PAC exercises put option on RARE Infrastructure
Pacific Current Group (PAC) has announced it will exercise its put option on RARE Infrastructure, in which it currently owns a ten per cent stake.
The company also notified Legg Mason of its decision. In October, 2015 Legg Mason bought the majority of PAC’s holding in RARE.
PAC said in its announcement to the Australian Securities Exchange (ASX) that under the terms of the put/call, the final consideration would be determined by an independent valuer and the sale process would be expected to close within three months of the put or call exercise date.
In this instance, this would be by 30 September, it said.
Recommended for you
Clime Investment Management has faced shareholder backlash around “unsatisfactory” financial results and is enacting cost reductions to return the business to profitability by Q1 2025.
Amid a growing appetite for alternatives, investment executives have shared questions advisers should consider when selecting a private markets product compared to their listed counterparts.
Chief executive Maria Lykouras is set to exit JBWere as the bank confirms it is “evolving” its operations for high-net-worth clients.
Bennelong Funds Management chief executive John Burke has told Money Management that the firm is seeking to invest in boutiques in two specific asset classes as it identifies gaps in its product range.