In the small cap space VET announced the completion of its business restructure… stock closed up 2%.
- Education services provider Vocation Limited (VET $0.72) climbed 2.1% after announcing the completion of a restructure of its Victorian business. The company notes that the restructure, which will involve approximately 87 redundancies, will result in a one-off cost of around $1m and an annualised salary saving of circa $7m. As we have recently written, with the DEECD review resolved conclusively, restructuring actions taken to reduce similar risks in the future and the financial impact quantified, we believe the market should focus its attention on the ongoing operations which continue to generate meaningful earnings.
VET Price at posting:
73.0¢ Sentiment: Buy Disclosure: Not Held
