Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Bottom-Up

<ul>
 <li>
<a href="https://smartkarma.com/entities/pendal-group-ltd">Pendal Group </a>(PDL) was acquired by Perpetual Limited (PPT) in a transaction that finalized in January 2023, leading to its delisting from the Australian Securities Exchange (ASX) on January 24, 2023.</li>
 <li>The acquisition created a global multi-boutique asset manager with approximately A$200 billion in assets under management, combining Pendal's brands like J O Hambro and TSW with Perpetual's existing portfolio.</li>
 <li>Prior to the acquisition, Pendal operated as an independent global investment manager with a multi-boutique model, but faced challenges including declining profitability and a falling share price, as evidenced by negative multi-year growth in net income and EPS.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  
Pendal Group (PDL) was acquired by Perpetual Limited (PPT) in a transaction that finalized in January 2023, leading to its delisting from the Australian Securities Exchange (ASX) on January 24, 2023.
  The acquisition created a global multi-boutique asset manager with approximately A$200 billion in assets under management, combining Pendal's brands like J O Hambro and TSW with Perpetual's existing portfolio.
  Prior to the acquisition, Pendal operated as an independent global investment manager with a multi-boutique model, but faced challenges including declining profitability and a falling share price, as evidenced by negative multi-year growth in net income and EPS.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Pendal Group  (PDL AU) - Aug 2026

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>After its curious A$22.07/share self-destructing NBIO on the 15th July, EQT returned a fortnight later with a A$22.50/share NBIO for <a href="https://www.smartkarma.com/entities/perpetual-ltd" target="_blank" data-smartkarma-citation="entities:599:1" rel="noopener">Perpetual Ltd (PPT AU)</a>, by way of a Scheme.</li>
<li>With a 45.2% premium, and optically fair, I thought Perpetual might engage. Perpetual rejected terms on the 29th July. Then crickets. Reportedly Janus Henderson was circling; while EQT continued DD.</li>
<li>EQT has returned with a A$22.50/share Offer, plus upward of a 1H27 dividend of A$0.60/share, without adjustment. Best &amp; final. Perpetual says no dice.  That's the wrong decision.</li>
</ul>


After its curious A$22.07/share self-destructing NBIO on the 15th July, EQT returned a fortnight later with a A$22.50/share NBIO for Perpetual Ltd (PPT AU), by way of a Scheme.
With a 45.2% premium, and optically fair, I thought Perpetual might engage. Perpetual rejected terms on the 29th July. Then crickets. Reportedly Janus Henderson was circling; while EQT continued DD.
EQT has returned with a A$22.50/share Offer, plus upward of a 1H27 dividend of A$0.60/share, without adjustment. Best &amp; final. Perpetual says no dice.  That's the wrong decision.


Perpetual (PPT AU) Rejects EQT's Added Gruel

<ul>
<li>Following its curious A$22.07/share self-destructing NBIO on the 15th July, EQT has returned with a A$22.50/share NBIO for <a href="https://www.smartkarma.com/entities/perpetual-ltd" target="_blank" data-smartkarma-citation="entities:599:1" rel="noopener">Perpetual Ltd (PPT AU)</a>, by way of a Scheme. </li>
<li>That's a 4% bump to its initial NBIO of A$21.64/share on the 1st July, which was rejected as being inadequate. $22.07/share was similarly deemed inadequate.</li>
<li>PPT's board is assessing the revised tilt. Optically, terms appear fair. Ot at least sufficient to engage. A$22.50/share is a 45.2% premium to undisturbed. </li>
</ul>


Following its curious A$22.07/share self-destructing NBIO on the 15th July, EQT has returned with a A$22.50/share NBIO for Perpetual Ltd (PPT AU), by way of a Scheme. 
That's a 4% bump to its initial NBIO of A$21.64/share on the 1st July, which was rejected as being inadequate. $22.07/share was similarly deemed inadequate.
PPT's board is assessing the revised tilt. Optically, terms appear fair. Ot at least sufficient to engage. A$22.50/share is a 45.2% premium to undisturbed. 


Perpetual (PPT AU): EQT Lifts Its NBIO To A$22.50/Share

<ul>
<li>Last night, <a href="https://www.smartkarma.com/entities/perpetual-ltd" target="_blank" data-smartkarma-citation="entities:599:1" rel="noopener">Perpetual Ltd (PPT AU)</a> announced it had received a revised NBIO from EQT at A$22.07/share, 2% higher than the prior bid that was rejected on the 1st July. </li>
<li>However, Perpetual notes EQT stated in its revised bid, that "the Revised Indicative Proposal itself will be regarded as being automatically withdrawn if it is disclosed".</li>
<li>So, how does that work? Is there, or is there not a revised bid at A$22/share since this terms are publicly disclosed? Perpetual does say it is considering the proposal. </li>
</ul>


Last night, Perpetual Ltd (PPT AU) announced it had received a revised NBIO from EQT at A$22.07/share, 2% higher than the prior bid that was rejected on the 1st July. 
However, Perpetual notes EQT stated in its revised bid, that "the Revised Indicative Proposal itself will be regarded as being automatically withdrawn if it is disclosed".
So, how does that work? Is there, or is there not a revised bid at A$22/share since this terms are publicly disclosed? Perpetual does say it is considering the proposal. 


