Sydney, Nov 5, 2008 AEST (ABN Newswire) - IBA Health Group Limited (ASX:IBA)(PINK:IBATF) notes the Announcement on 4th November 2008 after market close that the Board of Allco Finance Group Limited (ASX:AFG) has placed AFG in voluntary administration and that a receiver and manager has been appointed to AFG.
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.
Contact
Gary Cohen
Executive Chairman & CEO
IBA Health Group Limited
Phone: +61 2 8251 6700
Email: gary.cohen@ibahealth.com
Media
Martin Deda
Group Finance Director
IBA Health Group Limited
Phone: +61 2 8251 6700
Email: martin.deda@ibahealth.com
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