- Joined
- 2 May 2007
- Posts
- 4,718
- Reactions
- 2,956
A bunch of thugs in ABC Learning.
I wonder this organisation is looking after our kids giving child care. Probably they will sell drugs to the kids to fetch money. The incompetent ASIC to take any action. Incompetent ASX to publish the directors selling report after the trading halt with no purpose to the poor investors.
People who lost money are being called greedy. Who is not in this category. We all are when look for bargain. All speculative stocks are gambling so is lotto buy.
Here is the ABC News report
Groves, wife sold 19 million ABC shares
By business editor Peter Ryan and Tanya Nolan
Posted 3 hours 36 minutes ago (27 February 08 5.44 pm WST)
Updated 1 hour 35 minutes ago
Yesterday Mr Groves refused to comment on whether he was under pressure to sell his shares. (AAP: Dave Hunt)
Video: Groves reassures ABC Learning investors (ABC News) Audio: ABC Learning suspends trading (The World Today) Audio: Business editor Peter Ryan discusses ABC Learning (The World Today) It has emerged that the founder of the childcare provider ABC Learning Centres, Eddy Groves, sold shares in the company during yesterday's share price plunge.
Mr Groves and his wife Le Neve sold 19 million of their shares yesterday.
After intense pressure over the past 24 hours, Mr Groves revealed this afternoon that he sold more than 8 million shares yesterday at $1.85 per share.
According to statements issued to the sharemarket this morning, non-executive director David Ryan sold his entire holding of more than 249,000 shares at $1.89 a share yesterday.
It has also been disclosed that the company's chief executive of operations, Martin Kemp, sold 7.6 million shares or 70 per cent of his stake in ABC Learning.
Mr Kemp's selling began last Friday, and concluded yesterday when ABC Learning shares plunged as much as 70 per cent.
Mr Kemp off-loaded his stake for between $3.73 and $1.66 per share.
The statements did not disclose the reason for the selling amid speculation that some directors had been hit with margin calls because of ABC Learning's debt exposure.
ABC Learning shares closed yesterday at $2.14 after plunging to $1.15 down or by around 70 per cent.
The disclosure from Mr Groves was in response to a "please explain" query from the Australian Securities Exchange in relation to yesterday's heavy falls.
The market regulator has confirmed it is investigating trading in ABC Learning shares as a "live supervisory matter."
The Federal Government is also keeping a watch on ABC Learning.
Families Minister Jenny Macklin says childcare places should be maintained and working parents must be protected from the company's troubles.
"We have a very, very tight labour market and if [parents] can't find the childcare we're not going to be able to address the participation issues that are so critical to the economy," she said.
"So we are aware of it, we're obviously talking about it internally."
Yesterday, Mr Groves refused to comment on whether he was under pressure to sell his shares apart from confirming that he was required to announce any buying or selling of stock within 48 hours.
In other developments today, ABC Learning disclosed it had received expressions of interest in part of its business and expected discussions could take longer than two trading days.
The company, which has 2,300 childcare centres around the world, requested and received a two-day trading halt while the talks were underway.
The company's shares were yesterday dumped by investors after announcing a sharp fall in profit after the close of trade on Monday.
Concerned childcare sector
Meanwhile, Child Care NSW which represents private childcare operators says even if the worst case scenario eventuates, there will be nothing for parents to worry about.
Executive officer Bruce Manefield, has told ABC Radio's The World Today families should not worry that centres will close.
"In the very hypothetical situation that for some reason or other ABC got into some substantial trouble, and I say that's highly hypothetical, in most instances like that if you look at other general cases most companies continue to trade under the directorship of a receiver," he said.
Mr Manefield says talk of a shortage of child care places in Australia is overstated, particularly in Sydney where he says there are plenty of providers who cannot fill spots in their centres, especially for three to five-year-olds.
He says there should be no change to the 40 per cent of public funding going to ABC Learning Centres, because it is given to parents through the Child Care Benefit and Tax Rebate.
But the not-for-profit childcare sector is warning that a crisis awaits the industry if Australia's biggest childcare operator struggles.
Lynne Wannan, the convener of the National Association of Community Child Care Centres - which represents 1,100 not-for-profit centres - says there is no money to be made in childcare provision.
"When you have to conform with the quality requirements in Australia, our regulations, they're fairly strict and there really isn't a lot of money left over to make millions of dollars or to repay billions of loans which they have," she said.
Ms Wannan says if the centres were to shut their doors, there would be an immediate crisis.
"That would be a monumental crisis," she said.
"We already have hundreds and hundreds of families who can't access a quality children's service. We do have waiting lists in lots and lots of places and if we lost that quantity of our service system, it would be just a disaster for the Australian economy."
