I'm heading along to the AGM on Tuesday - is anyone else going?...

I'm heading along to the AGM on Tuesday - is anyone else going?
I've taken a decent chunk of this stock with a 5+ year mindset because I think management are very good and that they will benefit from the changes to the rebate. That said I am expecting a sucker punch at the AGM with them walking back their 20% profit increase forecast. This would be disappointing given they re-iterated as late as March when they issued the Annual report - but would be far from the quickest about-face we've seen recently. Clearly the conditions at the moment in the dying days of the old rebate and the increased supply are very tough (though they presumably knew this 10-12 weeks ago when making the forecast?). The good 1st quarter cashflow (relative to last year) also gives me some hope but the recent relentless selling action has the smell of people who know what's coming.

If they are able to maintain the forecast with any level of confidence then the stock is outrageously cheap. Thanks to Ivanovich for good analysis on this company - first time I have checked in here for ages. I'm happy for them to be patient on acquisitions and it provides good upside potential for them over years to come even if this year turns out disappointing. I think they are the perfect size having reached critical mass to gain economies of scale and to be able to afford good systems on a cost/child basis - but small enough that even 2 acquisitions can make a meaningful boost in earnings.

Righto - let me know if you want to ask anything.