There is also a one off performance incentive payment 1 m I...

There is also a one off performance incentive payment 1 m I think probably included in unallocated expenses offset with the RDH gain. Taking that out the ebitda did rise if I remember right. But I am not at my computer so don't have the details.

The education rev did rise and margin improved on h2 FY 13.

Acquisition track record good except for benchmark college. My invest thesis on akg is acquisition valuation multiple arbitrage.

Biggest question is cash flow and the timing of the 2 tranches 3 and 3.5 mil proceeds.

Also want to ask for clarification on comparable year one off items.

Don't like the company reporting style at all!