If you consider the EVO annual report you will see that EVO had...

If you consider the EVO annual report you will see that EVO had approximately $12.2 million EBITA for the year and had 9218 licensed childcare places across all of EVO centres.

This represents a profit of $1323 per licensed place.

The new acquisitions in Australia across the 10 centres acquired were at a cost of $23.4 million once finalised with a combined EBITA of $5.6 million and have 966 licensed childcare places.

This represents represents a profit of $5797 per licensed place.

My point being that the NZ portion of the business is significantly under performing even after adding in the costs of running a corporate business. I know this is being addressed to some degree, but in my opinion, the quicker that EVO can acquire more centres in Australia the better.

Bugs, in your post the intention is to establish and prove up the Australian initial phase of the course of FY20.

I would like to see EVO move more quickly in acquiring centres in Australia back the experience that Chris Sacre and Chris Scott bring. I am also wondering how they would get the funds for further acquisitions, would it be borrowing or another Capital Raise. I would be disappointed if EVO didn't make an announcement in early 2020 detailing further plans to acquire more centres in Australia otherwise I feel that the SP will stall a bit for a while.