Pinnacle shares slip after managing director sells down interest to invest in Metrics funds
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More news: Shares in Pinnacle Investment Management have fallen after the company announced that its managing director Ian Macoun sold $76.68 million worth of shares in the business which he intends to invest in Metrics Credit Partner funds.
Pinnacle’s share were down 1.6% to $19.89 by 11:30am AEST.
Pinnacle boss Ian Macoun sells down stake to invest in Metrics funds
The news: Pinnacle Investment Management managing director Ian Macoun has sold $76.68 million worth of shares in the business and intends to invest the proceeds in Metrics Credit Partner funds.
The numbers: Macoun informed the company that two entities associated with him have sold around 3.9 million shares which accounted for about 1.73% of total Pinnacle shares.
He now holds 6.3% of the issued capital of Pinnacle, which is about 14.3 million shares.
The context: Macoun, who has been the founding managing director of Pinnacle since 2006, has confirmed to the board that for at least the next three months he, or entities associated with him, will not dispose of Pinnacle shares any further.
In a statement to the exchange Macoun said that the sale will allow him to “invest all or most of the proceeds (after tax) in funds managed by Metrics which provide an attractive yield”.
Pinnacle’s full year results and further updates for progress in financial year 2025 will be shared on 6 August.
What they said: “I remain fully committed to Pinnacle as managing director and a shareholder,” Macoun said.
"It is my intention that entities associated with me will remain Pinnacle shareholders, retaining a significant number of shares, for many years to come."
Pinnacle chair Alan Watson confirmed that Macoun’s “retirement is not imminent and that both the Board and Ian continue to approach the subject in a deliberately flexible manner”.
“Over the past few years, Ian has been consistent that he would neither overstay his tenure as Managing Director, nor would he leave the role in circumstances which might set back the ongoing success and growth of the business, and this continues to be the case.”
