On Friday ABC issued a statement confirming that chief executive Eddy Groves had sold nearly his entire stake in the world's biggest childcare company. He has sold 12,165,301 ordinary shares and retains just 3,186.
His wife Le Neve Groves has sold all her shares. A month ago the couple owned 8 per cent of the business.
The plan to sell the UK voucher business is part of a strategy put together by ABC's directors to bail out the debt-ridden company, after it was plunged into a share crisis two weeks ago (News and Analysis, 6 March).
Last week ABC struck a deal with Morgan Stanley Private Equity for the sale of a 60 per cent interest in the US arm of the business. ABC will retain a 40 per cent share of the US childcare centres and run them as a joint venture with Morgan Stanley.
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