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ASX announcement: FY24 results

Market briefing presentation: FY24 results

Market briefing webcast: FY24 results

8 May 2024

ASX Announcement: Perpetual concludes Strategic Review

Investor Presentation - Strategic Review: Perpetual concludes Strategic Review

Webcast: Perpetual concludes Strategic Review

6 December 2023

ASX Announcement: Perpetual announces a strategic review of its Corporate Trust and Wealth Management businesses.

KKR is to acquire 100% of the Wealth Management and Corporate Trust businesses from Perpetual via a Scheme of Arrangement for total cash consideration of A$2.175 billion (“Scheme”). Perpetual is to become a standalone, focused asset management business with the scale, quality investment teams, global distribution and strong balance sheet.

The Scheme is subject to satisfaction of a number of conditions precedent including regulatory and shareholder approval. Perpetual shareholders are expected to receive estimated cash proceeds¹ between approximately $8.38 and $9.82 per share and retain a shareholding in the Asset Management business which will become a standalone listed entity.  

Perpetual’s Board unanimously recommends shareholders vote in favour of the Scheme, subject to there being no superior proposal and an Independent Expert concluding that the Scheme is in the best interests of Perpetual shareholders.

Completion is currently anticipated to occur in early 2025, subject to satisfaction of conditions precedent and customary approvals including regulatory, court and shareholder approval.

1)  The estimated net cash proceeds reflect Perpetual’s current knowledge and understanding and is based on a number of assumptions, including tax and duties, transaction and separation costs, debt and net debt adjustments. The estimate of tax and duties is based upon the opinion of our external advisers and engagement with tax authorities to date. The engagement with tax authorities is not yet complete. The final tax outcome will be dependent upon a number of matters, including agreeing specific outcomes of the transaction with tax authorities (which could differ from the current estimated range). The estimate is subject to further work and update as the tax and duty position is finalised.

Perpetual shareholders will have the opportunity to vote on the transaction at a Scheme Meeting, which is anticipated at this stage to be held in early 2025. If the transaction is implemented, shareholders are expected to receive estimated cash proceeds post repayment of outstanding Perpetual Group debt as well as separation and transaction costs, tax and duties and other adjustments. Shareholders will also retain their current ownership in a standalone, ASX listed asset management business with the scale, quality investment teams, global distribution and strong balance sheet.

From the sale of the Corporate Trust and Wealth Management businesses, subject to certain conditions and shareholders voting in favour of the transaction shareholders are expected to receive a cash return from the estimated net proceeds between approximately $8.38 and $9.82 per share.¹

Shareholders will also retain their current ownership in a standalone ASX listed asset management business with the scale, quality investment teams, global distribution and strong balance sheet.

1) The estimated net cash proceeds reflect Perpetual’s current knowledge and understanding and is based on a number of assumptions, including tax and duties, transaction and separation costs, debt and net debt adjustments. The estimate of tax and duties is based upon the opinion of our external advisers and engagement with tax authorities to date. The engagement with tax authorities is not yet complete. The final tax outcome will be dependent upon a number of matters, including agreeing specific outcomes of the transaction with tax authorities (which could differ from the current estimated range). The estimate is subject to further work and update as the tax and duty position is finalised.

A Scheme Booklet with further details will be made available to shareholders in advance of a Scheme Meeting which is expected to be held in early 2025. The Scheme Meeting with allow Perpetuals shareholders to vote on the transaction. 

The Board of Perpetual unanimously recommend that Perpetual shareholders vote in favour of the Scheme of Arrangement subject to there being no superior proposal and the Independent Expert concluding that the Scheme is in the best interests of Perpetual shareholders. We expect the transaction to complete in early 2025, subject to satisfaction of conditions precedents and customary regulatory, court and shareholder approvals.