L1 Group Limited · ASX:L1G
L1 — Shareholder Meeting (November 2019)
12 slides from L1's shareholder meeting presentation, Nov 20, 2019
Slide 1: Platinum Asset Management Limited Annual General Meeting
Platinum Asset Management Limited Annual General Meeting 20 November 2019 Platinum Asset Management Limited ABN 13 050 064 287
Slide 2: Financial results
Financial results June 2019 • Closing June 2019 FUM of $24.8B, down 4% on June 2018. • Net outflows of $246M led by Platinum Trust Funds and only partly offset by the Platinum Quoted Managed Funds’ net inflows of $201M. • Profit after tax attributable to shareholders down 17% and earnings per share
Slide 3: Financial Results (continued)
Financial Results (continued) FuM Revenue Closing FuM Fee Revenue (A$b) (A$m) 25.7 24.8 22.7 328.7 312.5 295.2 2017 2018 2019 2017 2018 2019 Strong profit margins Consistent fully franked dividends Profit Margin Dividends (%) (cents per share) 81% 15 16 76% 74% 14 15 16 13 2017 2018 2019 2017 2018 2
Slide 4: Dividends
Dividends • PTM declared a final dividend for FY2019 of 14cps. • Total dividend for FY2019 of 27cps, resulting in a dividend yield of 5.6% based on 30 June 2019 closing share price. • It is the Board’s intention to distribute future profits by way of dividends, subject to any capital requirements of
Slide 5: Remuneration
Remuneration • Total staff expenses* and profit after tax were down 17%. • Variable remuneration was significantly lower than the prior year, primarily due to poor short-term relative investment performance. • All Key Management Personnel received lower variable remuneration than the prior year. • T
Slide 6: Business Development
Business Development Seeking out clients in both new and existing markets UK and Europe. • Distribution office with three staff members established in London. United States. • Continued to leverage relationship with AccessAlpha. • Met with numerous institutional investor prospects. Australia • ASX Q
Slide 7: 2020 Outlook
2020 Outlook • Financial markets characterised by ongoing market uncertainty. • Closing FuM as at 31 Oct 2019 was $24.6B, down 0.7% on 30 June 2019. • We expect little, if any, performance fees for HY 2020. • Platinum offers a highly differentiated product and maintains a strong position in the Aust
Slide 8: Proxy results for AGM resolutions
Proxy results for AGM resolutions 2(a). Re-election of Anne Loveridge as a Director FOR AGAINST OPEN-USABLE OPEN-USABLE CHAIR NON-CHAIR 272,636,314 29,136,999 1,033,166 1,569,282 89.57% 9.57% 0.34% 0.52% 9
Slide 9: Proxy results for AGM resolutions
Proxy results for AGM resolutions 2(b). Re-election of Kerr Neilson as a Director FOR AGAINST OPEN-USABLE OPEN-USABLE CHAIR NON-CHAIR 162,896,322 12,977,446 1,029,586 1,539,922 91.29% 7.27% 0.58% 0.86% 10
Slide 10: Proxy results for AGM resolutions
Proxy results for AGM resolutions 2(c). Re-election of Elizabeth Norman as a Director FOR AGAINST OPEN-USABLE OPEN-USABLE CHAIR NON-CHAIR 268,704,915 32,996,906 1,050,816 1,569,282 88.29% 10.84% 0.35% 0.52% 11
Slide 11: Proxy results for AGM resolutions
Proxy results for AGM resolutions 3. Adoption of the Remuneration Report FOR AGAINST OPEN-USABLE OPEN-USABLE CHAIR NON-CHAIR 142,015,723 4,886,209 1,026,563 1,553,522 95.01% 3.26% 0.69% 1.04% 12
Slide 12: Disclaimer
Disclaimer This presentation has been prepared by Platinum Asset Management Limited ABN 13 050 064 287 (“PTM”). References in this presentation to “Platinum” are to Platinum Investment Management Limited ABN 25 063 565 006, unless otherwise expressly stated. References in this presentation to QMFs a