Annonce • Jun 06
Aembark Education Group Limited Appoints Michelle Thomsen as Director Embark Education Group Limited at its AGM held on 6 June 2023, elected Michelle Thomsen as Director of Embark. Annonce • May 20
Embark Education Group Limited (NZSE:EVO) agreed to acquire three childcare centres for NZD 7.2 million. Embark Education Group Limited (NZSE:EVO) agreed to acquire three childcare centres for NZD 7.2 million on May 19, 2023. All contracts are subject to customary conditions with respect to licensing, lease assignment and due diligence. Annonce • May 04
Embark Education Announces Its Intention to Delist on the New Zealand Stock Exchange Embark Education Group Limited announced its intention to re-domicile by listing on the Australian Securities Exchange (ASX) and delisting on the NZX. The Board has resolved to achieve the re-domiciliation and ASX listing through a court approved scheme of arrangement under part 15 of the Companies Act 1993 (the Scheme). This will see a new Australian incorporated company, Embark Early Education Limited (the New Parent), acquire all of the shares in Embark by an exchange of shares on a one for one basis. The New Parent will apply for listing on the ASX and Embark will seek to be delisted from the NZX and ASX (the Delisting). The Scheme is subject to shareholder approval and the approval of the New Zealand High Court, as well as the approval of ASX and NZX to the necessary listing and de-listings. Embark expects to file an application with the High Court seeking initial orders in relation to the proposal on 2 May 2023. If the orders are granted, Embark intends to put the proposal to shareholders for approval at the annual meeting of shareholders (Annual Meeting). The Annual Meeting is currently expected to be held virtually and in person on 6 June 2023 at 11:00am (NZST). An information pack consisting of a notice of meeting and Scheme booklet will be distributed to shareholders before the Annual Meeting. The documents will set out in detail the matters which shareholders will need to consider in deciding whether to support the Scheme and the Delisting, including the conditions to the Delisting. If the Scheme and the Delisting receives shareholder approval, Embark will seek final orders from the High Court, as well as approvals from ASX and NZX to the listing and de-listings. If all approvals are granted, Embark expects the scheme to be implemented on or about 28 June 2023, with the new ASX listing in place from 29 June 2023. Price Target Changed • Apr 15
Price target decreased by 8.9% to NZ$0.82 Down from NZ$0.90, the current price target is provided by 1 analyst. New target price is 52% above last closing price of NZ$0.54. Stock is down 26% over the past year. The company is forecast to post earnings per share of NZ$0.048 next year compared to a net loss per share of NZ$0.016 last year. Reported Earnings • Mar 02
Full year 2022 earnings: Revenues exceed analyst expectations Full year 2022 results: Revenue: NZ$59.5m (down 62% from FY 2021). Net loss: NZ$2.59m (down 449% from profit in FY 2021). Revenue exceeded analyst estimates by 1.7%. Revenue is forecast to grow 23% p.a. on average during the next 2 years, compared to a 12% growth forecast for the Consumer Services industry in Oceania. Annonce • Dec 21
Embark Education Limited Announces Renita Garard Appointed as A Director of the Company with Effect from 1 January 2023 Embark Education Limited announced that Renita Garard (AM, OLY, FCA) will be appointed as a Director of the Company with effect from 1 January 2023. Renita has significant experience in financial governance, risk management and stakeholder engagement across various sectors including transport and infrastructure, financial services, health, education and training, and sport and events. Based in Queensland, Australia, Renita is currently the Managing Director of Aspire 2 Thrive Pty Ltd. and a Director of Queensland Rugby Football League Limited, The Energy Collective Limited, Queensland Academy of Sport and 4 Aussie Heroes Foundation Limited. Renita is also the Chair ofthe Audit Committee of Townsville City Council. Renita is a Fellow of the Institute of Chartered Accountants of Australia and New Zealand (FCA) and received the Order of Australia medal in 1996. In addition to her accomplishments in business and governance, Renita is a successful athlete, captaining the Australian women's hockey team to the Olympic gold medal in 2000. Annonce • Dec 02
Embark Education Limited Announces Special Dividends Embark Education Limited advised that the foreign exchange rate applicable to the special dividend payable in AUD has been fixed at AUD 0.92695588 for every NZD 1.00 (or AUD 1.00 =NZD 1.0788). Price Target Changed • Nov 16
Price target increased to NZ$0.90 Up from NZ$0.84, the current price target is provided by 1 analyst. New target price is 43% above last closing price of NZ$0.63. Stock is down 33% over the past year. The company is forecast to post earnings per share of NZ$0.032 for next year compared to NZ$0.0048 last year. Board Change • Nov 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. No highly experienced directors. Independent Director Kim Campbell was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Annonce • Nov 11
