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- Pinnacle Investment Management Group (PNI) successfully completes its fully-underwritten institutional placement and raises $105 million
- The funds were raised through the issue of approximately 6.3 million new fully paid ordinary shares at an issue price of $16.70 each
- Pinnacle will now offer eligible shareholders the opportunity to acquire up to $30,000 worth of shares via a share purchase plan (SPP)
- Money from both the placement and SPP will be used to fund PNI’s investment in Five V Capital, in which it is aiming for 25 per cent
- Pinnacle ends the day 5.60 per cent in the red with shares trading at $16.52
Pinnacle Investment Management Group (PNI) has successfully completed its fully-underwritten institutional placement and raised $105 million.
The company entered a trading halt on November 23, stating it was looking to raise funds to invest in private equity firm, Five V Capital.
The funds were raised through the issue of approximately 6.3 million new fully paid ordinary shares at an issue price of $16.70 each.
This price represents a 4.6 per cent discount to Pinnacle’s close on November 22 of $17.50 and a 7.6 per cent discount to the five-day volume-weighted average price of $18.08.
Concurrently, Executive Director Adrian Whittingham successfully completed a sell-down of 875,000 Pinnacle shares, worth $14.6 million.
Pinnacle will now offer eligible shareholders the opportunity to acquire up to $30,000 worth of shares via a share purchase plan (SPP).
The SPP opens on November 30, closes on December 15 and shares will be allocated on December 22.
Pinnacle will use the money to fund its investment in Five V Capital, in which it is aiming for a 25 per cent stake.
Managing Director Ian Macoun is pleased with the outcome.
“We are very pleased with the success of the placement and the strong support delivered from existing and new institutional shareholders, and we look forward to partnering with the Five V Capital team,” he said.
Pinnacle has ended the day 5.60 per cent in the red, with shares trading at $16.52 in a $3.37 billion market cap.
