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BRIEF-Hunter Hall International announces proposed merger with Pengana
March 9, 2017 / 11:41 AM / 9 months ago

BRIEF-Hunter Hall International announces proposed merger with Pengana

March 9 (Reuters) - Hunter Hall International Ltd

* Hunter Hall announces proposed merger with Pengana

* Entered into an agreement to merge its business with Pengana Holdings Pty Ltd

* Estimated back office and occupancy cost savings of $6 million per annum to be realised from fy2018

* Merger will be effected by co acquiring all shares in pengana in return for issuance of 74.1 million hunter shares to Pengana shareholders

* Following merger, hunter hall shareholders to own about 27% and Pengana shareholders to own about 73% of issued equity of hunter hall

* “Board has assessed proposed merger to be superior to current off-market takeover offers for Hunter Hall”

* Russel Pillemer will be ceo of merged business

* Board of hunter hall intends to unanimously recommend that shareholders vote in favour of proposed merger

* Board continues to recommend shareholders reject takeover offers from Washington H. Soul Pattinson And Co and Pinnacle Ethical Investment Holdings Source text for Eikon: Further company coverage: (bangalore.newsroom@thomsonreuters.com)

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