Companies / PNI

PINNACLE INVESTMENT MANAGEMENT GROUP LIMITED

ASX:PNIFinancial Services
241.0M shares on issueAppendix 2A · as of 12 May 2026243.5M fully diluted+1.1% if every option and right converts$13.93price · delayed$3.36Bmarket cap · indicative

Today’s holders own 99.0% of what they think they own, once every option and right converts.

Moderate
Dilution risk

Share count grew 19% in 24 months; 2 cash raises in 24 months; proposed issue pending

MinimalVery high
Absolute levels — not a ranking against other companies.
Cash runwayno data — not a quarterly (4C/5B) cash filer
Share-count growth (24m)18.6%
Raise cadence (24m)2 cash raises
Options & rights overhang1.1% of shares
In-the-money supply0.2% of shares
Pending proposed issuesopen proposed issue (Appendix 3B)

PINNACLE INVESTMENT MANAGEMENT GROUP LIMITED's ordinary share count grew 18.6% between March 2024 and May 2026, reaching 241M shares. In the past 24 months, the company raised capital twice, with total disclosed proceeds of A$451.7M. The most recent raise was an Employee Incentive Scheme in April 2025, which brought in A$1.2M. Options and rights on issue could convert into 3M new shares, representing 1.1% of the current share count. The nearest expiry date for these options is March 2030. The company has not lodged a current quarterly cash report, so no funding-runway figure is available on that basis. One proposed securities issue is pending, with an expected issue date in November 2026.

AI-generated summary of this page's cited filings · updated 29 Aug 2026
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1.1%
Options & rights overhang
0.2%
In-the-money supply · most strikes not on record
0
Raises · last 12 months
—
Cash cover · not a quarterly filer

Shares on issue — last 2 years

Ordinary shares on issue
Weekly counts from ASX records. Dots mark cash capital raises. Latest count 241.0M per Appendix 2A (filed 12 May 2026).
225M230M235M240MDec 24Oct 25Sept 26Cash raise · 9 Apr 2025241.0M

Cash runway

Not a quarterly cash filer. This company does not lodge Appendix 4C/5B quarterly cash reports, so cash runway does not apply.

Issuance timeline

Latest 5 filings (Appendix 2A quoted issues, 3G unquoted, 3H cancellations)

DateFormSecurityOn issue, per this filingSource
13 July 20263H · cancellationPNI : ORDINARY FULLY PAID241.0MAppendix 3H
29 June 20263G · unquotedORDINARY FULLY PAID241.0MAppendix 3G
12 May 20262A · quoted issuePNI : ORDINARY FULLY PAID241.0MAppendix 2A
12 May 20263G · unquotedORDINARY FULLY PAID239.4MAppendix 3G
24 Apr 20262A · quoted issuePNI : ORDINARY FULLY PAID239.4MAppendix 2A
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39 filings on record — Full issuance history
Every quoted and unquoted issue and cancellation on record, plus unquoted securities (Appendix 4.2).
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Capital raises

2 cash raises in the last 24 months · 0 in the last 12 months

every 4.6 monthsaverage gap between raises
17.1 monthssince the most recent
19 Nov 2024 – 9 Apr 2025first to most recent in this window
$1.2M
Employee Incentive Scheme
9 Apr 2025
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5 raises on record — Full raise history
Issue price, shares issued, brokers and stated purpose for every raise on record.
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Forward supply

Every dated event on record that could add securities to the register — option expiries to their stated dates and proposed issues over the next 18 months, on one timeline.

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4 dated events on record — Forward supply calendar
Option expiries and proposed issues on one forward timeline, with the securities each could add.
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Placement capacity

How much stock a company can place without asking holders. Listing Rule 7.1 allows 15% of ordinary securities in any 12 months, and every Appendix 3B states how much of it an issue uses.

