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reports that the receiver of ABC Learning says the collapsed firm's remaining childcare centres are set to be sold to a syndicate comprising not-for-profit welfare groups - Receiver Chris Honey on Wednesday named the GoodStart syndicate as the preferred purchaser after a bidding process - the syndicate includes Mission Australia, the Benevolent Society, Social Ventures Australia and the Brotherhood of St Laurence - the receivers have already closed 81 centres and sold 216 others, deemed to be "unviable", to 78 new owners
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09/12/2009
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reports that chief executive Rowan Webb - who earns $1.6m a year - company secretary Matthew Horton and chief financial officer Peter Trimble each have been authorised to receive a $250,000 "retention bonus" on top of their hefty salaries -
Mr Horton confirmed the payment, which he described as compensation for the executives' job insecurity pending the company's sale next month - "It's for working in a company where you're not guaranteed of a long-term job, I suppose - it's a private arrangement between me and the receivers."
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17/11/2009
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union officials say in regard to the remaining childcare centres, "it's not appropriate for the big banks to decide behind closed doors who will control these centres merely because they are ABC Learning's major creditors"
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05/11/2009
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reports that the administrators are investigating a $1 billion damages claim against the former directors of the company, including founder Eddy Groves, chairman Sallyanne Atkinson, and auditors Pitcher Partners - litigation funder IMF Australia will fund the company's administrators, to conduct a series of public examinations of the former ABC directors, their auditors, members of its banking syndicate and external consultants
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23/10/2009
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reports that the receivers are expected to formally start the sale of the 715 viable centres as early as this week - final bids are now expected by December 5 this year and contracts should be exchanged later that month - completion of the sales contracts is expected by February, with the administrators then expected to hold a second creditors' meeting before the end of March
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31/08/2009
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delisted following failure to pay listing fees
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31/08/2009
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administrators have insufficient funds to pay listing fees and the company will therefore shortly delist from ASX
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28/08/2009
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the period for convening of the 2nd meeting of creditors has been extended to 31 March 2010
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25/08/2009
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the UK arm of the company (Busy Bees) has been sold by the receivers for an undisclosed sum
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24/06/2009
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the administrator Gregory Maloney of Ferrier and Hodgson advises shareholders and noteholders that the transfer of shares/notes cannot take place without their consent, neither are they in a position to make a declaration whereby security holders may claim a loss and it is not their intention to provide issuer sponsored holding statements or update the register of shareholders or noteholders (we note that administrators represent the interests of creditors and seem to be unaware of a tax ruling that allows for the crystallisation and claiming of a capital loss - deListed has since 2003/04 provided a solution to thousands of shareholders via its worthless shares facility whereby losses can be written off and crystallised for tax purposes - over that period not one shareholder has advised that a capital loss claim has been rejected by the ATO!!)
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08/05/2009
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Receivers advise developments with litigation the company is involved in the USA
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01/04/2009
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convening of the second meeting of creditors has been extended by the Court to 30 September 2009
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24/03/2009
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shareholders have apparently received notification of the conversion of their holdings to issuer sponsored - we know this is confusing and we know that registries typically fail to explain why this has occurred - shareholders selling their shares to deListed to crystallise their capital loss should just provide the old HIN and the name/address of their broker
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20/03/2009
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receivers outline a plan to keep many of the childcare centres going and "transitioning" the business out of receivership in 2009
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10/12/2008
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administrators advise that the second meeting of creditors need only be held by 31 March 2009
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28/11/2008
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McGrathNicol, confirms that the majority of ABC child care centres will
remain open in 2009 - they have also advised that a further 386 child care centres were the
subject of `further review' and that an unknown portion of these centres may not stay open beyond
31 December 2008
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11/11/2008
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ACCC discontinues proceedings against the company for breach of court enforceable undertakings
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11/11/2008
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the company's banking syndicate
appoints Chris Honey, Murray Smith and John Cronin of McGrathNicol as receivers - All Investor and Creditor enquiries should be directed to the Administrators office:
Ferrier Hodgson
Tel:
07 3831 4833
Fax: 07 3831 3862
E: abcenquiries@fh.com.au
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06/11/2008
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Peter Walker and Greg Moloney of Ferrier Hodgson are appointed as Voluntary Administrators - this never augurs well for shareholders but it will be a month or so before there is a clearer picture of the way forward - All Investor and Creditor enquiries should be directed to the Administrators office:
Ferrier Hodgson
Tel:
07 3831 4833
Fax: 07 3831 3862
E: abcenquiries@fh.com.au
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06/11/2008
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company confirms that it will not be in a position today to
announce its full year financial results for the year ended 30 June 2008 - the company is working to conclude the final outstanding matters as soon as possible
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31/10/2008
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the acquisition by A.B.C. Learning Centres Limited (“ABC”) of the 123 Careers business has
been reviewed by the ACCC and cleared today - notwithstanding the ACCC approval, ABC’s
new management team has decided not to proceed with the acquisition -
ABC has terminated the contract for a variety of reasons including the failure of the parties to
complete the conditions precedent
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24/10/2008
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A.B.C. Learning Centres Limited (“ABC”) has previously advised that 2008FY results would
be released by the end of September in accordance with the Corporations Act. ABC
anticipates that the results will now be released during October. The outstanding issues are
consistent with previous announcements - Upon receipt of the final report from our auditors, and the release of the 2008 results, ABC
expects to resume normal trading on the ASX
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30/09/2008
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on 13 August 2008 A.B.C. Learning Centres Limited (“ABC”) announced that it had agreed
the principal terms for the sale of Busy Bees Childcare Vouchers Limited, its UK voucher
business, for GBP90 million to Computershare Limited, the ASX listed provider of share
registry and related services - the transaction successfully completed on 1 September (UK
time)
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02/09/2008
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company is not able to release its 2008 full year result - when it does it will ask ASX to reinstate its securities
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29/08/2008
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the securities of A.B.C Learning Centres Limited (the “Company”) will be suspended
from quotation immediately, at the request of the Company, pending the release of an
announcement regarding financial results for the financial year ended 30 June 2008
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25/08/2008
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the suspension of trading in the securities of A.B.C Learning Centres Limited (the “Company”) will be lifted immediately, following receipt of an announcement in relation to a joint venture with Morgan Stanley Private Equity
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05/03/2008
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securities of A.B.C Learning Centres Limited (the “Company”) will be suspended from quotation immediately, at the request of the Company, pending the release of an announcement regarding indications of interest that the Company has received in relation to part of its business
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29/02/2008
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shares reinstated to quotation
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01/05/2006
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securities suspended from quotation as the company finalises a capital raising
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28/04/2006
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shares reinstated to quotation
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08/12/2005
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shares suspended from quotation pending an announcement about a capital raising
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07/12/2005
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Company provides childcare services and education in Australia and New Zealand - it was first listed on 21 March 2001
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21/03/2001
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