The Australian, 4 Oct 2008, Andrew Fraser
"When Groves first went to the US, money was cheap and the market loved high-growth companies, both of which were positive for ABC. But over the next few years both sentiments changed, leaving Groves stranded.
ABC's growth rate troubled many. Its net debt ballooned from $110 million in June 2006 to $1.67 billion at the end of last year.
There had previously been a rush among institutions to lend Groves money, but ABC also needed a strong capital injection to keep going.
He got that last year when Temasek Holdings, custodian of Singapore's pension fund investments, spent $401.5 million to buy 12 per cent of ABC. This was done through a new issue of shares."
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