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Pengana International Equities to Proceed With Buy-Back Despite Legal Challenge

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Pengana International Equities (ASX:PIA) said it will proceed with its proposed buy-back after shareholders approved a resolution at the company's extraordinary general meeting, according to a Tuesday Australian bourse filing.

The company said that Pengana Capital, a 1.34% shareholder and related entity of its investment manager, intends to file legal proceedings challenging the resolution and seeking to prevent the buy-back, per the filing.

The company noted that no court documents have been filed or served so far, the filing said.

The company's board remains confident in the resolution's validity, will vigorously defend the action, and confirmed that the buy-back will proceed as scheduled unless a court rules otherwise, the filing added.

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