Saturday, May 16, 2020

Zhu Minshen's share buybacks raise additional questions about the NSW LPAB 's decision to grant Zhu the "one and only" license to grant law degrees: FEE HELP funded share buybacks call for an investigation by the Commonwealth into the conduct of the NSW LPAB and Chairman Tom Bathurst

by Ganesh Sahathevan



Top Education Group Ltd
HKG: 1752


Following
0.30 HKD 0.00 
15 May, 4:08 pm GMT+8 · Disclaimer



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Zhu Minshen's Top Group share price collapsed immediately after its IPO on the HKEX, but this did not seem to bother the relevant Australian authorities. The issue was raised on this blog in May last year:

Top Education Group share price movements require explanation from NSW LPAB, TEQSA,and AG Speakman; Top's declining cash flow from operations adds to worries


In fact these issues did not seem to bother the NSW Legal Profession Admission Board, and  its chairman, the Chief Justice Of  NSW  Tom Bathurst, when they renewed Zhu and Top's license.

Commonwealth funding via FEE HELP  funds Top Group's operations,in part,given Top's strategy of enrolling local students.In fact, enrollment of law students whose ATAR would not be acceptable to the normal university based law schools is part of the Top strategy.That strategy,and the decision of the NSW LPAB drew criticism from students and industry:

Elvira Naiman, managing director at legal recruitment firm Naiman Clarke Legal, went even further, saying: “I'm surprised that anyone in their right mind would think that an additional law school in NSW is a good idea.”

She added: “There are too many law schools in NSW. There is no question about that.”

There are currently around 13 law schools in NSW. TOP Education Institute’s law school was given approval by NSW Legal Practice Admission Board in April and will launch in 2016.

The law school is looking to attract students from schools in Western Sydney. It will be based in the Australian Technology Park with an ATAR requirement of 85.

Candidates will also be interviewed to assist in determining their suitability to undertake the program.

Ms Naiman doubted that school leavers with an ATAR of 85 would have the academic rigour to excel in the study and practise of law.

The FEE HELP revenue finances the whole company, including share buybacks which have kept Top Group's share price from collapsing even further. The extent of the buybacks can be analysed from the data below which has been compiled and published on Hong Kong's well regarded Webb-Site. It is obvious that Top has an ongoing program of share buybacks, which seems to be designed to support its share price,and market capitalization. 

This abuse of FEE HELP revenue calls for investigation by the Commonwealth and in particular the Minister For Education Dan Tehan.A proper investigation will not be complete without an investigation into the NSW LPAB and all its officers, including its chairman. The fact that the chairman of the LPAB is also Chief Justice of NSW is irrelevant. These issues concern the conduct of the Chairman of the NSW LPAB. 

TO BE READ WITH

Buybacks

Note: the numbers of shares and average prices are original data, not adjusted for stock splits, consolidations, bonus issues or other changes. Off-market buybacks are excluded. In the daily list, click on the date to see CCASS movements on the settlement date.


