Two stocks that crashed on ASX – Navitas Limited and Fairfax Media Limited
Reduction in AMEP delivery centers to impact EBITDA: Navitas Limited’s (ASX: NVT) stock fell over 14.92% on March 06, 2017 after the group provided an update on the Adult Migrant English Program (AMEP) tender process. The Commonwealth Department of Education and Training has recommended NVT as a preferred tenderer for a reduced number of contract regions from July 1 2017 onwards under the recent tender process. Based on the assumption that the Department of Education and Training successfully concludes formal contracts with all of its preferred tenderers, NVT estimates that the reduction in AMEP delivery centers would hurt their Professional and English Programs segment’s EBITDA by between $12 million and $14 million from FY 2018 onwards.
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