Meanwhile in Brisbane ABC Learning Centres remains in a trading halt as accountants and auditors try to clear up the confused state of the company’s accounts over the past few years.
All sorts of stories and reports have been written about the problems, but it seems no one is any wiser about just when the audit and restatement will be completed. The end of this month is now the latest tip from the company.
The company has already suggested losses and write-downs could total in excess of $400 million, but that figure was given before the latest move to sort out the accounts by the auditors.
The shares last traded at 54c on August 21, so it looks like there will be another three weeks of no news.
The child care centres operator said in a statement to the ASX that the concurrent release of its audited accounts and financial results "will eliminate any further speculation and uncertainty”.
"A.B.C. Learning Centres Limited (“ABC”) continues to finalise its full financial year results and expects to release full statutory audited accounts with its Appendix 4E prior to the end of September 2008. The Company believes that the concurrent release of the audited accounts and the Appendix 4E will eliminate any further speculation and uncertainty," it said in the ASX statement.
ABC Learning also announced that it had appointed a new chief financial officer.
Peter Trimble will take over the position from September 22, replacing James Black who in April announced he would be leaving the company for personal reasons.
Mr Trimble most recently completed an interim appointment as chief financial officer at CSR and before that he held various senior finance positions at Rinker and CSR.
"We are pleased to secure an executive of Peter’s calibre and experience to this important role,” ABC Learning chairman David Ryan said in the statement.
"He will be a key member of ABC’s executive team, which has been significantly strengthened during the year.”
ABC Learning also said that Frank Ford, who was named as one of five proposed non-executive directors expected to join the board in mid-September following a restructure, had now decided not to take up the position.
"Mr Frank Ford, one of the proposed appointees, has advised that he no longer wishes to proceed with the appointment,” the company said.
"It is anticipated that the remaining appointments will now take place at some time after the company’s results have been released.”
