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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 (here):
- The completion of a comprehensive Strategic Review, which as noted in that announcement examined a broad range of options available to unlock additional value for shareholders including, but not limited to, a divestment of the Wealth Management and Corporate Trust businesses from Perpetual Group, and maintaining the status as a diversified financial services conglomerate.
- That following the Strategic Review, the Board had determined that a demerger of its Asset Management division, combined with the separation of the Wealth Management and Corporate Trust businesses by KKR, would provide superior value for shareholders. Subject to implementation of the transaction, Perpetual is expected to become a standalone, focused asset management business with the scale, quality investment teams, global distribution and strong balance sheet.
- 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 from Perpetual Shareholders via a Scheme of Arrangement1 , for total cash consideration of A$2.175 billion (“Scheme”).
On 29 August 2024, Perpetual released its FY24 financial results (here), which included information regarding what was expected at that time that Perpetual shareholders would receive if the Scheme is implemented. More information will be provided to shareholders in the Scheme Booklet.
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.
Recent announcements
ASX announcement: FY24 results
Market briefing presentation: FY24 results
Market briefing webcast: FY24 results
8 May 2024
ASX Announcement: Perpetual concludes Strategic Review
Investor Presentation - Strategic Review: Perpetual concludes Strategic Review
Webcast: Perpetual concludes Strategic Review
6 December 2023
ASX Announcement: Perpetual announces a strategic review of its Corporate Trust and Wealth Management businesses.
Frequently asked questions
As announced on 8 May 2024 (here), Perpetual has entered a Scheme Implementation Deed with an affiliate of KKR for KKR to acquire 100% of Perpetual’s Wealth Management and Corporate Trust businesses via a Scheme of Arrangement for total cash consideration of A$2.175 billion (“Scheme”). The Scheme is subject to a Perpetual shareholder vote (amongst other conditions) and if implemented, Perpetual is expected to become a standalone, focused asset management business with the scale, quality investment teams, global distribution and strong balance sheet.
On 29 August 2024, Perpetual released its FY24 financial results (here), which included information regarding what was expected at that time that Perpetual shareholders would receive if the Scheme is implemented. More information will be provided to shareholders in the Scheme Booklet.
Perpetual’s Board unanimously recommends shareholders vote in favour of the Scheme, subject to there being no superior proposal and an Independent Expert concluding (and continuing to conclude) that the Scheme is in the best interests of Perpetual shareholders.
Completion is subject to satisfaction of conditions precedent including regulatory, court and shareholder approval.
As announced on 8 May 2024 (here), Perpetual shareholders will have the opportunity to vote on the transaction at a Scheme Meeting. Prior to the Scheme Meeting, Perpetual shareholders will receive a Scheme Booklet which will contain more information on the Scheme which shareholders are encouraged to read carefully.
Shareholders are not required to take any action at this stage.
On 29 August 2024, Perpetual released its FY24 financial results (here), which included information regarding what was expected at that time that Perpetual shareholders would receive if the Scheme is implemented. More information will be provided to shareholders in the Scheme Booklet.
A Scheme Booklet with further details will be made available to shareholders in advance of a Scheme Meeting. The Scheme Meeting will allow Perpetual shareholders to vote on the transaction.
Shareholders are not required to take any action at this stage.
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.
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Europe
This information and the terms of use are subject to change at any time without notice. The contents of this website are intended for residents and citizens of the United Kingdom, and the European Union, and should not be relied on by residents or citizens of other jurisdictions. All investment products and services referenced in this website are managed and offered by either JOHCM or its affiliates within the Perpetual Limited group of companies ("Perpetual Affiliates"). By clicking the “Proceed” button below, you are agreeing to the Terms & Conditions of use.