Ann: 2016 Half Year Report and Accounts, page-12

8th wonder, I thought GC's shares were in escrow till later this year. How reliable is your comment around him selling his stake ?

Castleburn, thanks for your insightful comments. The trust account money , as I understand it, is pre-paid money by students for courses that have not yet been started. This is requred by legislation to be separated from "day-to-day cashflow". Does that fit your picture ?

Also, my big question for you is what is the basis of your valuation for STA, DE or AAP as potential sale candidates ? STA I guess is linked to the recent purchase price based on earning multiple.

are the other assets unencumbered ? (I attended a recent AGM and it seemed like most assets were security for loans)
What is the basis for their valuation to free up cash flow ?