PRIVATE UNIVERSITIES AND COLLEGES – AUSTRALIA

Listed education sector needs investor reassurance: Intueri

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Original article by Simon Evans
The Australian Financial Review – Page: 31 : 24-Sep-15

Australian-listed education providers have a "credibility problem" which is reflected in their share prices. Rob Facer, the CEO of Intueri Education Group, says Vocation’s problems have made investors reluctant to invest in other listed education providers. Intueri’s share price has fallen to close to $A1, from $A3 in late 2014. Facer says the stock is now undervalued.

CORPORATES
VOCATION LIMITED – ASX VET, INTUERI EDUCATION GROUP LIMITED – ASX IQE, AROWANA INTERNATIONAL LIMITED – ASX AWN, NEW ZEALAND INSTITUTE OF SPORT, ONLINE COURSES AUSTRALIA, PHOENIX ENGLISH LANGUAGE ACADEMY, AUSTRALIAN CAREERS NETWORK LIMITED – ASX ACO

Navitas flat forecast has shareholders nervous

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Original article by Yolanda Redrup
The Australian Financial Review – Page: 16 : 28-Jul-15

Listed education provider Navitas has posted a 2014-15 after-tax net profit of $A71.8m, which is 39 per cent higher than previously. CEO Rod Jones concedes that investors may have expected a higher profit, but describes it as "reasonable". EBITDA rose by 13 per cent to $A163.1, while revenue was 12 per cent higher at $A980.3m. Jones has advised that the group’s 2015-16 profit will be similar to its latest result.

CORPORATES
NAVITAS LIMITED – ASX NVT, KATANA ASSET MANAGEMENT LIMITED, MACQUARIE UNIVERSITY, STUDY OVERSEAS NOW PTY LTD, NAVITAS RESOURCES INSTITUTE, SYDNEY INSTITUTE OF BUSINESS AND TECHNOLOGY

Besieged Vocation crashes to $273m loss

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Original article by Simon Evans
The Australian Financial Review – Page: 18 : 3-Mar-15

Australian-listed Vocation has posted a 2014-15 interim loss of $A273m, following a loss of $A4m for the first half of 2013-14. The latest result was marred by impairment charges totalling $A241m. The vocational education provider has also been affected by a downturn in enrolments, and is seeking to offload some of its assets. Revenue rose by 9.3 per cent to $A57.7m

CORPORATES
VOCATION LIMITED – ASX VET, LEARNING VERVE PTY LTD, CUSTOMER SERVICE INSTITUTE OF AUSTRALIA, BAWM GROUP PTY LTD, ENDEAVOUR COLLEGE OF NATURAL HEALTH, AUSTRALIAN SCHOOL OF MANAGEMENT, 333 CAPITAL PTY LTD, KORDA MENTHA AND COLLEAGUES PTY LTD, LAUREATE INTERNATIONAL UNIVERSITIES

Battling Vocation in $245m write-down

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Original article by Simon Evans
The Australian Financial Review – Page: 16 : 24-Feb-15

Australian-listed education group Vocation insists that it will still be a viable business entity even after the sale of assets, which will reduce its size by two-thirds. The company’s shares resumed trading on 23 February 2015, after having been in a trading halt for five weeks. Vocation revealed that it has received more than 30 expressions of interest from potential buyers. The sale is likely to be completed in April

CORPORATES
VOCATION LIMITED – ASX VET, ENDEAVOUR COLLEGE OF NATURAL HEALTH, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, WESTPAC BANKING CORPORATION – ASX WBC

Whitford in bid to stop break-up of Vocation

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Original article by Simon Evans
The Australian Financial Review – Page: 13 & 18 : 9-Feb-15

A number of potential buyers have expressed interest in buying assets from the embattled Vocation Limited. Korda Mentha’s 333 Capital division has commenced the process of selling Vocation’s assets. However, 15 per cent stakeholder and co-founder Brett Whitford proposes to recapitalise the education provider and retain its sharemarket listing rather than divest its assets. Vocation shares remain in a trading halt

CORPORATES
VOCATION LIMITED – ASX VET, KORDA MENTHA AND COLLEAGUES PTY LTD, 333 CAPITAL PTY LTD, EVOCCA COLLEGE, CUSTOMER SERVICE INSTITUTE OF AUSTRALIA, UBS HOLDINGS PTY LTD, MACQUARIE GROUP LIMITED – ASX MQG, VICTORIA. DEPT OF EDUCATION AND EARLY CHILDHOOD DEVELOPMENT, BAWM GROUP PTY LTD, ASPIN PTY LTD, DUET GROUP – ASX DUE, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, WESTPAC BANKING CORPORATION – ASX WBC

Chairman Dawkins vacates Vocation

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Original article by Kylar Loussikian
The Australian – Page: 21 : 28-Nov-14

Ex-Minter Ellison partner Mark Elliott, notorious for launching class action law suits against companies in which he has marginal shareholdings, has joined law firms Maurice Blackburn and Slater & Gordon in bringing such a case against Vocation. The Supreme Court of Victoria will hear allegations of misleading or deceptive conduct, after the Victorian Department of Education & Early Childhood Development cancelled funding worth $A20m for Vocation off-shoots BAWM and Aspin. Meanwhile John Dawkins has stepped down as chair of the private education services provider

CORPORATES
VOCATION LIMITED – ASX VET, SLATER AND GORDON LIMITED – ASX SGH, MAURICE BLACKBURN PTY LTD, SUPREME COURT OF VICTORIA, VICTORIA. DEPT OF EDUCATION AND EARLY CHILDHOOD DEVELOPMENT, BAWM GROUP PTY LTD, ASPIN PTY LTD, DUET GROUP – ASX DUE, AUSTRALIAN LABOR PARTY, ASX LIMITED – ASX ASX, BSL LITIGATION PARTNERS LIMITED, AUSTRALIAN SKILLS QUALITY AUTHORITY, BANKSIA SECURITIES LIMITED, LEIGHTON HOLDINGS LIMITED – ASX LEI, TREASURY WINE ESTATES LIMITED – ASX TWE, WORLEYPARSONS LIMITED – ASX WOR, DOWNER EDI LIMITED – ASX DOW

Competition a minefield for unis

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Original article by Jonathan Chew, Brian Parmenter
The Australian Financial Review – Page: 14 : 13-Oct-14

The Australian Government’s planned changes to the universities sector, such as full deregulation of course fees and public funding for private education providers, raise competition policy issues as well. It may be necessary to gauge the factor valuable real estate assets held by prestige institutions can be in the setting of fees under the new model. Competition rules should also apply to education that already cover research, where the cross-subsidising of that activity is the issue. Watchdog agencies could look at possible fee-setting collusion, and mergers between providers

CORPORATES
COUNCIL OF PRIVATE HIGHER EDUCATION, UNIVERSITY OF QUEENSLAND, UNIVERSITY OF SOUTHERN QUEENSLAND, VICTORIA. ESSENTIAL SERVICES COMMISSION, ACIL ALLEN CONSULTING PTY LTD