PTM - Platinum Asset Management

[Dona Ferentes]

it's landed

Phil King’s Regal Partners has put forward a buyout bid for the asset manager.

Under the proposed deal, Platinum shareholders would receive 0.274 Regal shares for each Platinum share held. Platinum said that it would also pay shareholders a 24¢ special dividend from cash reserves, should the deal go ahead.

The scrip-deal combined with the dividend payout would net shareholders around $1.14 apiece. Shares in Platinum last traded at 99¢.

 

[divs4ever]

Non-binding indicative proposal from Regal Partners Limited ("Regal")

Platinum Asset Management Limited (ASXTM) (“Platinum”) refers to recent media commentary regarding a possible takeover bid from Regal.

Platinum confirms that it has received an unsolicited confidential, non-binding, indicative proposal from Regal to acquire all of the shares in Platinum via a scheme of arrangement (the "RegalProposal").
Under the Regal Proposal, Platinum shareholders would receive 0.274 Regal shares foreach Platinum share held.
Prior to implementation of the scheme, Platinum would be permitted to pay a fully franked special dividend to its shareholders, from its own cash reserves, of $0.24 per Platinum share.
The consideration would be reduced for Platinum's FY24 final dividend (previously announced on 28 August 2024 as $0.04 per Platinum share) and any other dividend paid by Platinum other than the permitted $0.24 per Platinum share special dividend.
The Regal Proposal is subject to a number of conditions including the granting of due diligence, the Platinum Board recommending the Regal Proposal to Platinum shareholders, and entry into a mutually acceptable scheme implementation deed.

Any scheme of arrangement would also be subject to a number of customary conditions, including shareholder, court and regulatory approvals.

The Platinum Board is considering the merits of the Regal Proposal having regard to its assessment of the stand-alone inherent value of Platinum in a change of control context, including with reference to Platinum’s current turnaround strategy, outlook, and planned future growth initiatives.
The Platinum Board will also have regard to the absolute and relative value of the Regal share consideration being proposed, the potential business costs and benefits of any combination, as well as Platinum’s own capital management plans and alternative strategic options. In the meantime, we confirm that this should not impact our unit holders and our investment philosophy and process remain the same.

Shareholders should note that there is no guarantee that discussions with Regal will progress or that due diligence access will be granted or, if it is, that Regal will submit a binding proposal that will ultimately be recommended by the Platinum Board.
Platinum shareholders should not take any action in connection with the Regal Proposal. In due course, the Platinum Board will update investors under its continuous disclosure obligations.

Platinum has appointed Jefferies Australia as its financial adviser and Allens as its legal adviser.

i hold PTM

will shareholders resist this offer

( given recent PTM initiatives i won't be )

 

[finicky]

will shareholders resist this offer

No. I haven't read it but we should unanimously accept it.

Held

 

[divs4ever]

No. I haven't read it but we should unanimously accept it.

Held

well they put in a new CEO recently and he convinced me to sell the PAI ( which wasn't trivial for me )

the main question must be .. is Regal a better run manager ( i don't know that yet ) and the secondary question can the PTM CEO bring in new funds ( and not just reduce costs )

i hung in there thinking the new CEO MIGHT launch a new 'climate-friendly' fund where he he previously had some success ( unlike many rivals )

Regal is offering a scrip deal , i will watch and assess opportunities as they arrive ( the market might bash Regal , for example )

 

[Dona Ferentes]

that is one made-up version.

As high as $1.23 today from sub-$1 at start of Sept. ...Reality is more like this:

"Platinum Asset Management will grant Regal Partners access to non-public information after the acquisitive hedge fund signalled it would consider increasing the value of its takeover bid for the three-decade old global equities firm founded by billionaire stock picker Kerr Neilson.

"Platinum ... had rejected Regal’s approach late last month, saying that it undervalued the company. Mr Neilson, who still owns more than 21 per cent of the fund manager, has not said whether he backs the takeover bid for the firm..."

 

[Sean K]

Yikes!

I was in about five of their funds up to the GFC and things have just gone from worse to worse since then.

Recovered well in 2015 and 2018 but then, yikes.

 

[finicky]

Regal's withdrawn. Platinum's paying a 20c special div.

