Ann: Appendix 4C - quarterly, page-3

I only looked at this yesterday and thought the samething. Doesn't correlate with 4c at all.

However looking at just the qtr x qtr the growth is significant and with further pending Acquisitions you would suggest it should continue.

The rebate is usually paid once 3 months completion or 12 months has kicked for traineeships. Not sure of other hurdle payments.

So if we put the rebate to one side (Currently 80%) and the revenue (Paying students) can standalone and produce profit then this business will be a winner with many synergies in consolidation from TO's.

I like the potential, don't like the low share count to off load at will. Especially with 85% of the company owned by top 50 i think?

I have a buy in, we will see if it comes down.