Ann: Update on operations - December 2016, page-3

A number of corrections I think can be made to your post, firstly starts are down yes however margins are up on previous yer per site, loss making arms have been removed which would also impact the number of site starts. The reduction in display homes is minor and not something that should affect sales.

BAA actually get paid in multiple stages the largest of which is paid at the half way point of the course with only roughly 20% payable on completion for a majority of courses.

While the business has its concerns these concerns are not major given the large restructure to come in recent times.

Also noted is the SR deal has the company valued at 40c and they knew full well the results before they were released I think a key indicator will be the 6 month from now results where I imagine the SR group would have started seeing their return on investment