# MLT - Milton Corporation



## drsmith (11 November 2008)

Booring might be coming back into favour but the current bidding on this listed managed investment is interesting. Yesterday Milton released it's NTA for the end of October and it stood at $15.93 per share before taking into account tax on unrealised capital gains.

The overall market is at a similar level to the end of October but there are bidders (and trades) up to $17.50 per share or a 10% premium to pre tax NTA backing.


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## drsmith (21 November 2008)

Booring stock I know but I took advantage of the above premium to NTA and sold some at $17.40.

I used the proceeds to buy back in today at $12.90.


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## Judd (22 January 2014)

MLT reported today.  Profit (excluding specials) up 6.7%. Dividend 8.2cff up 5.1%. Cash now at $148M. DRP has been introduced. MER (based on fixed costs not FUM) is 0.13%.


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## Judd (16 September 2014)

Another ho hum share.  Again a share purchase plan but this one has a $4.45 per share price.  Closes 19 September.


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## sptrawler (12 December 2017)

Just bought in at $4.58, my guess is LIC's will become a goto share for SMSF's, that are interested in an income stream over capital gain.
Allocating a percentage of the portfolio, to dividend stream, while interest rates are terrible seems logical.
I'll see how it goes.


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## Dona Ferentes (23 January 2020)

Milton have announced their Half Yearly; ticking along fairly well, though *dividend held steady at 9.0c ff* and commentary at some odds with its core stated aim,: 







> Milton invests for the long term in well managed companies with a profitable history and the expectation of dividend growth, and its key objective is to pay increasing fully franked dividends per share.



With $3.3 billion in assets under management, it has $158 million in cash and anticipates opportunities in the future, attributing multiples expansion rather than earnings growth to the current market and *expecting future volatility *to throw up opportunities.

Among purchases, MLT bought more Macquarie MQG, TransUrban, Sydney Airport and BHP. Disposals were 20% more at $153million and included Bank of Qld ($43mill), Bendigo & Adelaide Bank ($39mill), Dulux (T/Over), Westpac ($15mill) and ANZ Bank ($15mill).

It's interesting there *has been a decision to lighten off on Banks, *now 21.8% of portfolio, and that was more towards the regional players rather than Big 4. This signals a weakening economy, to my way of thinking. At 31 Dec 2017, Financials were 31.7%, twelve months ago at 28.2% and 6 months ago represented 28.0% of total assets.


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## Dona Ferentes (24 July 2020)

it is hard to turn a ship around, even when the storm clouds appear.  then along comes Covid.

_Milton declared a fully franked final dividend of 8.5 cents per share bringing the full year ordinary dividends to 17.5 cents per share. The full year dividends represents a *payout ratio of 105.5%* of underlying profit. 

Sharply lower dividends were received on Milton’s investment portfolio in 2020 as many companies reduced dividends to preserve cash. These cash flow concerns arising from COVID19 mandated business lockdowns and elevated uncertainty. Proactive measures were taken by Milton’s investment team to reduce exposures to banks and make other targeted portfolio adjustments to reduce this impact. Reduced liquidity income was received on Milton’s cash balances due to reductions in term deposit rates._

_2020 was a transformative year for Milton’s investment portfolio with bank weightings reduced from 28% at 30 June 2019 to 17% at year-end. Bank investments were reduced due to concerns over weaker long-term earnings growth from declining credit quality, increased compliance costs and the effects of technology based disruption. 

Milton’s $2.9 billion Australian listed equity portfolio is currently comprised of 71 companies. Investments were increased by $269.8 million over the year with increases in Macquarie Group, Transurban, BHP, Cleanaway, Sonic Healthcare, Amcor, Altium, REA and Qube and included new investments in Pro Medicus, Johns Lyng and Magellan. Disposals amounted to $276.2 million and included complete sales of Milton’s holdings in ANZ, Bendigo Bank, Bank of Queensland, Blackmores, New Hope and Adelaide Brighton. Holdings in Westpac and QBE were also reduced_.


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## sptrawler (29 July 2020)

Preliminary final report from Milton.

https://www.asx.com.au/asxpdf/20200724/pdf/44kswkfwftl81j.pdf

I do hold


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## Belli (29 July 2020)

sptrawler said:


> Preliminary final report from Milton.
> 
> https://www.asx.com.au/asxpdf/20200724/pdf/44kswkfwftl81j.pdf
> 
> I do hold




Thanks for that.  I see it's dividend payout is greater than its underlying earnings.  Still has a wad of cash at call and has actually increased it by end of FY.  The small reduction in dividend pcp I can deal with.

