Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

EPIC fund appoints Murray Tonkin as new chairman

EPIC fund appoints Murray Tonkin as new chairman

Sept. 4 (BusinessDesk) - Equity Partners Infrastructure Co, which paid Pyne Gould $8.9 million to terminate its management of the fund, has appointed former Auckland International Airport and Foodstuffs finance chief Murray Tonkin as its new chairman.

Tonkin, who is currently the chair of Health Alliance, was tapped on Aug. 29 to fill one of the vacancies left by former chair Margaret Devlin and Brian Harrison, the company said in a statement. Epic shareholders will vote on the appointment at their next annual meeting.

EPIC was managed by Pyne Gould's Equity Partners Asset Management until it was advised the PGC takeover by cornerstone investors George Kerr and Baker Street Capital would trigger pre-emptive rights in the shareholders' agreement for its 17.5 percent stake in UK motorway service operator, Moto.

Pyne Gould holds about 27 percent of EPIC, and agreed to manage the fund for the rest of the year as part of its exit agreement.

In November, EPIC sold its 1.24 percent stake in Thames Water for 34 million pounds, leaving the fund with just the Moto asset to realise.

(BusinessDesk)

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 



Reserve Bank: Monetary Conditions Tighten By More And Sooner

The Monetary Policy Committee today increased the Official Cash Rate (OCR) to 2.0 percent. The Committee agreed it remains appropriate to continue to tighten monetary conditions at pace to maintain price stability... More>>


The Download Weekly: Vodafone FibreX back in court

Vodafone and the Commerce Commission head back to court over FibreX in a week the TCF issues broadband marketing codes that should avoid similar problems in the future... More>>


NIWA: Tonga Eruption Discoveries Defy Expectations
New findings from the record-breaking Tongan volcanic eruption are “surprising and unexpected”, say scientists from New Zealand’s National Institute for Water and Atmospheric Research (NIWA)... More>>

Stats: Quiet Start For Retail In 2022
The volume of retail sales was relatively unchanged in the March 2022 quarter, following a strong increase in the December 2021 quarter, Stats NZ said today... More>>



Finder: RBNZ Survey: 64% Of Experts Say Rising Inflation Will Push More Kiwis Into Debt

Soaring inflation and cost of living pressures will see many households pushed to the financial limit, according to experts... More>>



Barfoot & Thompson: Rents Up By Around 3% In Most Areas

The average weekly rent paid for homes in most areas of Auckland has risen by around 3 percent year-on-year. The figures for end March from more than 16,000 properties... More>>