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Intueri Education Group Launches IPO

PRESS RELEASE

Intueri Education Group Launches IPO

16 April, 2014 – Intueri Education Group (Intueri), a New Zealand-based vocational education provider, has registered a Prospectus, and approved an Investment Statement, in connection with an Initial Public Offering (Offer). Intueri is expected to list on the New Zealand and Australian stock exchanges on completion of the Offer.

Between 75 to 85 million shares are expected to be available under the Offer, with an indicative price range of $2.25 to $2.75 per share. The indicative proceeds from the Offer are $169 million to $234 million.

Some of the proceeds raised will fund Intueri’s previously announced acquisition of Quantum Education[1], and Arowana International Limited, the current owner of Intueri, will sell down part of its holding in the Offer. The Offer will enhance Intueri’s ability to pursue growth opportunities through direct access to capital markets.

A copy of the Investment Statement and the Prospectus can be accessed from: www.intuerishares.co.nz.

Intueri Chairman, Chris Kelly, says the transition to become a public company will place majority ownership of Intueri in the hands of a more widely spread shareholder basethat is expected to include a range of New Zealand-based investors.

“There is significant demand both domestically and internationally for vocational education, particularly from Asia, and Intueri is well-placed to build on this. Additionally, Online Courses Australia (OCA), the 50% owned online education arm of Intueri, adds a strategic, high growth lever into the rapidly growing online vocational education markets in Australia and New Zealand,” adds Mr. Kelly.

Intueri delivers NZQA accredited qualifications across a range of subjects to domestic and international students from 26 locations across New Zealand, with approximately 6,000 domestic and 971 international student enrolments in 2013. OCA’s online campus, based in Australia, enrolled over 2,000 students in 2013.

Chief Executive of Intueri, Rob Facer, says today’s announcement reflects a significant development for Intueri, but it remains business-as-usual, with the focus on delivering quality student outcomes through its learner-focused programmes and specialised vocational training, including online courses.

“In 2012, Intueri’s colleges (Private Training Establishments, or PTEs) were collectively ranked by the Tertiary Education Commission as some of the higher performing providers for student achievement outcomes, with a group-wide course completion rate of 88% compared to a PTE sector average of 81%.

“In the same period, Quantum Education Group had a course completion rate above 90%, one of the highest rankings of any PTE provider in New Zealand. This is a record we’re incredibly proud of not only in terms of what it means for our students, but also in terms of how it positions the business,” says Mr. Facer.

As outlined in the offer documents, Intueri’s pro forma revenues for the 2014 financial year are forecast to grow by 15.5%[2], driven particularly by the growth in its international and online market segments.

“While investing to develop our domestic and international student course programmes remains the priority, once listed, Intueri will be well positioned to pursue additional growth opportunities as the PTE sector in New Zealand consolidates and we look to realise the full potential of our online education business in Australia,” concludes Mr. Facer.

The Offer is subject to the approval of the shareholders of Australian-based owner, Arowana International. Arowana expects to retain between a 15% and 25% shareholding in Intueri following completion of the Offer. Arowana will also have a representative on the Intueri Board.

The Joint Lead Managers for the Offer are UBS New Zealand Limited and Macquarie Securities (NZ) Limited. The final Offer pricing and allocation of shares will be determined following the bookbuild process scheduled to commence on 6 May 2014, with the broker firm offer open the following day to clients of NZX brokers who secure a firm allocation. Investors should contact their broker to discuss investing in Intueri.

Indicative Timetable

Prospectus registered 15 April 2014

Bookbuild 6 May 2014

Pricing and Allocation 6 May 2014

Broker Firm Offer Opening Date 7 May 2014

Arowana International shareholder meeting to vote to approve the Offer 16 May 2014

Broker Firm Offer Closing Date 12:00pm (noon), 21 May 2014

Settlement and allotment 22 May 2014

Expected commencement of trading on the NZX Main Board and ASX 23 May 2014

Expected dispatch of holding statements in New Zealand and any refund payments if required 26 May 2014

ENDS

About Intueri
Intueri Education Group will be New Zealand’s largest Private Training Establishment group with six colleges in New Zealand[3] and operations in 26 locations throughout New Zealand. The Group’s colleges have a strong reputation for delivering successful achievement outcomes across a range of NZQA accredited qualifications, providing specialist vocational training in sectors where there is steady demand for skilled workers across the economy. These include design and arts, beauty and spa therapy, culinary design and hospitality management as well as hairdressing, make-up artistry, travel & tourism, computing and commercial diver training. In addition, it owns 50% of Online Courses Australia, a rapidly growing accredited VET FEE-HELP provider of online vocational courses. For more information, please visit: http://www.intueri.co.nz.

The offer of shares in Intueri Education Group Limited (Intueri) is made by Intueri Education Group Holdings Limited on the terms and conditions set out in the Investment Statement and the Prospectus for the offer. The offer is not yet open. When it opens, applications for shares must be made on the application form accompanying the Investment Statement.

None of the persons named in this advertisement (nor any other person) guarantees the Offer or the shares in Intueri.

An application has been made to NZX Limited (NZX) for permission to list Intueri, and to quote Intueri’s shares, on the NZX Main Board, and all requirements of NZX relating thereto that can be complied with on or before the date of this advertisement have been duly complied with. However, NZX accepts no responsibility for any statement in this advertisement. The NZX Main Board is a registered market operated by NZX, which is a registered exchange, regulated under the Securities Markets Act 1988.

None of this advertisement, the Prospectus or the Investment Statement contain any statements made by the Joint Lead Managers and to the maximum extent permitted by law each Joint Lead Manager (its related companies and each of their respective directors, officers, employees and agents) expressly disclaims all liability under this advertisement, the Prospectus and the Investment Statement.

The information in this advertisement has been made available to the recipient for information purposes only and is not intended to be, and does not constitute a product disclosure statement, prospectus, short form prospectus or profile statement as those terms are defined in the Australian Corporations Act 2001 (Cth). It does not constitute an offer for the issue, sale or purchase of any securities, or any recommendation in relation to investing in the Intueri shares.

[1] The acquisition includes Quantum Education Group Limited, Quantum Corporate Training Limited and Learntree Limited.
[2] Further detail on the prospective financial information for Intueri, and the principal assumptions upon which it is based, is available in the Prospectus for the offer.
[3] Including the announced acquisition of Quantum Education Group.

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