I think the main bit of good news is that management realises...

I think the main bit of good news is that management realises they need to work hard now, to restore investor and market confidence.

I think the other bit of good news is that the Aus market is growing rapidly - And with some of the dodgy operators out there going under, perhaps they are taking market share.

It seems reasonably obvious that the TEC investigation is focused on legacy issues and that funding going forward is all good - In fact, I randomly stumbled upon a front page NZ NBR article from a few weeks ago which appears to have started this whole thing off - And in the article it was basically saying that Quantum was touting a completion rate of something like 90%, but when they compared student loan info to those that graduated, only something like 50% of those that got a student load ended up completing the course. How this could be the case was raised by NBR to the education ministry, who didn't know and said it would be looked in to, and it appears that this is why TEC are now reviewing the college. It did say in the article that misleading statistics is not the same as rorting the system, so keep that in mind.

With IQE implementing group-wide SMS etc I'd imagine that as soon as quantum took over this became a thing of the past, hence why they have mentioned 'legacy issues' at every junction.

If you believe that they will be able to come through this with revenue in tact, which looks extraordinarily likely, a large and solid education company making $30mil profits a year on $55mil market cap is looking extremely cheap