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Newpark not selling: Gannon

Newpark owner Darren Gannon has scotched rumours that Professional Investment Services (PIS) is buying the group.

Friday, July 25th 2008, 3:48PM
He acknowledges that there have been discussions with PIS, as well as other groups. However, any ownership change, if done, would be along the lines of what APEX group has done. That is to bring in advisers as shareholders.

"They are the ones which formed the group, and are where our loyalties lie," he says. "Not with Australians, mate."

He says previous discussions have included talks with suppliers, a mortgage broking group, another insurance group and PIS.

However none of the groups "are adding enough value", he says.

Gannon says Newpark, with 170 advisers, has enough scale now, and is continuing to grow.

"There are no changes to Newpark."

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