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VOCATION LIMITED (VET)

Delisted from ASX 29/08/2016

Former (or subsequent) names

 

Shareholder links

Our website ranking of VET: rating 3
(3 out of 5)
COMPANY WEBSITE:

 

REGISTRY:
Link Market Services, Rhodes Corporate Park, 1A Homebush Bay Drive, Rhodes NSW 2138
Tel : +61 1300 554 474
Fax : +61 2 9287 0303
RegistryWebsite RegistryEmail

Company details

Address: Level 15 1 Pacific Highway North Sydney NSW 2060 Australia
Tel:  (03) 9907 1900 Fax: 

Date first listed: 09/12/2013
Company Secretary: 
Sector: Consumer Services Industry Group: XDJ
Activities: Provision of vocational education and training services
a loss declaration has been issued and the capital loss can therefore be claimed in the financial year the declaration is issued - in this case 2016/1703/05/2017
delisted from the close of trading on Monday, 29 August 2016 pursuant to Listing rule 17.15.29/08/2016
we understand the company failed and was delisted because it did not pay its annual ASX listing fee 29/08/2016
Under listing rule 17.6, any entity (if not already suspended) that had not paid its annual listing fees by close of business on Monday 22 August 2016 will have its securities suspended from official quotation before the commencement of trading on Tuesday 23 August 2016. The company has not paid its annual listing fees in respect of the year ending 30 June 2017 but the securities are already suspended from official quotation.23/08/2016
creditors resolve that Peter Gothard, Jim Sarantinos and George Georges of Ferrier Hodgson be appointed Liquidators of Vocation Limited and its associated entities04/01/2016
Please be advised that the Administrators' report to creditors pursuant to Section 439A of the Corporations Act 2001 (the Act) was circulated to creditors on 21 December 2015, together with a notice of the second meeting of creditors which is to be held on Monday, 4 January 2016. 22/12/2015
Pursuant to ASX Listing Rule 3.1, Vocation advises that the business of Customer Service Institute of Australia Pty Ltd was sold as a going concern to C.S.I.A. Enterprises Pty Ltd for $316,920 by the voluntary administrators on 15 December 2015.16/12/2015
Pursuant to ASX Listing Rule 3.10A, Vocation advises that 2,729,699 ordinary shares that are subject to voluntary escrow will be released from escrow on 31 December 2015.14/12/2015
As a result of further customer contract terminations, the lack of available liquidity to fund operations and the lack of ongoing support from key stakeholders, the Voluntary Administrators of Vocation Limited. have had no alternative but to cease the majority of the company's operations effective from 30 November 2015. As a consequence, the Administrators have terminated approximately 150 staff across the business. In addition to pursuing all available recoveries from the company's assets and affairs, the Voluntary Administrators will be seeking expressions of interest for the group's intellectual property and one of its operating businesses, Customer Service Institute of Australia. 30/11/2015
On 25 November 2015, Ferrier Hodgson partners, Peter Gothard, Jim Sarantinos and George Georges were appointed as Voluntary Administrators of Vocation Limited and its subsidiaries (the Group) pursuant to a resolution of the Board of Directors. The Administrators are undertaking an urgent assessment of the business with a view to determining how the voluntary administration should proceed. 26/11/2015
It is with great regret that the Board of Vocation Limited has placed the Company into Voluntary Administration. Mr Peter Gothard of Ferrier Hodgson has been appointed to act as Voluntary Administrator.  The Board and senior management intend to work with Mr Gothard to explore all options to allow the operating entities to continue as going concerns to protect the interests of students, employees and other stakeholders. 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.25/11/2015
The company provides a financing and class actions update.23/11/2015
As advised in the Company's letter of 16 November 2015, the Company expected the voluntary suspension would come to an end on Monday 23 November 2015 or when the Company was in a position to provide the market with updates in relation to its financing arrangements. While the Company continues to seek to execute the financing transaction, the Company believes it is appropriate for its securities to remain in voluntary suspension.23/11/2015
Vocation Limited (ASX: VET) (Administrators Appointed) has been formally advised by the NSW Government Department of Industry that its "Smart & Skilled" contracts have been terminated in accordance with their terms, effective immediately. As a consequence, the Administrators have today taken steps to terminate 33 staff in the company's New South Wales operations.17/11/2015
The securities of Vocation Limited (the "Company") will be suspended from quotation immediately, at the request of the Company, pending the release of an announcement regarding a financing transaction. Security Code: VET16/11/2015
The suspension of trading in the securities of Vocation Limited (the "Company") will be lifted immediately, following the Company's announcement regarding its strategic plans, financial situation and operational performance. Security Code: VET23/02/2015
Vocation Limited (ASX Code: VET, "Vocation" or "Company") refers to its voluntary suspension extension letter of 28 January 2015. As advised in the Company's letter of 21 January 2015, the Company expected the voluntary suspension would come to an end when the Company was in a position to provide the market with updates in relation to its earnings guidance and financing arrangements. Significant work to complete the financial reviews in order allow the Company to reliably update second half earnings guidance has been conducted in the period since 28 January 2015, however that work has not yet been able to be finalised. As announced on 28 January 2015, the Company has initiated a strategic review to consider all options for the Company. While the strategic review has not yet been finalised, the Company is taking steps to deleverage its balance sheet. 12/02/2015
y announces a continuation of its voluntary suspension, an earnings update, a strategic review of its asset portfolio and future structure, and the planned departure of Group CEO and Managing Director Mark Hutchinson28/01/2015
securities will be suspended pending an announcement21/01/2015
The suspension of trading in the securities of Vocation Limited will be lifted immediately, following receipt of an announcement regarding the outcome of the review conducted by the Victorian Department of Education and Early Childhood Development. Security Code: VET27/10/2014
The securities of Vocation Limited (the "Company") will be suspended from quotation immediately, at the request of the Company, pending the release of an announcement regarding the outcome of a review conducted by the Victorian Department of Education and Early Childhood Development. Security Code: VET 27/10/2014
listed entity carried for record purposes only09/12/2013

