Administrators sell off Didasko technology

Administrators sell off Didasko technology

Didasko Ltd has sold off its technology arm and returned the education business back to private hands as a result of three months in administration.

Former managing director and now sole director of privately-run Didasko Learning, Andrew Horton, said the technology division had been purchased by one of its secured creditors.

It had now begun trading as Perth IX Holdings Pty Ltd.

An announcement on the fate of the remaining ASX-listed shell of Didasko Ltd would be made shortly, Horton said.

While unable to provide specifics on potential partners, he said the business would focus on providing technology services rather than education.

Both Horton and Didasko company secretary, Adam Cossar, would assist during the transition period. It was expected to re-list by the end of the year.

Two new directors had also been brought on board following the resigna-tion of chairman, Don Fraser, and deputy chairman, Harry Hill.

Didasko was placed into administration in May due to an ongoing legal dispute. At the time, Horton told ARN he expected it would return to normal trading by July 1. The company was listed on the stock exchange in January 2001 after its acquisition of broadband provider, Access One. He said the company's staff had almost halved since going into administration.

Horton said the administration process had been a strain on the organi-sation. Creditors had only wanted to purchase the technology side of the business, rather than the entire Didasko practice, he said.

It had focused on providing telco services as well as hosted learning applica-tions via a data centre.

"The secured creditors only wanted the technology assets," he said.

These had been acquired over a number of years from other distressed companies such as e-Span Solutions, Horton said.

However, the education component of the business, which includes Didasko Learning Resources and Institute, had represented about 80 per cent of total revenue.

"It was trading nicely and was the profitable side of the business," he said. "It will continue on - we have bold growth plans."

These included introducing more integrated learning solutions, as well as potentially expanding into south-east Asia, Horton said.

But he stressed he would not pursue another public listing.

"We had a difficult time in the listed space," he said.

"Had we known what we know now, we never would have listed."

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