Education and training services company Vocation has gone into voluntary administration after a spectacularly awful run on the ASX that has seen it plunge from $3.35 a share back in September last year to 12 cents yesterday.
Despite the company announcing it is handing over control to administrator Peter Gothard of Ferrier Hodgson, it was quick to defends its own strategy.
“The company’s turnaround strategy has been proceeding well, with a more focused portfolio, solid increases in student enrolments, greater discipline in training operations, investments in quality control and new IT systems generating cost efficiencies,” Vocation said in a statement to the ASX.
It might be difficult to make that story stick considering investors were not at all interested in boosting the company through an equity raising this month.
“Contrary to earlier indications, it is now clear that current and potential investors are not willing to inject additional funds into the company.”
Mr Peter Gothard of Ferrier Hodgson has been appointed to act as Voluntary Administrator.