I hold and added a little more in early April this year - which will go someway to mitigating the drop in the dividend.

Have to keep chipping away.


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## Dona Ferentes (21 October 2020)

From the AGM: In 2020 Milton added $269.8 million of long-term investments, funded by $276.2 million of sales. This represents approximately *three times *our normal turnover.

The year saw quite a change, the biggest being a reduction in bank holdings from 28% to 17% of portfolio (mostly achieved pre Covid) including the complete sale of our holdings in ANZ, Bank of Queensland and Bendigo and Adelaide Bank. Milton in the year also completely exited Blackmores, Flight Centre, Janus Henderson, Regis Healthcare, Boral, Orica, Incitec Pivot, Adelaide Brighton and New Hope Corporation.

New positions in Magellan, Johns Lyng Group and Pro Medicus were added. Additions to existing positions included Macquarie Group, Transurban, BHP, Cleanaway and Sonic Healthcare.



> The consensus EPS forecast for the ASX200 for the 2021 financial year is for growth of 4.1%.  Dividends are forecast to fall by 2.1%, after a fall of 29.5% in 2020.  Milton will continue to take a long-term approach, focusing calmly and clearly on earnings and the dividends that follow and take advantage of volatility should markets become turbulent.  We will look to remain as fully invested in the equity market as possible, whilst keeping sufficient cash for flexibility.





> Milton's balance sheet is strong. We have total assets of $2.9 billion, cash at 30 June of $114 million and no debt. Milton also has $98 million of franking credits available to support future dividend payments. We have confidence, in the absence of unforeseen circumstances, that the dividend for 2021 is well supported.  Milton has paid a dividend every year since 1938. [/QUOTE


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## Belli (20 January 2021)

sptrawler said:


> I purchased MLT at $4.58 in Dec 2017, it will be interesting to compare their performance over time.




Here is a chart using the ASX web-site over a five year period.









Unless, you have access to some other software, I wouldn't go back further using that web-sit as it does not appear to make adjustments for the 5 for 1 split about 7 years ago.  Even longer I believe you would need to consder MLT absorbing CHO (which I held at that time) in December 2010.  Another factor is the number of unlisted management companies which MLT has acquired over an extended period.  You can view them here if you wish:



			Milton
		


Not sure if AFI has been involved in similar activity.

We'll find out how MLT is traveling when it reports tomorrow 21 January.


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## sptrawler (20 January 2021)

Thanks for that @Belli, according to comsec, I'm up 7% on MLT and 15% on AFI, so both are travelling a lot better than my NAB and WBC holdings. 
By the way that is just on price, not including dividends and franking, which makes them a whole lot better than NAB and WBC. 😂


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## Belli (21 January 2021)

sptrawler said:


> Thanks for that @Belli, according to comsec, I'm up 7% on MLT and 15% on AFI, so both are travelling a lot better than my NAB and WBC holdings.
> By the way that is just on price, not including dividends and franking, which makes them a whole lot better than NAB and WBC. 😂




Nice one @sptrawler.

I don't follow performance much and focus more specifically on buying shares as a form of an annuity via dividends.  Sometimes to get that, it costs more and sometimes it costs less.  You know how it goes with prices.  I had a quick gander at some of my purchases of MLT - July 2002 @ $11.70; December 2003 @ $13.24; October 2013 @ $19.70 all pre-split and March 2019 @ $4.48 plus SPPs at various stages.  So all I know about performance is this is one of those annuities sources which so far provides me with a goodly five figure income every year.  That is the limit of this little black duck's knowledge about performance.


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## sptrawler (21 January 2021)

Belli said:


> Nice one @sptrawler.
> 
> I don't follow performance much and focus more specifically on buying shares as a form of an annuity via dividends.  Sometimes to get that, it costs more and sometimes it costs less.  You know how it goes with prices.  I had a quick gander at some of my purchases of MLT - July 2002 @ $11.70; December 2003 @ $13.24; October 2013 @ $19.70 all pre-split and March 2019 @ $4.48 plus SPPs at various stages.  So all I know about performance is this is one of those annuities sources which so far provides me with a goodly five figure income every year.  That is the limit of this little black duck's knowledge about performance.



