Pengana Global Private Credit Trust (ASX:PCX) has notified the market of a new equal access scheme buy-back of ordinary units, offering to repurchase up to 5% of total units on issue at an indicative price of $1.9733 per unit, with the buy-back offer scheduled to open on 27 November 2026.

Key Points

  • Equal access scheme buy-back covering up to 5% of total ordinary units on issue, equating to approximately 6,401,300 units if all offers are accepted
  • Indicative buy-back price of $1.9733 per unit, to be paid in Australian dollars
  • Total units on issue in the class subject to the buy-back: 128,026,006
  • Buy-back offer opens 27 November 2026 and closes 18 December 2026, with the anticipated buy-back date of 22 December 2026
  • A scale-back mechanism applies if acceptances exceed 5% of total units; foreign unitholders outside Australia and New Zealand are excluded from participation

Equal Access Buy-Back Structure and Pricing

The buy-back price disclosed in the filing comprises two components: the NAV per unit as at the Buy-Back Pricing Date of 31 March 2027, and amounts of distributions that the unitholder would have been entitled to had the unit not been cancelled, calculated from the Buy-Back Cancellation of Units Date of 22 December 2026 up to the Buy-Back Payment Date of 14 April 2027. The indicative buy-back price per unit is $1.9733, denominated in Australian dollars. The buy-back requires unitholders to submit a valid buy-back election form for acceptance by the responsible entity.

Scale-Back Provisions and Foreign Participation Restrictions

If the responsible entity receives acceptances for more units than 5% of total PCX units on issue, each accepting unitholder's allocation will be subject to a scale-back, reduced by the same proportion required to ensure no more than 5% of total units are bought back. If acceptances fall below 5%, all tendered units will be bought back. The responsible entity has received relief from ASIC from equal treatment provisions for foreign unitholders, excluding those residing outside Australia and New Zealand, on the basis that extending the offer would be unreasonable given the number, value, and associated compliance costs involved.

Key Dates for the Buy-Back Timetable

The record date for participation in the buy-back offer is 20 November 2026, with an ex-date of 19 November 2026. Acceptance forms are to be dispatched to eligible unitholders by 25 November 2026, with the offer opening on 27 November 2026. The last day to extend the offer close date is 11 December 2026, and the offer closes on 18 December 2026. The anticipated date on which the buy-back will occur is 22 December 2026, and the Buy-Back Payment Date is 14 April 2027. The final buy-back notice and Appendix 3H are due with ASX by 22 December 2026.