Perpetual (ASX:PPT) to buy Pendal (ASX:PDL); shares fall

2 min read | August 25, 2022 01:13 PM AEST | By Bhawna Gupta

Perpetual (ASX:PPT) to buy Pendal (ASX:PDL); shares fall — Image source: © Pichetw | Megapixl.com

Perpetual's FY22 report

Perpetual reported an underlying profit after tax (UPAT) of AU$148.2 million, a 21% increase over FY21. Revenue and profitability growth across all four business groups drove the good performance. Statutory net profit after tax (NPAT) was AU$101.2 million, 39% higher than in FY21, owing to stronger underlying profits and fewer noteworthy items than in the previous similar quarter.

The financial firm further informed that its FY22 revenue increased by 20% to AU$767.7 million, owing to higher average assets under management (AUM) due to higher equity markets.

Perpetual announced a fully franked final dividend of AU$0.97 per share, bringing the total FY22 dividend to AU$2.09 per share, an increase of 16% on FY21.

Data Source- Company announcement dated 25 August 2022

Perpetual to buy Pendal

Perpetual informed today that it has entered into a binding Scheme Implementation Deed (“SID”) with Pendal Group to buy its 100% shares.

Perpetual has suggested that Pendal shareholders get one Perpetual share and AU$1.976 in cash for each stock they own.

Perpetual's AUM would rise from AU$90 billion to a pro-forma AUM of AU$201 billion as a result of the purchase, with AUM covering Global, US, UK, European, and Australian equities, Multi-Asset, and Cash and Fixed Income strategies.

A newly formed Executive Committee will run Perpetual Limited, the members of which will report to CEO Rob Adams. The Executive Committee will make another announcement in due course.

Data Source- Company announcement dated 25 August 2022

Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (Kalkine Media, we or us), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.