Australian founder exits as ABC child care flounders

Business News

Sep 30, 2008, 7:22 GMT

Sydney - Eddy Groves, who founded Australia's troubled ABC Learning Centres Ltd 20 years ago, left the world's biggest child minding company Tuesday. Earlier this year margin calls forced Groves and his wife, Le Neve, to sell almost all of their shares. They announced they would be leaving all board and management positions. The biggest shareholder in the company, which has operations in Australia, New Zealand, Britain and the US, is Singaporean sovereign wealth fund Temasek Holdings. The stock was placed in a trading halt in August. It has delayed announcing its results until accounting procedures are clarified. '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 (Australia Securities Exchange),' the company said in a statement that also announced the resignations.

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