Pengana Sets 7 August Record Date for Equal Access Buy-Back

Shareholders Greenlight Buy-Back with Majority Support

Pengana International Equities (ASX:PIA) has confirmed it will proceed with its off-market equal access buy-back after securing shareholder approval at an Extraordinary General Meeting (EGM) held in late July. Resolution 1, authorising the buy-back of up to 100% of eligible shares, passed with 65.06% of votes cast, signalling a clear mandate despite some dissent.

Key Dates Set for Buy-Back and Dividend

The company has set the record date for determining eligibility to participate in the buy-back as 7 August 2026 at 7:00pm AEST. Shareholders on the register at this time will receive a personalised Buy-Back Election Form and accompanying booklet when the offer opens on 12 August. The buy-back closing date is scheduled for 21 September, with final outcomes and share cancellations expected by the end of September. Payment of the buy-back price will occur between 6 and 10 October.

In parallel, Pengana is paying a special dividend of 12.5 cents per share to all shareholders recorded on 3 August, payable on 19 August. This dividend is independent of participation in the buy-back and reflects the company’s commitment to returning capital to investors.

Legal Challenge Looms Over Buy-Back Execution

Despite the shareholder approval and clear timetable, Pengana faces legal headwinds. Pengana Capital Limited (PCL) has initiated proceedings in the Supreme Court of New South Wales seeking to invalidate the buy-back resolution and restrain its implementation. The company’s board has publicly stated it will vigorously defend the proceedings and remains confident in the resolution’s validity and the adequacy of shareholder disclosures.

The buy-back will continue as scheduled unless a court orders otherwise, introducing an element of uncertainty regarding timing and final execution. Investors should be aware that any legal outcome could materially affect the buy-back process.

Capital Management Strategy Continues to Unfold

This buy-back follows a series of capital management initiatives by Pengana, including the declaration of the special dividend and a strategic shift in portfolio management announced earlier in the year. These moves aim to address shareholder liquidity and manage the company’s net tangible assets effectively, maintaining alignment with investor interests.

Shareholders who choose not to participate in the buy-back need take no action, while those interested will have until late September to submit their election forms. The company will provide further updates through ASX announcements as the process progresses.