ABS a.b.c. learning centres limited

market update on margin loans to directors

  1. 1,899 Posts.
    27 February 2008
    ASX ANNOUNCEMENT
    A.B.C. LEARNING CENTRES LIMITED (ASX:ABS)
    MARKET UPDATE ON MARGIN LOANS TO DIRECTORS
    In response to market speculation, A.B.C. Learning Centres Limited wishes to update the market on the status of the margin lending arrangements of its directors.
    As at 2:30 pm (Brisbane time) on Wednesday 27 February 2008, as a result of margin calls, 1 of the company’s directors has sold all of his shares and 3 of the company’s directors have sold some of their shares in the company. An Appendix 3Y has been lodged in respect of each of these transactions.
    As at 2:30 pm (Brisbane time), the company is aware of the following information:
    • The directors are legally or beneficially entitled to a total of 21,857,289 ordinary shares in the company (4.604% of the issued ordinary shares of the company);
    • 21,057,289 of those shares are held pursuant to margin lending arrangements; and
    • 1 director holds 695,000 shares pursuant to margin lending arrangements, however, that director has provided alternative security to the relevant margin lenders and it is therefore unlikely that margin calls will be made.
    In accordance with its continuous disclosure obligations, the company will update the market on the trades by each director.
    Yours faithfully
    Matthew Horton
    Company Secretary
    A.B.C. Learning Centres Limited
 
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