Aspen Group has flagged the sale of its $311 million commercial property portfolio and a share buyback as it posted a full-year statutory loss to $34.3 million.
Aspen chief executive Clem Salwin said the four-property portfolio comprised some very attractive and high quality assets, generating a strong income yield.
"However with a narrowing of our business focus, the ownership of this portfolio is no longer strategic to Aspen," he said.
"Disposing of this portfolio would realise a large portion of Aspen's asset base, increase financial strength and facilitate a return of capital to shareowners."
Shareholders would vote on the share buyback plan at the company's upcoming annual general meeting.
Mr Salwin said the commercial property sale would result in Aspen being focused on the accommodation sector.
"The business also remains focused on continuing the divestment of its remaining non-core assets," he said.
"Reducing corporate overhead cost, as the business continues to simplify, is also a priority."
Despite the bottom line loss, Aspen posted a core operating profit after tax of $23.4 million, up from $12.4 million the year before and exceeding previous guidance.
Mr Salwin said importantly, the business had delivered on its core operating earnings and distribution guidance of 1.5 cents per share for the year.
"However, the financial results, with a statutory loss for the year, are clearly disappointing," he said.
"We are acutely aware that the share price is trading persistently below NTA and that returns to shareowners have been unacceptable.
"Restoring shareowner value is a key, immediate, strategic objective."Aspen shares were up half a cent to 16.5 cents at 8.50am.