Intueri Education Group to exit Australia early

March 24 (Reuters) - Intueri Education Group Ltd (IQE) :

  • Intueri to exit Australia early; focus on NZ schools
  • Intueri will cease operations in Australia on 29 march 2017
  • Decision is in response to recent funding and regulatory developments which have had a material impact on Australian operations
  • This has no impact on group's New Zealand operations.
  • Intueri board is considering whether to appeal against decision on 2016 vfh funding cap uplift
  • Intueri has entered into a standstill agreement with its bank
  • Decision has no impact on group's New Zealand operations, which are run as a separate regional division
  • Company has elected not to appeal ASQA's decision, and will therefore cease australian operations on 29 march 2017
  • Is assessing a number of capital restructuring and strategic options for group, including a potential divestment of businesses
  • Has been advised that its application to department of education and training to reconsider a A$5.6m uplift in 2016 vet fee-help funding has been declined


To read reuters' full disclaimer click here
arrow-down-2 Created with Sketch. arrow-down-2 Created with Sketch.