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#1
11-04-07, 04:57 PM
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Platinum Asset Management Limited IPO (Comsec)
Overview Platinum Asset Management Limited (Platinum or the Company) is an Australian based funds management company, currently owned by its staff, which specialises in investing in global equities. Platinum owners plan to sell 20% of the Company via an offering of 112.2 million Shares at $5 per Share to raise gross proceeds of $561 million (the Offer). Established in 1994 the company has grown to currently manage in excess of $22 billion with more than 20% of this from investors in New Zealand, the Northern Hemisphere and Asia. The key driver to the success of a funds management business is investment performance. The core belief at Platinum is that if it successfully looks after investor’s wealth, fund inflows will follow. Platinum’s investment style incorporates quantitative screening techniques, contrarian elements and a strong emphasis on investing in good businesses at a good price. Platinum’s investment weightings in stocks usually differ considerably from benchmarks. Over the long term this investment style has resulted in Platinum typically outperforming the benchmark MSCI Index by a significant margin (in the past 11 years (1995 -2006) its flagship product, the Platinum International Fund, achieved a return of 17.4% per annum versus the benchmark MSCI Index 8.1% per annum)1. Platinum’s revenue is derived by charging a fee for managing its investor’s money which is primarily based on the amount of Funds Under Management (FUM) and also on performance. Platinum operates in the fast growing global funds management industry with almost 80% of FUM from Australian investors. Platinum believes the outlook for this industry is one of continued growth with an aging population and growth in superannuation and investment products. Key Offer Statistics Total number of Shares under the Offer 112,200,000 Offer Price per Share $5.00 Number of Shares to be retained by Vendors following the Offer 448,800,000 Total number of Shares on issue at completion of the Offer 561,000,000 Market capitalisation at completion of the Offer2 $2,805,000,000 The Vendors reserve the right to vary the size of the Offer by up to 5% of the issued Shares of Platinum (i.e. by selling an additional 28.05 million Shares to raise up to an additional $140.25 million or by only selling as little as 15% of the issued Shares being 84.15 million Shares or $420.75 million). Important Dates* Prospectus Date 10 April 2007 Offer Opens 17 April 2007 Offer Closes 5.00 pm (Sydney time) 10 May 2007 Allotment of Shares (estimated) 16 May 2007 Expected dispatch of Holding Statements 17 May 2007 Expected commencement of trading in Shares on the ASX 23 May 2007 *These dates are indicative only and are subject to change (see Prospectus for more information). Margin Lending CommSec Margin Lending has applied a Loan to Value Ratio of 70% to the Shares, thus making it possible to gear in to the Platinum Asset Management Limited IPO. To apply for a CommSec Margin Loan3, all you need to do is complete the application form enclosed with the CommSec Margin Loan booklet. You can download the CommSec Margin Loan booklet from the Margin Lending area of the CommSec website. For further information, please contact our dedicated CommSec Margin Lending Client Service team on 13 17 09 between 8am and 5pm (Sydney time) Monday to Friday or email marginloan@comsec.com.au. 
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#3
11-04-07, 06:42 PM
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ker neilson is a God in this business, that's what the fund managers call him. Very clever absolutely no allocation to institutional investors or general public. i have no doubt that all the funds who wants to buy on Day 1 to reach their Index weighings will push this stock very high. Good luck to those who can afford to get in
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#4
11-04-07, 07:58 PM
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is there on the market a company that could be compared to this one?? $10k is a bit rich
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#5
11-04-07, 08:27 PM
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if you can take advantage of this then go for it... nice to see the retail guys given a chance on a quality stock, the instos must be p*ssed
 made the front page of the afr today and they also dedicated a full page on the inside as well. listed competitors include challenger, axa and amp... here's the front page article Platinum turns to gold for founder in $2.8bn float Platinum Asset Management managing director Kerr Neilson will become a self-made billionaire after launching a nearly three billion float of his boutique funds manager. Mr Neilson, who founded his specialist global equities investor 13 years ago after developing an impressive reputation at Bankers Trust of Australia, should pocket just over three quarters of the $561 million Platinum will raise by offering a 20 per cent stake to retail investors, but the carefully investing businessman, whose family interests will retain a stake worth nearly $1.75 billion, says money was not a motivating factor for the decision to 'go public.' 'I've had quite a bit of money for quite a while, so it's correct to say [my wealth] is a by-product rather than an objective,' Mr Neilson said yesterday. Mr Neilson, 57, is one of several fund managers who have built sizeable fortunes after leaving larger institutional firms to establish highly successful boutique companies that have won an increasing share of compulsory superannuation inflows due to their flexible and low-cost structures. Profits jumped by 54 per cent last year to $187.6 million despite underperformance by Platinum's flagship international fund, but in the prospectus for the float, net profit is forecast to drop to $167 million this fiscal year, largely due to reduced performance fees and a budgeted $19 million in listing costs. Mr Neilson said Platinum chose a public float rather than a trade sale or alliance with another financial institution to retain its independence, and has eschewed major institutional brokers in favour of Bell Potter and CommSec to target retail investors as well as offering shares to current investors and financial planners who support Platinum funds. Platinum staff will own 17.9 per cent of the firm after the float, with founding shareholders and portfolio manager Andrew Clifford to be the only other significant shareholder with a 6.2 per cent stake. Staff will be issued with options and performance rights for the first time to align their interests with new shareholders, with Mr Neilson saying 'It was just a bigger inducement for them to continue working hard - and they do work hard.' Mr Neilson said the value of local and global management firms was considered before the float was priced, with Platinum valued on a forward price-earnings multiple of 17.6 times compared with most locally based competitors such as AMP, which is trading on 22.2 times. The outlook should remain positive for Platinum, with changes to Australia's superannuation system likely to further boost the level of inflows.
