Geoff Wilson overthrows Pengana LIC board and secures win in private credit fight
ASX-listed Pengana International Equities has failed in attempt to alter its investment mandate to allow it to deploy funds into the private credit asset class.
Listed investment company (LIC) Pengana International Equities has lost its bid to include private credit into its strategy and three of its directors have been removed, following a campaign from Wilson Asset Management’s Geoff Wilson.
According to proxy votes revealed during Pengana’s annual general meeting, 59.65% of shareholders voted down the proposal to change its investment mandate to include private credit.
Pengana chair, Francis Gooch, said nearly 1,400 shareholders lodged their proxies with more than 50% supporting the board’s proposal.
“...it is clear from the proxies lodged that some shareholders and particularly some of the larger shareholders do not support the proposal and what a change of directors,” Gooch said.
