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.