Pengana International resolves Supreme Court dispute over buyback
- Pengana International Equities reached a legal settlement with Pengana Capital to end Supreme Court proceedings and a Takeovers Panel application.
- The resolution clears legal hurdles, enabling the company to resume its share buyback programme and transition portfolio management.
- Management aims to reduce litigation risk while executing board changes and appointing Antipodes Partners to oversee capital strategies.
Pengana International Equities (ASX:PIA) has reached a settlement with Pengana Capital to resolve ongoing Supreme Court proceedings and clear a path to end a Takeovers Panel application.
The legal resolution follows allegations raised by Pengana Capital in July regarding undisclosed conflicts of interest involving director Geoff Wilson during a share buyback offer.
The company stated that the settlement is intended to remove litigation uncertainty and allow the business to complete its share buyback, transition portfolio management, and restructure its board.
Under the agreement, Antipodes Partners will take over as sub-investment manager, while board members Geoff Wilson, Jesse Hamilton, Julian Martin, and Brett Jolie will resign on 29 September following the buyback.
Following the announcement, the Pengana International Equities share price was up at $1.10.
The listed investment firm focuses on delivering long-term capital growth and fully franked dividends through international equity investments.
To maintain capital management continuity, Wilson Asset Management confirmed it plans to participate in the buyback while retaining a maximum 2.6% stake in the entity.
