Hunter Hall shareholders approve Pengana merger

Hunter Hall shareholders approve Pengana merger

The shareholders of global equities manager Hunter Hall have approved the company’s merger with Pengana Capital.


The merger of Hunter Hall and Pengana Capital, first announced to the market in March 2017, has been approved by Hunter Hall shareholders.

Ninety-two per cent of Hunter Hall shareholders voted in favour of the merger, which will create a new entity with $3.1 billion in funds under management.

The passage of all five resolutions will see the creation of Pengana Capital Group, with the ASX code PCG.

The merger comes after a bidding war for Hunter Hall between Washington H. Soul Pattinson and Pinnacle Investment Management earlier this year.

The bidding war came after star fund manager Peter Hall left Hunter Hall in December 2016, selling his shares in the company to Washington H. Soul Pattinson at less than 40 per cent of their face value.

Washington H. Soul Pattinson's substantial holding in Pengana means it will be the largest shareholder in the merged entity.

The merger with Pengana will see Hunter Hall shareholders owning 27 per cent of the new company, with the remaining 73 per cent held by Pengana shareholders.

Pengana chief executive Russel Pillemer will head up Pengana Capital Group, and Washington H. Soul Pattinson director Warwick Negus will be the chairman.

While the merger transaction completed yesterday, the name change and the ASX code are likely to come into effect next week.

Pengana Capital Group will operate out of Pengana's offices in Macquarie Street, Sydney.

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