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#6
11-04-07, 08:33 PM
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Prospectus says Earnings Per Share is 17.6 fully dilluted. How does this compare with similar businesses in the same industry sector ?
With regards to someone saying $10K is too much, I think you have a lot to learn. If I know almost certainly that an IPO will make me richer, i would be prepared to invest much bigger amounts! In this case i am trying to decide.
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#7
11-04-07, 10:53 PM
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Platinum managemaent is second to none, this long term will be a growth stock. But I dont think it is ever going to stag at opening so if people wanted to get in at smaller amounts for a long term play I would wait til opening. I am not sure of the figures as I haven't worked anything out on it but I think $5 would be fairly fully priced.
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#8
11-04-07, 11:26 PM
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From Financial Review 11/04/07, page 53:
Pluses: Shares offered at a discount, Nelison's name and excellent company history. Platinum : 17.6 times Perpetual: 21 times AMP: 22 times Challenger:18 times. Minuses: Main risk Neilson himself. The entire company is quite dependent on him. I think I'll go for some of it. It's our only chance because Neilson doesn't like institutional investors. I can sell it to them afterwards... hehehe.
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#9
12-04-07, 04:59 PM
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My brokers are telling me there is massive demand for it already. Some heavyweights are buying in $2m bids. It will be quite tight. Therefore, they believe there will be a good stag here!
Good luck getting some though! You know the deal, the really good floats arent easy to get into!
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#11
12-04-07, 08:11 PM
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i might tell you, but only after i know whether or not i know, whether i would will get some!
However hint hint.. to get shares, you really need to be a client of one of the lead manager or co-managing brokers (listed in the prospectus), and even that is not always going to help!
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#12
12-04-07, 08:22 PM
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Guys platinum is simple to understand. no rocket science. Ker neilsen is a legend and all the funds and managers invest with him, its public knowledge. He is a clever Bastttttarrrrrd. gave all the shares to retailers when all the big guys want to buy 22% platinum privately. What does that tell you. The one and the only way the big end of town can get this stock is to buy on open from little guys like us. Platinum commands a premium to other listed managers. Others seem to be onan average ape of 21. Platinum has to go up by 25 to 30% b4 it is the same PE as others. But being ker and Platinum, it can command a higher PE. so All looks good for a decent stag profit, as the demand for buying from big end of town out weigh selling from us. cheers
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#13
12-04-07, 09:50 PM
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Probably the most comparable listed companies are Perpetual and IOOF (not quite pure funds management plays - but almost). They are both trading at multiples well above 17.
The big risk with platinum (as someone else already posted) is Kerr Neilson himself. He is 57 and is about to pocket $400m. How motivated do you think you would be???? No dounbt he is very good - but Without him, Platinum is worth significantly less. I cant recall a listed co with such a large key man risk in a long long time.
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#16
13-04-07, 06:28 AM
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gues who invested in platinum yep Warren Buffet. he owns part of platinum for about 6 years or so.
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#21
14-04-07, 08:18 AM
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The online application should be available after the offer opens.
The payment can be made through bpay. This is assuming applying through comsec website. Remember to have at least $10k to pay for the application.
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#22
15-04-07, 03:00 AM
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yup. minimum $10K, but with margin lending, u need to have 30% only..
--------- CommSec Margin Lending has applied a Loan to Value Ratio of 70% to the Shares, thus making it possible to gear in to the Platinum Asset Management Limited IPO. --------------
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#24
15-04-07, 11:26 AM
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You will probably need to be a comsec client to get an allocation.
It is free to join comsec and they also allow you to sell srn holdings. That why they are my first stock broker. For what I can gather the chances for the general public is not good. Can anyone verify this?
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#25
15-04-07, 11:41 AM
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I second that. It's not about chances but its about priority. They reserve allocations for the big buyers. So basically depends on how much you trade, they will give you priority. If you trade 50,000 or above for each transaction, they send you exclusive news.
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