Pengana International Equities Limited (ASX: PIA), a listed investment company (LIC) offering investors exposure to global equity markets, aims to generate long-term capital growth and income through its diversified portfolio. The company has announced a significant strategic pivot following the settlement of legal proceedings. PIA reached an agreement with Pengana Capital Group Limited (ASX: PCG) and Pengana Capital Limited (PCL), resolving Supreme Court proceedings and paving the way for PCG’s Takeovers Panel application to conclude. This settlement removes litigation uncertainty, enabling PIA to proceed with its next strategic phase, including the Buy-Back completion, portfolio management transition, and Board changes.
A key outcome is the appointment of Antipodes Partners Limited as the sub-investment manager for PIA’s portfolio. Following the Buy-Back, the portfolio will transition to the Antipodes Global Small and Mid-Cap (SMID) strategy. The Board highlighted Antipodes’ management of over A$20 billion in global assets and its pragmatic investment philosophy as a compelling platform for PIA’s future success, aiming to enhance market relevance and strengthen shareholder engagement. Furthermore, an orderly Board transition will occur. Frank Gooch and Brendan O’Dea have been appointed with immediate effect, while Geoff Wilson, Jesse Hamilton, Julian Martin, and Brett Jollie will resign on 29 September 2026, after the Buy-Back. Frank Gooch will serve as interim Chairman to appoint additional independent directors.
Regarding ongoing capital management, PIA intends to continue paying quarterly fully franked dividends. Following a stabilisation period, the Board will also consider ongoing discount to Net Tangible Assets (NTA) management mechanisms, including a rolling quarterly buy-back. The Buy-Back withdrawal period has been extended until 5:00 pm (Sydney time) on 24 September 2026, allowing shareholders to reconsider their participation, with the Closing Date remaining 21 September 2026.
