Plato Income Maximiser Ltd. · ASX:PL8
Plato Income Maximiser — Shareholder Meeting (November 2023)
33 slides from Plato Income Maximiser's shareholder meeting presentation, Nov 21, 2023
Slide 1: 2023 Annual General Meeting
2023 ANNUAL GENERAL MEETING PLATO INCOME MAXIMISER LIMITED ASX: PL8 21 November 2023 For personal use only 1
Slide 2: Agenda
Agenda 01 02 Chairman’s Address Formal Business For personal use only 03 04 Investment Manager Update Questions 2
Slide 3: Chairman's Address
For personal use only Chairman’s Address Mr Jonathan Trollip 3
Slide 4: PL8 Overview
PL8 Overview PLATO INCOME MAXIMISER LIMITED For personal use only First and only Based on the Designed specifically Australian Listed investment strategy of with retiree investors Investment Company the Plato Australian in mind (pension phase (LIC) paying monthly Shares Income Fund superannuation or
Slide 5: Performance
Performance For personal use only Performance 30 June 2023 31 October 2023 Portfolio Performance1 9.0% p.a. 8.0% p.a. (total return since inception4) Distributed Dividends2 7.6% p.a. 7.6% p.a. (paid to shareholders since inception4) TSR Performance3,5 8.0% p.a. 6.4% p.a. (since listing date4) 1 Past
Slide 6: Dividend Update
Dividend Update MONTHLY DIVIDENDS STABLE AT $0.0055 PER SHARE1 Monthly Dividends For personal use only 0.6 0.5 0.4 Cents per share 0.3 0.2 0.1 0 Monthly Dividends at highest level since IPO 1 The chart refers only to the monthly PL8 dividends. PL8 has paid two special dividends that are not included
Slide 7: Growth and Distributed Dividends
Growth and Distributed Dividends SINCE INCEPTION RETURN DRIVERS • Looking back since the IPO of the Company : • Pre-tax NTA is slightly lower over this For personal use only period, driven by low returns from Australian shares • Distributed dividends paid to shareholders (plus franking credits) have
Slide 8: Share Price / Pre-tax NTA
For personal use only 8 Share Price / Pre-tax NTA $0.75 $0.80 $0.85 $0.90 $0.95 $1.00 $1.05 $1.10 $1.15 $1.20 $1.25 $1.30 $1.35 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-
Slide 9: PL8 Share Purchase Plan
PL8 Share Purchase Plan Share Purchase Plan (SPP) • The SPP is an opportunity for Eligible Shareholders (PL8 shareholders on the record date of 20 November 2023) to purchase up to $30,000 worth of new fully paid ordinary shares (New Shares) without incurring brokerage or transaction costs (minimum p
Slide 10: PL8 Share Purchase Plan: How to apply
PL8 Share Purchase Plan How to apply • If you wish to participate in the SPP, please read the Share Purchase Plan Booklet (Booklet) and follow the instructions contained within your personalised Application Form. For personal use only • The Booklet and your personalised Application Form will be sent
Slide 11: Formal Business
For personal use only Formal Business Mr Jonathan Trollip 11
Slide 12: Financial statements and reports
Formal Business Financial statements and reports Consideration of financial statements and reports For personal use only 12
Slide 13: Adoption of the Remuneration Report
Formal Business Resolution 1 Adoption of the Remuneration Report For personal use only To consider and, if thought fit, to pass the following resolution as an ordinary resolution: “That the Remuneration Report of the Company for the financial year ended 30 June 2023 be adopted” 13
Slide 14: Resolution - proxies
Formal Business Resolution 1 - proxies For personal use only Shares Voted For 86.31% 15,948,964 Open 8.19% 1,513,895 Against 5.50% 1,015,387 Abstain 490,647 14
Slide 15: Re-election of Dr Don Hamson as a director
Formal Business Resolution 2 Re-election of Dr Don Hamson as a director For personal use only To consider and, if thought fit, to pass the following resolution as an ordinary resolution: “That Dr Don Hamson, who retires by rotation in accordance with rule 6.7 of the Company’s Constitution and, being
Slide 16: Resolution - proxies
Formal Business Resolution 2 - proxies For personal use only Shares Voted For 91.31% 17,329,371 Open 7.62% 1,446,338 Against 1.06% 202,040 Abstain 172,871 16
Slide 17: Re-election of Lorraine Berends as a director
Formal Business Resolution 3 Re-election of Lorraine Berends as a director For personal use only To consider and, if thought fit, to pass the following resolution as an ordinary resolution: “That Ms Lorraine Berends, who retires by rotation in accordance with rule 6.7 of the Company’s Constitution a
Slide 18: Resolution - proxies
Formal Business Resolution 3 - proxies For personal use only Shares Voted For 90.56% 17,064,335 Open 8.19% 1,543,007 Against 1.25% 234,858 Abstain 308,420 18
Slide 19: Investment Manager Update
For personal use only Investment Manager Update Dr Don Hamson 19
Slide 20: PL8 delivering high income month realised yield
PL8 delivering high income 12 month realised yield* 9.0% 8.0% For personal use only 7.0% 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% S&P/ASX 200 PL8 CASH 4.1 5.4 FRANKING 1.4 2.3 *to 31 October 2023, Plato, Bloomberg 20
Slide 21: Chart of Plato Income Performance – to Oct 2023
Chart of Plato Income Performance – to 31 Oct 2023 $450,000 Plato Aust. Shares Income Fund v S&P/ ASX200 Accumulation Series (incl. Franking Credits) Indexed to $100k since inception $400,000 For personal use only $350,000 $300,000 $250,000 $200,000 $150,000 $100,000 $50,000 $0 Sep-11 Sep-12 Sep-13
Slide 22: Significant uncertainty
Significant uncertainty IT WAS THE WORST OF TIMES • High inflation – highest in 30 years For personal use only • Rapidly rising interest rates - biggest rise ever in cash rate • Wars in Ukraine and Middle East • Supply chain issues due to COVID • House prices fallen but with recent bounce • Bonds an
Slide 23: Are things that bad?
