Nov 17 (Reuters) - Pendal Group Ltd (PDL) : UPDATE ON SCHEME OF...

Nov 17 (Reuters) - Pendal Group Ltd (PDL) :

• UPDATE ON SCHEME OF ARRANGEMENT
• PENDAL AND PERPETUAL HAVE TODAY AGREED AN AMENDMENT TO THE SCHEME IMPLEMENTATION DEED
• COURT RESERVED ITS DECISION WHICH IS EXPECTED TO CLARIFY REMEDIES AVAILABLE IN SITUATION
• SCHEME IMPLEMENTATION DEED MAKES INCREASES SCRIP COMPONENT OF SCHEME CONSIDERATION TO 1 PERPETUAL SHARE FOR EVERY 7 PENDAL SHARES
• AGREED A REDUCTION OF CASH COMPONENT OF SCHEME CONSIDERATION TO A$1.650 PER PENDAL SHARE
• PARTIES HAVE ALSO AGREED TO PROCEED TO A FIRST COURT HEARING FOR SCHEME IN WEEK COMMENCING MONDAY, 21 NOVEMBER 2022
• SID CONSIDERATION MIX AND THE REVISED CONSIDERATION MIX HAVE THE SAME IMPLIED VALUE OF A$6.54
• BOARD'S RECOMMENDATION IS SUBJECT TO AN INDEPENDENT EXPERT CONCLUDING SCHEME IS IN BEST INTERESTS OF PENDAL SHAREHOLDERS
• PENDAL BOARD CONTINUES TO UNANIMOUSLY RECOMMEND PENDAL SHAREHOLDERS VOTE IN FAVOUR OF SCHEME IN ABSENCE OF A SUPERIOR PROPOSAL