We re-examine the recent suggestion of a high fraction of transition discs (i.e. those with a cleared inner hole) in M stars, motivated by the fact that we expect that, for M stars, even discs without inner holes should exhibit very weak excess shortward of around 10um. Our analysis of spectral energy distribution models suggest that this indeed means that M stars where a detectable excess begins at around 6um may be mis-classified as transition discs when in fact they have optically thick dust extending in to the dust sublimation radius. Consequently, we estimate that the transition disc fraction among M stars in the Coronet cluster is ~15 +/-10 % (rather than the recently claimed value of 50%). This revised figure would imply that the transition disc fraction is not after all markedly higher in later type stars. We suggest that for M stars, transition discs can only be readily identified if they have emission that is close to photospheric out to > 10um.
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