Perpetual (PPT AUJ): Did EQT Just Make A Revised Offer?

Alpha-Centric ESG Research

Kyle Rudden

Two days ago the U.K. Financial Reporting Council announced 125 successful signatories (aka "not greenwashers") to the revised U.K. Stewardship Code. Signatories are integrating stewardship and ESG (Environmental, Social, Governance) factors into investment decisions, to high standards.Whilst this is ostensibly limited to U.K. pension assets, ramifications are more far-reaching than it might at first appear (one indication is the number of North American and Asia Pacific signatories, in addition to the expected European names). More specifically, the broad relevance is because it:<ul>
<li>Affects firms doing business with U.K. asset managers/owners not just the managers/owners.</li>
<li>Is a quasi-blueprint for similar anti-greenwashing initiatives taking root in the U.S. and Asia.</li>
<li>Greenwashing is having an increasing impact on stocks prices (e.g., DWS Group last month).</li>
</ul>This is one battle in an emerging global war on greenwashing. The U.S. SEC has its own agenda to fight greenwashing and Asia isn't far behind (e.g., regulators in Japan stepping up scrutiny). There is more to come, and a lot to learn from this including who is (and is not) on the signatory list.

Two days ago the U.K. Financial Reporting Council announced 125 successful signatories (aka "not greenwashers") to the revised U.K. Stewardship Code. Signatories are integrating stewardship and ESG (Environmental, Social, Governance) factors into investment decisions, to high standards.Whilst this is ostensibly limited to U.K. pension assets, ramifications are more far-reaching than it might at first appear (one indication is the number of North American and Asia Pacific signatories, in addition to the expected European names). More specifically, the broad relevance is because it:
Affects firms doing business with U.K. asset managers/owners not just the managers/owners.
Is a quasi-blueprint for similar anti-greenwashing initiatives taking root in the U.S. and Asia.
Greenwashing is having an increasing impact on stocks prices (e.g., DWS Group last month).
This is one battle in an emerging global war on greenwashing. The U.S. SEC has its own agenda to fight greenwashing and Asia isn't far behind (e.g., regulators in Japan stepping up scrutiny). There is more to come, and a lot to learn from this including who is (and is not) on the signatory list.

The War on Greenwashing: UK Stewardship Code "Successful Signatories" Has Broader Implications

Australia

Pendal Group Limited operates as an investment management company. The Company focuses on portfolio management and advisory services to individuals, institutions, trusts, private funds, charitable organizations, and investment companies. Pendal Group serves customers in Australia.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Pendal Group (PDL AU)

Primer: Pendal Group (PDL AU) - Aug 2026

Pendal Group (PDL) was acquired by Perpetual Limited (PPT) in a transaction that finalized in January 2023, leading to its delisting from the...

αSK Primers

Perpetual (PPT AU) Rejects EQT's Added Gruel

Perpetual is not expensive. It's not particularly exciting either. I'm not bearish here; but it's not a strong conviction trade.

David Blennerhassett

Perpetual (PPT AUJ): Did EQT Just Make A Revised Offer?

Perpetual is not expensive. I'd get some exposure here. The fact Perpetual did not outright reject a 2% higher bid is illustrativc

David Blennerhassett

The War on Greenwashing: UK Stewardship Code "Successful Signatories" Has Broader Implications

Telegraph from European front in global war on greenwashing. U.K. names stewardship victors ("not greenwashers"). Many notable casualties. Anti...

Kyle Rudden

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Primer: Pendal Group (PDL AU) - Aug 2026

Pendal Group (PDL) was acquired by Perpetual Limited (PPT) in a transaction that finalized in January 2023, leading to its delisting from the...

αSK Primers

Perpetual (PPT AU) Rejects EQT's Added Gruel

Perpetual is not expensive. It's not particularly exciting either. I'm not bearish here; but it's not a strong conviction trade.

David Blennerhassett

Perpetual (PPT AU): EQT Lifts Its NBIO To A$22.50/Share

Perpetual is not expensive. I'd be buying here. A 45.2% premium to undisturbed is a reasonable change of control premium. But I can see EQT adding...

David Blennerhassett

Perpetual (PPT AUJ): Did EQT Just Make A Revised Offer?

Perpetual is not expensive. I'd get some exposure here. The fact Perpetual did not outright reject a 2% higher bid is illustrativc

David Blennerhassett

The War on Greenwashing: UK Stewardship Code "Successful Signatories" Has Broader Implications

Telegraph from European front in global war on greenwashing. U.K. names stewardship victors ("not greenwashers"). Many notable casualties. Anti...

Kyle Rudden