Perpetual Equity Investment Company Announces NTA Backing of $1.174 Per Share as of 20 July 2026

Overview of Perpetual Equity Investment Company’s Structure and Investment Mandate

Perpetual Equity Investment Company Limited is a listed investment company trading on the Australian Securities Exchange under the ticker PIC. Managed by Perpetual Investment Management Limited (PIML), an Australian fund manager holding AFSL 234426, PIML oversees investment decisions, portfolio management, and administration of the company’s assets on behalf of shareholders. Operating from Level 14, 123 Pitt Street, Sydney, NSW 2000, PIC is part of the broader Perpetual Group, which includes Perpetual Limited and its subsidiaries. As a closed-end investment company, PIC offers investors exposure to a professionally managed equity portfolio rather than direct ownership of individual stocks.

This investment company structure provides shareholders with benefits such as expert management of a diversified portfolio, regular NTA disclosures enhancing transparency of asset values, and the ability to trade shares on the ASX like any listed security. PIC’s role is to manage the portfolio on shareholders’ behalf, with performance tied to the returns generated by PIML’s investment team. Investors should understand that closed-end funds often trade at premiums or discounts to their NTA per share depending on market sentiment and supply-demand factors.

Significance of the $1.174 NTA Backing for Shareholders

The Net Tangible Asset (NTA) backing per share is a crucial metric for assessing closed-end investment companies such as PIC. As of 20 July 2026, the company reported an NTA after tax of $1.174 per ordinary share. This figure estimates the net value of the company’s assets attributable to each share after deducting liabilities and tax provisions. The after tax NTA is considered more conservative as it accounts for deferred tax liabilities on unrealised gains, representing the theoretical per-share value if the company were liquidated and all assets realised at their stated values.

The slight difference between NTA before tax ($1.175) and after tax ($1.174), amounting to $0.001 per share, reflects deferred tax provisions on unrealised gains and losses within PIC’s portfolio. This distinction informs investors about the portion of portfolio gains subject to tax and the net asset value remaining after tax obligations. By comparing PIC’s share price to its NTA, investors can identify whether shares trade at a premium or discount to intrinsic value, highlighting potential investment opportunities or risks based on market conditions and investor sentiment.

Investment Management by Perpetual Investment Management Limited

Perpetual Investment Management Limited (PIML) serves as the appointed investment manager for PIC, responsible for all investment decisions, portfolio construction, and ongoing asset management. Licensed under AFSL 234426, PIML is authorised to provide financial services including investment management and portfolio advice. The company confirms that PIML prepared the unaudited NTA calculations disclosed for 20 July 2026. This management structure is standard for closed-end investment companies, combining professional oversight with transparent shareholder communications.

With PIML managing the portfolio, PIC shareholders gain exposure to PIML’s investment philosophy and stock selection expertise without making individual security choices. The company’s returns depend directly on PIML’s investment performance. Regular NTA disclosures offer shareholders an objective gauge of portfolio management effectiveness and capital return over time.

Impact of Deferred Tax Provisions on Portfolio Valuation

Understanding PIC’s NTA requires recognising deferred tax provisions related to unrealised gains and losses. The disclosed before and after tax NTA figures incorporate provisions for deferred tax on unrealised portfolio gains and losses. Unrealised gains represent increases in security values not yet sold, while unrealised losses are decreases in value. Australian tax law mandates provisions for potential tax liabilities upon disposal of securities, and accounting standards require recognising these deferred taxes.

The deferred tax adjustment results in the after tax NTA ($1.174) being a more prudent measure, assuming eventual realisation of gains and associated tax payments. The minimal $0.001 difference suggests current deferred tax provisions are small relative to overall net asset value, possibly due to limited unrealised gains or modest tax provisions. Investors should monitor changes in deferred tax provisions, as increases could signal growing unrealised gains subject to future taxation.

Unaudited NTA Figures and Investor Implications

All NTA figures reported are unaudited and approximate as of 20 July 2026. This means the values have not undergone independent external audit but represent management’s best estimate at the measurement date. Such unaudited disclosures are common for investment companies, typically released monthly or quarterly to provide timely shareholder information. These figures rely on current market valuations and may be revised if valuations change or errors are found.

Investors should note that audited NTA per share may differ when formal financial statements are finalised. The approximate nature reflects challenges in valuing diverse assets, especially unlisted or illiquid securities. While unaudited, these figures remain valuable for ongoing investment assessment. For definitive net asset values, investors should consult the latest audited financial reports when available.

Perpetual Group Affiliation and Governance Framework

Perpetual Equity Investment Company Limited is part of the Perpetual Group, which includes Perpetual Limited (ABN 86 000 431 827) and its subsidiaries. As a leading Australian financial services group, Perpetual provides PIC with robust compliance, governance, risk management, and operational support. This affiliation enhances professional management and ensures adherence to disclosure obligations.

PIC’s corporate governance includes oversight by its Board of Directors, with Company Secretary Sylvie Dimarco authorising the NTA announcement. This governance structure ensures compliance with ASX disclosure requirements and alignment with shareholder interests. The involvement of Perpetual Group’s advisors and compliance teams maintains high standards of corporate governance and financial reporting, offering investors confidence in the company’s regulatory and operational framework.

NTA Measurement Date and Disclosure Timing

The NTA backing per share was measured as at 20 July 2026, with the announcement released on 21 July 2026. This standard disclosure cycle captures a snapshot of net asset value on a specific business day, valuing all holdings and liabilities at close of business. The one-day interval allows for NTA calculation, quality checks, and preparation of the ASX disclosure.

Timely NTA disclosures enable investors to compare the company’s share price on the measurement date to the NTA, determining whether shares trade at a premium or discount. PIC’s clear disclosure of the measurement date facilitates accurate market valuation analysis. Regular NTA updates are essential for transparent investment company management, helping shareholders monitor portfolio performance and assess fair market value.

Regulatory Disclosure Requirements and Shareholder Communication

Publishing NTA backing per share is a standard ASX disclosure requirement for listed investment companies, ensuring shareholders receive transparent updates on investment value. Many funds provide monthly or quarterly NTA updates to maintain current shareholder information. PIC’s formal ASX lodgement demonstrates compliance with these obligations and proactive engagement with shareholders and the investment community. Such disclosures support market integrity by contextualising share price movements relative to net asset value changes.

The announcement’s disclaimer clarifies that NTA disclosures provide factual asset valuation information and do not constitute financial advice. It also states that PIC, PIML, and the Perpetual Group do not guarantee company performance or returns, highlighting investment risks inherent in equity portfolios. This risk disclosure reminds investors that past performance does not predict future results and that share prices fluctuate based on market and portfolio factors.

Investor Considerations and Monitoring Recommendations

Investors in PIC should track several key indicators, including the NTA per share, which offers insight into changes in the company’s net asset value over time. Comparing successive NTA figures allows assessment of returns generated by PIML’s management. Additionally, evaluating the share price against NTA helps identify whether shares trade at a premium or discount, informing investment decisions based on risk tolerance and objectives.

Monitoring deferred tax provisions is also important, as increases may indicate rising unrealised gains subject to future taxation. While the announcement does not provide forward-looking guidance, investors should consult other company communications and fund materials for insights on portfolio strategy and outlook. Regular NTA disclosures will continue to provide valuable updates on asset values and investment performance relative to market pricing.