raise for the purpose of acquiring new centres.

The initial acquisitions announced on 8/1019 and 14/10/19 will add $3.1 Million EBITA to there existing business . This amount could quickly almost double if they spend the $10.8 million of there remaining budget for new acquisitions.

If they do manage to acquire new centres then the Australian business could be adding up to $6 million EBITA to the NZ business and that is before you even consider that they have paid down $30 million off there line of credit which would possibly also be saving $1.5 million in interest which would go straight to the bottom line.

Note that they could also possibly use the redraw facility to acquire more centres.

Chris Sacre and Chris Scott have done this all before with G8 (GEM) and have invested heavily in Evolve and are implementing a plan to increase the profitability of the NZ business. This is a business going places in my opinion.