Pengana International Equities Buyback Dispute Escalates in Court

A long‑running feud between Pengana Capital’s Russel Pillemer and Wilson Asset Management’s Geoff Wilson has intensified. Wilson, through his superannuation fund Dynasty Peak, increased his holding in the underperforming listed investment company Pengana International Equities (PIA) from 8.54% to 11.83% and sits on PIA’s board while also owning rival manager Wilson Asset Management.

An extraordinary general meeting approved an optional buyback that would allow shareholders to sell their stakes back to PIA, with the offer running from 12 August to 21 September. Pengana Capital has filed NSW Supreme Court proceedings seeking to overturn the EGM results, alleging that the PIA board failed to disclose Wilson’s conflict of interest. Wilson contends that all relationships have been fully disclosed. The buyback decision could force PIA to sell down its portfolio, which is currently managed by US firm Harding Loevner.