Ann: Letter to Shareholders, page-3

The Heads of Agreement statement from Affinity states:

"Under the terms of the Heads of Agreement, Anchorage Childcare Pty Ltd ( a newly incorporated company to be established by funds managed by Anchorage) will acquire all of the assets and business of Affinity for $208.3 million and Affinity will return $0.90 can per share to Affinity Shareholders (Proposed Transaction).

No mention of liabilities, so, though not a rah rah for MF they have reported exactly, on the information delivered by Affinity.

Let's see what happens after due diligence. If I have time later I will post a rough calculation of what I believe Affinity's debt to the government will be re enrolment advances, professional development funding and parents payments in advance. The liabilities for staff entitlements are on the balance sheet.