Byvest Advisors Ltd says that the results from its past five divestments have vindicated the company's belief in management buyouts. The managing director, Mr Andrew Rothery, said investments by the Byvest Equity Fund in the Sydney Aquarium, Sunbeam Victa, PWB Anchor, CIGWELD and Penrice Soda Products had produced pre-tax cash returns of 24.6 per cent, 11.4 per cent, 29.7 per cent, 22 per cent and 35.4 per cent respectively. Imputation credits associated with earlier dividends had added significantly to some returns.
