Key points
- Edge Early Learning has entered voluntary administration
- Arena notified but no intentions from Administrator on leases
- Arena exploring alternatives and replacement tenants
- Arena holds $4 million in bank guarantees for Edge properties
Full summary
Following Arena's announcement on 10 August regarding its tenant Edge Early Learning (Edge), Arena has now been notified that Edge has entered voluntary administration. The Administrator has not yet advised Arena of its intentions regarding Edge's leases of Arena-owned properties. Arena will engage proactively and constructively with the Administrator to seek a solution that maximizes long-term outcomes for securityholders. Arena is also exploring alternative leasing arrangements and progressing discussions with replacement tenants. Arena holds approximately $4 million of pooled bank guarantees as security over the lease obligations for the Edge properties. Arena will provide a further update when appropriate.
Outlook
Arena is proactively engaging with the Administrator to seek a solution that maximizes long-term outcomes for securityholders.