Platinum Asset Management Limited has announced that it has entered into a merger implementation deed with the shareholders of L1 Capital1, which contains the binding terms of the proposed merger between Platinum and L1 Capital.
Subject to the satisfaction of the conditions precedent, which includes Platinum shareholder approval, at completion of the merger, Platinum will acquire 100 per cent of the issued share capital in L1 Capital, in consideration for the issue of new Platinum ordinary shares to existing L1 Capital shareholders.
Under the terms of the merger, it is expected that immediately following completion, the existing L1 Capital shareholders will hold 74 per cent of the issued share capital in the merged group, and existing Platinum shareholders will hold 26 per cent.
“The Platinum Board is unanimous in its view that this transaction is in the best interests of shareholders,” Platinum chairman Guy Strapp said.
“After careful consideration, we believe the combination with L1 Capital provides a catalyst to deliver strong outcomes for shareholders and investors, creating a high-quality manager with a strong heritage, world-class investment talent and scale."
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just like magic
... and just in time?
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Platinum Asset Management has announced it experienced net outflows of $428 million in June.
Its funds will pay distributions (net of reinvestment) of about $151 million in July, which will be reflected in the funds under management figures in next month’s announcement.
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