This deal has come apart all over approx 4 mil in Capital raising. The Banks agreed to provide an extension to the company and defer the first payment of 1 mil & they raised 4.2 mil from the founders of Avana & Learning Verve.
Enrollments were climbing, according to this article by 25%.
4 million seems pretty poultry to end a entire company, heck compared to what the founders made from the IPO it seems like pocket change.
The current management have done all they can. This was rotten when they took over. The problems left by Ken (Mark H) & his menagerie were too great, which is why he & the original founders should still be bled as dry as the investors have been to bring the company back.
dubspec brings up some very valid points. Inquiries & charges should be perused after the final decisions have been made on VET's future, however the government (both State & Federal, Labor & Liberal) should also be accountable to find out how these companies were formed with these illustrious ex-leaders & ministers at the helm only to leave when they smelt fire. An ICAC inquiry should certainly follow after the immediate interests are appeased.
VET Price at posting:
12.0¢ Sentiment: Hold Disclosure: Held
