AFG also announced that an administrator and receiver have been appointed to a number of AFG subsidiaries including to Allco Equity Partners Management Pty Ltd (Manager), which acts as the manager of Allco Equity Partners Ltd (AEP), a company which has a significant shareholding in IBA Health Group Ltd.
AEP announced this morning that AEP's assets and funds are completely separate from AFG and are not in any way affected by the appointment of an Administrator to AFG.
AEP has provided to the manager today notice of termination of the Management Agreement between AEP and the Manager. Termination of the Management Agreement severs the management relationship between AEP and AFG. AEP will continue business as a stand alone entity. Furthermore AEP intends to offer employment to the executives of the Manager.
Consequently, as AEP is independent of AFG, IBA expects no change in the relationship between it and AEP as a result of the events surrounding AFG.
Oceania Capital Partners Limited
iSOFT Group Limited
Allco Finance Group Limited