Maybe, but the recent student numbers have all come in better...

Maybe, but the recent student numbers have all come in better than I expected. ALG was marginally better than my estimate of "just ok" with an uplift in both total students and new students.

I thought they were running at $31m pa pace on the numbers as at AGM and both IKN and ALG have improved since then (IKN by a lot) so I'm hoping for as much as $35m this year with some carry over into 2025 with the longer IKN courses.

Even if they don't do that much I'm fully expecting good cashflow this half. I'm at least waiting for the report. They can't go back and Raise Capital again, if they haven't banked good cash (at least $2m) this half then I reckon the current team simply shouldn't be running the company. They have to make money in the good times, not just stumble from one Capital Raise to the next.

As for moving forward, with Mulpha as a significant shareholder I'd hope they'd be looking at options for cooperation on student accommodation to facilitate some of those visa approvals.

Not great with a significant shareholder selling down but it might be as simple as looking at the possible outcomes of the next election with one side saying they want to slash the industry and investors not willing to take the risk.