Pinnacle Investment Management Group (ASX:PNI) has completed its $400 million fully underwritten institutional placement of 19.7 million new fully paid ordinary shares, equivalent to about 9.7% of existing ordinary shares on issue in Pinnacle.
Macquarie Capital (Australia) and Barrenjoey Markets are acting as joint underwriters, bookrunners, and lead managers in respect of the placement. Wilsons Corporate Finance has been appointed as a non-underwriting lead manager.
Morgans Corporate and Ord Minnett have also been appointed as co-lead managers in respect of the placement. Blackpeak Capital acted as financial advisor in respect of Pinnacle’s investments in VSS Capital and Pacific Asset Management.
The placement was completed with support from institutional investors, including both existing and new shareholders.
It was completed at $20.30 per new share, representing a 5.3% discount to the last closing share price on 19 November 2024 of $21.44 and a 4.3% discount to the five-day volume weighted average price of Shares (up to and including 19 November 2024) of $21.22.
As Pinnacle announced on 20 November, the proceeds received will be used to fund Pinnacle’s strategic investments in VSS Capital and Pacific Asset Management; seed new strategies for existing affiliates, as well as to acquire additional equity in existing affiliates, while supporting investment in additional Horizon 2 and Horizon 3 growth initiatives.
Pinnacle Managing Director Ian Macoun says the capital raise provides a strong endorsement that investors share confidence in the strategy the company is pursuing “and the exciting growth opportunities ahead of us”.
Write to Adam Orlando at Mining.com.au
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