RowDate/
period
NumberValueCurr.Av.
price
12020-05-14280,00083,150HKD0.297
22020-05-13560,000161,600HKD0.289
32020-05-12100,00028,500HKD0.285
42020-05-11760,000213,900HKD0.281
52020-05-08510,000143,300HKD0.281
62020-05-07190,00052,700HKD0.277
72020-05-06290,00078,950HKD0.272
82020-05-05430,000116,250HKD0.270
92020-05-04410,000108,950HKD0.266
102020-04-29140,00036,950HKD0.264
112020-04-28120,00030,600HKD0.255
122020-04-27220,00055,600HKD0.253
132020-04-24300,00075,850HKD0.253
142020-04-23250,00063,550HKD0.254
152020-04-22190,00047,900HKD0.252
162020-04-21630,000158,400HKD0.251
172020-04-20250,00063,700HKD0.255
182020-04-17370,00093,100HKD0.252
192020-04-16840,000209,410HKD0.249
202020-04-152,100,000523,140HKD0.249
212020-04-14430,000107,910HKD0.251
222020-04-09120,00030,600HKD0.255
232020-04-08170,00043,200HKD0.254
242020-04-07280,00070,550HKD0.252
252020-04-06180,00045,900HKD0.255
262020-04-03270,00068,450HKD0.254
272020-04-02210,00053,150HKD0.253
282020-04-01380,00097,000HKD0.255
292020-03-311,150,000293,800HKD0.255
302020-03-30880,000221,350HKD0.252
312020-03-27230,00058,650HKD0.255
322020-03-26130,00033,150HKD0.255
332020-03-25690,000176,150HKD0.255
342020-03-24350,00089,750HKD0.256
352020-03-23690,000173,700HKD0.252
362020-03-20590,000153,050HKD0.259
372020-03-192,230,000566,750HKD0.254
382020-03-18450,000119,650HKD0.266
392020-03-17810,000211,900HKD0.262
402020-03-161,910,000502,580HKD0.263
412020-03-13360,00092,650HKD0.257
422020-03-12240,00065,100HKD0.271
432020-03-11320,00090,050HKD0.281
442020-03-10430,000118,750HKD0.276
452020-03-09500,000141,300HKD0.283
462020-03-06600,000176,700HKD0.295
472020-03-05800,000229,340HKD0.287
482020-03-04950,000272,100HKD0.286
492020-03-031,100,000332,600HKD0.302
502020-03-021,170,000359,060HKD0.307
512020-01-24100,00027,950HKD0.280
522020-01-23760,000209,500HKD0.276
532020-01-221,420,000391,950HKD0.276
542020-01-21380,000107,100HKD0.282
552020-01-20430,000121,000HKD0.281
562020-01-17300,00085,650HKD0.286
572020-01-16520,000148,300HKD0.285
582020-01-15150,00042,600HKD0.284
592020-01-14310,00088,150HKD0.284
602020-01-13420,000120,300HKD0.286
612020-01-10360,000103,050HKD0.286
622020-01-09330,00094,650HKD0.287
632020-01-08140,00040,600HKD0.290
642020-01-07140,00040,850HKD0.292
652020-01-0670,00020,650HKD0.295
662020-01-03120,00035,450HKD0.295
672020-01-02710,000209,600HKD0.295
682019-12-31240,00071,250HKD0.297
692019-12-30400,000118,800HKD0.297
702019-12-27260,00077,400HKD0.298
712019-12-24170,00050,550HKD0.297
722019-12-23610,000177,750HKD0.291
732019-12-201,190,000345,950HKD0.291
742019-12-19180,00053,100HKD0.295
752019-12-18170,00050,400HKD0.296
762019-12-17920,000272,000HKD0.296
772019-12-1670,00020,650HKD0.295
782019-12-13330,00096,300HKD0.292
792019-12-12800,000232,900HKD0.291
802019-12-11390,000113,850HKD0.292
812019-12-10860,000250,100HKD0.291
822019-12-0940,00012,000HKD0.300
832019-12-06710,000210,750HKD0.297
842019-12-05650,000192,450HKD0.296
852019-12-04420,000122,400HKD0.291
862019-12-03630,000183,250HKD0.291
872019-11-29970,000282,650HKD0.291
882019-11-28410,000119,600HKD0.292
892019-11-271,270,000367,900HKD0.290
902019-11-26380,000110,950HKD0.292
912019-11-25770,000224,600HKD0.292
922019-11-221,080,000319,900HKD0.296
932019-11-211,310,000379,750HKD0.290
942019-11-20570,000166,150HKD0.291
952019-11-19800,000235,800HKD0.295
962019-11-18340,000101,100HKD0.297
972019-11-15190,00056,750HKD0.299
982019-11-14290,00086,650HKD0.299
992019-11-13270,00080,150HKD0.297
1002019-11-12910,000272,350HKD0.299
1012019-11-11670,000198,500HKD0.296
1022019-11-08400,000120,500HKD0.301
1032019-11-07120,00035,500HKD0.296
1042019-11-05570,000169,250HKD0.297
1052019-11-04580,000172,650HKD0.298
1062019-11-01210,00061,600HKD0.293
1072019-10-31390,000114,050HKD0.292
1082019-10-30710,000208,100HKD0.293
1092019-10-2860,00016,500HKD0.275
1102019-10-25440,000121,850HKD0.277
1112019-10-24180,00050,400HKD0.280
1122019-10-23360,000101,700HKD0.283
1132019-10-22230,00065,500HKD0.285
1142019-10-21190,00053,600HKD0.282
1152019-10-18140,00039,750HKD0.284
1162019-10-1790,00025,650HKD0.285
1172019-10-16440,000123,800HKD0.281
1182019-10-1580,00022,800HKD0.285
1192019-10-14280,00080,850HKD0.289
1202019-10-11460,000133,650HKD0.291
1212019-10-1070,00020,300HKD0.290
1222019-10-09140,00040,750HKD0.291
1232019-10-04330,00094,600HKD0.287
1242019-10-03190,00052,750HKD0.278
1252019-10-02440,000119,450HKD0.271
