Pengana International Equities Limited (ASX: PIA), a listed investment company that provides investors with access to a diversified portfolio of international equities, today announced the successful completion of its Buy-Back programme and significant changes to its board. The withdrawal period for the Buy-Back closed on Friday, 25 September 2026. Accepted shares, subject to valid Buy-Back Elections, have now been officially cancelled on the register. The Buy-Back Price was determined at $1.2132 per share, calculated as the after-tax Net Tangible Assets per Share at the Calculation Date, less Transaction Costs of $0.0015 per share.
A total of 151,075,060 ordinary shares were bought back and cancelled, representing approximately 58.6% of the 257,975,845 shares on issue prior to the Buy-Back. This leaves PIA with 106,900,785 ordinary shares currently on issue. The total amount payable to participating shareholders is approximately $183.28 million, with payments expected to occur between Tuesday, 6 October 2026, and Friday, 9 October 2026. Following the completion of the Buy-Back price calculation and share cancellation, Brett Jollie, Geoffrey Wilson, and Jesse Hamilton have resigned as directors. Frank Gooch has been appointed as interim Chair.
The retiring directors indicated that the objectives of the Strategic Review have been achieved, including the Buy-Back’s completion and the appointment of Antipodes Partners Limited as sub-investment manager. The reconstituted Board has confirmed that the Company continues to satisfy the Minimum Viable Entity Threshold, meaning no resolution to wind up the Company will be put to shareholders. PIA’s portfolio will now transition to the Antipodes Global Small and Mid-Cap (SMID) strategy. The Board will also undertake its own review of the Company’s capital management alternatives, deferring any announcement regarding a Rights Issue on 6 October 2026. A further update on recapitalisation and ongoing discount-management initiatives is expected.
