SOL - Washington H. Soul Pattinson and Company

[Dona Ferentes]

big trade crossed this morning

related to this ^^ ?

a new high of $43.43, as the finance wizards repurchase debt, advantageously

....relating to the Topco Share
Placement and Concurrent Convertible Bond Repurchase, Soul Patts has successfully completed the reverse bookbuilding process to determine the quantum and the repurchase price of the outstanding $450 million Senior Unsecured Convertible Notes due 2030.

Under the reverse bookbuilding process, approximately 97% of the outstanding $450 million Senior Unsecured Convertible Notes due 2030 will now be repurchased in two tranches as follows:
• Approximately $218 million of the principal amount of the Existing Notes will be Repurchased for $271 million with a settlement date of 4 July 2025; and
• Approximately $217 million of the principal amount of the existing Notes will be Repurchased for a price to be determined by reference to the closing price of Soul Patts ordinary shares one business day after shareholder approval at the SOL and BKW scheme vote with a settlement date 2 business days after that date.

 

[Garpal Gumnut]

related to this ^^ ?

a new high of $43.43, as the finance wizards repurchase debt, advantageously

....relating to the Topco Share
Placement and Concurrent Convertible Bond Repurchase, Soul Patts has successfully completed the reverse bookbuilding process to determine the quantum and the repurchase price of the outstanding $450 million Senior Unsecured Convertible Notes due 2030.

Under the reverse bookbuilding process, approximately 97% of the outstanding $450 million Senior Unsecured Convertible Notes due 2030 will now be repurchased in two tranches as follows:
• Approximately $218 million of the principal amount of the Existing Notes will be Repurchased for $271 million with a settlement date of 4 July 2025; and
• Approximately $217 million of the principal amount of the existing Notes will be Repurchased for a price to be determined by reference to the closing price of Soul Patts ordinary shares one business day after shareholder approval at the SOL and BKW scheme vote with a settlement date 2 business days after that date.

I must admit that I saw this but to be hones I didn't understand.

gg

 

[Dona Ferentes]

I must admit that I saw this but to be hones I didn't understand.

gg

they took the $450M con note debt that had 5 years to run and asked / made offer to holders how much cash do they want, in $$s now or by formula based on a future share price. ??

 

[qldfrog]

they took the $450M con note debt that had 5 years to run and asked / made offer to holders how much cash do they want, in $$s now or by formula based on a future share price. ??

This is brilliant IMHO.
The current mindset is rates are going down!
So holders are less greedy doing that deal factoring lower bonds/TD returns in the future, add FOMO and SOL de facto locking a lower interest rate for its existing debt.
A win win

 

[Dona Ferentes]

Topco fully funded to execute the strategic merger between Soul Patts and Brickworks​

On 2 June 2025, Washington H. Soul Pattinson and Company Limited and Brickworks Limited announced a proposed merger to create Topco, a new ASX listed company.

Topco has now secured additional commitments of $220m at no discount to Soul Patts’ last closing price of $42.61. This placement is fully underwritten by Aitken Mount Capital Partners and is conditional only on implementation of the schemes to acquire Soul Patts and Brickwork.

... and lucky to get the gig !

 

[divs4ever]

well i bought my SOL @ $13.10 and the BKW @ $9.91 so considering i don't need to shower and dress up to arrive at the workplace .. i am doing OK , assuming they can maintain the divs.

 

[Dona Ferentes]

$40.58

SOL refers to its announcement released to the ASX on 2 June 2025 in relation to the proposed merger between Soul Patts and Brickworks. Soul Patts provides unaudited performance for the year ended 31 July 2025 and final dividend payments to shareholders.

On a preliminary, unaudited basis, Soul Patts’ Net Asset Value (pre-tax) for the financial yearending 31 July 2025 (FY25) is expected to be between $12.18 billion - $12.68 billion. Net Cash Flow From Investments is expected to be between $485 million - $535 million.

The Soul Patts Board has determined to pay a fully franked final dividend of 59 cents per share for FY25, taking total ordinary dividends to 103 cents per share for FY25

 

[Dona Ferentes]

The Soul Patts Board has determined to pay a fully franked final dividend of 59 cents per share for FY25, taking total ordinary dividends to 103 cents per share for FY25

....
The dividend has been determined based on Net Cash Flow From Investments, consistent with Soul Patts’ dividend policy. The dividend will be paid on 5 September 2025 to shareholders who hold Soul Patts shares on the record date of 7.00pm on Friday 22 August 2025.

Soul Patts’ Managing Director & CEO, Todd Barlow said: “Our performance remains solid during a period of heightened market volatility. Measuring our performance on a total shareholder return basis, we delivered 17.5% outperforming the All Ords Accumulation Index by +5.7% in financial year 2025. We are confident that our diversified portfolio – and recent focus on private credit and private equity – can continue generating long-term capital and income growth, with a robust liquidity position supporting new investment opportunities.”
.
.... now, they used to pay their dividends n November and May, and I quite liked the out-of-cycle contribution. At least this is brought forward.

 

[Dona Ferentes]

recent swoon wasn't on high volume; probably along with the general market ...,, a few days after new ATH of $44,14

.
59c ff dividend lands today

from 01 Aug update
On a preliminary, unaudited basis, Soul Patts’ Net Asset Value (pre-tax) for the financial yearending 31 July 2025 (FY25) is expected to be between $12.18 billion - $12.68 billion. Net Cash Flow From Investments is expected to be between $485 million - $535 million.

The Soul Patts Board has determined to pay a fully franked final dividend of 59 cents per share for FY25, taking total ordinary dividends to 103 cents per share for FY25 and representing Soul Patts’ 27th year of consecutive dividend increases. Soul Patts have paid a dividend to shareholders every year since listing in 1903, increasing the dividend amount consecutively since 1998.

 

[Bellcose]

The dividend will be paid on 5 September 2025

Travel funds have been received in the account. Still haven't spent all of the money received in May. Life is hard, very hard.

 

[Dona Ferentes]

done deal .. $44.630

SOL Share Scheme Resolution
• 96.84% of SOL Shareholders present and voting at the SOL Share Scheme Meeting were in favour of the SOL Share Scheme Resolution; and
• 92.42% of the total number of votes cast by SOL Shareholders at the SOL Share Scheme Meeting were in favour of the SOL Share Scheme Resolution.

BKW Share Scheme Resolution
• 97.40% of BKW Shareholders present and voting at the BKW Share Scheme Meeting were in favour of the BKW Share Scheme Resolution; and
• 98.81% of the total number of votes cast by BKW Shareholders at the BKW Share Scheme Meeting were in favour of the BKW Share Scheme Resolution.