Pinnacle Investment Management (ASX:PNI) has completed its $105 million institutional placement to fund a 25 per cent stake in private equity firm Five V Capital.
As previously announced, a Pinnacle director sold down 875,000 shares at the placement price of $16.70 per share, worth $14.6 million.
“We are very pleased with the success of the Placement and the strong support delivered from existing and new institutional shareholders, and we look forward to partnering with the Five V Capital team,” said managing director, Ian Macoun.
Of the $105 million that was raised, $75 million has been earmarked for the Five V acquisition. The remaining $30 million will be used to “replenish the balance sheet capacity that was used to fund the acquisition of the 25 per cent stake in Coolabah in 2019”.
Pinnacle Investment Management (ASX:PNI) are trading 6.8 per cent lower at $16.31.