“PGF shareholders today dodged a bullet by voting against the deal,” Mr Wilson said. “The PGF deal was dilutionary for PGF shareholders on an NTA basis. It would have dropped the NTA for PGF,” he said.
The Asia-focused LIC “will continue as a listed entity operating its investment strategy of seeking to provide long term capital growth through investment in a concentrated portfolio of listed securities”, the company said in a statement following the conclusion of the vote.
The PM Capital LIC merger needed 75 per cent of votes to succeed, but fell short with 70.8 per cent of votes cast in favour in the poll, and 65.1 per cent of proxies.
“PAF directors will continue to keep PAF shareholders updated on all material developments relating to the WAM takeover bid,” the company said.
The scrap for PAF has also reached the Takeovers Panel, after a referral by Mr Wilson, who argued Mr Moore had failed to make adequate governance disclosures.
In findings presented last week, the panel said associated entities tied to Mr Moore would be prevented from voting, acquiring or disposing of shares bought after WAM Capital launched its rival bid.
