I may be totally wrong, but I struggle to see how this can be an...

I may be totally wrong, but I struggle to see how this can be an earnings related sell-down

KME have been consistently increasing revenue and EBITDA over the past 3 years as they have refined their business model. It should be a very simple, predictable business model. Some recent public statements:

"As indicated in the last Annual Report, the company has budgeted for an increased profit in FY 2014 compared to the prior year and we remain on track to achieve that outcome." Feb 14

"It is gratifying to see the company back on a path that I believe will see continued growth and expansion over the next several years." Nov 13

“this support from an institutional investor such as Pie is a positive development for KME, both affirming the strong foundations of KME and supporting our long term plans to take KME to the next level of its development.” Feb 14

"Our financial performance has been robust during the 6 month period, with revenue growing by 29% to $5.714 million and EBITDA improving to $519,000, up nearly 75% on the same period last year." Feb 14


I guess there is a possibility that for some reason kids have stopped going to KME, but there has been nothing released publicly, or that i am aware of, that would suggest this is the case