Sydney, Nov 5, 2008 (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.
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.
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iSOFT Group Limited (ASX:ISF) is the largest health information technology company listed on the Australian Securities Exchange, and among the world's biggest providers of advanced application solutions in modern healthcare economies.
iSOFT works with healthcare professionals to design and build software applications that answer all of the difficult questions posed by today's healthcare delivery challenges. Our solutions act as a catalyst for change, supporting free exchange of critical information across diverse care settings and participating organisations.
Today, more than 13,000 provider organisations in about 40 countries use iSOFT's solutions to manage patient information and drive improvements in their core processes. The group's sustainable development is delivered through careful planning, in-depth analysis of the market, and anticipation of our clients' evolving requirements. Our business is driven by the collective talent, experience and commitment of more than 4,700 specialists, including more than 2,700 technology and development professionals.
A global network of iSOFT subsidiaries, supported by an extensive partner network, provides substantial experience of national healthcare markets. As a result, we offer our clients comprehensive knowledge of local market requirements in terms of culture, language, working practices, regulation and organizational structure.
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