Platinum Capital Limited has received an unsolicited, confidential, non-binding indicative proposal from Wilson Asset Management (WAM) to replace Platinum Investment Management Limited as the company’s investment manager. Platinum Capital is an investment company listed on the ASX. Platinum Investment Management is an investment management company providing investment products and services.
Under the proposal, WAM would manage the portfolio utilising the strategy currently employed for WAM Global Limited, focusing on mid, large, and mega-cap companies in global markets. The management and performance fee structure would remain consistent with the current agreement. Additionally, Wilson would honour the recoupment of the company’s aggregate underperformance in performance fee calculations.
It is important to note that the proposal is non-binding. Any change in investment manager would require the approval of shareholders. This development follows Wilson’s nomination of Richard Caldwell, Julian Martin, and Geoff Wilson for election to the board at an extraordinary general meeting. The meeting was requisitioned by L1 Capital, which has also put forward its own director nominees and a separate proposal.
The board of directors will assess the indicative proposals from both parties following the extraordinary general meeting. This assessment will be a critical step in determining the future management and strategic direction of Platinum Capital.