Are things that bad? • Economy is at full employment For personal use only • Official overnight cash rate is still close to “normal” lows • Inflation has peaked, trending down • Corporate balance sheets are strong, debt levels generally low • House prices still well above pre-COVID levels and rising
Slide 24: Safe assets now losing you money big time
Safe assets now losing you money big time REAL AFTER INFLATION EARNINGS ON $1M $120,000 $100,000 For personal use only $80,000 $60,000 $40,000 $20,000 $- -$20,000 -$40,000 -$60,000 -$80,000 Real Earnings Term Deposits Real Earnings Bonds “Inflation hit 7.3% in June 2022” Source: Plato, RBA updated t
Slide 25: Results season August 2023 - Dividends
Results season August 2023 - Dividends DIVIDENDS UP BUT SOME RETRACEMENT • Over $29bn in dividends have been declared, 21.2% less than last year. Aug 2023 Change in Dividends pcp For personal use only • Strong dividend increases: Average Median – IAG (80%), QBE Insurance (56%), Suncorp (59%), Common
Slide 26: Reporting Season Analysis: CBA
Reporting Season Analysis CBA For personal use only • Good result, FY23 Cash NPAT of $10,164m, up 6% from PCP but down 3% vs 1H given peak in margins. • Final Dividend 240c vs 210c last year, up 14%. Equates to 6.5% annual gross yield. • Payout Ratio 74% of FY23 Earnings • Bad debts of 12bps. • Depo
Slide 27: Large Aussie income stocks
Large Aussie income stocks 7 STOCKS ACCOUNT FOR 57% OF ALL DIVIDENDS % of Gross Dividend Income - FY23 Price Performance 1.40 For personal use only 1.30 1.20 BHP 1.10 Woodside Energy 1.00 Commonwealth Bank 0.90 National Australia Bank 0.80 Westpac ANZ 0.70 Fortescue 0.60 Other 0.50 ASX200 Telstra Bi
Slide 28: Reporting Season Analysis: Woodside Energy
Reporting Season Analysis WOODSIDE ENERGY For personal use only • Underlying Profit US$1,896m, up 4% on last year. Earnings slightly below expectations but strong cashflow up 17%. • Interim dividend of US$0.80, down 27% (last year’s div boosted by BHP merger completion payment, up 5% otherwise). Equ
Slide 29: Dividend outlook rising but still within normal range
For personal use only 29 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% 200112 200206 200212 200306 200312 200406 200412 200506 Source: Plato, based on MSCI World IMI (Australian portion) 200512 200606 200612 200706 200712 200806 200812 200906 200912 201006 201012 AVERAGE % CHANCE OF DIVIDEND CUTS FOR AU
Slide 30: Conclusion
Conclusion Bad news: Interest rates are rising challenging asset prices – But real returns on term deposits are negative as inflation rises faster For personal use only Good news: Dividends are still strong after rebounding last year – Plato dividend cut model only a little above average – Strong di
Slide 31: Questions
For personal use only Questions Mr Jonathan Trollip Dr Don Hamson 31
Slide 32: Disclaimer
Disclaimer Note: Past performance is not a reliable indicator of future performance. About this presentation This communication has been prepared by Plato Income Maximiser Limited ABN 63 616 746 215 (PL8) and Plato Investment Management Limited AFSL 504616 ABN 77 120 730 136 (Plato), the investment
Slide 33: Thank you for joining us for our AGM
For personal use only Thank you for joining us for our AGM PL8 shareholder enquiries For general information about your shareholding please contact the Share Registry Automic: T: 1300 288 664 E: hello@automicgroup.com.au For investment enquiries please contact Pinnacle T: 1300 010 311 E: invest@plat
Plato Income Maximiser — Shareholder Meeting (November 2023) on 6ix