12/02/2002 - 21:00

Epic changes planned this

12/02/2002 - 21:00

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MAJOR structural changes are planned this week at South Perth-based financial services company Epic Asset Management, with cornerstone shareholder, stockbroking firm Montagu Pty Ltd looking to sell at least part of its stake.

Epic changes planned this

MAJOR structural changes are planned this week at South Perth-based financial services company Epic Asset Management, with cornerstone shareholder, stockbroking firm Montagu Pty Ltd looking to sell at least part of its stake.

Epic management confirmed an eastern states institution will be filling any vacuum left by Montagu, but Epic managing director David Newman was unwilling to provide details of the transaction until a letter of intent is signed by all parties involved.

The possible full sell–out of its Epic stake by Montagu, is apparently just one option being discussed, comes after more than two months of negotiations.

In June last year, Epic managing director David Newman told Business News the stockbroker would be looking to dilute its stake. At the time the preferred option was via an initial public offering or compliance listing on the Australian Stock Exchange.

Mr Newman, formerly State manager of AMP Financial Services, said the unnamed institution would not have a controlling interest in Epic. The managers of Epic are also likely to increase their stake in the firm.

“We are re-aligning our focus and expectation. It will end up being a fantastic opportunity for Epic,” Mr Newman said.

The Perth office of William Buck, situated on the same floor as Epic in South Perth, is acting as corporate adviser to Epic in the deal.

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