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Welcome to the Scheme information page

Welcome to the Scheme information page

Here you can find all of the information on the Scheme of Arrangement involving the separation of Perpetual’s Corporate Trust and Wealth Management businesses from the Group, and the demerger of the Asset Management business.

About the transaction

On 8 May 2024, Perpetual announced the completion of a comprehensive strategic review, conducted over a five-month period which examined a range of options available to unlock value for shareholders including, but not limited to, a separation of the Wealth Management and Corporate Trust businesses from Perpetual Group, and maintaining the status as a diversified financial services conglomerate.

The comprehensive process enabled the Board to determine that becoming a pure-play global asset management business through a demerger of its Asset Management division, combined with the separation of the Wealth Management and Corporate Trust businesses, will provide better value for shareholders.

On 8 May, Perpetual announced it had entered into a Scheme Implementation Deed with an affiliate of Kohlberg Kravis Roberts & Co. L.P. (together with its affiliates, “KKR”) who will acquire 100% of Wealth Management and Corporate Trust from Perpetual Shareholders via a Scheme of Arrangement, for total cash consideration of A$2.175 billion (“Scheme”).

If the Scheme is implemented, Perpetual shareholders will receive cash proceeds from the Scheme, which are yet to be determined. Cash proceeds to shareholders will be determined post repayment of outstanding Perpetual Group debt1 as well as separation and transaction costs and other adjustments.

Shareholders will also retain a shareholding in the Asset Management business which will become a standalone, global multi-boutique Asset Management business with scale, diversified investment strategies, and supported by a leaner and more streamlined structure, with a strong balance sheet.

Shareholders are not required to take any action at this stage. The Scheme is subject to satisfaction of conditions precedent set out in the Scheme Implementation Deed and approvals including court, regulatory and the requisite shareholder approval.

Perpetual will provide an estimate of the cash proceeds that will be payable to shareholders, if the Scheme is implemented, as part of our FY24 results announcement on 29 August 2024.

We are committed to keeping you informed to the extent that we are able to. All information, presentations and announcements lodged with the Australian Securities Exchange (ASX) in relation to the Scheme and the proposed separation of Perpetual’s businesses will also be made available on this dedicated hub.

1) Gross debt was approximately A$771 million as at 30 April 2024.

Recent announcements

Frequently asked questions

Who can I contact if I have further questions?

We are here to help you with any enquiries regarding the Scheme.

This information has been prepared by Perpetual Limited ABN 86 000 431 827 (Perpetual). It is general information and is provided for information purposes only. This information is in summary form and does not purport to be complete nor does it contain all the information which a shareholder of Perpetual may require to evaluate the proposed Scheme of Arrangement involving the separation of Perpetual’s Corporate Trust and Wealth Management businesses from the Perpetual Group, and the demerger of the Asset Management business.  This information is not intended to provide you with financial, taxation, legal or accounting advice or take into account your investment objectives, situation or needs. You should consider, with a professional adviser, whether the proposed Scheme of Arrangement is suitable for your objectives, financial situation or needs.
The information is believed to be accurate at the time of compilation and is provided in good faith. It may contain information contributed by third parties, which Perpetual believes to be correct based on the information available to it. Neither Perpetual nor any company in the Perpetual Group (being Perpetual and its subsidiaries) warrants the accuracy or completeness of any information contributed by a third party. To the extent permitted by law, no liability is accepted for any loss or damage because of any reliance on this information.