1262019-09-30550,000149,500HKD0.272
1272019-08-16830,000271,150HKD0.327
1282019-08-15790,000249,900HKD0.316
1292019-08-14340,000110,900HKD0.326
1302019-08-13950,000304,600HKD0.321
1312019-08-12160,00051,900HKD0.324
1322019-08-09260,00084,150HKD0.324
1332019-08-08620,000199,500HKD0.322
1342019-08-071,030,000331,200HKD0.322
1352019-08-06440,000141,850HKD0.322
1362019-08-051,140,000374,750HKD0.329
1372019-08-02670,000230,300HKD0.344
1382019-08-01410,000142,400HKD0.347
1392019-07-31220,00076,450HKD0.348
1402019-07-30500,000173,600HKD0.347
1412019-07-29460,000161,000HKD0.350
1422019-07-26350,000123,600HKD0.353
1432019-07-25490,000172,950HKD0.353
1442019-07-24250,00088,450HKD0.354
1452019-07-23360,000127,000HKD0.353
1462019-07-22440,000155,300HKD0.353
1472019-07-19200,00071,000HKD0.355
1482019-07-18180,00063,000HKD0.350
1492019-07-17240,00083,050HKD0.346
1502019-07-16140,00048,050HKD0.343
1512019-07-15180,00060,000HKD0.333
1522019-07-12130,00042,900HKD0.330
1532019-07-11300,00098,250HKD0.328
1542019-07-10450,000147,700HKD0.328
1552019-07-09300,00099,050HKD0.330
1562019-07-08510,000168,750HKD0.331
1572019-07-05460,000152,750HKD0.332
1582019-07-04480,000160,100HKD0.334
1592019-07-031,150,000383,250HKD0.333
1602019-07-02360,000121,100HKD0.336
1612019-06-28700,000236,400HKD0.338
1622019-06-27480,000160,350HKD0.334
1632019-06-26190,00062,450HKD0.329
1642019-06-25290,00092,950HKD0.321
1652019-06-24360,000114,500HKD0.318
1662019-06-21580,000183,550HKD0.316
1672019-06-20270,00083,700HKD0.310
1682019-06-19510,000156,850HKD0.308
1692019-06-18670,000203,550HKD0.304
1702019-06-17190,00057,950HKD0.305
1712019-06-14410,000122,700HKD0.299
1722019-06-13310,00090,250HKD0.291
1732019-06-12250,00072,500HKD0.290
1742019-06-1180,00022,800HKD0.285
1752019-06-10330,00092,300HKD0.280
1762019-06-06410,000111,500HKD0.272
1772019-06-05460,000122,300HKD0.266
1782019-06-04350,00092,550HKD0.264
1792019-06-0370,00018,550HKD0.265
1802019-05-31110,00029,150HKD0.265
1812019-05-30280,00072,750HKD0.260
1822019-05-291,250,000314,260HKD0.251
1832019-03-05230,00088,000HKD0.383
1842019-03-0490,00032,350HKD0.359
1852019-03-01200,00071,950HKD0.360
1862019-01-25550,000174,750HKD0.318
1872019-01-24160,00050,400HKD0.315
1882019-01-23290,00092,150HKD0.318
1892019-01-22200,00064,100HKD0.321
1902019-01-21170,00055,150HKD0.324
1912019-01-18160,00051,900HKD0.324
1922019-01-17260,00084,650HKD0.326
1932019-01-1650,00016,300HKD0.326
1942019-01-15240,00076,250HKD0.318
1952019-01-14150,00047,850HKD0.319
1962019-01-11150,00047,950HKD0.320
1972019-01-10150,00047,350HKD0.316
1982019-01-09410,000130,750HKD0.319
1992019-01-0890,00028,800HKD0.320
2002019-01-0790,00029,200HKD0.324
2012019-01-04540,000174,850HKD0.324
2022019-01-03400,000127,250HKD0.318
2032019-01-02490,000156,800HKD0.320
2042018-12-31900,000287,500HKD0.319
2052018-12-28570,000179,550HKD0.315
2062018-12-27950,000296,250HKD0.312
2072018-12-24890,000262,750HKD0.295
2082018-12-21870,000252,100HKD0.290
2092018-12-20840,000240,150HKD0.286
2102018-12-191,590,000464,450HKD0.292
2112018-12-181,020,000305,200HKD0.299
2122018-12-171,090,000340,450HKD0.312
2132018-12-142,270,000718,700HKD0.317
2142018-12-13600,000187,450HKD0.312
2152018-12-121,510,000462,150HKD0.306
2162018-12-112,200,000669,000HKD0.304
2172018-12-101,800,000542,800HKD0.302
2182018-12-07390,000120,200HKD0.308
2192018-12-061,530,000449,200HKD0.294
2202018-12-051,650,000487,900HKD0.296
2212018-12-04230,00069,000HKD0.300
2222018-12-03360,000109,200HKD0.303
2232018-11-30180,00055,550HKD0.309
2242018-11-29160,00049,450HKD0.309
2252018-11-28100,00031,500HKD0.315
2262018-11-27490,000152,900HKD0.312
2272018-11-26300,00093,350HKD0.311
2282018-11-23290,00090,550HKD0.312
2292018-11-22110,00034,600HKD0.315
2302018-11-21290,00090,350HKD0.312
2312018-11-20340,000104,550HKD0.308
2322018-11-19210,00066,100HKD0.315
2332018-11-16320,00099,000HKD0.309
2342018-11-15270,00086,550HKD0.321
2352018-11-1490,00028,400HKD0.316
2362018-11-13190,00059,400HKD0.313
2372018-11-12200,00065,550HKD0.328
2382018-11-09160,00053,750HKD0.336
2392018-11-0760,00019,700HKD0.328
2402018-11-0650,00016,300HKD0.326
2412018-11-0510,0003,150HKD0.315
2422018-11-0230,0009,350HKD0.312
2432018-11-0180,00024,400HKD0.305
2442018-10-3190,00027,050HKD0.301
2452018-10-30170,00050,150HKD0.295
Total116,000,00034,265,6000.295

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