API Fund lifts stake in ABC

PROPERTY securities trader API Fund has moved to consolidate its position as the largest shareholder in ABC Learning Centres.

The fund has increased its shareholding from 13.04% to 18.9% for $1.82 million.

Behind API is Temasek Holding with 14.66%, Lazard Asset Management Pacific with 13.93%, Challenger Financial Services Group with 7.21% and National Australia Bank with 5.56%.

Last Friday, founder Eddy Groves was forced to sell 12 million shares in the company at $2.14 per share – after margin calls were made. As a result, he only has 3,186 ordinary shares in the company.

Groves’ estranged wife Le Neve Groves, who is also a managing director, still has 13,000 ordinary shares as a trustee for family interests.

ABC shares rose 12.5 cents or 8.06% to $1.67.

Australian Property Journal