Pengana-WAM feud over PIA comes to an end

Wilson Asset Management's (WAM) Geoff Wilson and his allies will exit the board of Pengana International Equities (PIA) following the settlement of the Pengana Capital Group-initiated lawsuit that failed to stop a highly contested buyback.

The listed investment trust (LIT) announced that the Pengana-led Supreme Court proceedings and application to the Takeovers Panel have now been terminated.

Part of the court settlement means PIA board members Wilson, Jesse Hamilton, Julian Martin and chair Brett Jollie will remain directors until their exit when the buyback finalises on September 29.

"These arrangements are intended to ensure an orderly transition as PIA moves into its next phase.

Martin resigned as a non-executive director of PIA effective immediately.

"The board thanks Brett Jollie, Geoff Wilson, Jesse Hamilton and Julian Martin for their contributions to PIA. The board also recognises the continuing commitment of PCG during this time," PIA's board said.

Frank Gooch and Brendan O'Dea have been appointed to the board with immediate effect.

Gooch, who was previously chair before Wilson's team took control of the board in late 2025, will become interim chair following completion of the buyback. Gooch will then appoint additional independent directors.
WAM said it intends to participate in the buyback and retain a shareholding in PIA no greater than 2.69% of PIA's issued capital before the buyback.

Furthermore, the new board has approved Antipodes Partners as the sub-manager of PIA. Post-buyback, PIA's portfolio will transition to the Antipodes Global Small and Mid-Cap (SMID) strategy.

PIA's board said it "remains focused on delivering the best outcome for all shareholders through the orderly completion of the buy-back, the transition of portfolio management to Antipodes, the continuation of quarterly fully franked dividends and the implementation of ongoing discount management initiatives."

"The board considers that the combination of the Antipodes appointment, refreshed governance arrangements and continuing capital management initiatives provides a strong foundation for PIA's future development and long-term shareholder value."

The court settlement contained undisclosed arrangements concerning the parties' legal costs.

"The settlement is without admission as to any allegation made in the court proceedings or the panel application and without admission of liability or wrongdoing by any party," PIA's board told shareholders.

"The reconstituted board will retain discretion in relation to any future capital management initiative and will assess those initiatives having regard to the circumstances existing at that time.

"The board remains focused on delivering the best outcome for all shareholders through the orderly completion of the buyback, the transition of portfolio management to Antipodes, the continuation of quarterly fully franked dividends and the implementation of ongoing discount management initiatives."