L1 Group Limited · ASX:L1G
L1 — Merger or Acquisition (July 2025)
30 slides from L1's merger presentation, Jul 8, 2025
Slide 1: Presentation Slides for Investor Briefing
8 July 2025 The Manager ASX Market Announcements Australian Securities Exchange Limited Sydney NSW 2000 By e-Lodgement Presentation Slides for Investor Briefing at 11:00am (AEDT) Tuesday, 8 July 2025 We refer to the ASX announcement released earlier today regarding the proposed merger between Platin
Slide 2: Media contact (L1 Capital)
Media contact (L1 Capital) Jo Ball | GRACosway Mobile: +61 417 177 977 Email: joanna.ball@gracosway.com.au Level 8, 7 Macquarie Place, Sydney NSW 2000, Australia | GPO Box 2724, Sydney NSW 2001 Telephone 61 2 9255 7500 | Investor Services 1300 726 700 | Facsimile 61 2 9254 5590 | Email invest@platin
Slide 3: Merger of Platinum Asset Management and L1 Capital
Merger of Platinum Asset Management and L1 Capital 8 July 2025 Platinum Asset Management Limited ABN 13 050 064 287
Slide 4: Agenda
Agenda 1 Introduction 2 Overview of Merger 3 Overview of L1 Capital 4 Merger Details 5 Conclusion and Next Steps 6 Appendices 2
Slide 5: Introduction
Introduction Jeff Peters Chief Executive Officer 3
Slide 6: Introduction
Introduction We are pleased to announce the strategic merger of Platinum Asset Management Limited (ASX:PTM, “Platinum”) and First Maven Pty Ltd (“L1 Capital”) ■ The combination of Platinum and L1 Capital will create a market-leading investment platform of listed equities and alternative investment s
Slide 7: Overview of Merger
Overview of Merger Jeff Peters Chief Executive Officer 5
Slide 8: Creating a Market Leading Investment Platform
Creating a Market Leading Investment Platform + ■ One of Australia’s longest serving asset ■ Independent investment manager with track record managers with funds deployed globally of leading investment returns Overview ■ ASX listed since 2007, founded in 1994 ■ Founded in 2007 ■ Sydney headquartered
Slide 9: A Broad, Diversified Global Asset Manager
A Broad, Diversified Global Asset Manager Merged Pro-Forma AUM by Asset Class Merged Pro-Forma AUM by Client Type Other Regions Equities, 3% Staff, 5% Direct Property, 2% Multi-Strategy HF, 4% High Net Worth, 8% Specialist Equities, 6% Asia ex Japan Wholesale, 10% Equities, 13% Australian Equities,
Slide 10: Growth and Efficiency Opportunities to Deliver Value
Growth and Efficiency Opportunities to Deliver Value Greater scale ■ Expanded range of investment strategies, products and clients ■ Market leading position servicing institutional, wholesale, HNW and retail investors with AUM of $16.5bn 1 Expected growth through market leading investment performanc
Slide 11: Growth and Efficiency Opportunities Across the Short and Long Term
Growth and Efficiency Opportunities Across the Short and Long Term Immediate Short Term Longer Term Expand into most attractive asset classes with a focus on alternatives Accelerate growth through launching new products and exploring international distribution Efficiently manage merger between L1 Ca
Slide 12: Board and Senior Management
Board and Senior Management Board of Directors Management Jeff Peters, Chief Executive Officer Guy Strapp, Independent Chairman Jeff Peters is the current CEO of Platinum Asset Management, bringing over 30 years of global experience in asset management and consulting, with prior leadership roles at
Slide 13: Overview of L1 Capital
Overview of L1 Capital Mark Landau L1 Capital 11
Slide 14: Overview of L1 Capital
Overview of L1 Capital Overview Key highlights ▪ Independent, global investment manager founded in 2007 by Mark Landau and Raphael Lamm $8.4bn ▪ 95% owned by founders / senior staff1 Assets under management ▪ Reputation for investment excellence and best of breed strategies ▪ Track record of strong
Slide 15: Diverse High-performing Strategies
Diverse High-performing Strategies Global U.K. Residential Long Short Fund Opportunities International Fund Catalyst Fund Property Fund Fund 18.1% p.a. 27.7% p.a. 15.3% p.a. 7.6% p.a. 6.8% p.a. net return S.I. net return S.I.3 net return S.I. net return S.I. net total return on (ASX200AI 8.2% p.a.)1
Slide 16: Track Record of Growth Through Strong Performance, Inflows and New Strategies
