Allco offshoot severs links
Allco Equity Partners (AEP) has distanced itself from the decision by Allco Finance Group (AFG) to enter into voluntary administration, announcing to the Australian Securities Exchange today that its assets and funds are completely separate from those of AFG and are not in any way affected.
The independent chairman of AEP, Ian Tsicalas, made clear that AEP had split from AFG, terminating the management agreement that effectively linked the two organisations and said AEP would be continuing business as a standalone entity.
“The independent directors of AEP have been monitoring the position of AFG closely and have had contingency plans in place to deal with this eventuality,” Tsicalas said in relation to the AFG voluntary administration.
He said there would be no interruption to the business activities of AEP and that its investee entities were unaffected.
“AEP has investments in three significant operating businesses — IBA Heath, Signature Security Group and Baycorp Collections,” Tsicalas said. “Each business is performing well in the current economic environment and we are pleased with the progress being made.”
He said AEP intended offering employment to the executives of the manager, effectively internalising management of the company.
AUTHOR
Mike Taylor
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