That is the very reason I bought both MLT and AFI, for a steady income stream in retirement. 
I looked at a lot of LIC's, but settled on these two, due to track record, management costs and portfolio's. As time moves on I will probably rotate out of individual shares and more into LIC's and maybe ETF's.


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## Dona Ferentes (21 January 2021)

A lower dividend from Milton, somewhat expected, of 5.75c ff. (it was 9c a year ago), which represents 104% of underlying earnings (normally aim for 90-95%).







> ... after an active 2020 when transformative changes were made to the portfolio.... limited changes were made this Half. Additional investments were made in Johns Lyng Group, Magellan, Cleanaway, Amcor, WEquity Trustees and IOOF; a new addition was IPH. Sold down completely was QBE and Sims Group.


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## Belli (21 January 2021)

Dona Ferentes said:


> A lower dividend from Milton, somewhat expected, of 5.75c ff. (it was 9c a year ago), which represents 104% of underlying earnings (normally aim for 90-95%).




Nice point @Dona Ferentes.

Company earnings, and therefore dividends, were hammered last year.  While it is disappointing I take the view the management is cautious about conserving funds which would then be able to sustain a dividend for a longer period.  Far better from my perspective than emptying the bucket with an extreme payout ratio say 200% or more.


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## Ferret (21 January 2021)

I've held AFI since the mid 90s and MLT since 2015.

AFI has been the better performer and also has a significantly lower MER (AFI 0.1%, MLT 0.15%).

I think I might get out of MLT at a suitable point and pick up ARG as a second LIC holding.  At nearly $5, MLT is near it's all time high of $5.08, so maybe now isn't a bad time to exit.


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## sptrawler (21 January 2021)

Ferret said:


> I've held AFI since the mid 90s and MLT since 2015.
> 
> AFI has been the better performer and also has a significantly lower MER (AFI 0.1%, MLT 0.15%).
> 
> I think I might get out of MLT at a suitable point and pick up ARG as a second LIC holding.  At nearly $5, MLT is near it's all time high of $5.08, so maybe now isn't a bad time to exit.



AFI seems to be the pick, but ARG and MLT have similar MER, so I worked it out on price/dividend.
When I bought MLT was better than ARG so I chose them, but it was a bit of a toss of a coin.
If I had my time over I would have just bought AFI, but time will tell,  I'll stick with MLT for now, but may move all to AFI at some stage.


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## Belli (21 January 2021)

Ferret said:


> I think I might get out of MLT at a suitable point and pick up ARG as a second LIC holding.




Of course it is a matter how you see it but ARG did also reduce its last dividend and had a similar payout ratio to MLT

Are we confident ARG when it reports will not do something similar to MLT?  I don't know the answer obviously as some dastard nicked the magic mirror which forecasts the future.


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## Dona Ferentes (21 January 2021)

One of the issues, which doesn't necessarily escalate to a worry, for Milton is that can be seen as a dynastic vehicle for certain players. There is nothing inherently wrong with this, as similar inferences can be pointed towards the JB Were "stable", of *AFI*, DJW, MIR and Acmil all emerging, over the years and decades from what was an old school 'Collins St' investment house. *Argo *prides itself on stable management and steady hands on the tiller, and is proud of its independence. *Milton *has links with WHSP and various families that have been involved in managing investments for generations.

A common refrain from what are called the _*older style of LIC *_is the conservative management, no or little debt, internal management and low fees. Milton, for example, "_maintains a strong balance sheet with no debt and cash on hand to respond to new and existing opportunities identified by our investment team. Milton also has substantial profit reserves and franking credit balances"._

Soul Patts is an _"investment conglomerate that has been listed since 1903. Its leadership has consisted of successive family members who value the history of the company. More than 40 employees have worked for the company for over 50 years. Five generations of the Pattinson family have served the company, as have three generations of the Dixson, Spence, Rowe and Letters families_".
Milton has directors aligned with SOL, the Millners for example. Top holding in MLT is SOL, with Brickwoks and New Hope features in the top 20.  Now, this isn't a bad thing in itself if the companies perform; and the Directors would have good insight into that. Going the other way, SOL holds a 3.3% stake in MLT, and an 8.5% holding in the smaller BKI investment (BKI).

At 31 December 2020, Milton holds some 70 companies, and the *top 20 *(as listed below) account for 72% of the portfolio's $3.24 billion under management. Note, as well as equities, MLT holds interest bearing securities and real property.

