Pengana International Equities Limited – Panel Application Withdrawn

The Panel has consented to a request by Pengana Capital Group Limited (PCG) to withdraw its application to the Panel dated 31 August 2026 in relation to the affairs of Pengana International Equities Limited (PIA).

PIA is undertaking an off‑market equal‑access buy‑back of up to 100% of its shares (Buy‑Back). The Buy‑Back is part of a capital management proposal that also includes a conditional 1‑for‑1 non‑renounceable rights issue (Rights Issue).

On 31 August 2026, PCG made an application for a declaration of unacceptable circumstances in relation to the Buy‑Back and Rights Issue (see TP26/063).

On 16 September 2026, PIA announced that it had reached a settlement with PCG to resolve Court proceedings related to the Buy‑Back and for PCG to request the Panel’s consent to withdraw its application.

The Panel had concerns as to whether the structure and course of the Buy‑Back (including in the context of the potential Rights Issue) were consistent with the purposes of Chapter 6 and had decided to conduct proceedings.1 However, the Panel did not consider that it should seek to determine those issues in circumstances where the dispute before the Panel has been resolved, having regard to (among other things):

The Panel also considered that it is open to interested persons to make a fresh application to the Panel should any subsequent developments warrant that.