Sold another asset?, page-3

I'm still holding precisely BECAUSE the ballooning, rafting and helicopters businesses are gone. I'm pretty impressed with the new management and how they have been sorting out the dog's breakfast they were left with by previous management.

The skydiving business was always solid and I've no doubt it will come back as COVID is overcome, and I still think GBR cruises is a good business (I've been on one of them, shortly before EXP bought them out). The rest might be good businesses in the right ownership but not concentrated in a listed operator.

I was originally looking at Skydive the Beach (as it was then) but put off buying because I was leery of the acquisition strategy of previous management, I had a feeling it would end in tears, for a variety of reasons, and it did. After it crashed I bought in at 25c so I'm roughly even at these prices. I feel like for me to be breakeven in a tourism company during COVID is pretty incredible.

There are four things I want to see to have faith in holding EXP going forward. The first two are new, competent management and low debt - both of which I'm happy with already. The last two are repairing the reputation of the GBR tour companies and the recovery of the FNQ tourism market. They might take a while longer yet.

But as long as they have low debt and the skydive business can return to profitability then I think they have time on their side for the situation in FNQ to improve. I'm not opposed to acquiring businesses like rafting in future, it just needs to be done slowly and carefully, to avoid overpaying and making sure the original company culture can be maintained, not letting staff walk out the door. When you start making mass acquisitions it's going to get messy.