Vocation Response To Press Speculation
Sydney, Aug 25, 2014 AEST (ABN Newswire) - Vocation (
ASX:VET) is aware of press speculation regarding the Company's Victorian funding contracts.
Vocation would like to reiterate that it takes its disclosure obligations extremely seriously and is comfortable it has complied with these obligations at all times. However in light of the speculation referred to above, Vocation considers it prudent to make the following points:
- Vocation's funding contracts with the Victorian Department of Education and Early Childhood Development (DEECD) have not been suspended and are continuing.
- The DEECD is undertaking a review of three of the courses conducted by Vocation for which Vocation receives funding under those contracts. As part of the review process, the DEECD has withheld recent payments under the funding contracts.
- Vocation considers that neither the review nor its anticipated outcomes are material to Vocation.
Vocation has had a longstanding and constructive relationship with the DEECD. Vocation is working with DEECD to bring the review to an early conclusion.
The operation of funding contracts and the audit and review processes that accompany those are part of Vocation's normal business activities.
About Vocation Ltd
Vocation Ltd (ASX:VET) is at the forefront of the Australian training and education industry. Our innovative delivery methods and rapidly growing online platform is changing the game for our students, business clients and shareholders.
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