Pengana International Equities (ASX:PIA) settled with Pengana Capital Group (ASX:PCG) and Pengana Capital, resolving the Supreme Court proceedings and providing a way to end Pengana Capital Group's Takeovers Panel application, according to a Wednesday Australian bourse filing.
Pengana International shareholders approved an off-market equal access buy-back in July of up to 100% of its issued shares at after-tax NTA per share less transaction costs. Pengana Capital Group and Pengana Capital had challenged the buyback.
The board approved Pengana Capital Group's appointment of Antipodes Partners as sub-investment manager of Pengana International's portfolio and, following the completion of the buyback, Pengana International's portfolio will transition to the Antipodes Global Small and Mid-Cap strategy.
Frank Gooch will be appointed to Pengana International's board and will become its interim Chairman upon completion of the buyback.
Pengana Capital Group and its units indicated that they will not participate in the buyback. Wilson Asset Management Group advised the board that it plans to participate in the buyback, retaining a shareholding in Pengana International no greater than 2.69% of its issued capital before the buyback.
Pengana International's shares jumped 9% in recent trading on Wednesday.