Held
Holding

 

[qldfrog]

Yikes!

I was in about five of their funds up to the GFC and things have just gone from worse to worse since then.

Recovered well in 2015 and 2018 but then, yikes.

View attachment 189073

Time in the market, not timing the market.. remember

 

[qldfrog]

Regal's withdrawn. Platinum's paying a 20c special div.

Held
Holding

Great, bribing: please please don't go...

 

[Sean K]

Time in the market, not timing the market.. remember

We need one of those emojis in the 'like' options.

 

[finicky]

 

[Sean K]

I'm not sure if yesterday's after hours results announcement was any good.

 

[Dona Ferentes]

they should sell everything down, wind it up, and get a real job.

Clifford's going, FUM heading south

 

[Dona Ferentes]

Shares in Platinum Asset Management have rocketed 11 per cent-plus after restarting trading on talks between the funds manager and the L1 Capital-controlled L1 Long Short, which is in a trading pause.

L1 bought on Thursday bought up 19.9 per cent of Platinum in its bid to merge, with Platinum saying a merged entity would be responsible for $18bn of funds under management.

PTM last traded at 62.5c

 

[finicky]

L1 bought on Thursday bought up 19.9 per cent of Platinum in its bid to merge,

Another loooser to get of my books and realize a CGT loss. Shortly after a move made on AGI by its majority predatory shareholder.

 

[divs4ever]

Another loooser to get of my books and realize a CGT loss. Shortly after a move made on AGI by its majority predatory shareholder.

not travelling very well for me either

AND i am not a huge fan of L1 Capital either , so if L1 shares were offered in a scrip deal i will not be super-excited to accept the offer

 

[AnInvestor]

not travelling very well for me either

AND i am not a huge fan of L1 Capital either , so if L1 shares were offered in a scrip deal i will not be super-excited to accept the offer

Why don't you like L1?

 

[Dona Ferentes]

Shares in Platinum Asset Management have rocketed 11 per cent-plus after restarting trading on talks between the funds manager and the L1 Capital-controlled L1 Long Short, which is in a trading pause.

L1 bought on Thursday bought up 19.9 per cent of Platinum in its bid to merge, with Platinum saying a merged entity would be responsible for $18bn of funds under management.

If a deal with L1 were to go ahead, it would see Platinum acquire its peer in return for the issue of new ordinary shares in Platinum.

L1 shareholders would end up owning around 75 per cent of the business, while Platinum shareholders would hold the remaining 25 per cent.

 

[divs4ever]

Why don't you like L1?

A. plays long short

B. plays global

which implies mainly US and EU

looks like an accident waiting to happen

given the potential risks , you would want at least 12% div. yield ( per annum )

Dividend Type	Dividend Amount ($)	Franked	Ex-Div Date	Pay Date
Interim	0.063	100.00%	17/03/2025	07/04/2025
Final	0.060	100.00%	09/09/2024	01/10/2024
Interim	0.058	100.00%	18/03/2024	09/04/2024
Final	0.055	100.00%	11/09/2023	03/10/2023
Interim	0.050	100.00%	15/03/2023	04/04/2023
Final	0.045	100.00%	12/09/2022	30/09/2022
Interim	0.040	100.00%	14/03/2022	01/04/2022
Final	0.030	100.00%	13/09/2021	01/10/2021
Interim	0.015	100.00%	01/03/2021	26/03/202

small board/management

Current Directors​

Name	Position Name	Date Appt.
Mr Andrew James Paget Larke	Non-Executive Chairman,Non-Executive Director	26/01/2018
Mr Harry Kingsley	Non-Executive Director	26/01/2018
Mr Raphael Lamm	Joint Managing Directors and Chief Investment Officer	16/12/2017
Mr Mark Landau	Joint Managing Directors and Chief Investment Officer	16/12/2017
Mr John Thomas Macfarlane	Non-Executive Director	26/01/2018

Current Management​

Name	Position Name
Mr Mark Andrew Licciardo	Company Secretary

Related by Directors​

Director	Related Companies
Mr Andrew James Paget Larke	1

 

[finicky]

Platinum Asset Management (PTM) -6.72% fell after announcing the loss of a $958 million institutional mandate.