The founder of Pinnacle Investment Management has reduced his stake in the investment management firm but committed to remaining a shareholder for many years.
Pinnacle said Ian Macoun (pictured above, top row, centre) sold 3.932 million shares or 1.73% of the issued capital but retained 14.434 million shares (6.3%) and had confirmed he would not sell any more shares for at least three months.
“I remain fully committed to Pinnacle as Managing Director and a shareholder,” Macoun said in an ASX announcement.
Pinnacle lodged the announcement shortly before substantial shareholder and directors' interest notices, which showed the shares were sold for $76.7 million.
"It is my intention that entities associated with me will remain Pinnacle shareholders, retaining a significant number of shares, for many years to come,” he said.
He said most of the after-tax proceeds of the sales would be invested in funds managed by Australian non-bank corporate lender and alternative asset manager Metrics, which provided an attractive yield.
At the time of writing Pinnacle (ASX: XPNI) shares were trading at $19.60, down 61 cents (3.02%) on the day, capitalising the company at $4.45 billion.
In 2006 Macoun established the firm, which has significant minority stakes in 18 affiliate fund managers with $155.4 billion under management.
Pinnacle provides operational support, distribution services and responsible entity services to boutique firms like Hyperion Asset Management, Plato Investment Management and Antipodes Partners while they focus on investing.
