Hunter Hall: Merger with Pengana

Company News

by Jessica Amir

Hunter Hall International Limited (ASX:HHL) has announced it has entered into a merger agreement with fund manager, Pengana Holdings Pty Ltd.

Subject to shareholder approval from both investment managers, the merger would see their combined funds under management (FUM) total about $3.1 billion.

The merger involves Hunter Hall acquiring all the Pengana shares, in return for approximately 74.1 million Hunter Hall Shares to Pengana shareholders.

Pengana would also secure a 73% stake in Hunter Hall.

Hunter Hall says the deal would also result in a $6 million back office and occupancy saving every year, from the 2018 financial year onwards. 

The proposed merger would also result in increased distributions across their platforms.

Hunter Hall International Limited (ASX:HHL) reported a $3.1 million profit after tax for the half-2017 financial year.
 

Jessica Amir

Finance News Network
Jessica joined FNN in January 2017 after having worked in financial advising for seven years and in TV journalism for seven years, specialising in finance, equities and analysis. She has interviewed former Prime Ministers of Australia, Tony Abbott, Julia Gillard and Kevin Rudd and ex Treasurer Jo Hockey. Jessica has worked as a journalist with Sky News Business, ABC 1, ABC's The Business, ABC24 and has also been a regional Channel 7 and 9 TV reporter with Prime7 and Win News.