Ann: Executive succession and Board renewal, page-7

"Are you still a holder of this company @madamswer ? I bought a small slab near these levels a few weeks ago."

Not directly; only indirectly through an investment company managed by someone else.
(Tricky stock to buy; execution requires patience... which I don't have.)

I think the business will be ok, and better positioned for long-term growth, following the recycling of capital out of minority investments of businesses that were ex-growth (Hayes Knight) or due to pre-emptive exercise of call option by the buyer (First Financial) into a controlling stake in what should be a faster-growing accounting training business (TaxBanter).

Just one word of caution, though: don't be spooked by the state of the balance sheet when the company reports its full-year result in coming days: while the company cut a $4.3m cheque in January for TaxBanter, it only received the $3m First Financial sale proceeds after the 30 June balance date, and the $2.45m Hayes Knight sale proceeds will only be forthcoming in the current half, pending the outcome of a shareholder vote in October, to approve the sale.

So, it is going to be a sloppy result (which company isn't going to report a messy result over the next few weeks?), but given how cheap the stock is it would surprise me if your investment was not a successful one over the ensuing 12-18 months.

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