Ex-media boss digs up funds management role

Former MediaWorks boss Brent Impey, currently on gardening leave from the media world, is to become a director of the Paul Glass-owned Devon Funds Management.

It is the first role in funds management for Mr Impey, who quit as chief executive of TV3 parent MediaWorks at the end of last year after a decade at the helm.

He has known Mr Glass, former executive director of Brook Asset Management, for about 10 years, stemming from Brook's days as a major RadioWorks and then MediaWorks shareholder before that group's 2007 takeover by Australia's Ironbridge Capital.

Devon recently bought a Goldman Sachs JBWere funds management business, marking a return to the game for Mr Glass after he sat out a restraint of trade period following Brook's 2008 sale to Macquarie.

Mr Glass said he was delighted to have Mr Impey, whom he hoped would fill a mentoring role. His commercial skills, intelligence, common sense and experience would be invaluable, he said. A third director was also likely to join the firm.

Devon this week issued an investment statement seeking minimum investments of $2000 for a trans-Tasman fund – formerly run by Goldman – that aims to invest primarily in listed Australian and New Zealand companies.

Mr Impey said he was keeping an open mind on taking further directorships but had nothing else in the pipeline. He is consulting part time for MediaWorks until early next year and as part of his departure deal, may not work for a MediaWorks competitor for a year.

There is speculation of an eventual return to the media sector. But given the non-compete arrangements with MediaWorks, Mr Impey said he had no media prospects at the moment.

Brook, meanwhile, did very well out of its MediaWorks investment.

The fund manager had a 7.29 per cent stake when Canada's CanWest Global announced plans to sell its 70 per cent stake to Ironbridge in May 2007 for $2.43 a share.

Ironbridge's offer was extended to minority shareholders including Brook. Rather than accept, Brook bought more MediaWorks shares on-market below Ironbridge's offer price, lifting its stake to 8.7 per cent.

Ironbridge's offer consequently failed to secure the necessary 90 per cent that would have allowed it to compulsorily acquire MediaWorks' remaining shares and delist the company.

Ironbridge made a $2.68 per share offer to the holdouts. Brook accepted that in July 2007, pocketing about $6.9 million more than if it had accepted the initial offer.

- © Fairfax NZ News