Wilson Group
(ASX:WIG) says that it intends to purchase the remaining 25% stake in Pinnacle Investment Management Limited, giving it complete ownership of Pinnacle.
Pinnacle manages funds worth a total of $19.25 billion, as at 30 April 2016, and its net profit after tax was $4.7 million as at 31 December 2015.
Ian Macoun, the chairman and managing director of Pinnacle, will be appointed as Wilson Group’s managing director, subject to completion of this purchase
In order for completion to occur, Wilson Group needs shareholder approval at an upcoming EGM, and an independent expert’s opinion that the transaction is favourable to non-associated shareholders.
Wilson Group reported a net profit of $2.95 million at 31 December 2015.