I wonder this organisation is looking after our kids giving child care. Probably they will sell drugs to the kids to fetch money. The incompetent ASIC to take any action. Incompetent ASX to publish the directors selling report after the trading halt with no purpose to the poor investors.
People who lost money are being called greedy. Who is not in this category. We all are when look for bargain. All speculative stocks are gambling so is lotto buy.
Here is the ABC News report
Groves, wife sold 19 million ABC shares
By business editor Peter Ryan and Tanya Nolan
Posted 3 hours 36 minutes ago (27 February 08 5.44 pm WST)
Updated 1 hour 35 minutes ago
Yesterday Mr Groves refused to comment on whether he was under pressure to sell his shares. (AAP: Dave Hunt)
Video: Groves reassures ABC Learning investors (ABC News) Audio: ABC Learning suspends trading (The World Today) Audio: Business editor Peter Ryan discusses ABC Learning (The World Today) It has emerged that the founder of the childcare provider ABC Learning Centres, Eddy Groves, sold shares in the company during yesterday's share price plunge.
Mr Groves and his wife Le Neve sold 19 million of their shares yesterday.
After intense pressure over the past 24 hours, Mr Groves revealed this afternoon that he sold more than 8 million shares yesterday at $1.85 per share.
According to statements issued to the sharemarket this morning, non-executive director David Ryan sold his entire holding of more than 249,000 shares at $1.89 a share yesterday.
It has also been disclosed that the company's chief executive of operations, Martin Kemp, sold 7.6 million shares or 70 per cent of his stake in ABC Learning.
Mr Kemp's selling began last Friday, and concluded yesterday when ABC Learning shares plunged as much as 70 per cent.
Mr Kemp off-loaded his stake for between $3.73 and $1.66 per share.
The statements did not disclose the reason for the selling amid speculation that some directors had been hit with margin calls because of ABC Learning's debt exposure.
ABC Learning shares closed yesterday at $2.14 after plunging to $1.15 down or by around 70 per cent.
The disclosure from Mr Groves was in response to a "please explain" query from the Australian Securities Exchange in relation to yesterday's heavy falls.
The market regulator has confirmed it is investigating trading in ABC Learning shares as a "live supervisory matter."
The Federal Government is also keeping a watch on ABC Learning.
Families Minister Jenny Macklin says childcare places should be maintained and working parents must be protected from the company's troubles.
"We have a very, very tight labour market and if [parents] can't find the childcare we're not going to be able to address the participation issues that are so critical to the economy," she said.
"So we are aware of it, we're obviously talking about it internally."
Yesterday, Mr Groves refused to comment on whether he was under pressure to sell his shares apart from confirming that he was required to announce any buying or selling of stock within 48 hours.
In other developments today, ABC Learning disclosed it had received expressions of interest in part of its business and expected discussions could take longer than two trading days.
The company, which has 2,300 childcare centres around the world, requested and received a two-day trading halt while the talks were underway.
The company's shares were yesterday dumped by investors after announcing a sharp fall in profit after the close of trade on Monday.
Concerned childcare sector
Meanwhile, Child Care NSW which represents private childcare operators says even if the worst case scenario eventuates, there will be nothing for parents to worry about.
Executive officer Bruce Manefield, has told ABC Radio's The World Today families should not worry that centres will close.
"In the very hypothetical situation that for some reason or other ABC got into some substantial trouble, and I say that's highly hypothetical, in most instances like that if you look at other general cases most companies continue to trade under the directorship of a receiver," he said.
Mr Manefield says talk of a shortage of child care places in Australia is overstated, particularly in Sydney where he says there are plenty of providers who cannot fill spots in their centres, especially for three to five-year-olds.
He says there should be no change to the 40 per cent of public funding going to ABC Learning Centres, because it is given to parents through the Child Care Benefit and Tax Rebate.
But the not-for-profit childcare sector is warning that a crisis awaits the industry if Australia's biggest childcare operator struggles.
Lynne Wannan, the convener of the National Association of Community Child Care Centres - which represents 1,100 not-for-profit centres - says there is no money to be made in childcare provision.
"When you have to conform with the quality requirements in Australia, our regulations, they're fairly strict and there really isn't a lot of money left over to make millions of dollars or to repay billions of loans which they have," she said.
Ms Wannan says if the centres were to shut their doors, there would be an immediate crisis.
"That would be a monumental crisis," she said.
"We already have hundreds and hundreds of families who can't access a quality children's service. We do have waiting lists in lots and lots of places and if we lost that quantity of our service system, it would be just a disaster for the Australian economy."