_Company .................. Value $m... % Total Assets ...Total Return %_
W H Soul Pattinson ........ 276.1 ...... 8.5 ...... 55.9%
Commonwealth Bank .... 257.9 ..... 8.0 ....... 19.7%
Macquarie Bank Ltd ...... 225.2 ...... 6.9 ...... 17.9%
BHP Group Limited ....... 206.0 ...... 6.4 ...... 20.6 %
Westpac Banking Corp...193.4 ...... 6.0 ......... 9.6%
CSL Limited .................... 170.2 ...... 5.3 ....... (0.8)%
Wesfarmers Limited ......145.0 ...... 4.5 ....... 14.5%
Woolworths Limited .....115.5 ....... 3.6 ......... 6.7%
National Aust. Bank .....110.0 ....... 3.4 ....... 25.7%
A P Eagers Limited ........ 90.3 ....... 2.8 ....... 96.9%
Transurban Group ........ 79.4 ...... 2.5 ....... (2.3)%
Rio Tinto Limited ........... 76.2 ...... 2.4 ....... 18.4%
Brickworks Ltd ............... 62.1 ...... 1.9 ....... 23.8%
ALS Limited .................... 58.4 ...... 1.8 ....... 47.8%
Coles Group Ltd ............ 52.2 ...... 1.6 ......... 7.3%
Telstra Corporation ...... 45.4 ...... 1.4 ....... (2.2)%
Amcor Limited ............... 44.2 ...... 1.4 ........ 6.8%
Perpetual Limited ......... 42.8 ...... 1.3 ....... 18.8%
AGL Energy Limited ...... 42.7 ...... 1.3 ...... (26.9)%
ASX Limited .................... 39.5 ...... 1.2 ...... (14.2)%

 I wouldn't angst too much over MLT versus ARG, or AFI for that matter. Their mandates are similar. Perhaps a point of differentiation would be to also look at small to mid cap LICs as a complement to the blue chips. Fund size may be smaller, and fees higher, but smallness can equate to nimbleness.


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## sptrawler (21 January 2021)

All very true @Dona Ferentes  and it was the reason I bought AFI a year after MLT, the numbers stacked up MLT's way, but I was reluctant to buy more due to their inter relationship with Sol.
Also one of the reasons, why after having the two I mentioned about rotating out.
By the way Dona, thanks for your honest and impartial input in all threads, they are much appreciated.


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## Dona Ferentes (22 June 2021)

MILTON AND WASHINGTON H. SOUL PATTINSON AGREE TERMS OF A PROPOSED MERGER

• Milton Corporation Limited has entered into a Scheme Implementation Agreement with Washington H. Soul Pattinson and Company Ltd, under which it is proposed that WHSP will acquire 100% of the share capital in Milton it does not already own by way of a Scheme of Arrangement
• Milton Shareholders will receive WHSP scrip as consideration with Milton shares to be valued at a 10% premium to pre-tax net tangible assets adjusted for Milton final and special dividends. In addition, Milton shareholders will receive a fully franked special dividend (which Milton estimates will be up to 37cps) (Special Dividend), the fully franked final dividend (which Milton estimates will be approximately 8cps) (together the Proposed Dividends) and the fully franked FY21 final dividend from WHSP (which WHSP indicatively estimates to be 36cps, of which, based on the exchange ratio, and at current prices, Milton shareholders are estimated to be eligible for 7cps)
• Based on current prices, the proposal implies a value of $6.00 per Milton share, equivalent to an enterprise value of $3.99 billion based on a $4.05 billion equity value and $59.7 million net cash balance
• Implied value of $6.00 per Milton share represents a significant premium of 20.0% to Milton’s last closing price of $5.00 per share, a 9.9% premium to Milton’s pre-tax NTA of $5.46 per share, a 28.5% premium to Milton’s post-tax NTA of $4.67 per share and a 20.2% premium to the one month volume weighted average price of $4.99 per Milton share.

... _one way of removing the NTA discrepancy. _


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## Belli (3 July 2021)

The SMSF sold its MLT holdings on 1 July @ $6.24.  Interesting that MLT indicated its restraint when it reduced the previous dividend to $0.0575 but can fund a $0.37 special dividend to sweeten the deal for the merger. My guess is the merger will likely go through but as the SMSF is only invested via LICs and ETFs and SOL isn't either of those, topped up on ARG, WHF, VAS and VGS.

