HHL shareholders back merger with Pengana Capital
The shareholders of Hunter Hall International Limited (HHL) have backed the merger with Pengana Capital to create Pengana Capital Group Limited (PCG).
Under the terms of a deal, Pengana Capital’s chief executive and PCG’s second largest shareholder, Russell Pillemer would become PCG’s chief executive while Warwick Negus, a director of PCG’s largest shareholder Washington H Soul Pattinson, has been appointed as a new chairman.
The new funds management business would have approximately $3.1 billion in funds under management (FUM).
HHL’s chairman, Kevin Eley, said: “Our shareholders have understood that this merger combines two complementary companies and the HHL board is confident the merger will deliver a much stronger and rewarding future for our shareholders and investors.
“The value that will be created is already being reflected in the trading price of our share, which closed last night at $2.97, compared to $2.42 on 8 March, prior to the proposed merger announcement.”
The company said that although the merger transaction is expected to be completed today, the name change and ASX code would likely to come into effect within five business days.
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