New role for former MediaWorks boss

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

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

He has known 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 prior to that group's 2007 takeover by Australia's Ironbridge Capital.

"When Paul asked me to consider it I had a close look and decided it was an area of interest,'' Impey says.

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

Glass says he's delighted to have Impey, who he hopes will fill a mentoring type role, on board. His commercial skills, intelligence, common sense and experience would be invaluable. 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 primarily invest in listed Australian and New Zealand companies.

Impey says he is keeping an open mind on taking further directorships but has nothing else in the pipeline.

He's consulting part time for MediaWorks through until early 2011 and as part of his departure deal isn't allowed to 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, Impey says he has 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. But 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 came back with a $2.68 per share offer to the hold outs. Brook accepted this in July 2007, pocketing about $6.9 million more than if it had accepted the initial offer.

- © Fairfax NZ News