Ann: Appendix 4E and 30 June 2017 Annual Report, page-12

It really looks like the business is going to make the transition from classroom to on-line, and do so profitably. I haven't really felt sure they would make it in a successful fashion until this report. So have bought quite a few. Will be interesting to see if they can maintain the new growth. If they can, we might be seeing the multiple expanding along with earnings at 20% or so per annum for a while. Might be worth $1.20 or so in two years in that case. If they can't . . . not far to fall at the current SP.