Embark Education Limited Declares Special Distribution, Payable on December 8, 2022 Embark Education Limited declared special distribution of NZD 0.04117647 payable on December 8, 2022. Record Date is November 24, 2022. Ex Date is November 23, 2022. Board Change • Nov 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. No highly experienced directors. Independent Director Kim Campbell was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Annonce • Oct 17
Evolve Education Group Limited Announces Resignation of Chris Sacre as Director, Effective 31 October 2022 Evolve Education Group Limited announced that Mr. Chris Sacre has tendered his resignation as a director of the company, effective 31 October 2022. Chris has resigned due to his wish to commit greater time to his growing business interests outside of Evolve. Chair Hamish Stevens on behalf of the board and the wider business wishes to express his appreciation of Chris and his valuable contribution to the Company. The support and knowledge provided during his time on the board has been of significant benefit to Evolve over the past three and a half years. Annonce • Oct 04
Anchorage Capital Partners through its fund Anchorage Capital Partners Fund III acquired Lollipops Educare Holdings Limited from Evolve Education Group Limited (NZSE:EVO). Anchorage Capital Partners through its fund Anchorage Capital Partners Fund III entered into a conditional sale agreement to acquire Lollipops Educare Holdings Limited from Evolve Education Group Limited (NZSE:EVO) for an enterprise value of NZD 46 million on August 29, 2022. The enterprise value of NZD 46 million, less net debt (inclusive of a capex adjustment of NZD 2.5 million), is subject to adjustment post completion and also represents a multiple of over 13x FY21 New Zealand underlying EBITDA. On October 18, 2022, the names of name of Evolve Education Group Limited will be changed to “Embark Education Limited", the name of Lollipops Educare Holdings Limited will be changed to “Embark NZ Holdings Limited” and the name of Evolve Management Group Limited will be changed to “Embark NZ Management Group Limited”. The SPA may be terminated if a material adverse event occurs prior to completion that is reasonably likely to have a materially adverse impact on the reputation of LECL or its business as a whole. Evolve will pay break up fee of NZD 700,000 in case of termination. Prior to completion, all of Evolve's New Zealand based centre staff (other than the CFO and those based at the excluded centre) will be offered employment with LECL. Lollipops Educare Holdings had revenue of NZD 113.9 million and EBITDA of NZD 9.8 million, for year ended December 31, 2021.
The transaction is conditional on approval of Evolve’s shareholders, completion of the necessary internal restructure to ensure all center based assets being acquired are held by LECL and the parties not receiving any written communication prior to completion from the Ministry of Education that indicates that the Ministry of Education could reasonably be expected to take any materially adverse action in relation to LECL’s Early Childhood Education licenses in response to the transaction. Evolve’s Board unanimously recommended the transaction. Completion of the transaction is currently targeted for September 30, 2022. The transaction will enable Evolve to redeploy proceeds to acquire assets in Australia, thereby accelerating its Australian growth strategy. To date Evolve’s legal and other advisory expenses have amounted to NZD 300,000. Anchorage, advised by Kiwi law firm Webb Henderson and PwC Corporate Finance advised Evolve. As of September 15, 2022, Evolve Education Group's shareholders approved the deal.
Anchorage Capital Partners through its fund Anchorage Capital Partners Fund III completed the acquisition of Lollipops Educare Holdings Limited from Evolve Education Group Limited (NZSE:EVO) on October 3, 2022. Board Change • Oct 02
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. No highly experienced directors. Independent Director Kim Campbell was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Price Target Changed • Sep 20
Price target increased to NZ$0.90 Up from NZ$0.84, the current price target is provided by 1 analyst. New target price is 38% above last closing price of NZ$0.65. Stock is down 7.1% over the past year. The company is forecast to post earnings per share of NZ$0.032 for next year compared to NZ$0.0048 last year. Annonce • Sep 01
Anchorage Capital Partners entered into a conditional sale agreement to acquire Lollipops Educare Holdings Limited from Evolve Education Group Limited (NZSE:EVO) for an enterprise value of NZD 46 million. Anchorage Capital Partners entered into a conditional sale agreement to acquire Lollipops Educare Holdings Limited from Evolve Education Group Limited (NZSE:EVO) for an enterprise value of NZD 46 million on August 29, 2022. The enterprise value of NZD 46 million, less net debt (inclusive of a capex adjustment of NZD 2.5 million), is subject to adjustment post completion and also represents a multiple of over 13x FY21 New Zealand underlying EBITDA. The SPA may be terminated if a material adverse event occurs prior to completion that is reasonably likely to have a materially adverse impact on the reputation of LECL or its business as a whole. Evolve will pay break up fee of NZD 700,000 in case of termination. Prior to completion, all of Evolve's New Zealand based centre staff (other than the CFO and those based at the excluded centre) will be offered employment with LECL. Lollipops Educare Holdings had revenue of NZD 113.9 million and EBITDA of NZD 9.8 million, for year ended December 31, 2021.
