Two entities associated with Ian Macoun sold 9 million shares – approximately 4.8 per cent of the company’s total issued capital – but he will continue to have voting control over around 18.2 million shares. Mr Macoun confirmed that he would not dispose of any further shares until the release of the 2021 financial year results.
“Mr Macoun and the management team have worked tirelessly for shareholders and investors to grow Pinnacle into one of the best performing investment management firms in Australia…the board has had discussions with Ian Macoun about his future and is pleased to announce that Ian is firmly committed to remaining in the role until at least the end of 2023,” Pinnacle said in a statement.
“The company continues to actively develop and advance a range of younger executives with a view to growing the ‘bench strength’ throughout the organisation to accommodate further growth, and also to support managing director succession.”
Mr Macoun is the founding managing director of Pinnacle and has held the role since 2006. The company recently saw its profit surge some 120 per cent as both retail and institutional channels saw a strong recovery following the market mayhem in early 2020.
“I remain fully committed to Pinnacle as managing director and a substantial shareholder. It is my intention to remain a substantial shareholder for many years to come. I am delighted that this sale has allowed me to partially diversify my personal investments, with all or most of the proceeds (after tax) to be reinvested in a diversified range of funds of Pinnacle Affiliates,” he said.
