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Vocation revokes 1100 quals and to repay funding

Fairfax Media    |    19 May 2015

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Embattled education group Vocation will tear up the qualifications of 1100 of its students and hand $8 million back to the Victorian education department.

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Vocation snipThe ASX-listed education company announced on 18 May that it had revoked the qualifications of students who undertook four programs during 2014 in aged care, children’s services, business administration and competitive systems and practices.

They also apply to students who did two specific units in First Aid, and Assist Clients with Medication.

Vocation will also repay about $8 million in funding to the Victorian Department of Education and Training over the next 18 months.

Vocation was responding to the findings of fresh regulatory audits which happened in early 2015.
It was also addressing the issues left over from the closure of its controversial BAWM training business, as well as issues related to its Learning Verve business.

Vocation, which floated on the Australian Securities Exchange in late 2013, lost more than $700 million in sharemarket capitalisation in the space of a few weeks after an initial brush with regulators was revealed in September, 2014, shredding investor confidence because of poor disclosure by the company.

The share price is currently around 14.5¢ after having hit $3.40 in early September, 2014. But it has been as low as 6.8¢.

In March Vocation sold the biggest business in its stable, natural health training courses business Endeavour College of Natural Health, to help stabilise its balance sheet. UK-based global company Study Group bought Endeavour for $75 million.

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