Vocation goes into administration

26  November 2015

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News alert2The troubled publicly listed VET provider Vocation has been placed into voluntary administration after investors refused to tip extra money into the business.

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Vocation

Vocation has been under pressure since the Victorian government withdrew $20 million in funding amid criticism of the company’s courses. It’s share price collapsed from $3.35 a share back in September last year to 12 cents on 26 Novemeber.

Chairman Doug Halley said :while the company’s turnaround plan had been proceeding well” (sic), investors were not willing to inject extra money into Vocation:

The board believes that the appointment of a voluntary administrator at this time is the best way to protect the interests of the shareholders, creditors, students and staff of the company.

Vocation this year logged a statutory net loss of $300.3 million for the 12 months ended June 30 compared with a loss of $3.5m a year earlier.

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