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PTM - Platinum Asset Management

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investforwealth

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Kerr Neilson's boutique funds management company, Platinum Asset Management, lodged its prospectus with the ASX Tuesday with the intention of becoming a publicly listed company.

Many commentators in the market believe Neilson to be one of the finest fund managers this country has ever seen. With some $22b+ under management, it seems investors, both domestic and foreign, tend to agree. The returns he has achieved have been at least great, if not extraordinary. After putting out word that he might be interested in taking on equity partners recently, and rejecting the offers received, it seems that he has now offered all of us a chance to take a stake in Platinum. Although, not a huge stake, as less than a quarter of the shares on issue will be on offer.

There is a definite key-man risk in Platinum... if Neilson walks away at some stage in the future, it could possibly, and may very well, spell the end of their outstanding performance. Let's face it, Neilson is Platinum and Platinum is Neilson.

That said, I've already grabbed a copy of the prospectus and pre-registered my interest with CommSec for an allocation.

I'm very interested to see the views of other ASF participants on the PTM float.

Edit: You can grab a copy of the prospectus from Platinum @ www.platinum.com.au or if you're a CommSec client, thru their IPO Centre.
 
$10,000 though for applications.

Still considering applying.
 
I've held Platinum Asia, Japan and International for some time and have added ocassionally. (Also hold MLC Platinum Global - basically a shaddow of the International Fund)

The Japan, International and MLC fund have performed poorly the past year and even underperformed the benchmarks because of their exposure to Japan and the Yen, which has had a shocker. They've basically underestimated, or misjudged with timing, the resurgence of Japan. So, my coupla hundred K in these has gone sideways. Could possibly be the worst performance by Platinum to date. I'm waiting for the inevitable turnaround.

As a holder of the funds I can't see why I would buy the listed vehicle, unless there is some discount to entry. I actually see the listed company as an even more watered down version of the funds. Just another opportunity for fees to be taken out!

I agree with the key person risk, although he is staying isn't he.
 
kennas said:
As a holder of the funds I can't see why I would buy the listed vehicle, unless there is some discount to entry. I actually see the listed company as an even more watered down version of the funds. Just another opportunity for fees to be taken out!
Click to expand...

I guess as the amount of funds under management grows, so do the fees, and so does the value of the company. It's being listed at a decent PE (17.6)compared to some of its peers, including AMP and Perpetual, which are both above 20 and Challenger at 19.5.

kennas said:
I agree with the key person risk, although he is staying isn't he.
Click to expand...

I'm sure he has no plans to jump ship at this stage. He's in his late-50's though, and not getting any younger. At some stage he'll want to give the game away and start enjoying his billions.

That said, he's obviously quite aware that he's the key to PTM's performance, and with a 62% stake in the company, he's probably in no hurry to leave the future of his fortune in anyone else's hands. I'd obviously be quite concerned if we started to see him sell off any significant portion of his holdings.
 
Applications for allocations in the PTM float open tomorrow. Has anyone else considered their prospectus and have an opinion on whether Platinum will be a good investment?

I have a feeling that this float will be significantly oversubscribed, but that is just my own lay opinion, and is in no way a suggestion that you should subscribe. As always, DYOR!
 
I know someone at Lonsec, who analyses these things. I'll try and get a research report for the forum. Might have to be via PM. Will be back at you.
 
investforwealth said:
Awesome, thanks Kennas! I know I'd certainly appreciate it.
Click to expand...
Lonsec might not do a report on it because it's not big enough. If they do something he's going to send it to me and I'll let you know.
 
Don't worry about it.... COMSEC applications are closed... Only opened for one Day!!

Blumoontrader
 
I applied yesterday at 9:16am Brisbane time

My money is still in my account, i applied through direct debit CDIA account for $10k worth.

Also applied for my brother but paid for him through Bpay for 10k$.

His money got taken out buy mine did not. Anyone else with my problem that they applied in the morning and money is still in their account?


I applied through commsec. thanks
 

I too applied for an allocation (4,000 shares) through CommSec and chose to pay by direct debit from my CDIA. The money hasn't gone yet. CommSec usually do their transfers on CDIA accounts around 11pm, so I'm not worried yet, they should take it tonight.
 
Im doing my analysis of the company now. Will try and buy using the form from the prospectus If I think its worth it.

Use Etrade, so I missed out on any opportunity to buy through Commsec.
 

My money still sitting in my bank account, my first application Identifier last 3 digits was around 500 at 9.04am, second application 9.08am Application Identifier was around 3500, really hot float.
 
Hi guys, only discovered this forum couple of days ago, and now its time for me to say hi, and drop my first question.

I cant seem to find their prospectus and the application form, its not on Etrade either, can someone show me the light? give me a direction?

Thanks in advance!
 
ok.. I found the prospectus on their website, but no application form... or am I blind?
 
UPKA said:
ok.. I found the prospectus on their website, but no application form... or am I blind?
Click to expand...

They didn't include a copy of the application with the prospectus, despite what their website says. Unless you've got funds invested with Platinum, you've probably got zero chance of getting in on this float now. CommSec kept applications open for only one day, guess it's been very popular. Will be interesting to see how much CommSec allowed their allocation to be oversubscribed by and how much each of our applications will be reduced by.

Platinum have sent offers to invest in the float to people who have funds invested with them, but won't make offers to the general public. There's another small broker involved, but unless you're a client of theirs already, they're unlikely to let you make an application.

I don't think anyone realised this would become subscribed so quickly... guess the best you can hope for is that they won't start trading at too much of a premium to the subscription price... of course, I hope they skyrocket!
 

Thanks for the info, I'll see if I can get a form from work as we use alot of their products, hope I'm not too late...
 
I have been told that Comsec will direct debit accounts on 27/4/07.

In relation to the float, I have seen an article in the intelligent investor that says subscribe and then buy on market up to, wait for it, $7.50! (50% premium).

No wonder it has closed so quickly. I have never seen intelligent investor recommend a float before, let alone buying on market at a 50% premium.

Brace for take off if you are in on this float!
 
i think only a small proportion is offered to comsec clients, because our company js received our prospectus this week and most of our platinum clients as well, i think majority of the shares will be reserved for the current clients or support group (e.g. dealers).
if its oversubscribed already they wouldnt be sending out the prospectus anymore
 
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