Founded in 1994, Platinum Asset Management Limited (ASX: PTM) established itself as one of Australia’s most trusted managers’ of international equities. The company is having a remarkable pool of talent, which is focusing on providing investors with superior returns.
Recently on 19th March 2019, the company reported the partial sale of shares in Platinum Asset Management Limited by Mr. Kerr Neilson and Mrs. Judith Neilson.
Mr. Kerr Neilson is the Co-Founder and Controller of the company. He advised Platinum regarding the proposed sale of shares in the company through a fully underwritten offer. The disposal is about 30 Mn ordinary shares held by him and 30 Mn ordinary shares held by Mrs. Judith Neilson, making a total of 60 Mn shares which will be sold at a sale price of $5 per share. As per the company’s announcement, this Sale of Shares represents 10% of the company’s issued share capital.
In an announcement made on 20th March 2019, Mr. Neilson said that the relevant securities were sold without disclosure to investors under Part 6D.2 of the Corporation Act 2001.
After the completion of the Sale, Mr. Neilson will have 126,037,420 ordinary shares and will retain voting control over 42.97% of the company’s issued share capital, and moreover, he will remain on the company’s Board and participate in the daily activities of the investment team. Further, Mrs. Neilson will retain 126,037,421 ordinary shares.
Mr. Neilson also gave assurance that for a period of 12 months, neither he nor Mrs. Neilson are going to dispose of any beneficial interest in their respective retained shares in the company, other than to an associated entity that is subject to a similar restriction or upon the occurrence of certain corporate actions, such as buy-back, takeover or scheme.
While commenting on the Sale, Mr. Neilson added that this disposal of interests will allow him and Mrs. Neilson to use their capital for other purposes, particularly for arts and philanthropy. Further, they will use their capital to diversify their personal investments. While commenting on the sale, the company’s Chairman, Mr. Michael Cole said that sale is having no impact on daily investment processes or operations within the company.
Now, let’s have a glance at the company’s stock performance and the returns it has posted over the past few months. The stock is trading at a price of $4.89, down by 11.091% during the day’s trade with a market capitalization of ~$3.23 billion as on 20th March 2019 (AEST 04:00 PM). The counter opened the day at $5.030; reached the day’s high of $5.030 and touched a day’s low of $4.880 with a daily volume of ~ 65,366,733. The stock has provided year to date return of 14.11% and also posted returns of 7.21%, 12.47%, 13.17%, respectively, over the past six, three and one-month periods, respectively. It recorded a 52-week high price of $6.380 and touched 52 weeks low of $4.440, with an average volume of ~1,056,432.
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