The transaction is conditional on approval of Evolve’s shareholders, completion of the necessary internal restructure to ensure all center based assets being acquired are held by LECL and the parties not receiving any written communication prior to completion from the Ministry of Education that indicates that the Ministry of Education could reasonably be expected to take any materially adverse action in relation to LECL’s Early Childhood Education licenses in response to the transaction. Evolve’s Board unanimously recommended the transaction. Completion of the transaction is currently targeted for September 30, 2022. The transaction will enable Evolve to redeploy proceeds to acquire assets in Australia, thereby accelerating its Australian growth strategy. To date Evolve’s legal and other advisory expenses have amounted to NZD 300,000. Buying Opportunity • Aug 26
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 17%. The fair value is estimated to be NZ$0.78, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.4% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 11% per annum. Earnings is also forecast to grow by 46% per annum over the same time period. Buying Opportunity • Aug 05
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 20%. The fair value is estimated to be NZ$0.76, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.4% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 11% per annum. Earnings is also forecast to grow by 46% per annum over the same time period. Buying Opportunity • Jul 20
Now 24% undervalued after recent price drop Over the last 90 days, the stock is down 8.5%. The fair value is estimated to be NZ$0.85, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.4% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 11% per annum. Earnings is also forecast to grow by 46% per annum over the same time period. Price Target Changed • May 28
Price target decreased to NZ$0.90 Down from NZ$1.20, the current price target is provided by 1 analyst. New target price is 20% above last closing price of NZ$0.75. Stock is down 29% over the past year. The company is forecast to post earnings per share of NZ$0.069 for next year compared to NZ$0.0048 last year. Annonce • Mar 31
Evolve Education Group Limited, Annual General Meeting, Jun 27, 2022 Evolve Education Group Limited, Annual General Meeting, Jun 27, 2022, at 10:00 NZST - New Zealand Standard. Annonce • Feb 28
Evolve Education Group Limited Withdraws Guidance for the Financial Year Ending 31 December 2022 Evolve Education Group Limited announced that the company withdraws guidance for the financial year ending 31 December 2022 because of the uncertainty created by the Omicron variant of Covid 19. Whilst Omicron has peaked in Australia, the variant has only just started to spread widely in New Zealand and further temporary centre closures are expected over the coming months. Board Change • Dec 31
High number of new directors Independent Director Kim Campbell was the last director to join the board, commencing their role in 2019. Major Estimate Revision • Dec 18
Consensus EPS estimates fall by 31% The consensus outlook for earnings per share (EPS) in 2021 has deteriorated. 2021 revenue forecast decreased from NZ$165.8m to NZ$154.6m. EPS estimate also fell from NZ$0.05 per share to NZ$0.03 per share. Net income forecast to shrink 49% next year vs 15% growth forecast for Consumer Services industry in New Zealand . Consensus price target broadly unchanged at NZ$1.20. Share price rose 2.5% to NZ$0.82 over the past week. Executive Departure • Aug 05
Chief Operating Officer Craig Presland has left the company On the 2nd of August, Craig Presland's tenure as Chief Operating Officer ended after less than a year in the role. We don't have any record of a personal shareholding under Craig's name. A total of 2 executives have left over the last 12 months. The current median tenure of the management team is 2.25 years. Annonce • Jun 08
Evolve Education Group Limited (NZSE:EVO) completed the acquisition of 10 childcare centres in Australia. Evolve Education Group Limited (NZSE:EVO) agreed to acquire 10 childcare centers in Australia for AUD 32.1 million on March 5, 2021. Under the terms of the consideration, AUD 27.1 million will be paid upfront and a deferred payment of AUD 5 million will be paid upon achievement of certain performance. The transaction will be funded from existing cash resources. As of March 30, 2021 EVO is pleased to announce that 5 of the 10 contracted centers have now completed. EVO expects that the remaining five centers will settle by May 2021. As of May 28, 2021 the remaining five centers will settle in June 2021. The transaction is subject to customary approvals (such as licensing) and will be earnings per share (EPS) positive from settlement.
Evolve Education Group Limited (NZSE:EVO) completed the acquisition of 10 childcare centers in Australia on June 8, 2021. Annonce • Mar 06
Evolve Education Group Limited (NZSE:EVO) agreed to acquire 10 childcare centres in Australia for AUD 32.1 million Evolve Education Group Limited (NZSE:EVO) agreed to acquire 10 childcare centres in Australia for AUD 32.1 million on March 5, 2021. Under the terms of the consideration, AUD 27.1 million will be paid upfront for EBITDA of 6.93 million per annum and a deferred payment of AUD 5 million for an additional $1.27 million of EBITDA generated 12 months post settlement. The transaction will be funded from existing cash resources. The childcare centres generated an EBITDA of AUD 6.93 million per annum. The transaction is subject to customary approvals (such as licensing) and will be earnings per share (EPS) positive from settlement. Annonce • Aug 02
Evolve Education Group Limited to Report First Half, 2021 Results on Nov 27, 2020 Evolve Education Group Limited announced that they will report first half, 2021 results on Nov 27, 2020