Ann: Update on Strategic Review and Appointment of New CEO, page-67

Hunty

My reckoning is use a very conservative PE of 3 - 4. Share price 60c plus.

But if earnings come in around $50 mill at this stage, then also consider

* the record of turnaround successes of the new boss
* the company is back to its core area of business. It's become cost efficient and already has contracts, programs, etc, etc, in place
* lower AUD meaning we are highly competitive for overseas students to enrol in Australia
* the slow down in mining and rising U/E levels. What does the Gov't do with those people......provide education and training

I would expect some consolidation and swings in share price until the strategic review is released, with financial guidance.

Personally I have bought in and will add more once the review is out, or sell if it doesn't read like I expect it to.

Milesy