Nick Good doesn’t seem too fazed that his suitor Perpetual is facing its own bid, after the two companies spent six months ironing out the details.
That came to fruition on Thursday
“We need to do a good job of continuing to sell a story and that creates distortions rather than the underlying fundamentals.” That meant the discount between Pendal’s traded price and the implied bid price widened yet again to 23.5 per cent as more merger arbitrage hedge funds, forced to cut their losses, close out their trades by buying back Perpetual shares.However, few analysts believe Perpetual’s board will entertain a bid unless it is materially higher than the $30 per share offer.
Mr Good described Pendal’s full-year result as “solid” as it reported a 17 per cent gain in underlying profit, an 8 per cent increase in revenue to $629.7 million, and a 5 per cent increase in underlying earnings per share to 50.7¢. But he said his experience in consulting in a range of sectors, including consumer goods, gave some perspective and that funds management remained a lucrative industry.
“Rob’s shown that he’s not afraid to get on the plane. He’s got in front of a lot of our staff, and he’s played well.”
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