The asset management company, Platinum Asset Management Limited (ASX: PTM) has released a notice regarding a change of interest of its substantial shareholder. As per the notice, the companyâs substantial Shareholders Mr. William Kerr Stephen Neilson (Kerr Neilson) and Mrs. Judith Lydia Patricia Neilson have reduced their voting power in the company from 53.24% to 42.97% by disposing of 60 million company shares. At present, Mr. Stephen Neilson holds 126,037,420 shares of the company and Mrs. Judith Neilson holds 126,037,421 shares of the company.
In an announcement made on 19 March 2019, the Company Secretary Joanne Jefferies had informed that Mr. Kerr Neilson, the co-founder and controller of the Company, and Mrs. Judith Neilson are going to dispose of 30 million shares each, representing 10% of the Companyâs issued share capital.
Commenting on the Sale Mr. Neilson had stated that they are reducing their interests in the Company in order to direct some of their capital towards other pursuits.
For the half-year ended 31 December 2018, Platinum Asset Management Limited reported total revenue of $132.97 Mn, down by 28.49 percent on the previous corresponding period (pcp). Further, the company reported Profit after tax of $65.170 million which was 37.71% lower than pcp.
Gross flows for the 6 months to Dec-18 were resilient, coming in ahead of the prior half and down slightly on the prior comparative period. However, gross inflows did slow in the last few months of the half as the combination of declining markets and relative underperformance began to weigh on investor sentiment. The company reported solid net-flows of $689 million in the Dec-18 half, albeit with 88% of the flows coming in the first three months. The company reported a retail outflow of $1.1 billion which was in line with the prior half. Slowing net inflows in recent months therefore mostly a function of reduced gross inflows. The retail fund inflows were relatively concentrated in the flagship products with PIF & PAF contributing $503 million, and QMFs contributing $164 million.
During the half-year period, the company incorporated a new wholly-owned subsidiary company in the United Kingdom (UK), called Platinum UK Asset Management Limited which will be operating as a European sales and servicing centre for the consolidated entity.
Now, letâs have a glance at the companyâs stock performance and the return it has posted over the past few months. The stock is trading at a price of $4.860, down by 1.818% during the dayâs trade with a market capitalisation of ~$2.9 billion as on 22 March 2019.
The counter opened the day at $4.950 and reached the dayâs high of $4.960 and touched a dayâs low of $4.825 with a daily volume of ~ 2,775,719. The stock has provided a year till date return of 1.45% & also posted returns of -7.91%, 5.39% & 1.88% over the past six months, three & one-months period respectively. It had a 52-week high price of $6.380 and touched 52 weeks low of $4.440, with an average volume of ~ 2,121,020.
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