Various arguments can be made and these were tossed around with an FP I contact sometimes who basically said it is akin to SOL paying $0.50 for $1 worth of assets.

For personal holdings, I'll ride out the merger and, should it occur, my holdings in SOL will increase.


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## Dona Ferentes (3 July 2021)

Belli said:


> an FP  .... basically said it is akin to SOL paying $0.50 for $1 worth of assets.



The listed assets are easy to price. They were at 95c.... Maybe he thinks there's some savings to be made in the simplifying of the management structures, listing obligations and reporting lines.


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## Belli (3 July 2021)

Dona Ferentes said:


> The listed assets are easy to price. They were at 95c.... Maybe he thinks there's some savings to be made in the simplifying of the management structures, listing obligations and reporting lines.




Possibly.  Not entirely sure where this lot will sit though.









						Washington H. Soul Pattinson - WHSP Large Cap Portfolio
					

WHSP Large Cap Portfolio is a high conviction portfolio of quality ASX listed companies that can provide an attractive income stream & capital preservation.




					contactam.com.au
				




I wasn't fully across it until it was brought to my attention.  It gave me pause for thought on whether to continue to hold MLT.


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## Dona Ferentes (7 July 2021)

If you ever ant to see the difference a bit of Corporate Activity makes, have a look at the numbers supplied in the Milton Monthly update, which show Total Portfolio Return (TPR) and Total Shareholder Return (TSR) numbers

MLT ............ TPR ........... TSR
6 mths ...... 15.46%  ...... 33.69%
12 mths .... 33.20% ......  59.14%
3 yrs ............ 9.33% ....... 15.59%
5 yrs ............. 9.75% ....... 12.60%
10 yrs ........... 9.20% ....... 12.01%
15 yrs ........... 6.96% ........ 7.69%
 Since incept.. 8.84% ........ 9.90%

TPR combines the change in value of the NTA per share with the dividends paid in the period.
TSR combines the change in share price with the dividends paid in the period and captures the impact of any premium or discount to NTA.


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## Dona Ferentes (23 July 2021)

Milton's Annual is out, and as to be expected, in what may be the last time, the year has been good for shareholders


Total portfolio return of 33.2% in FY21, outperforming the All Ords Accumulation index a Strong income recovery in 2H21 with a 17.8% increase in dividend income vs PCP 
FY21 Net profit after tax of $92.4 million on total investment revenues of $103.5 million
Fully franked final dividend of 8.0 cps and full year fully franked dividends of 13.75 cps
Previously announced proposed merger with Washington H Soul Pattinson (WHSP) subject to shareholder vote later this year, with Scheme Booklet to be dispatched to Milton shareholders in August
Total shareholder returns for FY21 of 59.1%, in part reflecting strong Milton and WHSP share price performance post the announcement of the proposed merger.



> _Investments were increased in Johns Lyng Group, Magellan Financial Group, Amcor PLC, Pro Medicus, Carsales.com, EQT Holdings, Coles Group, Pendal Group, IOOF Holdings and Cleanaway Waste Management. A new investment was made in IPH. _





> _$43.2 million of portfolio sales were made in 2021 and included the complete disposals of Milton's investments in Coca Cola Amatil (due to takeover), QBE Insurance Group and Sims. Milton's Investment in the Charter Hall Long WALE REIT was reduced. _





> _During the year Woolworths Limited demerged its hotel business Endeavour Group Limited. As is its practice, Milton recognized the transaction through its capital account as it is non-cash.  We note that certain industry peers will record this as a demerger dividend through profit and loss. The gain on demerger taken to reserves is approximately $16.1 million_.


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## divs4ever (24 July 2021)

did i miss out on a job ?? 
investment officer at MLT ...  LOL

 i hold PME 'free-carried' bought at 16.5c  , EQT 'free-carried'  got them many years back  PDL 'free-carried ' bought as BTT  about $2.30 from memory  , have some COL ( thanks to WES ) , have some IFL but can't get my target price to add more  but prefer QIP oiver IPH  if i invest back in that  niche  i made a handy profit when XIP was taken over 

yes i got evicvted in profit on CCL , i 'channel trade'  QBE , and exited SGM years ago 

 i didn't really take notice of MLT until they did the share split , but i could never get my target price  , looks like i have missed out 

 i hold SOL ( one of the first shares i bought ) and have made a bundle by reading the SOL share-holder report every year ( especially the part about the companies invested in )

 DYOR


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## Belli (24 July 2021)

divs4ever said:


> did i miss out on a job ??
> investment officer at MLT ... LOL




Your style of posting seems very familiar.  I'm sure I saw similar a few years ago on another site.  I cannot remember which one it was but after reading a number of posts by this character, who was really off the wall with completely scattered and disjointed thoughts, I decided not for me.

