14/03/2025 10:38:52
Pacific Current Group Limited (PAC) is progressing well with its off-market equal access share buy-back program, designed to return up to $300 million of surplus capital to shareholders. As of 5:00 PM AEDT on Thursday, March 13, 2025, the company had received applications from eligible shareholders representing approximately 65.86% of the targeted 25 million shares. This update follows PAC’s initial announcement on January 31, 2025, and a subsequent update on March 7, 2025, which extended the buy-back offer period to March 21, 2025.
The strong initial response indicates significant shareholder interest in the buy-back, which PAC initiated to optimize its capital structure and provide value to its investors. The buy-back allows eligible shareholders to sell their shares back to the company at a predetermined price, offering a potential return of capital. The final number of shares bought back is subject to reconciliation and audit processes after the offer closes. Pacific Current Group is a multi-boutique asset management firm that strategically invests in and supports boutique asset managers globally, leveraging its permanent capital and operational expertise. Excluding public securities in Abacus, PAC holds investments in eight boutique asset managers worldwide.