Ex Dividend Dates ASX Franking Check: Pengana International (ASX:PIA) Goes Ex 30 November on a 25% Rate

Sonal Goyal

11 November 2026 09:38 PM AEDT

Ex Dividend Dates ASX Franking Check: Pengana International (ASX:PIA) Goes Ex 30 November on a 25% Rate

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Key Highlights

Pengana International Equities will pay a fully franked 1.4 cent quarterly dividend.
The ex-date is Monday 30 November 2026, with payment on Tuesday 15 December.
Franking credits are calculated at a 25% corporate tax rate, giving about 0.47 cents per share.
That is lower than the Credit that would apply at the 30% rate.

Pengana International Equities Limited (ASX:PIA) will go ex-dividend on Monday 30 November 2026 for a fully franked quarterly Dividend of 1.4 cents per share, and the franking credits attached to it are calculated at a 25% corporate tax rate rather than the 30% rate seen on many ASX dividends. The listed Investment company declared the dividend for the quarter ending 30 September 2026 on 12 October. The Record Date is Tuesday 1 December, the last date to elect into the Dividend Reinvestment Plan (DRP) is Wednesday 2 December, and payment is due on Tuesday 15 December 2026. The dividend is the first to be paid since the company completed a large buy-back and changed its board at the end of September.

The Dates in Pengana's 12 October Notice

The company's announcement and Appendix 3A.1 set the ex-dividend date as Monday 30 November, the record date as Tuesday 1 December and the payment date as Tuesday 15 December 2026. Under the ASX's T+2 settlement cycle, shares need to be acquired on or before Friday 27 November, and held through settlement, to carry the entitlement. Shares acquired from the ex-date onwards do not.

The announcement describes the annualised fully franked quarterly dividend as 5.6 cents per share, which is four payments of 1.4 cents. It was authorised for release by the board of Pengana International Equities Limited.

What a 25% Franking Rate Means

The Appendix 3A.1 records the dividend as 100% franked at a corporate tax rate of 25%. The franking credit attached to a dividend depends on the rate at which the company franks it, so the rate matters as much as the franking percentage.

At 25%, the franking credit on a 1.4 cent dividend is about 0.47 cents per share, worked out as the dividend multiplied by 25 and divided by 75. The grossed-up value of the dividend is therefore about 1.87 cents per share. If the same dividend were fully franked at 30%, the franking credit would be 0.6 cents and the grossed-up amount 2.0 cents.

For eligible Australian resident shareholders, the grossed-up amount is included in assessable income and the franking credit can generally be claimed as a tax offset, subject to the Holding Period rule and other rules administered by the ATO. A dividend can be described as fully franked whether it is franked at 25% or 30%, so the corporate tax rate field in the Appendix 3A.1 is the place to confirm the rate used.

How the DRP Works for This Dividend

The company has confirmed that its DRP will operate for the September quarter dividend, allowing shareholders to take the payment in cash or in new shares. The Appendix 3A.1 shows no discount. The election deadline is 5pm on Wednesday 2 December 2026, the Business day after the record date, and the default for shareholders who make no election is cash.

The DRP issue price is based on the weighted average sale price of all the company's shares sold on the ASX during the five trading days from the record date, rounded to the nearest full cent. For this dividend the pricing period runs from 1 December to 7 December 2026. Because the pricing window starts on the record date, it falls entirely after the ex-date. The DRP rules are published on the manager's website.

A Changed Company Since September

The dividend comes after a busy period for the company. On 30 September 2026 it announced that its buy-back, conducted under a buy-back booklet dated 12 August, was complete. The company bought back 151,075,060 shares, which were cancelled on 30 September, leaving 106,900,785 shares on issue. Payment to participating shareholders was expected between 6 and 9 October.

The same announcement covered board changes. Brett Jollie, Geoffrey Wilson and Jesse Hamilton resigned, and Frank Gooch was appointed interim Chair. The company also said that Antipodes Partners Limited had been appointed as sub-investment manager, described as a key outcome of its strategic review, and that the portfolio would transition to the Antipodes Global Small and Mid-Cap strategy, with a detailed timetable to follow. A day earlier, on 29 September, the company lodged a notice that a Takeovers Panel application concerning the company had been withdrawn. The 30 September release noted that costs relating to Takeovers Panel and court proceedings had been accrued in its after-tax net tangible assets.

With a much smaller share count, the 1.4 cent dividend will be paid on far fewer shares than were on issue before the buy-back. The company has since lodged a notice of Annual General Meeting on 23 October, along with its regular net Tangible Asset statements, the most recent on 11 November 2026.

What to Watch Before 30 November

The main date for shareholders is the ex-date on Monday 30 November. Shares acquired after Friday 27 November will not carry the dividend. The DRP election deadline of 2 December follows the record date by one business day, which means current shareholders can still lodge or change an election after the shares go ex. The DRP issue price will be set from trading between 1 December and 7 December, ahead of the 15 December payment.

Further detail on the portfolio transition to the Antipodes strategy and the annual general meeting are the other items flagged in the company's recent announcements.

Key Takeaways

Pengana International Equities will pay a fully franked quarterly dividend of 1.4 cents per share, with an ex-date of Monday 30 November 2026, a record date of Tuesday 1 December and payment on Tuesday 15 December. The franking is at a 25% corporate tax rate, which gives a franking credit of about 0.47 cents per share, lower than it would be at 30%. The DRP is open with no discount, elections close at 5pm on 2 December, and the issue price will be based on five trading days from the record date. The dividend is the first since the company's September buy-back, board changes and the appointment of Antipodes as sub-investment manager.

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