Investment bank Canaccord's Think Childcare (TNK) initiation of coverage states: "WHAT'S THE DIFFERENTIATOR? [TNK are] Operators, not consolidators - Other listed childcare companies have led highly successful consolidation strategies involving multiple arbitrage combined with scale benefits and operating efficiencies. TNK's focus is on operating the centres to the best of their individual potentials..." An example of multiples arbitrage is: Select one: O a. Buying existing childcare centres at lower PE ratios than INK's. O b. Negotiating cheaper garden and building maintenance contracts on a per site basis due to having more sites. OC. Maximising the occupancy proportion, which is the number of enrolled children divided by the maximum possible number allowed. O d. Cross-selling additional services in addition to childcare such as piano lessons and speech therapy