<TABLE border=0 cellSpacing=0 cellPadding=0 width=452><TBODY><TR><TD vAlign=top width=452 colSpan=2>Published May 7, 2009
</TD></TR><TR><TD vAlign=top width=452 colSpan=2>ABC Learning centres go for A$1 each
Failed Australian childcare facility operator's assets being hived off
By TEH SHI NING
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(SINGAPORE) A non-profit organisation paid a token A$1 (S$1.09) each for several childcare centres of failed operator ABC Learning Centres, an Australian newspaper report said.
ABC Learning, of which Temasek Holdings is a major shareholder, went into receivership late last year.
PPB Corporate Recovery was appointed receiver in December to examine options for some 241 centres ABC Learning's receiver McGrathNicol had deemed not viable under the ABC business model. McGrathNicol said that 720 centres would continue to operate into this year, but decided to close 55.
Data available on PPB's website showed that as at May 5, a total of 215 centres have been sold to 72 new operators.
One of these, Mission Australia, paid A$1 a centre for several of the 29 centres it bought over, national daily newspaper The Australian recently quoted industry sources as saying. The organisation will use the centres to expand its programme to help prepare disadvantaged young children for school.
The Australian quoted Mission Australia's spokesman as saying that it would retain existing ABC Learning childcare staff, and expected to be self-sustaining within 18 months.
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</TD></TR></TBODY></TABLE>PPB said it would not reveal how much it has received, but that sales figures will be provided to the courts once the sales proceeds are completed. Other buyers included smaller private players in the childcare sector.
Regarding the developments since ABC went into voluntary administration last November, a Temasek spokesman yesterday said: 'We continue to monitor the situation but are not in a position to provide further comments.'
Temasek first invested A$401.5 million for a 12 per cent stake in ABC in May 2007. It raised its stake to 14.7 per cent as the ABC stock plunged in early 2008, but this was pared down to 12.7 per cent after ABC's equity placement last June.
ABC's other major shareholders include Lazard Asset Management and Morgan Stanley Private Equity.
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</TD></TR><TR><TD vAlign=top width=452 colSpan=2>ABC Learning centres go for A$1 each
Failed Australian childcare facility operator's assets being hived off
By TEH SHI NING
<TABLE class=storyLinks border=0 cellSpacing=4 cellPadding=1 width=136 align=right><TBODY><TR class=font10><TD width=20 align=right>
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</TD><TD>Feedback</TD></TR></TBODY></TABLE>(SINGAPORE) A non-profit organisation paid a token A$1 (S$1.09) each for several childcare centres of failed operator ABC Learning Centres, an Australian newspaper report said.
ABC Learning, of which Temasek Holdings is a major shareholder, went into receivership late last year.
PPB Corporate Recovery was appointed receiver in December to examine options for some 241 centres ABC Learning's receiver McGrathNicol had deemed not viable under the ABC business model. McGrathNicol said that 720 centres would continue to operate into this year, but decided to close 55.
Data available on PPB's website showed that as at May 5, a total of 215 centres have been sold to 72 new operators.
One of these, Mission Australia, paid A$1 a centre for several of the 29 centres it bought over, national daily newspaper The Australian recently quoted industry sources as saying. The organisation will use the centres to expand its programme to help prepare disadvantaged young children for school.
The Australian quoted Mission Australia's spokesman as saying that it would retain existing ABC Learning childcare staff, and expected to be self-sustaining within 18 months.
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Regarding the developments since ABC went into voluntary administration last November, a Temasek spokesman yesterday said: 'We continue to monitor the situation but are not in a position to provide further comments.'
Temasek first invested A$401.5 million for a 12 per cent stake in ABC in May 2007. It raised its stake to 14.7 per cent as the ABC stock plunged in early 2008, but this was pared down to 12.7 per cent after ABC's equity placement last June.
ABC's other major shareholders include Lazard Asset Management and Morgan Stanley Private Equity.
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