I agree - its unlikely RS would be prepared to sell out, and...

I agree - its unlikely RS would be prepared to sell out, and certainly not for anything under 50cps. The training business is well positioned to become a significant growth source as new govt funds flow to the sector, and the labour hire business should get a good kick along from the election result, interest rate cuts and infra spending.
I also note that key peer PPE is up 12% this week after the election. PPE is priced at about 2.5x ASH based on EV/EBITDA, EV/EBIT and P/E metrics. Also, even though mgt don't actively promote ASH to fund managers, I expect ASH to start gaining more interest from FM's as the company starts showing up on more stock screens after the full year result due to 1) free cash flows should be significantly higher than last year, 2) screening tools that use 3 year averages should improve significantly as the weak 2016 result cycles off and 3) a second year of strong and growing dividends. While nothing is ever certain, this stock could easily double within 12 months.