AEC2 Jan 2014 16:18
I did this for riddlers niche 2014 GC page ……… might as well post it on the BB
With the exception of a blip in 2010 AEC is a company that since 2007 has consistently generated free cash up until 2011 and in 2010 they started to return some of the cash pile to shareholders in the form of a dividend. In 2012 they had to restructure some of their UK operations due to the Government changing foreign student Visa rules, which led to one off costs that resulted in a loss, at the start of 2013 they were on track to return to profit when they accounted problems in their Singapore operation, the issue in Singapore is being addressed with news on the outcome expected soon (which is the reinstatement of its EduTrust certification).
All other parts of the business have returned to profitability and they have recently gained Cinnovation as a new significant shareholder (with seats on the Board), Cinnovation bought new shares at 6p each which was a 129% premium to the share price, it is expected that Cinnovation will join with AEC with the intention of expanding the Indian market and developing AEC's market in the Middle East, East Africa and Nepal.
1)AEC is the UK holding company for a number of companies in the UK, Singapore, Malaysia and Vietnam which provide educational services to students in the Asia-Pacific region. The Group offers class-based instruction at its various educational campuses in London, Singapore, Malaysia and Vietnam and distance learning, up to postgraduate levels.
AEC College, based in Singapore, delivers degree qualifications for several leading international universities, targeting the large volumes of overseas students in line with the Singapore Government's Global Schoolhouse Vision to make Singapore an Education Hub. AEC's continuing objective is to be a leader in quality education, facilitating learning, fostering creativity and developing knowledge, skills and confidence in its students.
2)They have about £400k in Debt and as of June 2013 had £1.42m in cash, in Sept this year the CEO extended a £500k working capital loan to the Singapore subsidiary to see them through while they worked towards the reinstatement of its EduTrust certification (news due soon), this loan was paid back out of the £1.1m in new funds from the subscription from Cinnovation.
3)I think it’s easier to provide the Link to the page on the website to get biographies on the BoD
http://www.aeceducationplc.co.uk/aec-directors.php
4)Members of the BoD hold substantial shares in AEC either directly or indirectly through investment companies of which they are majority shareholders, again link to the shareholder page is attached
http://www.aeceducationplc.co.uk/aec-shareholder.php
5)The new significant subscription from Cinnovation is expected to lead to AEC expanding in new markets such as the Indian market and in the Middle East, East Africa and Nepal.
6)As explained already changes to th
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