ASX Announcements (courtesy of ASX)

 

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29/09/2016 19:06:58
Investors would have to be crazy to buy Vocation shares. 1. They have been caught out by ASQA for rorting the training system. @0 million lost. 2. Regulation is tightening that will limit the capacity of private RTO's to milk students and course delivery. 3. An impending Labor Government will initiate further investigations that may see a collapse of numerous Private RTO's. Sell! Sell! Sell!10/11/2014 11:53:49

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    Directors' on-market share transactions (last 5)

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    Purchases Sales

    DATEDIRECTORNATURENUMBERPRICEAMOUNT
    04/12/2014Doug HalleyOn market200,000$0.220$44,000
    05/11/2014Michelle TredenickOn market56,603$0.795$44,999
    31/10/2014John DawkinsOn market50,000$0.865$43,250
    30/10/2014Steve TuckerOn market200,000$0.800$160,000
    23/09/2014Doug HalleyOn market20,000$2.495$49,900

    Click here for the last 20 transactions all companies

    Directors & Executives (current)

    NAMETITLEDATE OF APPT
    Frank LintveltCFO31/08/2015

    Date of first appointment, title may have changed.

    Directors & Executives (former)

    NAMETITLEDATE OF APPOINTMENTDATE OF RESIGNATION
    Doug HalleyNon Exec Chairman, Independent Director06/11/201316/12/2015
    Stewart CumminsManaging Director, CEO10/12/201416/12/2015
    Steve TuckerIndependent Director06/11/201316/12/2015
    Michelle TredenickIndependent Director06/11/201316/12/2015
    Mark HutchinsonManaging Director, CEO06/11/201301/05/2015
    Manvinder GrewalCFO06/11/201331/12/2014
    John DawkinsNon Exec Chairman, Independent Director09/12/201327/11/2014

    Date of first appointment, title may have changed.