Allco Finance increases stake in AEP
Allco Finance will increase its stake in Allco Equity Partners to 13 per cent immediately and may increase its stake to 35 per cent by the end of 2009 under an agreement with LJCB Investment Group (which manages investments for the Lieberman family), Greg Woolley (managing director of LJCB) and Peter Yates (managing director of AEP, who will leave the company though remain on its board).Allco Finance will also take 100 per cent control of the management entity that runs Allco Equity Partners, up from 61 per cent now.Allco flagged a restructure of AEP in late 2006 in the course of the participation by the latter in the failed bid to take over Qantas. Marcus Derwin, who was recruited by Allco earlier this year from the private capital arm of AMP, will take over from Yates as head of AEP.