Pinnacle founder Ian Macoun unloads $77m of shares

Pinnacle managing director Ian Macoun, who founded the investment management firm, has sold nearly four million shares in the firm for $76.7 million; the proceeds are earmarked for reinvestment in its affiliated fund manager Metrics.

Macoun made the sale, which represents around 1.73% of Pinnacle's total issued capital, through two entities associated with him.

Despite the sale, Macoun, or the entities associated with him, will continue to hold and have voting control over 14.3 million Pinnacle shares, which constitutes about 6.3% of the company's issued capital.

Macoun, however, said that he remains "fully committed" to Pinnacle in his capacity as the managing director and a shareholder.

"It is my intention that entities associated with me will remain Pinnacle shareholders, retaining a significant number of shares, for many years to come," he said.

"I am pleased that this sale will allow me to invest all or most of the proceeds (after tax) in funds managed by Metrics which provide an attractive yield."

Notably, Pinnacle holds a 35% equity interest in Metrics Credit Holdings, in which the National Pension Service of Korea - the world's third largest pension fund - snapped up a 4.17% stake for $50 million in March.

Macoun confirmed to the board of directors that, for a period of at least three months, no further Pinnacle shares held by him or the entities associated with him will be disposed.

Pinnacle chair Alan Watson said the board and Macoun regularly discuss his succession, and following the most recent conversation, confirmed that "his retirement isn't imminent."

"... the board and Ian continue to approach the subject in a deliberately flexible manner," Watson said.

"Over the past few years, Ian has been consistent that he would neither overstay his tenure as managing director, nor would he leave the role in circumstances which might set back the ongoing success and growth of the business, and this continues to be the case."