ASIC imposes stop orders on two Perpetual (ASX:PPT) Funds

November 26, 2022 08:30 AM AEDT | By Khushboo Joshi
 ASIC imposes stop orders on two Perpetual (ASX:PPT) Funds
Image source: © Aprescindere | Megapixl.com

Highlights

  • Two of Perpetual Limited’s funds have been given a stop order by the ASIC.
  • The Perpetual Pure Microcap Fund and the Perpetual Geared Australian Share Fund have been stopped from being marketed and sold to retail investors, ASIC shared on Friday (25 November 2022).
  • Perpetual shares traded weak on Friday.

Australian watchdog the Australian Securities & Investments Commission (ASIC), on 25 November 2022, informed the market that it has issued interim stop orders for two Perpetual funds – Perpetual Pure Microcap Fund and Perpetual Geared Australian Share Fund. As per the ASIC, both the funds could not be marketed or sold to retail investors for now as it found certain shortcomings in the target market determinations of these funds.

Key details of the ASIC’s stop order:

Share price performance of Perpetual Limited on the ASX

Perpetual shares were trading 0.117% lower at AU$25.400 apiece at 3:00 PM AEDT on the ASX on Friday. In the last five trading days on the ASX, Perpetual shares have lost 6.55%. In the last one month, the shares have gained 3.67% on the ASX while in the last six months on the ASX, the shares have lost 18.87%. In the last one year of trading on the ASX, PPT has lost 28.86% (as of 3:11 PM AEDT, Friday).


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