SYDNEY, AUSTRALIA: Regal Partners in a strategic consortium with Morello Pte. Limited has submitted an improved non-binding and indicative all-cash proposal to Perpetual Limited for the acquisition of 100% of the ordinary fully paid shares in Perpetual by way of a scheme of arrangement for a price of A$33.00 per share.

Perpetual is an Australian investment fund and trustee group in the S&P/ASX 200. The company provides investment products, financial advice, philanthropic and corporate services to individuals, families, financial advisers and organisations.

Regal Partners led consortium also requested a period of one week initial due diligence focussed on discussions with and presentations from senior management, following which it would advise further regarding its proposal, including any increase.

The Company notes that the Improved Proposal has been rejected by the Board of Perpetual Limited without discussion with the Consortium.

Regal’s Chief Executive Officer and Managing Director, Brendan O’Connor, said: “We are deeply disappointed by the decision of the Perpetual Board to reject the Improved Proposal. We note today’s announcement from Pendal Group Limited, and reiterate that our revised proposal was structured to enable Perpetual to progress discussions with the Consortium in parallel with the Pendal Transaction.

“We firmly believe the Improved Proposal creates significantly more value for Perpetual’s shareholders as compared to the Pendal Transaction, requiring only limited engagement to progress the Improved Proposal so as to maximise the chance of delivering a superior outcome for Perpetual shareholders, clients and employees at limited cost to the Perpetual Board and management’s time.

“The Consortium is confident that there is no impediment to Perpetual engaging with the Consortium. We consider that doing so, as part of a short and expedited due diligence process, would have delivered a strongly preferred outcome for Perpetual shareholders.”