Pengana International Equities Limited (ASX: PIA), a listed investment company providing investors with exposure to a diversified portfolio of international equities, has announced a significant settlement with Pengana Capital Group Limited (ASX: PCG) and Pengana Capital Limited (PCL). This resolution concludes Supreme Court proceedings and provides a pathway to end PCG’s Takeovers Panel application. The settlement aims to remove litigation uncertainty, allowing PIA to advance its strategic agenda, including completing its Buy-Back, transitioning portfolio management to Antipodes, and undertaking Board changes.
A key outcome of its Strategic Review is the Board’s approval of Antipodes Partners Limited as the new sub-investment manager. Following the Buy-Back, PIA’s portfolio will transition to the Antipodes Global Small and Mid-Cap (SMID) strategy. Antipodes, managing over A$20 billion in assets globally, brings a differentiated investment philosophy. Concurrently, Frank Gooch and Brendan O’Dea have been appointed to the Board immediately. Current directors Geoff Wilson, Jesse Hamilton, Julian Martin, and Brett Jollie are scheduled to resign on 29 September 2026, post-Buy-Back completion, ensuring an orderly transition. Frank Gooch will serve as interim Chairman.
Regarding ongoing capital management, the Board intends to continue quarterly fully franked dividends, subject to profits and franking capacity. Following a stabilisation period, PIA will also consider mechanisms to manage its discount to net tangible assets (NTA), including a rolling quarterly buy-back within regulatory limits. The withdrawal period for the existing Buy-Back has been extended until 5:00 pm (Sydney time) on 24 September 2026, giving shareholders an opportunity to reconsider, though the original Closing Date of 21 September 2026 remains. PCG will not participate, while Wilson Asset Management Group intends to participate, reducing its shareholding.
