Highlights:

• PIA announced on 16 September 2026 a settlement with Pengana Capital Group and Pengana Capital Limited, ending Supreme Court proceedings over its buy-back.
• Antipodes Partners has been approved as sub-investment manager, with the portfolio moving to the Antipodes Global Small and Mid-Cap strategy.
• PIA shares last traded at AU$1.130, up AU$0.105 or 10.243%.

Settlement Clears Litigation Overhang

Pengana International Equities Limited (ASX: PIA) told the ASX on 16 September 2026 that it has reached a settlement resolving the Supreme Court proceedings brought by Pengana Capital Limited (ASX: PCG) and creating a pathway to end PCG's Takeovers Panel application. The dispute began on 29 July 2026, days after shareholders approved an off-market equal access buy-back of up to 100% of issued shares at after-tax NTA less transaction costs on 27 July 2026. PCG lodged its Panel application on 31 August 2026, and the Panel agreed to conduct proceedings on 11 September 2026. The settlement is without admission of liability by any party: the court matter will be discontinued by consent, and PCG will seek Panel consent to conclude the application.

Antipodes to Take Over the Portfolio

The Board has approved PCG's appointment of Antipodes Partners Limited as sub-investment manager. Once the buy-back completes, PIA's portfolio will shift to the Antipodes Global SMID strategy. Antipodes oversees more than AU$20 billion in assets worldwide, and the Independent Board Committee recommended the firm following the Strategic Review as a platform for long-term growth. A detailed transition timetable will follow.

Board Refresh and Buy-Back Timing

Frank Gooch and Brendan O'Dea join the Board immediately. Geoff Wilson, Jesse Hamilton, Julian Martin and Brett Jollie will step down effective 29 September 2026, the expected buy-back completion date, with Gooch becoming interim Chairman and leading the search for further independent directors. Shareholders who already tendered shares may withdraw all or part of their election until 5.00pm Sydney time on 24 September 2026; the closing date stays 21 September 2026. PCG will not participate, while Wilson Asset Management intends to, retaining no more than 2.69% of pre-buy-back capital.

Capital Management Ahead

Looking beyond the buy-back, the Board has set out a capital management framework aimed at keeping returns flowing to continuing shareholders. It intends to maintain quarterly fully franked dividends in line with the Company's established distribution policy, subject to available profits, franking capacity and Board discretion. After a stabilisation period once the Antipodes transition is bedded down, the Board will also consider mechanisms to manage any discount to net tangible assets, including a rolling quarterly buy-back operating within regulatory limits and subject to solvency and Board discretion. The intent is to give shareholders a transparent, recurring opportunity to realise value at or around NTA rather than leaving them exposed to a persistent discount. Decisions on funding sit with the incoming directors. The new Board will review PIA's capital requirements only after the buy-back completes and the Antipodes strategy is implemented, before determining whether any future capital raising is warranted. That sequencing, alongside the settlement and the governance refresh, is designed to leave the reconstituted Board with full discretion over how the next phase is financed.

Outro

The 16 September 2026 announcement bundles three moving parts into one reset: litigation risk removed, a new investment manager appointed, and a Board handover mapped out to 29 September 2026. For shareholders, the near-term decision point is the withdrawal window closing at 5.00pm Sydney time on 24 September 2026, which gives those who already tendered a chance to reassess in light of the Antipodes appointment. The market's initial read was positive, with PIA closing at AU$1.130, up 10.243%. From here, attention shifts to the transition timetable, the pace of independent director appointments, and whether the Antipodes Global SMID strategy can narrow the discount to NTA that prompted the strategic review in the first place.

Note- All data presented is based on information available at the time of writing.

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