There's been a slightly puzzling development in the looming $1-billion float of Australia's second biggest wine company, Accolade Wines, with the company's chief executive Paul Schaafsma set to bow out.

Schaafsma was appointed chief executive of Accolade in October, 2015 and is pulling the pin prior to the business listing in early 2017.

Accolade's 80 per cent owner CHAMP Private Equity has anointed Michael East, a 30-year wine industry veteran who is currently the general manager of Accolade's operations in Australia and Asia as the successor.

East has been appointed as deputy chief executive, effective immediately, and will take over as chief executive in the lead-up to the IPO, slated for early 2017.

An internal note to Accolade staff is understood to say that Schaafsma didn't want to commit to the role for the next few years but is happy to stay on and help with the listing process.

The expectation among IPO investors is that a CEO would be in place for a few years after an IPO in the interests of stability and continuity.

Schaafsma, who has bases in both London and Australia, didn't want to be at the helm for an extended timeframe beyond the IPO and is keen to pursue other opportunities in the wine industry and beyond.

As The Australian Financial Review revealed, CHAMP has Reunion Capital Partners advising on float preparations for Accolade, which sells brands including Hardys, Leasingham, Grant Burge and Banrock Station.

Joint lead managers will be appointed in the second week of September. 

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Shaw and Partners is poised to announce that Earl Evans will become joint chief executive of the broking and advisory firm, alongside Allan Zion.

"The move to a co-CEO model is a natural evolution for the business and will be key to achieving all of the goals we have set for ourselves in terms of the expansion of our retail, institutional, corporate and research offering, while meeting the needs of the regulators and legislators," Shaw and Partners' non-executive chairman Paul Masi said.

Zion has been Shaw's managing director since 2009 and with the company since 1991. Evans joined Shaw and Partners in February 2015 from Macquarie Bank, where he was CEO of the North American banking and financial services division. He has since made a raft of senior appointment at the fast-growing boutique investment firm.

The pair are also understood to have increased their stakes to 19.9 percent each in recent weeks, making them the equally largest shareholders of Shaw.

Zion and Evans will split their daily responsibilities, with Zion taking lead responsibility for all infrastructure and operational aspects of the business and Evans assuming lead responsibilities for all revenue generating activities, including management of the institutional, corporate finance, private wealth and fixed income divisions.  

Shaw's research division will report jointly to both CEOs.  

 "Since Earl joined Shaw and Partners in February 2015 the company has expanded and evolved appreciably. We have grown adviser ranks and implemented stronger processes for the benefit of all of our clients," Masi added.

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Trusted adviser Reunion Capital Partners has been helping private equity giant Bain Capital navigate its slated exit from MYOB Holdings' register, sources told Street Talk on Monday. 

Roughly $1.41 billion worth of shares in the $2.1 billion accounting software provider were released from escrow after the market closed on Thursday.

However, the stock fell 10.1 per cent to $3.66, despite MYOB boss Tim Reed handing down a set of results that surpassed all of its prospectus forecasts.

In its results for the six months ended June 30, 2016, MYOB showed a swing back to the black with an interim net profit of $26 million, compared to a loss of $65.04 million in the prior corresponding period.

Sources said 60 per cent owner Bain was comfortable with its shareholding and "in no hurry to sell."

The 346.6 million shares unlocked from escrow allow Bain to sell up to 337.2 million shares and management to cash in up to 9.5 million shares.

MYOB stock has failed to set the boards alight since its re-listing in May 2015, trading down early and only just recently getting back above the $3.65 issue price. Reunion was also retained as an independent adviser during last year's IPO preparations

The shares last traded at $3.63 on Monday.

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Waste business Aurigen Group is tapping investors in a pre-initial pubic offering round with a view to listing on the ASX in mid-October, sources told Street Talk. 

The Perth-based company, which counts Veolia and Sims Metal among its customers, is understood to have broker Patersons in its corner. The company wants to raise up to $8 million of pre-IPO funding through the issue of converting notes at an issue price of 11.6¢ per note. 

Aurigen then plans to raise up to $16 million at 20¢, which would deliver it a market capitalisation of about $43.8million. 

Potential investors were told the notes would convert into ordinary shares upon completion of the IPO in October. 

The company has four units including recycling, commodities, material recoveries, and landfill. 

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Mayne Pharma has credit lines available following its acquisition of a generic portfolio from Teva Pharmaceuticals, but further deals are unlikely in the short term, according to Bell Potter.

Bell analyst John Hester said while the drug maker remained open to acquisition opportunities in "complementary products" for the dermatology market, near-term transactions were unlikely. 

"Following the recent acquisition of the Teva portfolio and the foam assets, debt currently stands at US$180 million ($240 million) relative to FY17 estimated free cash flow of  about $52 million which increases to $96 million in FY18," he said in a note to clients. 

"MYX has further credit lines available, however, further acquisitions in the short term are probably unlikely."

Mayne Pharma paid $US652 million to buy the Teva portfolio in June. 

The company last week said its net profit soared after the acne treatment it acquired in February 2015 delivered on expectations and a key generic drug sold well after launch. 

Hester raised his 2017 and 2018 earnings-per-share estimates for Mayne Pharma, and increased his price target to $1.98 from $1.93. He has a "hold" recommendation on the stock.

"The EBITDA (earnings before interest, tax, depreciation and amortisation) result was modestly ahead of our estimate following stronger than expected contribution from the generic products business.

"The generic products division is now the largest division by revenues. FY16 revenues beat our forecast by  about $11 million due to the contribution of Dofetilide and sustained revenue growth from a majority of the products in the portfolio."

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