Ethical investor Hunter Hall has announced that it has entered into an agreement to merge with Pengana Capital to create a funds management business with more than $3 billion of retail funds under management.
The merger is billed as a “positive step”, merging two active managers and Pengana’s Australian equities component and Hunter Hall’s globally invested funds. The proposed merger is to be effected by Hunter Hall “acquiring all the shares in Pengana in return for the issuance of approximately 74.1 million Hunter Hall shares to Pengana shareholders,” according to Hunter Hall. Following the merger, Hunter Hall shareholders will own approximately 27% and Pengana shareholders will own approximately 73% of the issued equity of Hunter Hall, comprising approximately 101.5 million shares post transaction.
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