Change in substantial shareholding notice from Challenger. They are up to 26m shares, buying 3m at a time every month or two for the last few months.

the optimist in me suggests that Challenger think that the 2% dividend will increase over time with profits (as per analyst predictions) and they are unconcerned with the risk of visa issues curtailing profits.

I like some of the commentary around this company. The thesis is that universities will pay for quality candidates. But over 10% of the company is shorted, and government policy is restricting visa issuance, which creates uncertainty. It may be that the thesis plays out and revenue and profits continue to grow as expected, but in the meantime I think Mr Market is not prepared to pay as high a multiple, and it will trend downwards for a bit.