SIT 0.00% 0.2¢ site group international limited

Business with fantastic leverage, page-16

  1. 69 Posts.
    Fasterwater i agree trading halt should be now and a market update into what is really going on, when you really look into the annual report a couple of points really stand out to me.
    This is a statement from annual report.
    "The Group understand that the Australian Government Department of Education and Training(DET) is undertaking an industry wide review of Vet Fee Help providers prior to making the final reconciliation payment for the 2015 calendar year. The Group has no indication of any material issues with the claims by the company and expect to receive full payment for outstanding claims in the coming months."

    This statement to me sounds like they don't know what is going on.

    Tertiary Sector for Site earned $42,583,715, now this should be the only sector for VET Fee help i think. Yet "The total balance receivable from DET is $43,630,939."
    That means that they haven't been paid in more than 12 months, also is this due amount for the reporting period or to date? as this figure could be a lot bigger today.
    Are all providers in the VET Fee Help program been withheld payments, i don't think so.
    Does anyone know if the VET Fee Help payment only happen once a year?

    I almost want to buy a small parcel just so i can go to the AGM as i think there will be a lot of questions about all of this.
 
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