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We take a look at the news release from Curro (COH) in which they announced that they are acquiring St George's Preparatory School
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More About Curro (COH)
Curro was established in 1998 and is the leading for-profit independent school provider in southern Africa. It develops, acquires and manages independent schools for learners from three months to Grade 12.
We believe the purpose of education is to empower every person with the opportunity to achieve their potential as individuals and members of society. We further believe that education is the cornerstone in the development of quality leaders and responsible citizens who will positively impact the economy, environment and society.
Curro’s vision and mission
Our vision is to make independent school education accessible to more learners throughout southern Africa.
Curro’s ethos and values
Our value system is based on four pillars:
These principles form the foundation of Curro’s ethical standards, which are included in the group’s code of ethics, codes of conduct, good citizenship and related policies.
Curro’s corporate objectives
South African education has seen many transformations since 1994. However, despite a substantial allocation of the national budget to education, the increasing demand for high quality schools and teachers remains insatiable.
Despite making progress in creating equal opportunities for learners, government still faces great challenges in providing education at an acceptable standard. Understandably, their efforts are targeted where the situation is most dire. However, this creates a vacuum in terms of facilities and standards at the lower to middle of the market, as well as for new campuses in the more affluent areas. This has led to the private sector increasingly playing its part.
Section 29 of the South African Constitution enshrines and protects the valuable role of independent schools in this regard. Against this background, we aim to develop a large number of independent schools across South Africa and the rest of Africa. Development of independent schools creates opportunities in public schools for new enrolments and saves the state significant capital outlay and running costs. A joint venture between various investors and Old Mutual’s Schools Fund will accelerate access to quality education. It will also support government in addressing South Africa’s educational needs in the lower-income market under the brand of Meridian Schools.
Curro will expand its independent school group through new developments and acquisitions. This strategy will not only support the public sector but will provide parents with additional options for their children’s education, as independent schools increasingly improve educational standards – this will positively impact the development of the South African population and economic growth.
We believe the purpose of education is to empower every person with the opportunity to achieve their potential as individuals and members of society. We further believe that education is the cornerstone in the development of quality leaders and responsible citizens who will positively impact the economy, environment and society.
Curro’s vision and mission
Our vision is to make independent school education accessible to more learners throughout southern Africa.
Curro’s ethos and values
Our value system is based on four pillars:
- Child-friendliness
- Positive discipline
- Christian ethos (ethics and morals)
- Creative thinking
These principles form the foundation of Curro’s ethical standards, which are included in the group’s code of ethics, codes of conduct, good citizenship and related policies.
Curro’s corporate objectives
South African education has seen many transformations since 1994. However, despite a substantial allocation of the national budget to education, the increasing demand for high quality schools and teachers remains insatiable.
Despite making progress in creating equal opportunities for learners, government still faces great challenges in providing education at an acceptable standard. Understandably, their efforts are targeted where the situation is most dire. However, this creates a vacuum in terms of facilities and standards at the lower to middle of the market, as well as for new campuses in the more affluent areas. This has led to the private sector increasingly playing its part.
Section 29 of the South African Constitution enshrines and protects the valuable role of independent schools in this regard. Against this background, we aim to develop a large number of independent schools across South Africa and the rest of Africa. Development of independent schools creates opportunities in public schools for new enrolments and saves the state significant capital outlay and running costs. A joint venture between various investors and Old Mutual’s Schools Fund will accelerate access to quality education. It will also support government in addressing South Africa’s educational needs in the lower-income market under the brand of Meridian Schools.
Curro will expand its independent school group through new developments and acquisitions. This strategy will not only support the public sector but will provide parents with additional options for their children’s education, as independent schools increasingly improve educational standards – this will positively impact the development of the South African population and economic growth.
Press release from Curro announcing the acquisition
Shareholders of Curro (“Shareholders”) are referred to the partially underwritten
non-renounceable rights offer undertaken by the Company in September 2020 in order to raise
cash to proactively reduce the Company’s gearing levels and to raise additional capital for
potential opportunities that presented themselves in the market.
The board of directors of Curro is pleased to advise Shareholders that the Company has
acquired St George’s Preparatory school in Port Elizabeth, effective from 1 January 2021.
The school, which was established in 1936 and provides high quality independent education
to learners from grade 000 – grade 7, will form part of Curro’s Select schools’ model. This
means that the heart and identity of the school will remain untouched, although learners and
parents could over time see some changes in infrastructure to align with future growth
strategies.
The acquisition is aligned with Curro's intention to expand its geographical footprint and to
extend its education offering in continuance of its vision of making independent education
accessible to all South Africans. Following this acquisition, Curro now manages two schools
in the Eastern Cape.
This acquisition is uncategorised in terms of the JSE Limited Listings Requirements, and the
information contained in this announcement has been voluntarily disclosed by the Company.
Curro (COH) stock price chart over the last 5 years
The image below , obtained from Sharenet.co.za shows the stock price history of Curro (COH) over the last 5 years. And its not been a good time for COH stockholders, with the stock of Curro declining by a eyewatering -80.3% over the last 5 years. This once darling of the JSE is now definitely trading as dog
Curro (COH) stock price chart over the last 5 years