Pinnacle (ASX:PNI) shares gain as it ‘crystallises’ performance fees

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Pinnacle (ASX:PNI) shares gain as it ‘crystallises’ performance fees

 Pinnacle (ASX:PNI) shares gain as it ‘crystallises’ performance fees
Image source: Image source: © Allisgood76 | Megapixl.com

Highlights: 

  • Pinnacle shared its ‘crystallised’ performance fee for FY22 (ended on 30 June 2022) on the ASX today.
  • However, the company is yet to release its final audited financial statement.  
  • Shares of Pinnacle have been on a gaining spree post this update on the ASX. 

Pinnacle Investment Management Group Limited (ASX:PNI) shared a significant announcement on the ASX today. The ASX-listed fund manager shared an update related to its performance fee as of 30 June 2022 (FY22) on the ASX today. 

Followed by today’s update on the ASX, Pinnacle shares were trading 7.894% stronger at AU$8.200 per share at 12:240 PM AEST on the ASX today (7 July).  

Details of Pinnacle’s performance fee update: 

The Australian diversified financial firm announced that ten affiliates of the company have ‘crystallised’ performance fees for the financial year 2022 ended on 30 June 2022. The performance fee in FY22 summed up approximately to AU$57.1 million at 100% gross in aggregate. Out of the total, around AU$38.3 million of the performance fees crystallised alone in the second half of FY22 (H2 FY22). 

Pinnacle further announced that its net share of the performance fees is in the order of AU$16.4 million after auditing the tax by the Affiliates on these earnings. Out of Pinnacle’s total share of performance fees, the company managed to earn AU$10 million alone in the second half of FY22. 

According to the finance firm, it is likely that the net return on Principal Investments for FY 2022 will be around AU$0.1 million as compared to the net loss of AU$1.9 million in FY 2022 second half.

Lastly, Pinnacle stated that these numbers are an initial estimation made by the company, and it is yet to carry out auditing to find actual numbers. Therefore, Pinnacle is likely to release its audited financial statements soon, along with other important information of FY22 ended on 30 June 2022, on 3 August 2022. 

Image source: © Lovelyday12 | Megapixl.com

An overview of Pinnacle’s share price performance: 

Pinnacle shares have been vulnerable to market volatility for past one year. As a result, the company’s share price performance on the ASX was quite disappointing. 

Pinnacle’s shares have shown a significant fall of more than 27% on the ASX in last one year. Furthermore, on a year-to-date basis, Pinnacle shares have fallen by 48.84% (as of 12:31 PM AEST on the ASX today, 7 July). 

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