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ABC Learning Centres update
18 March 2009
Yesterday PPB, the Government appointed receivers of ABC Learning Centres Government funded portfolio, announced they have requested the Australian Government seek a continuation of the Court Appointed Receivers (CARS) until 15 May 2009 from the NSW Supreme Court.
PPB advised that the contracts of sale are currently being exchanged with a number of parties for the first 65 childcare centres. Due to the complexity and number of offers and the involvement of multiple stakeholders, a short extension has been sought to better facilitate negotiations between parties.
Mr Stephen Parbery of PPB said “There is strong interest in most of the remaining centres. While we are expecting a significant majority of the 241 centres to be sold, there is of course risk that satisfactory operators cannot be identified for all centres”.
PPB expect they will have finalised all agreements by 15 April and any centres that they cannot find a new operator for at that time will be closed by 15 May and parents advised.
Of the 241 centres to be sold, 35 are currently owned by the Orchard Childcare Property Fund (the Fund). By value, as at 31 December 2008 these 35 centres represent 16% of the total assets of the Fund and 14% of the Fund’s total income.
We are continuing to work with both the administrators and receivers and will update you when more relevant information comes to light. We remain confident that most, if not all of our centres, will have a new operator.
In the meantime, if you have any questions about the Orchard Childcare Property Fund please contact the Orchard Investor and Adviser Services Team on 1800 008 494.