News: HHL Hunter Hall International announces proposed merger with Pengana

March 9 (Reuters) - Hunter Hall International Ltd (HHL)

• Hunter Hall announces proposed merger with Pengana
• Entered into an agreement to merge its business with Pengana Holdings Pty Ltd
• Estimated back office and occupancy cost savings of $6 million per annum to be realised from fy2018
• Merger will be effected by co acquiring all shares in pengana in return for issuance of 74.1 million hunter shares to Pengana shareholders
• Following merger, hunter hall shareholders to own about 27% and Pengana shareholders to own about 73% of issued equity of hunter hall
• "Board has assessed proposed merger to be superior to current off-market takeover offers for Hunter Hall"
• Russel Pillemer will be ceo of merged business
• Board of hunter hall intends to unanimously recommend that shareholders vote in favour of proposed merger
• Board continues to recommend shareholders reject takeover offers from Washington H. Soul Pattinson And Co and Pinnacle Ethical Investment Holdings