Well I'm out now and pleased to be so.
There are several problems in investing in this company.
1. It is tightly held and little traded, so it is very easy to get locked in.
2. There is a great disparity between those who know its affairs and those who don't.
3. The underlying school business has not much growth.
4. There is blue sky but whether or not it will be achieved is a straight out gamble.
5. The issue of options is IMO too generous for such a small company.
6. It is vulnerable to changes in technology.
Ann: Chairman's Address to Shareholders, page-16
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