Generic Scheme of Arrangement notification

As you may be aware, on 16 March 2026 Perpetual Limited announced it had agreed to sell the PWM business to Bain Capital Private Equity, LP (Bain Capital). Completion of the sale (Completion) is due to take place toward the end of the 2026 calendar year.  

Ahead of the proposed sale, PWM must separate from the rest of the Perpetual Group (Separation). The business PWM currently conducts through Perpetual Trustee Company Limited (PTCo) will transition to Perpetual Trustees W.A. Limited (PTWA), one of the entities that will be sold to Bain Capital at Completion. PTWA’s new Australian Financial Services Licence is subject to regulatory approval.  

This means certain client arrangements, products, services and contracts will need to be transferred from PTCo to PTWA. This will be implemented through a legal process which requires Court approval, known as a scheme of arrangement (the Scheme). 

At a high level, the Scheme process includes two Court hearings. Both Court hearings are scheduled to take place at the Supreme Court of New South Wales, Law Courts Building, 184 Phillip Street, Sydney NSW. 

The first Court hearing is scheduled for 9.15am (AEST) on Thursday 23 July 2026. As part of the hearing, an independent expert’s report will be provided to the Court (the Independent Expert’s Report). The purpose of the Independent Expert’s Report is to provide an independent assessment in relation to the proposed Scheme transfer from PTCo to PTWA.  

The next step is for the Scheme meeting to be held where PTCo’s sole shareholder, Perpetual Limited, will vote on the Scheme (Scheme Meeting). If the vote is passed at the Scheme Meeting, the Court will then decide whether to approve the Scheme at the second Court hearing, which is scheduled for 9.15am (AEST) on Tuesday 22 September 2026. If the Court approves the Scheme, the relevant client arrangements, products, services and contracts will move from PTCo to PTWA.  

If you would like more information about the Court dates, or if you would like a copy of the Independent Expert’s Report after the first Court hearing, you can find it here from 23 July 2026.

Importantly, the Scheme will not change: 

• the products or services you receive;
• the fees you pay;
• the people you deal with; or
• our office locations or business hours. 

Similarly, we do not expect any interruption to the service quality you currently receive. Everything will continue as normal and our teams remain firmly focussed on delivering high quality service and offerings. There will also be no change to the regulatory standards in relation to the products and services you receive.   

The key change as a result of the Scheme will be to the legal entity that provides those products or services to you. For example, where PTCo is currently a custodian of assets held on trust for the benefit of clients, the same arrangements for the safe custody of those assets will be in place following the Scheme transfer of the relevant client arrangements, products, services and contracts to PTWA.

Your privacy is very important to us. Please note that any personal information, together with the consents you have previously provided to PTCo to collect, use and disclose that information, will transfer to PTWA as part of the Separation of the PWM business. Your information will:  

• continue to be protected by the same privacy standards and safeguards;
• be used to continue to provide you with the products or services you receive from PTCo today; and
• only be shared or used in the same ways that PTCo has been permitted to share or use the information.

If you have any questions or would like further information, please reach out to your Adviser, Perpetual representative or visit: [insert URL].

You can also view Perpetual’s ASX sale announcement.