151.1 Million PIA Shares Cancelled at $1.2132 Each
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9:59am on Wednesday 30th of September, 2026 AEST ~9am, 30th Sept, 26
Pengana International Equities has cancelled 151.1 million shares in a $183.28 million buy-back, leaving a much smaller listed investment company and three fewer directors. The reconstituted board will review capital options before deciding whether to pursue a future rights issue.
- 151.1 million shares cancelled at $1.2132 each
- Issued capital reduced to 106.9 million shares
- Three directors resign and Frank Gooch becomes interim Chair
- PIA will transition its portfolio to Antipodes’ Global SMID strategy
- Rights Issue decision deferred pending a capital management review
Buy-back removes 58.6% of PIA’s shares
Pengana International Equities Limited (ASX:PIA) has completed one of the more consequential share-count reductions on the ASX this year, cancelling 151,075,060 ordinary shares, or approximately 58.6% of its pre-buy-back capital. The company will now have 106,900,785 shares on issue, down from 257,975,845.
The accepted shares were bought back at $1.2132 each, producing a total payment of approximately $183.28 million to participating shareholders. The price was calculated using PIA’s after-tax net tangible assets per share at 25 September, less transaction costs of $0.0015 per share. Payments are expected between 6 and 9 October 2026.
Three directors leave after strategic review
Brett Jollie, Geoffrey Wilson and Jesse Hamilton have resigned as directors following the buy-back’s completion. The departing directors said the Strategic Review’s objectives had been achieved, including the buy-back and the appointment of Antipodes Partners as sub-investment manager.
Frank Gooch has been appointed interim Chair. The reconstituted board has also determined that PIA still meets its Minimum Viable Entity Threshold, removing the immediate prospect of a shareholder vote to wind up the company.
Portfolio moves to Antipodes Global SMID strategy
PIA’s portfolio is now set to transition to Antipodes’ Global Small and Mid-Cap strategy, which the board described as a key outcome of the Strategic Review. The filing does not yet provide a detailed transition timetable, leaving the practical shape and timing of the new portfolio to a future update.
Rights Issue decision put back
The board has also withdrawn the near-term certainty around a planned capital raising. No announcement will be made on a Rights Issue on 6 October, as the new directors first review recapitalisation alternatives, ongoing discount-management measures and PIA’s post-buy-back position.
That is not a cancellation of a future Rights Issue. It is a decision to keep the question open while the smaller company assesses its capital needs and structure. The next material signal will be whether the new board sees additional equity as necessary, or whether it can manage the reconfigured vehicle without returning to shareholders for funds.
Bottom Line?
PIA has completed the reset, but the next phase is less settled: the portfolio transition, permanent board structure and future capital needs remain unresolved.
Questions in the middle?
- How quickly will PIA complete the transition to Antipodes’ Global SMID strategy?
- Will the reconstituted board ultimately recommend a Rights Issue or another recapitalisation option?
- Can the smaller company address its share-price discount without further capital action?
