As of September 20, Pinnacle will return to the S&P/ASX 200, after losing its spot on the benchmark index over a year ago.
Just last month, Pinnacle revealed its full-year net profit surge of 108 per cent to $67 million. And on Monday, the company yet again unveiled big news noting its intention to fully underwrite the dividend reinvestment plan (DRP) for the financial year 2021 final dividend.
The funds raised, it said in an ASX filing, will be primarily used to acquire a further 10 per cent of Coolabah Capital Investment.
Based on historical DRP participation rates, the company confirmed it expects to raise approximately $32 million in total.
The extra 10 per cent will take Pinnacle’s stake to 35 per cent.
“Since PNI first entered discussions with CCI in November 2019, CCI’s funds under management has grown from $2.9 billion to $7.9 billion today, powered by outstanding CCI performance during CY2020 and FY2021,” Pinnacle said.
“This transaction is partly motivated to help facilitate ongoing intergenerational recycling of equity to the next cohort of CCI’s leaders.”
The DRP applies to the 17.0 cents per share final dividend declared for the year ended 30 June 2021.
Wilsons Corporate Finance Limited has been appointed underwriter.
