Without them releasing FY08 it is hard to gauge what they are...

Without them releasing FY08 it is hard to gauge what they are worth. There is certainly a good value that could be attributed to each and every centre, it just depends on their current debt and overheads position.

I don't doubt management are doing everything they can, which in turn will hopefully deliver something back to investors.

The government don't want to own childcare centres, on the simple premise that they would prefer not to have the exposure to any potential action that would come out of an accident at a centre - a small operator has insurance with limited liability, the government is boundless. In addition if corporates can't operate them profitably what chance does the govt have?

Here's hoping holders get a good outcome - if you are really interested in investing in childcare do it yourself directly when ABC (and other corporates like ELY) have to offload - good money to be made if you pick the right centre.