This Notice is being issued to provide Participants with further information in relation to the bid and details the acceptance process through CHESS.

What do I need to do by when?

Bid Details

Offer Period

The Buy-Back Price:

The Company will conduct the Buy-Back in accordance with the approval of Shareholders at the EGM.  Under the Buy-Back, each Eligible Buy-Back Shareholder has the opportunity to tender up to 100% of the Shares registered in their name for purchase by the Company. The price at which Shares will be bought back by the Company under the Buy-Back will be determined by applying the following formula: the Company’s after-tax Net Tangible Assets (NTA) per Share at the Calculation Date (Friday, 25 September 2026), less Transaction Costs.

Shareholders should be aware that on Monday, 27 July 2026 the Board declared the September quarter fully franked Dividend, which will be paid prior to the Calculation Date. The Buy-Back Price will therefore reflect the Company’s post-dividend, after-tax NTA.  

To provide an indication of the recent market price of PIA’s Shares, the closing price of Shares on the ASX on the Latest Practicable Date was A$1.17. The highest and lowest market sale prices for the Shares on ASX during the 6 months ended on the Latest Practicable Date, were as follows: A$1.34 high / A$1.16 low. Shareholders should note that the Special Dividend of 12.5 cents per Share (fully franked) went ex-dividend on Friday, 31 July 2026, and as a result the Company’s share price on that date reflected a reduction of approximately 12.5 cents per Share. Any comparison of share prices before and after that date should take this into account.

Refer to the Buy-Back Booklet on www.pengana.com/PIA for further information about the Buy-Back.

CHESS will process offer acceptance messages until 5:00pm (Sydney time) on Monday, 21 September 2026, or in the event that the offer is extended, such other times as may be notified by PIA to the market.

For further information regarding the Buy-Back please contact the Pengana International Equities Limited Offer Information Line on 1300 855 080 for callers within Australia and +61 3 9415 4000 for callers outside of Australia between 8:30am and 5:00pm (Sydney time), Monday to Friday.

Buy-Back Election Forms submitted directly by the Shareholders

Controlling participants should be aware that Eligible Shareholders
are able to submit a Buy-Back Election Form directly with PIA’s Registry,
Computershare Investor Services Pty Limited (Computershare).
Computershare will need to confirm any Buy-Back Election Form submission with
the controlling CHESS participant before it can be taken as validly submitted.

·       Computershare
will relay the Shareholder’s offer to the controlling participant by the end of
the business day that the Buy-Back Election Form is received.

·       The
controlling participant (Broker) is required to acknowledge the offer by the
end of the following business day.

Any Buy-Back offer CHESS messages initiated by
Computershare which have not been acknowledged by a Shareholder’s controlling
participant by 7.00pm (Sydney time) on Monday, 21 September 2026 (Closing Date)
will be rejected, and those offers will not be included in the Buy-Back.
Neither Pengana International Equities Limited nor Computershare will be
responsible should the controlling participant not acknowledge and confirm an
offer in sufficient time.  

Need more information?

Issued by

Equity Post Trade Operations

Contact information

1800 814 051

chesshelp@asx.com.au

General Information

Participants should refer to Section 13 of the CHESS Procedure Guidelines for Participants and Section 14 of the ASX Settlement Operating Rules for further information concerning the processing of Takeover Acceptance Messages for a CHESS Holding of securities. Some of these issues are summarised below. 

• A Participant must initiate acceptance of an offer by transmission of an EIS type ‘031’ message (Takeover Acceptance) where the securities in question are held in a CHESS Holding. The Participant will receive a ‘032’ message (Effected Takeover Acceptance) from CHESS in response. 
• In addition to the electronic notification to the Participant, paper notification will be sent directly to the Holder as securities are reserved in an offer-accepted subposition. Any change to the balance of securities in subposition will generate further electronic advice to the Participant and paper advice to the Holder.
• Where a Participant receives instructions from a Sponsored Holder, the Participant is required under the ASX Settlement Operating Rules to initiate acceptance of an offer:
• if the Holder specifies the time when or by which the offer must be accepted, in accordance with those instructions; otherwise 
• by End of Day on the date of receipt of instructions from the Holder. Where the offer closes on the date of receipt of instructions then prior to the close of the offer. 

Participants should therefore retain, as a minimum, a record of the date on which instructions to accept an offer are received from a Sponsored Holder.

Disclaimer