Publicly-listed funds management company Pinnacle has gone to the trouble of reassuring investors that its managing director, Ian Macoun is committed to remaining in his role at least until the end of 2023 following news that has sold 9 million shares in the company.
In an announcement released to the Australian Securities Exchange (ASX) today, Pinnacle said that Macoun and two entities associated with him had sold shares valued at 4.7% of the total issued capital of Pinnacle.
However, it noted that Macoun or entities associated with him would continue to have voting control over 18.276 million Pinnacle shares representing approximately 9.8% of the issued capital of Pinnacle and that Macoun has confirmed he will not be disposing of any further shares until at least after the release of Pinnacle’s 2021 financial results.
In a statement attaching to the ASX announcement, Pinnacle chairman, Alan Watson said the board had held discussions with Macoun about his future and was pleased to announce that the managing director was firmly committed to remaining in the role at least until the end of 2023.
“The company continues to actively develop and advance a range of young executives with a view to growing the ‘bench strength’ throughout the organisation to accommodate further growth, and also to support ultimate managing director succession,” the statement said.