Info on class action;Dear Shareholder,Shareholder action against...

Info on class action;


Dear Shareholder,


Shareholder action against ABC Learning Centres Ltd ("ABC")

1. IMF (Australia) Ltd ("IMF") is proposing to fund a shareholder class action against ABC for losses caused by ABC's alleged breaches of its continuous disclosure obligations and misleading and deceptive conduct.

2. IMF is proposing to fund an action for shareholders who purchased ABC shares during the period from commencement of trading on 27 February 2006 to commencement of trading on 31 July 2008.

3. Please find attached:

a) an overview of the claim;

b) answers to 'Frequently Asked Questions';

c) Maurice Blackburn's Retainer;

d) the IMF Funding Agreement; and

e) IMF's Combined Financial Services Guide and Product Disclosure Statement.

4. If you wish to have the opportunity to join in the action funded by IMF, please return to IMF no later than Tuesday, 30 September 2008 the first three pages of the IMF Funding Agreement (please sign and date the first page) and Schedule B to Maurice Blackburn's Retainer after completing and signing it.

5. You should carefully read the IMF Funding Agreement. In summary, however, IMF undertakes to conduct an investigation of your potential claim against ABC (if necessary) and to pay for any legal proceeding brought against ABC on your behalf in accordance with the terms of the IMF Funding Agreement. IMF also agrees to pay any legal costs awarded to ABC if any action taken on your behalf is not successful (in Australia, the losing side in litigation is typically ordered to pay some of the winning side's costs).

6. Unless you are successful in obtaining either a settlement or judgment against ABC, you will not have to make any payments. If you are successful, you will only be required to make the payments referred to in Clause 12 of the IMF Funding Agreement from money you receive.

7. Please return the material referred to in paragraph 4 above to IMF (preferably by email). Please also ensure that you provide us with details of your opening balance as at the commencement of trading on 27 February 2006:

By post: IMF (Australia) Ltd
PO Box Z5106
St Georges Tce
PERTH WA 6831

8. Copies can be scanned and emailed to [email protected] or by fax to +61 (0)8 9225 2399, with the originals to follow by post.

9. Once you sign the IMF Funding Agreement, you have a 21 day cooling off period, so if you change your mind during that period just let us know and you will be excluded from the legal action funded by IMF.

10. IMF is licensed as an Australian financial services provider and is listed on the Australian Securities Exchange ("ASX"). You can find details about IMF at www.imf.com.au. We are required by law to provide you with information regarding our business.

11. If you have any queries about this matter please contact Tim McLernon on 1800 016 464 or at [email protected]



Yours faithfully,

John Walker
Managing Director