EPIC fund appoints Murray Tonkin as new chairman
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.
Mr Tonkin, who is chairman of Health Alliance, was tapped on August 29 to fill one of the vacancies left by former chairwoman Margaret Devlin and Brian Harrison, the company saiys. 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% stake in British motorway service operator Moto.
Pyne Gould holds about 27% 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% stake in Thames Water for £34 million, leaving the fund with just the Moto asset to realise.