Tench
This is the one issue that concerns me & despite another search of available documentation I have been unable to find any breakdown for it, excepting 'goodwill' which Hubb's ValueGain lists as $Nil.
As a recently retired government school Principal I have many insights into education systems & could document many categories of intangible assets: marketing materials & expertise, school curriculum, management policies, branding, systemic processes, corporate expertise, dedicated software systems, credibility with insitutional investors, etc. Eddie must have a breakdown of these & it may well soothe anxieties if they were made available.
In the absence of such a breakdown I rely on the numerouos reports & updates ABS has provided + what appears to be a willingness by institutional investors to fund loans [guess they also know their first in any queue though]
4YIO - NFA
ABS
a.b.c. learning centres limited