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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 its Strategic Review. The Board determined that a demerger of its Asset Management division and subsequent separation of the Wealth Management and Corporate Trust businesses, would provide better value for shareholders. If approved, Perpetual will become a standalone, focused asset management business with the scale quality investment teams, global distribution and strong balance sheet.

On 8 May, Perpetual entered into a Scheme Implementation Deed with an affiliate of Kohlberg Kravis Roberts & Co. L.P. (together with its affiliates, “KKR”) to acquire 100% of Wealth Management and Corporate Trust via a Scheme of Arrangement1, for total cash consideration of A$2.175 billion (“Scheme”).

If the Scheme is implemented, Perpetual shareholders are expected to receive estimated cash proceeds between approximately $8.38 and $9.822 per share. This estimate is based on a number of assumptions and opinion of our external advisers.

Perpetual continues to engage with tax authorities to seek confirmation of the tax outcomes of the transaction to both Perpetual and its shareholders. 

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

2) The estimated net cash proceeds reflect Perpetual’s current knowledge and understanding and is based on a number of assumptions, including tax and duties, transaction and separation costs, debt and net debt adjustments. The estimate of tax and duties is based upon the opinion of our external advisers and engagement with tax authorities to date. The engagement with tax authorities is not yet complete. The final tax outcome will be dependent upon a number of matters, including agreeing specific outcomes of the transaction with tax authorities (which could differ from the current estimated range). The estimate is subject to further work and update as the tax and duty position is finalised.

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.