Anyways, if I were to take a position in the Miller entities, BKW would be a better choice rather than SOL which is way over priced based on it's underlying NTA.


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## divs4ever (24 July 2021)

that is very possible  , i like to seek extra  views  both in Australia and internationally   , it is the only way to get genuine 'grass-roots ' opinions 

 regarding BKW my share-holding there is larger than SOL but i did buy using ( partly ) the SOL analysis  in the shareholder reports  , profits made on share that SOL has an interest in  has many times over paid for the SOL investment ( and now SOL shares are going to boot after years of nothing exciting )

  i hold several shares that the Milner family have an interest in  MLT was on my shopping list but could never get it at the price i wanted 

 cheers


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## Dona Ferentes (5 August 2021)

The Court has approved convening of the Scheme Meeting, for the Milton tie-up with SOL.

Dates look more solid.  Vote by/ on 13 Sept. Expect the Scheme booklet in the next few weeks.


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## Dona Ferentes (31 August 2021)

I am surprised by the rise and rise of MLT  .... and SOL (up to $36), for that matter.

Today, even after going ex-dividend of 8c, the SP is down only  a few cents, and in the high $6.80s.
With the NTA out soon, it will have increased but that much more.  The merger may bring advantages, but all I'm seeing is a 10% premium.


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## Dona Ferentes (3 September 2021)

Dona Ferentes said:


> I am surprised by the rise and rise of MLT  .... and SOL (up to $36), for that matter.



MILTON SHAREHOLDERS TO RECEIVE 0.1863 WHSP SHARES FOR EVERY MILTON SHARE THEY OWN IF SCHEME IS APPROVED 

• The Exchange Ratio for Milton’s proposed merger with Washington H. Soul Pattinson (WHSP) has been set at 0.1863 
• The Exchange Ratio implies a total value of *$7.18 per Milton share * •


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## Dona Ferentes (13 September 2021)

Milton advises that the Scheme Resolution *was passed by the requisite majorities* of Milton Shareholders at the Scheme Meeting held earlier today, with: 

• 93.22% of Milton Shareholders present and voting (either in person or by proxy, attorney or corporate representative) .. in favour of the Scheme Resolution; and 
• 82.78% of votes cast .. in favour of the Scheme Resolution. 

The _Implementation of the Scheme_ remains subject to approval by the Court and the satisfaction or, where capable, waiver of certain other customary conditions as outlined in the Scheme Booklet. Milton has applied to the Court for approval of the Scheme at a hearing scheduled to commence at 10.15am (AEST) on 20 September 2021. Milton will make a further announcement after the conclusion of the Court hearing. 

If the Court approves the Scheme, Milton proposes to lodge the orders of the Court with the Australian Securities and Investments Commission on 21 September 2021, at which time the Scheme will become legally effective pursuant to section 411(10) of the Corporations Act 2001 (Cth). 

 Subject to the Scheme becoming Effective: 
• _Milton will apply for its shares to cease trading on ASX from the close of trading on 21 September 2021; 
• the Special Dividend Record Date will be 7.00pm on 22 September 2021;
• the Scheme Record Date will be 7:00pm on 27 September 2021; and 
• the Scheme is expected to be implemented on 5 October 2021 (Implementation Date)_


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## Dona Ferentes (16 September 2021)

Milton Directors have determined to pay a fully franked special dividend of 37 cents for each Milton share held by shareholders as at the record date, being 7:00pm on 22 September 2021 .

Payment of the Special Dividend is currently expected to occur on 5 October 2021.


_and then, off to SOL_


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## System (8 October 2021)

On October 6th, 2021, Milton Corporation Limited (MLT) was removed from the ASX's Official List in accordance with Listing Rule 17.11, following implementation of the scheme of arrangement between MLT and its shareholders in connection with the acquisition of all the issued capital in MLT by Washington H Soul Pattinson & Company Limited.


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