About 64% of the 15% placement capacity left — about 36% used by Appendix 3B filings in the last 12 months (estimate, as at 2026-09-12). Holder-approved issues and any later ratification are not deducted, so the true headroom can be higher.
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Placement capacity — LR 7.1 / 7.1A
The filings behind the figure: every Appendix 3B in the window with what it says was issued under 7.1 and 7.1A, each row linked to its filing, and how many shares are left.
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Pending proposed issues

1 proposed issue pending — Appendix 3B lodged, securities not yet issued. New shares from these issues are not in the counts above until quoted.
Paid plan
1 pending issue on record — Pending issue detail
Size, price, fees, broker and placement-capacity usage for each pending issue.
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Options & convertible securities

1.1%
Options & rights overhang · of current shares
0.2%
In-the-money supply · most strikes not on record
2.5M
Potential new shares
Mar 2030
Nearest expiry
What a price move would switch on
1.3M2.5M$13.93 now0.25× today ($3.48) — 200k of the priced supply in the money, 0.1% of shares on issue0.5× today ($6.96) — 400k of the priced supply in the money, 0.2% of shares on issue0.75× today ($10.45) — 400k of the priced supply in the money, 0.2% of shares on issue1× today ($13.93) — 400k of the priced supply in the money, 0.2% of shares on issue1.25× today ($17.41) — 400k of the priced supply in the money, 0.2% of shares on issue1.5× today ($20.89) — 400k of the priced supply in the money, 0.2% of shares on issue2× today ($27.86) — 400k of the priced supply in the money, 0.2% of shares on issue3× today ($41.79) — 400k of the priced supply in the money, 0.2% of shares on issue5× today ($69.65) — 400k of the priced supply in the money, 0.2% of shares on issue10× today ($139.30) — 400k of the priced supply in the money, 0.2% of shares on issue0.25×0.5×0.75×now1.25×1.5×2×3×5×10×

At $13.93 today, 400k securities are in the money (0.2% of shares on issue) — a floor, because an exercise price is on record for only 15.8% of this supply. No price up to ten times today’s switches on any more priced supply.

  • Priced supply in the money at the price on the axis — the curve, and the only thing on it. Ten prices, sampled: between two of them the true figure lies between the two.
  • 2.1M (84.2% of the supply above) states no exercise price at all. It cannot be called in or out of the money at any price, which is why it is hatched rather than plotted.
CodeSecurityTypeExercise priceExpiryOn issueSource
PNIADOptionsPrice-triggered$2.9725 Mar 2030200kFiling
PNIAFOptionsPrice-triggered$5.2411 Sept 2030100kFiling
PNIAHOptionsPrice-triggered$6.8430 Dec 2030100kFiling
PNIABOptionsPrice-triggered——2.1MFiling

“Nil” is a stated nil exercise price: nothing is paid to convert. An em dash means the filing names no exercise price at all. Security is read from the filing’s own class description; an em dash there means the description is not one this table labels. One row is one security class, at the number stated in the most recent quotation application that restated it — linked, and dated, in the last column.

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4 option lines on record — In-the-money value & price ladder
What each line is worth in the money today, the price ladder to the next tranche that converts, and the filing description behind every code.
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Director dealings

DateDirectorTypeSharesOptionsOtherValueSource
18 June 2026Christa LenardBuy on-market3k——$50k3Y notice
20 Mar 2026Ian MacounOther DRP6k——$87k3Y notice
9 Dec 2025Christa LenardBuy2k——$40k3Y notice
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11 notices on record — Full dealing history
Every change-of-director's-interest notice on record, with direction and consideration.
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Ownership

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Top-20 holders & substantial holder notices
Top-20 register snapshot and substantial-holder movements, each linked to its source notice.
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Latest announcements

7 Sept 2026Notice of initial substantial holder from MFG
11 Aug 2026Presentation - CG 46th Annual Growth Conference, Boston
5 Aug 2026Terms of employment arrangements for Matthew Lamb
4 Aug 2026Initial Director's Interest Notice
4 Aug 2026Appointment of Executive Director - Matthew Lamb
4 Aug 2026Proposed issue of securities - PNI
4 Aug 2026Corporate Sustainability Report
4 Aug 2026Dividend/Distribution - PNI
4 Aug 2026Corporate governance statement
4 Aug 2026Appendix 4G
4 Aug 2026$P2026 Financial Highlights and acquisition of AVI by PAM
4 Aug 2026Annual Report to shareholders
4 Aug 2026$PAppendix 4E
21 July 2026Full year FY2026 financial results teleconference
14 July 2026Becoming a substantial holder
13 July 2026Notification of cessation of securities - PNI
13 July 2026Update - Notification of buy-back - PNI
13 July 2026Update - Notification of buy-back - PNI
13 July 2026Ceasing to be a substantial holder
29 June 2026Notification regarding unquoted securities - PNI

Headlines link to the source PDFs on the ASX announcements platform. Data as of 12 Sept 2026.