Ann: Half Year Results Presentation, page-2

Net asset backing using current IQE price = 91 cents/share

Interesting how AWN discussed the IQE below forecast result - "We understand from Intueri management that this was primarily as a result of the additional opex investment that is necessary to accommodate an exponential growth outlook in excess of forecast for the Online Courses Australia division as well as for building shared support services capabilities to support an increased level of bolt on acquisition activity."

I thought the main reason would be revenue was poor