Article below from Telegraph Funtastic stake all just ABC...

Article below from Telegraph


Funtastic stake all just ABC

CHILDCARE group ABC Learning Centres has lifted its stake in troubled toy supplier Funtastic, which was subject to takeover talk earlier this year.

The lift from 18 per cent to 19 per cent was due to Funtastic's price appearing good rather than ahead of any corporate action, an ABC spokesman said.

Brisbane-based ABC purchased almost 2.4 million shares on-market.

Funtastic last month warned profit would fall from an anticipated $43 million to $28-31 million.

Shares in Funtastic, which in April announced talks with a "third party" had ceased, closed 7c higher at 62c and ABC shares gained 12c to $5.20 before the festive break.

ABC also announced the long-serving company secretary Jillian Bannan had resigned to pursue other "challenges in the legal field".

It confirmed Matt Loveday would be the interim replacement for ABC's chief operating officer Jillian Reynolds, who is taking leave due to family reasons.

But ABC rejected speculation about another executive departure.