Pinnacle's Ian Macoun sold $83 million worth of PNI shares yesterday, as the stock headed towards an all-time high after a strong first half result.
Macoun's sale of PNI shares constituted 4.8% of the total stock on issue.
The nine-million share parcel was sold at $9.25 per share in an off-market trade that yielded Macoun $83.25 million.
He still retains about 18.3 million PNI shares or 9.8% of the total issued capital.
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Pinnacle said Macoun has committed to not sell any of his remaining PNI shares in the next six months or until after FY21 results. He has also committed to staying in the role at least until 2023, according to Pinnacle chair Alan Watson.
"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," Macoun said of the sale.
On February 3, Pinnacle reported 14% year on year growth in its total funds under management to $70.5 billion at December end.
Net profit after was up 120% to $30.3 million.
PNI shares continued to climb up in the next three trading days, trading in the $9 range for the first time on February 5 and crossing $10 at one point on February 8. The stock closed at $9.78 yesterday.
Who PNI's new shareholders are after Macoun's sale may not be known, as the 4.8% share is below the 5% threshold at which an ASX-listed company must file a substantial shareholder notice.