IQE
17/12/2014 08:37
ASSET
PRICE SENSITIVE
REL: 0837 HRS Intueri Education Group Limited
ASSET: IQE: IQE - Intueri consolidates OCA ownership
MARKET RELEASE
Date: 17 December 2014
IQE - Intueri consolidates OCA ownership
Intueri Education Group (IQE) today announces that it has reached agreement
to acquire the remaining 50% of Online Courses Australia Group Limited (OCA).
IQE acquired the initial interest in OCA, which delivers a range of online
programmes to students throughout Australia, in March 2014. Significant
outperformance to date and the opportunity to further leverage OCA's
capability across the Group has prompted the move to full consolidation.
Intueri Group CEO, Rob Facer, said the consolidation was a natural next step.
"We are excited by the ongoing growth potential and capability that OCA
brings to the Group, which will help underpin the realisation of a number of
our strategic goals across a range of key areas, and we are delighted that
both Cheryl Brookes and Cathy Walsh have agreed to stay on with the Group for
at least the next two years."
The remaining 50% interest will be acquired for 5.75 times the CY2015 actual
EBITA on a pro-rata basis, with an initial payment of AUD$15m funded from
Intueri's current debt facilities to be made upon completion between now and
the end of the year, with the balance to be paid post completion of the 2015
financial statements.
Rodney Craig Marvin
Chief Financial Officer, Intueri Education Group Limited
ENDS
End CA:00259006 For:IQE Type:ASSET Time:2014-12-17 08:37:52