Track Record of Growth Through Strong Performance, Inflows and Selectively Adding New Strategies Significant AUM growth over the past decade … … underpinned by track record of net inflows Total AUM ($bn) Net flows as % of opening AUM 8.4 +200% +200% 20% 19% 17% 30% 16% CAGR1 15% 13% 10% 3.8 10% 5% 4
Slide 17: Flagship L1 Capital Long Short Fund (LSF)
Flagship L1 Capital Long Short Fund (“LSF”)1 ▪ Absolute return strategy launched in September 2014 LSF is the #1 performing Long ▪ Diversified portfolio of ~50-100 long and short positions Short fund in Australia since inception2 ▪ ASX200 focus, with up to 30% in global equities Delivered positive r
Slide 18: L1 Capital's Operating Strengths
L1 Capital’s Operating Strengths Scalable distribution and client engagement platform, alongside integrated technologies, position MergeCo for scale and expansion Full platform Trusted industry and Highly supportive distribution client relationships investor base ▪ Multi-channel distribution approac
Slide 19: Merger Details
Merger Details Andrew Stannard Chief Financial Officer 17
Slide 20: Transaction Overview
Transaction Overview Proposed ■ Platinum Asset Management Limited (ASX:PTM) acquires First Maven Pty Ltd (L1 Capital being the trading name) 1 Transaction ■ 26% ownership by existing Platinum shareholders Ownership ■ 74% ownership by L1 Capital shareholders In-perimeter ■ Platinum shareholders will
Slide 21: Key Commercial Drivers
Key Commercial Drivers Participation in ‘In-Perimeter’ L1 Capital Long Short fund performance fees ■ Platinum shareholders will receive ‘In-Perimeter’ performance fees relating to the first 3.5% of annual absolute returns (gross performance net of management fees) generated by the L1 Capital Long Sh
Slide 22: Illustrative Run-rate Financials
Illustrative Run-rate Financials Summary FY25E illustrative run-rate financials ■ Illustrative run-rate financials for Platinum and L1 Capital, A$ Platinum L1 Capital5 shown on a total basis for AUM, revenue and cost contribution across all strategies / funds Closing 30 June 2025 AUM $8.1bn $8.4bn ■
Slide 23: Conclusion and Next Steps
Conclusion and Next Steps Jeff Peters Chief Executive Officer 21
Slide 24: Transaction Summary
Transaction Summary Merger with L1 Capital Delivers Significant Benefits and Material Accretion for Platinum Shareholders Planned Improvements Expected Outcomes Combination of L1 Capital / Platinum investment 1 Enhance investment performance teams will support performance turnaround, and enhance tal
Slide 25: Proposed Indicative Transaction Timeline
Proposed Indicative Transaction Timeline 8 July 2025: Merger Implementation Agreement announced July 2025: Prepare documentation, Notice of Meeting, Explanatory Memorandum and Independent Expert Report August 2025: Submit Notice of Meeting, Explanatory Memorandum and Independent Expert Report to ASI
Slide 26: Appendices
Appendices 24
Slide 27: Appendix – Platinum Financials
Appendix – Platinum Financials Summary Consolidated historical financials Year to 30 June (A$m) FY23 FY24 1H25 ▪ This page presents Platinum’s consolidated P&L for FY23, FY24 and 1H25, reflecting statutory financials Management fees 201.4 174.3 69.4 ▪ To address falling revenues, Platinum implemente
Slide 28: Appendix – L1 Capital Financials
Appendix – L1 Capital Financials Summary Consolidated historical financials Year to 30 June (A$m) FY23 FY24 1H25 ▪ This page presents L1 Capital’s consolidated P&L for FY23, FY24 and 1H25, reflecting statutory financials1 Total consolidated management fees 53.8 68.4 39.2 Total performance fees for L
Slide 29: Disclaimer
Disclaimer Information in this presentation References in this presentation to “Platinum” or “PTM” are to Platinum Asset Management Limited ABN 13 050 064 287, unless otherwise expressly stated. This presentation includes information prepared by Platinum Investment Management Limited ABN 25 063 565
Slide 30: Disclaimer
Disclaimer No solicitation or investment advice Information in this presentation has been prepared for general information purposes only and without taking into account any recipient’s investment objectives, financial situation or particular circumstances (including financial and taxation position).